Bank Auctions, Miami Beach Real Estate

Florida Bank Auctions- Homes at fire-sale prices

Two hundred homes went up for auction Saturday in Ft Lauderdale by banks tired of paying taxes and upkeep on foreclosed homes; yet another sign of desperation in the South Florida housing market.

Flipping through the auctioneer's guidebook you could see a ranging of Florida homes from the most modest one-bedroom efficiency condos to five-bedroom houses worth close to a million dollar.

Example:

• A three-bedroom, two-bath home in Wilton Manors sold for $161,000. The asking price during an open house last week was $229,000.

• $177,500 for a three-bedroom house in Miami Shores that sold for $460,000 two years ago went for

• A two-bedroom house in Coral Gables that sold for $670,000 in September of 2005 fetched a bid of $300,000. The buyer declined to give his name, but said he plans to rent it out.

Full article...Bank Auctions, Miami Beach Real Estate

Foreclosure Scam, Miami Beach Real Estate

Advisory Issued on Foreclosure Scam, Florida Foreclosures

A consumer advisory on mortgage fraud and foreclosure-related scams has been issued Attorney General Bill McCollum. The Attorney General encouraged Floridians to educate themselves about the various types of mortgage fraud and learn about the foreclosure process to protect them from becoming potential victims, noting that Florida now ranks first in the nation for the number of home foreclosures.

“As we see the number of Florida foreclosures continue to increase, we have unfortunately also seen the number of mortgage-related scams grow and threaten more Floridians,” said Attorney General McCollum. “We will continue to fight these fraudulent operations with every resource we have available to us, whether it is litigation, consumer education, or legislation with the help of our leaders in the Florida Legislature.”

Full Article...Foreclosure Scam, Florida Foreclosure

Real Estate Foreclosure, Real Estate Market

Neighborhood Foreclosures Affect the Price of Your Home!

Because the value of a home is calculated on the base comparable sales in that area, if there is a foreclosure even in the vicinity of a home it can affect its value. One may still suffer a loss while trying to sell a home or while opting for refinancing, even if their credit is good. Invariably in an area which has witnessed a foreclosure, the value will come down.

An ailing real estate market manages to infect the whole economy, neighborhood by neighborhood and this makes it difficult for the borrowers to draw out cash from their homes. According to experts, if the borrowers are not able provide finance at lesser rates then this could lead to an increase in the number of foreclosures. Florida, California and Nevada are the three states that have seen the inflated prices of homes dropped the most.

Full article...Real Estate Foreclosure, Miami Beach Real Estate

Foreclosure Homes, Miami Beach Real Estate

Huge Foreclosure Case, Nineteen Indicted

On Monday, Federal officials announced the indictment of 19 people in what they call the largest "foreclosure rescue" scam in the nation. This foreclosure scam allegedly took in more than $12 million and affected more than 100 foreclosure homes.

In Sacramento, the mortgage-fraud case was announced at the federal courthouse where the defendants were charged by a grand jury with mail fraud, money laundering and conspiracy to commit both.

The Sacramento Bee, in February, obtained a search warrant for the case, which victimized homeowners throughout the nation.

Full article...19 Indicted, Miami Beach Real Estate