Bank of America halts US foreclosure sales

Miami homes - Miami real estate news

On Friday, October 8, 2010, Bank of America announced it is stopping all foreclosure sales and proceedings in all 50 states, though it's unclear how this action will impact homeowners who are currently negotiating with their lender.

To see VIDEO click here.

In the video above, experts told CNBC that it's bad news for the housing market. The Charlotte based bank and the largest in the Country, decided to halt foreclosures after JPMorgan Chase and GMAC Mortgage's stopped foreclosures last week to examine what it has been shown to be a flawe d process for documenting and filing foreclosures.

Foreclosures in Florida, Year-to-date stats for September

Foreclosures in Florida, Miami Real estate

Based on the most recent data available from Broward, Miami-Dade and Palm Beach counties, as of September 10th, 2009, there are 34,508 foreclosures in Florida year-to-date. That is 26,533 less than the 70,898 foreclosures this time last year. The graph below reflects the foreclosure activity for Broward, Palm Beach and Miami real estate. However, Broward’s records are not current through September 10th.

For more information on foreclosures in Miami or to speak with a Realtor regarding other Miami real estate for sale or for lease, you may contact MLR Realty at 305-673-3303 or go to www.MiamiLodgeRealty.com.

Foreclosures in Florida, Year-to-Date Stats for July

Foreclosures in Florida, Miami real estate
Full Article...Foreclosures in Florida, Year-to-Date Stats for July

Foreclosures in Florida, Year-to-Date Stats for July

Foreclosures in Florida, Miami real estate

Full article...Foreclosures in Florida, Year-to-Date Stats for July

Foreclosures in Florida, Year-to-Date Stats

Foreclosures in Florida - Miami real estate


Full Article...Foreclosures in Florida, Year-to-Date Stats

Miami Real Estate, Miami Real Estate news

Miami homes for sale, prices stabilize

According to housing data released Monday by Florida Realtors, in December, existing sales for Miami homes for sale jumped 45% in Miami-Dade and 24% in Broward in December, compared to the same month of 2008. Median prices for Miami homes fell just 5% and 2% in Broward in the year-to-year comparison.

Realtors say more buyers are perusing Miami real estate properties, and some believe prices have stabilized. In some areas like The Roads, Coral Gables, Plantation, Coral Springs and Weston, Realtors say prices of Miami homes are rising.

Single-family Miami real estate sales in December rose 37% in Miami-Dade and 10% in Broward, compared to November.

Full Article....Miami Real Estate, Miami Real Estate news

South Florida Properties, Miami Real Estate

Banks seized 30,000 South Florida homes in 2009

According to a new report from CondoVultures.com, banks seized more than 30,000 Miami real estate and other South Florida properties through foreclosure last year, a 16% increase from 2008.

In 2009, lenders filed 97,000 foreclosure notices on Miami real estate and other properties in Florida, but not all of those homes have been seized.

Full Article...South Florida Properties, Miami Real Estate

Florida Foreclosures, Miami Real estate

Bill would provide Miami real estate renters rights

If a planned bill gets passed in the Florida Legislature, renters who are caught up in Florida foreclosures or short sales in may get more time to get out of their Miami real estate property before the sheriff shows up to evict them.

On Tuesday, the bill (HB 125) is sponsored by state Representative Hazelle Rogers, D-Lauderhill, and co-sponsored by state Representative Darren Soto, D-Orlando, is scheduled to be taken by the Civil Justice & Courts Policy Committee.

Full Article...Florida Foreclosures, Miami Real estate

Miami Short Sales, Miami Real Estate

As Foreclosures Rise, banks take more loses on short sales

Three years into a U.S. housing slump that pressed the economy into a recession and reduced resale values and Miami real estate by 30% from the peak in July 2006, more and more banks are beginning to accept increasing numbers of short sales. In the first six months of 2009 short sales almost tripled to 40,000, from the same period a year earlier. However, according to data from the Office of Thrift Supervision and the Office of the Comptroller of the Currency, for each short sale there were 25 foreclosures started or completed in the first half of this year.

This year, Wells Fargo, Bank of America Corporation and JPMorgan Chase & Company have hired and trained more staff, developed software systems for accelerating short sales and increased marketing of short sales to delinquent borrowers.

Full Article...Miami Short Sales, Miami Real Estate

Florida Foreclosures, South Beach Real Estate

Florida Foreclosures Surge, Miami Real Estate

Florida foreclosures in Miami-Dade County surged 94% in September compared to a year ago, with 5,721 homeowners receiving word their lenders had started foreclosure proceedings. The rate rose 2% in Broward with 3,493 homes entering foreclosure.

RealtyTrac, which tallies new filings, scheduled auction sales and Miami homes that were returned to lenders, suggest rising unemployment will possibly increase the region's foreclosure problem.

Full Article....Florida Foreclosures, South Beach Real Estate

Miami Condos, Miami Beach Real Estate

Occupancy Rates are Soaring in Downtown Miami Condos

With most downtown Miami Condos’ dark and desolate, newly built condo towers may look ghostly. But as the downtown area quickly fills up with residents, that's changing.

Renters are marching in to help lighten things up, although Miami condos sales remain sluggish. Sales are picking up, too.

An occupancy report released Wednesday by the Miami Downtown Development Authority, found that 62% of the new condos built since 2003 are, in fact, inhabited by humans.

Full Article...Miami Condos, Miami Beach Real Estate

Miami Condos, Miami Beach Real Estate

Borrowing for Miami Condos Easier in 2009

Twenty six Miami Condos have been approved by Fannie Mae for Federally backed mortgages this year, compared to zero in 2008, according to Condovultures.com. Fannie Mae refused to finance units in condo towers where values had dropped too much or where a large portion of the condos were in foreclosure, as the housing market collapsed last year.

The higher number of projects in Fannie Mae's mirrors the quickening pace of sales in the battered Miami real estate market. Fannie Mae approved 25 South Florida condo projects in 2007 and 19 condo projects in 2006.

Miami Homes, Miami Beach Real Estate

Feds get Tough on Mortgage Fraud, Miami Homes

The string of rapid-fire sales at a Coral Gables home was emblematic of the cause and consequences of South Florida's housing bust, to neighboring residents. In less than three years, the four-bedroom house, now vacant and deteriorating, was sold, bought and foreclosed on three times.

Neighbors always suspected that something wasn't right with one of the Miami homes on Alesio Avenue as the value of the home more than doubled to $1.2 million in the short time span. As it turns out they were right.

This week a federal judge sentenced Jose G. Martin to 65 months in prison. Martin had once posed as a renter in the home and was charged with orchestrating a $6.6 million mortgage fraud scheme involving the Alesio property and six other homes in Miami-Dade County.

Full Story....Miami Homes, Miami Beach Real Estate

Miami Condos, Miami Beach Real Estate

Miami Foreclosure-Ridden Complexes are Now Top Sellers

Miami condos complexes that had the worst foreclosure problems are now showing high condosales. In a reversal of fortune, seven of the top 10 most foreclosure-ridden complexes last year ranked among the 10 top-selling projects in the first three months of 2009, mostly because banks slashed prices in order to speed sales.

The new figures come from Miami-based market research firm CondoReports.com, which compared foreclosure and sales transactions in its database of 2,000 Miami-Dade projects built before 2008.

Three of thr best selling Miami condos projects were in Miami-Dade's farthest flung suburbs. Shoma at Keys Cove in Homestead ranked first with 50 sales; followed by Mandarin Lakes near South Miami Heights, with 32 sales; and, Bluewaters subdivision in the Country Walk area, also with 32 sales.

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

Miami Homes, Miami Beach Real Estate

Miami Homes, April Sales Rise by 2.9%

From March to April, sales of previously occupied homes rose modestly as buyers who were brave enough to dive into the market took advantage of prices that were 15.4% below year-ago levels.

On Wednesday, the National Association of Realtors said that home sales rose 2.9% to an annual rate of 4.68 million last month, from a downwardly revised pace of 4.55 million in March.

The results slightly more then economists' forecasted. According to Thomson Reuter, sales had been expected to rise to an annual pace of 4.66 million units.

Full Article....Miami Homes, Miami Beach Real Estate

Miami Condo Hotels, Miami Beach Real Estate

Miami Beach Real Estate Developer to Build New Condo Hotel

The Related Group, which recently scrapped plans for a condominium tower on the oceanfront site, will now build a hotel in South Beach with Orient-Express.

Related led the way in Florida's condominium boom before that market hit a severe downturn and will now be part of a $150 million project which will mark the first new South Florida project in three years for Related.

The Related Group will be a full partner with Orient-Express in building the new hotel and have recently canceled sales contracts for the planned Viceroy Miami condo-hotel tower on the site at 801 South Pointe Drive.

Full Article...Miami Condo Hotels, Miami Beach Real Estate

Florida Foreclosure Listings, Miami Real EState

Below you will find a link to a list of 50 Miami homes that have been significantly discounted because they are in some stage of foreclosure process. Our Florida foreclosure listings consist of Miami homes in foreclosure, Miami short sales and distressed properties in Miami. These Miami homes are in various stages of foreclosure such as pre foreclosures and foreclosure auctions. For additional information on any of the Miami homes in foreclosure shown below please call our Miami real estate office at 305-673-3303 to speak with a professional real estate agent.

Click here for.......Free Foreclosure Listings in Miami

Florida Foreclosures, Miami Beach Real Estate

Fighting Florida Foreclosures, Help from the County?

Depending on the results of a requested report, Miami-Dade County mat begin buying and refurbishing Florida foreclosed homes. On Tuesday the commission passed a resolution directing Mayor Carlos Alvarez to develop within 60 days a plan to utilize federal grants or other funds to purchase the Florida homes in foreclosure. Commissioner Rebeca Sosa stressed that, should the plan move forward, the county must work to protect buyers.

Miami Homes, Miami Beach Real Estate

Both New Home Sales and Prices Drop in May

In May, sales of new homes tumbled for the sixth time in seven months while median prices kept dropping; emphasizing the depth of the nation's housing woes.

The Commerce Department reported Wednesday that new homes were sold at a seasonally adjusted annual rate of 512,000 units in May which was down 2.5% from the April level. The median price of a new homes sold fell to $231,000 last month, down 5.7% from a year ago.

The report on new home activity in May followed reports Tuesday that showed record home price drops in April, showing that the nation's housing slump is not only deepening but also widening to include previously untouched parts of the country.

Full Article...Miami Homes, Miami Beach Real Estate

US Housing Market, Miami Beach Real Estate

US Housing Slump, Close to a Recession?

An academic study showed Monday, the bottom to the housing slump is nowhere in sight and, if history is any guide, a recession is mostly likely lurking around the corner.

The study done by Harvard University's Joint Center for Housing Studies painted a dreary picture of the current housing downturn, labeling it as possibly being "the worst in a generation" in its "The State of the Nation's Housing 2008" report.

Existing home sales are at all-time lows since after World War II, while home price declines and mortgage defaults are the worst on record, the study noted.

"We've never has so much information or data in uncharted water," said Eric Belsky, the Joint Center's executive director. "A recovery is not anywhere near in sight."

Six of the last seven housing downturns were followed by a recession he noted, usually within two years. However, Housing starts typically rebounded strongly after inventory fell and new home sales picked up, after the recession ended.

The report’s authors did not give a time frame for a housing turnaround, but expect immigration growth to be a key factor in rejuvenating the market.