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.

Miami Realtors believe US home prices are dropping

Miami Realtors believe US home prices are dropping, Miami real estate

According to a third-quarter survey from home price tracking website HomeGain.com, real estate professionals, homeowners and Miami Realtors alike have taken a negative view about the U.S. housing market. The survey, which interview roughly 1,100 real estate professionals and 2,600 homeowners, discovered that 90 percent of real estate agents and brokers believe now that home prices will remain flat or will experience a decline over the next six months.

Full Article...Realtors believe US home prices are dropping

Miami Realtors believe US home prices are dropping

Miami Realtors believe US home prices are dropping, Miami real estate

According to a third-quarter survey from home price tracking website HomeGain.com, real estate professionals, homeowners and Miami Realtors alike have taken a negative view about the U.S. housing market. The survey, which interview roughly 1,100 real estate professionals and 2,600 homeowners, discovered that 90 percent of real estate agents and brokers believe now that home prices will remain flat or will experience a decline over the next six months.

Full Article...Realtors believe US home prices are dropping

Miami foreclosure auction brings in $9.3 million

Miami Homes - Miami Real Estate

On August 1st, South Florida bargain hunters bought 154 foreclosed Miami real estate properties totaling $9.3 million at an auction in the Miami Beach Convention Center. That averages out to $60,390 per property.

The auction company, REDC, said that one home in Fort Lauderdale sold for $20,000. That was 91 percent less than its previous high value. And in Delray a home sold for $99,750, which was 51 percent off its highest value.

Full Article...Miami foreclosure auction brings in $9.3 million

Biltmore Hotel owes $2M in back rent

Coral Gables hotel, Miami commercial property

According to a letter the city received, The Biltmore Hotel, a, they want to have until July 2012 to pay more than $2.3 million the Coral Gables hotel owes in back rent the City.

Their proposal asks if the Biltmore could begin July 1, 2012 paying $100,000 quarterly. It would take at least 5 years for the Coral Gables hotel to pay back the money it owes since it stopped paying rent in April 2009.


Full article...Biltmore Hotel owes $2M in back rent

Florida's economy unemployment rate drops in May 2010

Economy unemployment rate, Miami Beach commercial real estate

Full Article...Florida's economy unemployment rate drops in May 2010

Miami mortgage rates decreased for 5th week

Miami mortgage rates, Miami real estate

Freddie Mac said in its weekly survey of lenders, for the fifth week in a row Miami mortgage rates have declined. Interest rates for Miami real estate properties are at their lowest level of the year, with 30-year fixed-rate loans below 5%.

Early this week, lenders were offering 30-year fixed home loans at 4.93% on Miami real estate properties which was down from 5.0% last week. The mortgage company said that rate was with borrowers paying 0.7% of the loan balance upfront.

Full article...Miami mortgage rates, Miami real estate

Miami homes, Miami real estate

Sales of Miami Homes and Miami Condos rose in March

In March, sales of Miami homes increased drastically as a result of the unbelievable low prices, the deadline for first-time-buyer tax credits and pent-up demand for luxury Miami real estate.

According to figures released Thursday from Florida Realtors, March sales of existing Miami homes rose to 649 at 17% increase compared to the same month last year, amid a median home price decline of 4% to $205,600. At the same time and with median prices falling 8% to $214,000, sales of Miami condos skyrocketed 58% to 835 sales.

Full Article...Miami homes, Miami real estate

Miami homes, Miami real estate

Florida hit hardest by real estate bubble

Those who purchased homes and other residential Miami real estate at the five years ago at the peak of the real estate bubble are feelig the effects and paying the price today.

According to a quarterly update from IHS Global Insight, prices of Miami homes and other residential properties located in extremely hyped metropolitan areas such as Miami, fell nearly 37%, between 2005 and the fourth quarter of last year.

Full Article....Florida hit hardest by real estate bubble

Fannie Mae help center, Miami real estate

Fannie Mae opens Miami help center

Fannie Mae has opened a help center for owners of Miami homes looking to avoid foreclosure. Fannie Mae says this will be the first of several across the country it will open.

The help center for owners of Miami homes has a bilingual staff and is part of an plan with civic and community leaders from Miami Dade, mortgage servicers and Neighborhood Housing Services of South Florida.

Full Article...Fannie Mae help center, Miami real estate

Miami Beach condos for sale, Miami Beach real estate

Sales Rise for Existing Florida home and condo sales in 2009

The South Florida, Miami and Miami Beach real estate market ended 2009 on a positive note, after one of the worst housing downturns in recent memory.

According to housing data released by Florida Realtors, existing homes, Miami and Miami Beach condos for sale as well as sales of condos across other areas of Florida were higher last year than they were in 2008.

In 2009, existing sales of Miami homes rose 31%, with 163,148 homes sold which was up from the 124,168 homes that were sold in 2008. Existing Miami and Miami Beach condos for sale and sales of other South Florida properties were up 47% last year, to 55,985 from 38,095 a year earlier.

Full Article...Miami Beach condos for sale, Miami Beach real estate

Miami Homes, Miami real estate

Florida has 12% of loans adjusted for Miami homes with feds' help

Through the federal Making Homes Affordable program, about 8,400 Floridians have received permanent loan modifications, 12% of the total permanent modifications awarded nationwide was for Miami real estate properties.

On Friday, the Treasury Department released its progress report on the $75 billion program, which was announced by the Obama administration nearly a year ago.

Full Article...Miami Homes, Miami real estate

Miami Condos, Miami Real Estate

Condo Bulk Buyers Helping Miami Real Estate Market

As the year starts winding down, Miami real estate investors have begun buying large blocks of Miami condos, known as ``bulk deals'' at a rapid speed.

According to analysts, the burst of new activity indicates investors, mostly seasoned Miami real estate professionals, recognize the new construction market is nearing bottom.

Investors have closed on five bulk transactions totaling 518 units and 710,500 square feet throughout Miami-Dade County, since the end of October.

For four of the five deals the combined purchase price was $43 million.

Full Article...Miami Condos, Miami Real Estate

Florida Construction Market, Miami Real Estate

Florida Construction Market to Increase 11% Next Year

According to McGraw-Hill Construction’s annual industry outlook, the level of construction starts in 2010 is expected to jump 11% to $466.2 billion. This is great news for Miami real estate.

Improvements in the Miami housing market and public works construction is expected to help the Miami real estate bounce back from a 25% decline that is predicted for 2009.

Robert Murray, vice president of economic affairs for McGraw-Hill Construction, which is part of the McGraw-Hill Costruction said, “The U.S. construction market in 2010 will be helped by growth for several sectors, following three straight years of decline that brought total construction activity down 39% from its mid-decade peak.”

Full article...Florida Construction Market, Miami Real Estate

Florida Housing Market, Miami Real Estate

Florida Housing Market Starts Nearing Bottom

According to the latest report by Metrostudy, a housing market research firm, the December 1 sunset of the $8,000 federal tax credit program for first-time homebuyers may reverse the recent gains in housing starts.

Brad Hunter, chief economist and national director of consulting for Metrostudy, said in a news release, “We believe that some of the recent gains in housing starts could be given back during the third and fourth quarters of this year if the current tax credits are not extended,” and “That said, the forecast for 2010 is for steady increases in starts.”

Metrostudy’s report comes one day before the U.S. Department of Commerce releases national housing start figures. Hunter said the report is expected to say that September starts were up for single-family homes, but multifamily starts were down.

Full article...Florida housing Market, Miami Real Estate

Miami Homes, Miami Beach real estate

Lennar Posts 3^rd Quarter Loss but still Optimistic

Orders for new Miami homes were down 8% from a year earlier, but executives are confident that the Florida housing market is recovering.

Lennar, a homebuilder in Miami, reported a greater loss in its fiscal third quarter as it continued to write down the value of land and unsold Miami homes, but executives say, assuming the economy remains stable ,the company will be profitable next year.

Orders for new Miami homes were down 8% from a year earlier, but they increased each month during the quarter ending August 31^st. Miami based company had more sales in at the end of last month than any time since August 2008.

Full Article...Miami Homes, Miami Beach real estate

Downtown Miami Condos, Miami Real Estate

Downtown Miami Condos Prices Cut by Developers

Developers have boosted sales for downtown Miami condos by cutting prices

in a race to pay off lenders.

Around April, renters at 500 Brickell, one of many downtown Miami condos, had the run of the extensive twin tower luxury complex including the pool, the gym, the spa and other amenities with relatively few neighbors.

All that changed in just a few short months.

The developer that rented the unsold unit to Marock, the Related Group, closed its on-site leasing office because nearly all of the =apartments had been rented. The remaining were put back into the pool of downtown Miami condos for sale, but that stock is also quickly evaporating.

Full Article..Downtown Miami Condos, Miami Real Estate

Housing Market, Miami Beach Real Estate

Housing Market, Pending Home Sales are Increasing

According to a report released by the National Association of Realtors on Tuesday, pending home sales increased by much more than expected in the month of July, with pending sales increasing for the sixth consecutive month. Great out look for Miami Beach real estate!

NAR said its pending home sales index in July rose 3.2% to 97.6 from a reading of 94.6 in June. With the increase, which exceeded economist estimates of 1.5% growth, the index rose to its highest level since June of 2007.

A pending sale is one in which a contract was signed but has not yet been closed. It normally takes four to six weeks to close a contracted sale.

Full Article...Housing Market, Miami Beach Real Estate

Housing Market, Miami Real Estate

U.S. housing market is Rebounding

The U.S. housing market along with Miami Real Estate is rebounding.

Encouraging reports on pending home sales and manufacturing including Miami Real Estate raised hopes for a wide economic rebound, but as long as consumers remain handicapped by weak pay and job losses, and cautious of ramping up spending, the economy might not be able to sustain a recovery.

In July, pending U.S. home sales including Miami real estate rose more than it has in two years as first-time buyers rushed to take advantage of a tax credit that expires this fall.

Full Article...U.S. Housing Market, Miami Real Estate

Altos de Miami, Miami Condos for Sale

Bulk buyer repositions Miami condos to sell in Miami’s Little Havana

Ed Pascoe made the winning $4 million bid at auction for the Altos de Miami project.

One of the first local developers to execute a takeover of a new fractured Miami condos development is a Miami-based antiques dealer and property owner.

Miami real estate meltdown is added a new twist by Ed Pascoe’s profile in which many with the ability to sign a loan added condominium developer to their resume.

But Pascoe is the owner of Miami-based Pascoe & Co. antiques. He did not want to risk the remaining 56 units in the 134-unit 17-story condominium in Miami’s Little Havana neighborhood, Altos de Miami.

Pascoe joined with an experienced broker from Douglas Elliman, Brian Carter, and the investor who lost out to Pascoe on the Altos de Miami auction to resurrect the building, made the winning $4 million bid at auction for the units on February 24.