The Ninth Judicial Circuit which includes Osceola and Orange County reports over 50,000 backlog foreclosures cases. The Florida Bar News article, Rainy Day Dollars Used to Alleviate Foreclosure Backlogs, lists foreclosure backlog totals throughout the 20 judicial circuits in Florida. Ninth Circuit Chief, Judge Belvin Perry was quoted in the news article; “People in the banking community seem to think there will be an increase in filings”.
Increase in foreclosure filings
What are the signs that would suggest that the “people in banking” might be right in thinking there will be an increase in foreclosure filings?
Mortgage delinquencies
The August housing scorecard prepared by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury noted that; “the market remains fragile with foreclosure starts showing a slight increase and serious delinquencies continuing to work through the pipeline.”
The Mortgage Broker Association has reported that the number of households that are now 30 days late have increased. They say the increase is related to the increase of first time unemployment claims. If this is true, additional late payments may be on the horizon with Florida’s unemployment rate increasing to 11.5% in July.
Unnecessary slowdowns in the marketplace
Right now there are over 5,000 homes in the MLS listed as being sold subject to a short sale. While a number of these homes have had foreclosure proceedings started, it is reasonable to think that some of the homes were presumptively listed in order to avoid foreclosure. However, with lender delays in processing short sales, coupled with low appraisals landing on the desks of the buyer’s lender, these homes may eventually add to the already existing backlog.
Lenders need to continue to work on increasing the lines of communication and streamlining the short sale negotiation process so more homes can end up sold to ready, able and willing buyers, thereby reducing the number being foreclosed.
If you are facing foreclosure you need to know that their may be options for you. These options include programs and solutions that might allow you to stay in your home. HUD’s foreclosure avoidance counseling directory and Making Home Affordable.gov are two great resources of information for you.
Pick up the phone and call your lender, your attorney or me to receive additional information.
Aug 22, 2010
HUD Counseling Agency information for deaf persons video
I discovered this video HUD produced for deaf persons. The video gives the web address for both FHA and HUD so that anyone in fear of losing their home can visit to obtain information about local HUD Counseling Agencies.
Aug 17, 2010
Leverage our technology to your advantage - Watson Realty Corp.
Leverage our technology to your advantage. Ed Forman, President of Watson Realty Corp. discusses the advantages Watson Realty offers through our technology.
Aug 12, 2010
When is the Florida Back to School Sales Tax Holiday?
As the 2010 Florida school year approaches, Floridians will be able to take advantage of the back to school sales tax holiday again this year. The sales tax holiday will run from August 13-15.
The tax holiday will help families and students save on purchases of school supplies, books, clothing, and footwear. They will not have to pay sales tax on books, clothing or footwear that cost $50 or less, as well as school supplies that cost $10 or less.
Governor Press Release
The tax holiday will help families and students save on purchases of school supplies, books, clothing, and footwear. They will not have to pay sales tax on books, clothing or footwear that cost $50 or less, as well as school supplies that cost $10 or less.
Governor Press Release
Aug 11, 2010
Watson Realty Opens New Office in Starke, Florida
Watson Realty Corp., REALTORS® recently merged the office of Hometown First Realty in Starke with its Keystone Heights office. Watson Keystone Heights will maintain a branch office at the former location of Hometown First Realty in downtown Starke at 107 E. Call Street. Watson associates Ann Ryan, Gayle Van Wagenen and Ronald Norman will now work at the Starke location. The merger increases the market share of Watson Realty in Bradford County to 18.66 % by volume, making it the number one listing company in the Bradford county Keystone Heights area. It is now number one in closed business as well, with 20.8% of the closed units through the first seven months of the year.
“This merger represents the positive growth and success of the Keystone Heights office associates and real estate in Bradford County. I am very pleased at this new opportunity and look forward to the continued growth of Watson Realty in our area,” stated Vice President/Managing Broker Dean Weaver.
The Watson Realty Keystone Heights office is located at 7384 State Road 21 North. For more information, readers can call (352) 473-4816 or visit http://www.watsonkeystone.com/.
About Watson Realty Corp., REALTORS®
Watson Realty Corp. (www.WatsonRealtyCorp.com) has been a trusted name in real estate since 1965. Watson Realty is a full-service real estate company with more than 1,200 sales associates and 41 residential sales offices throughout Northeast and Central Florida, as well as St. Marys, Georgia. Services include Watson Mortgage Corp., Watson New Homes Division, Watson Title Services, Watson Title Services of Northeast Florida Inc., Watson Commercial Realty Inc., Watson School of Real Estate, Watson Referral Realty Inc., Watson Property Management, Watson Maintenance Services and Watson Relocation Services. Watson Relocation Services has offices in both Jacksonville and Orlando.
“This merger represents the positive growth and success of the Keystone Heights office associates and real estate in Bradford County. I am very pleased at this new opportunity and look forward to the continued growth of Watson Realty in our area,” stated Vice President/Managing Broker Dean Weaver.
The Watson Realty Keystone Heights office is located at 7384 State Road 21 North. For more information, readers can call (352) 473-4816 or visit http://www.watsonkeystone.com/.
About Watson Realty Corp., REALTORS®
Watson Realty Corp. (www.WatsonRealtyCorp.com) has been a trusted name in real estate since 1965. Watson Realty is a full-service real estate company with more than 1,200 sales associates and 41 residential sales offices throughout Northeast and Central Florida, as well as St. Marys, Georgia. Services include Watson Mortgage Corp., Watson New Homes Division, Watson Title Services, Watson Title Services of Northeast Florida Inc., Watson Commercial Realty Inc., Watson School of Real Estate, Watson Referral Realty Inc., Watson Property Management, Watson Maintenance Services and Watson Relocation Services. Watson Relocation Services has offices in both Jacksonville and Orlando.
National Association of Home Builders Show Coming To Orlando in 2011
The National Association of Home Builders will be holding the 2010 International Builders' Show in Orlando at the Orange County Convention Center. The tradeshow is scheduled for January 12-15. The show offers networking opportunities, education sessions, product showcase and special events.
The National Association of Home Builders is forecasting moderately faster economic and job growth over the next few quarters and that that house prices will exhibit a mild upward slant during the remainder of this year and throughout next year.
The National Association of Home Builders is forecasting moderately faster economic and job growth over the next few quarters and that that house prices will exhibit a mild upward slant during the remainder of this year and throughout next year.
Kissimmee’s residential home sales up in 2Q 2010
Kissimmee’s residential home sales increased by just over 11% during the 2nd quarter of 2010 compared to the same time during 2009. 1257 residential homes were reported as selling during the 2nd quarter of 2009 while 1396 units are reported as selling during the same time period in 2010.
REO/bank owned homes accounted for approximately 47% of the total sales reported with 660 residential units. Homes sold with a short sale contingency equaled just over 27%.
Sales of existing single-family homes in Florida rose 21 percent in second quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®.
REO/bank owned homes accounted for approximately 47% of the total sales reported with 660 residential units. Homes sold with a short sale contingency equaled just over 27%.
Sales of existing single-family homes in Florida rose 21 percent in second quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®.
Aug 4, 2010
Florida's Tax Amnesty July 1, 2010 - September 30, 2010
Florida's tax amnesty runs from July 1, 2010 to September 30, 2010 and is an opportunity for taxpayers to voluntarily pay back taxes with NO penalty and reduced interest during a limited time period. The amnesty period is intended to help taxpayers save money.
Taxes related to real estate that are eligible for the amnesty include; sales tax due when renting any type of living quarters for less than 6 month, and sales tax owed for renting a commercial property.
You can apply for the tax amnesty and find answers to your questions by visiting the State of Florida tax amnesty program page.
Taxes related to real estate that are eligible for the amnesty include; sales tax due when renting any type of living quarters for less than 6 month, and sales tax owed for renting a commercial property.
You can apply for the tax amnesty and find answers to your questions by visiting the State of Florida tax amnesty program page.
How can you avoid IRS refund delays in receiving your first time homebuyer tax credit?
Now that the Government has extended the time to close for first time homebuyers who were under contract by April 30 until September 20, 2010, the IRS is offering suggestions on how you can avoid refund delays.
The IRS says to attach a copy of the pages from the signed contract showing all parties' names and signatures if required by local law, the property address, the purchase price, and the date of the contract. If you do not have a copy you should contact your real estate agent, title company or attorney involved with your transaction to obtain one.
You will also need to complete IRS form 5405 and include a HUD-1, Settlement Statement with dates, names, signatures (if required by law), purchase price and address. Mobile home buyers and those who purchased new construction who do not have a HUD-1, Settlement Statement are offered other options listed on the IRS explanation page.
The information contained in this post is from an IRS update IR-2010-80, July 2, 2010. If you have questions or concerns about the forms or documentation needed to receive your refund, you should speak with a professional tax preparer or contact the IRS directly.
The IRS says to attach a copy of the pages from the signed contract showing all parties' names and signatures if required by local law, the property address, the purchase price, and the date of the contract. If you do not have a copy you should contact your real estate agent, title company or attorney involved with your transaction to obtain one.
You will also need to complete IRS form 5405 and include a HUD-1, Settlement Statement with dates, names, signatures (if required by law), purchase price and address. Mobile home buyers and those who purchased new construction who do not have a HUD-1, Settlement Statement are offered other options listed on the IRS explanation page.
The information contained in this post is from an IRS update IR-2010-80, July 2, 2010. If you have questions or concerns about the forms or documentation needed to receive your refund, you should speak with a professional tax preparer or contact the IRS directly.
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