Lance Mohr & Team

Tampa2Enjoy.com

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Lance Mohr & Team

Tampa2Enjoy.com

(813) 317-4009

Foreclosures

Number of Repossessed Homes Drops Again This Year

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Now that the first month of 2014 is over with and all of the numbers are in, it looks like banks had a little easier time with foreclosures as the number dropped to the lowest level it has been in 6 years.  The bad news is that there have been more homes entering the foreclosure process for the first time.  All that means is that those states are going to see a surge in the foreclosed homes sometime this year.  The numbers are in and according to one source that tracks foreclosure listings, banks took back 30,226 homes in the last month.  Of the states that posted an increase New York, Oklahoma, Connecticut and New Jersey were a part of that group.  Home that are tied to loans that are not paid, usually end up as part of bank inventory and end up going to auction to the highest bidder.  In the end, the bank is getting back only a portion of what was owed to them when the loan was originated.

Repossessions Drop to Lowest Level in More Than 6 Years
“Lenders repossessed fewer U.S. homes in January, bringing the number of completed foreclosures down to the lowest level in more than six years.

Even so, many states posted sharp increases in the number of homes entering the foreclosure process for the first time, a trend that raises the likelihood that those states will see a surge in foreclosed homes later this year.

While foreclosures remain elevated in many populous states, they have been steadily on the wane since the U.S. housing market and economy began to rebound after years of decline.”

Basically, when it comes to Tampa foreclosures the numbers have been a hot topic over the last 5 to 7 years for sure.  Each quarter and even month, they are changing and as the housing market starts to pick back up, consumers gain confidence to spend their money and banks are getting more realistic loans on the market, the foreclosure numbers should continue to decrease on some scale.  Foreclosures in Tampa, FL peaked in 2010 with more than 1.5 million, but have been declining each year since.

Visit your website to view all Tampa foreclosures for sale and free real estate videos about foreclosures.

Mortgage Forgiveness Debt Relief Act May Effect Short Sales

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image of a short sale sign from PhotoDepotI wrote a blog last year talking about how short sales would slow down because Congress did not extend the Mortgage Forgiveness Debt Relief Act (MFDRA). Based on the real estate statistics for Tampa in January the number of short sales have decreased. I believe some of it has the do with the law not being extended and home owners have a little equity in their homes because of the price increases of 2013. Either way, it's good news that the short sale market is depleting.

Expired short sale tax relief may impact home sales
“According to Fitch Ratings, the recently expired tax relief provided by the Mortgage Forgiveness Debt Relief Act (MFDRA) of 2007 may lead to modestly negative pressure on liquidation timelines as potential short sellers hold off listing their home. The longer it takes for Congress to renew the tax forgiveness – assuming it does – the more home sales will be impacted.

The tax relief expired Jan. 1, 2014, creating larger tax burdens for underwater borrowers who receive some form of mortgage debt forgiveness. Without tax forgiveness, the IRS considers any capital forgiven by a lender in a short sale or foreclosure to be income to the homeowner, and it taxes it accordingly. The MFDRA provided tax relief by allowing certain borrowers to exclude such income on their tax returns. The act applied only to debt associated with a primary residence, and no more than $2 million of debt could be excluded per year.”

If you have any questions about the real estate market in Tampa Bay, please give me a call. I pull market statistics every month and have a great pause on the real estate market in Florida. I have been doing short sales since 1999 and am an expert in that field. Click here to visit my short sale webpage.

Underwater Homeowners Could Get Help With Their Mortgages – Hardest Hit Fund

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picture of house from Deposit PhotosThe Florida Hardest Hit Fund program to help underwater homeowners ended Oct. 2 after 25,000 owners applied. But it might reopen and accept new applications next year. Even though the property values in Tampa Bay have gone up over the last 18 months many homeowners are still underwater and need help.

Underwater homeowners could get more state help with mortgages
“Florida homeowners current on their mortgages are expected to get a second chance to slice as much as $50,000 off the amount they owe.

Key leaders of a state agency that is distributing the money said this week they want to open a second round of funding to reduce the amount Floridians owe on homes that are financially “underwater” – those worth less than their mortgage balance.

The first round was so popular that the state stopped taking applications Oct. 2, less than a week after the program started. The housing group's computer system initially crashed under the weight of an application per minute on the first day. More than 25,000 Florida homeowners applied before the state stopped the process.”

 

WPTV News did this report on the Florida Hardest Hit Fund program. Check it out.

Please keep in mind that there are certain requirement in order to qualify for the Hardest Hit Fund program. This is a great program for Floridian's that offers a little bit of relief if you are struggling financially.

If you know anyone that is upside down on their mortgage please share this post.

View Tampa2Enjoy for all your Tampa real estate needs.

 

Foreclosure Inventory Down 33%

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It's no surprise that foreclosures are down over the last 12 to 18 months. With the real estate market being on fire, most homeowners have seen their home appreciate 10% – 20% over the last 12 months. With home prices increasing more people have equity in their home and therefore they can sell or not give it back to the bank and pay their debt.

picture of a foreclosure home - from Chris CurryForeclosure Inventory Down 33%, CoreLogic Says
“The nation's foreclosure inventory continues a precipitous decline, falling 33 percent year-over-year in August, according to CoreLogic’s August National Foreclosure Report. About 939,000 homes were in some stage of foreclosure, down from 1.4 million in August 2012.

“The foreclosure inventory continues to improve, as exhibited by these recent numbers,” says Mark Fleming, CoreLogic's chief economist. “A surge in completed foreclosures and a rise in the foreclosure inventory is unlikely given continued house-price improvements and shortages of supply in many markets.”

The foreclosure inventory in August represented 2.4 percent of all homes with a mortgage compared to 3.3 percent in August 2012.”

Elizabeth Warren on illegal foreclosures. This is an amazing video that should really get you thinking about what the heck is going on in this country of ours. Good for Elizabeth!

The majority of homeowners doing short sales over the last 2 years are not financially strapped but they know there's a government loophole and they just don't want to pay their debt. With home price increasing more American's are holding on to the American Dream.

Last month in Hillsborough County 11% of the active homes for sale were foreclosures (short sales) – in September 2012 the percent was 17%.

If you have any questions about the real estate market in Tampa Bay visit www.tampa2enjoy.com.

Tampa Foreclosures – Find Your Dream Home

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image of foreclosure in tampa

Everyone desires to have their very own home. You can have the freedom and security if you own a house instead of renting one and you can definitely save a lot of money instead of it going to monthly rent and other related fees. However, it is very hard to acquire one especially if you are on a tight budget. You might be surprised on how much each one of them cost these days. This is one of the many reasons why more and more people are looking for foreclosures as an alternative. There are a lot of Tampa foreclosures available today and most of them are sold at very reasonable prices.
You can find a lot of homes for sale in Tampa when you look for them in the web. They are easily and accessible and is readily available for purchase. You can choose any location or area that you may want. However, you need to read a lot of different background information regarding the seller of the house to ensure you that they are capable of giving the much needed housing a person may desire. Your hard earned money is indeed involved and you don’t it to go to waste. So you need to be absolutely before proceeding with any transactions or deals. You should not worry about the quality of Tampa foreclosures since most of them are guaranteed safe and secured.

There are many advantages when one purchases foreclosure homes. As mentioned earlier, the price is indeed lower than most of the housing available today. You need to be updated with the ongoing sale because there are others who are also planning on buying them too. However, there is a good supply of homes in Tampa so you can choose the suitable home one may desire. Another great advantage when purchasing foreclosures is that you can move in right away. The seller will likely do the repairs and maintenance before handing the house over to you. You can definitely save a lot of time and effort because everything will be going smooth and steady. You will have the option to move in as soon as possible after the purchase. This is a very good feature especially if one is on a hurry and wants to immediately set the house up. When circumstances come up and you choose move out or live in a different area or region then there is no need to feel worried about your home. You have the option to sell it again at any given time and this is considered to be a very good business practice.

Owning that perfect house is easier when you view foreclosures in Tampa. It is way more convenient and you can have one right away. You can absolutely find many amazing deals in most areas of Tampa.

If you have any questions about Tampa foreclosures please click here to view all the foreclosures.We are experts in the Tampa marketplace.

Foreclosure Properties Are Still a Valid Housing Option

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Foreclosure Properties Are Still a Valid Housing Option

Recent sales of foreclosure properties in Tampa, Florida show a decline in those sales. One reason is the increase in price and another has to do with other homes being placed on the market. Empty homes tend to lose the sparkle possessed by those that are occupied.

Think about model homes that are shown with beautiful comfortable furniture, quality draperies and matching appliances. Buyers tend to select based on what they see. It is easy to be swayed by an enticing example.

Just because a home has sat empty for awhile does not mean it has been neglected. There are foreclosed homes in fairly good condition on the market, but they are few and far between. As the holiday season approaches, people traveling to this area will visit neighborhoods to see friends and family. Local businesses, especially boutiques and restaurants, are gathering points. If those guests are considering the purchase of Tampa homes, an empty home is easier to move into.

Home sales are closing faster as all parties involved are anxious to get deals completed before the end of the year. The luxury of bidding wars and long, drawn out negotiations will hamper that goal. Buyers must come to the table qualified for a loan or holding ready cash. The bank must know its bottom line and be ready to act.

A qualified local Realtor is an invaluable asset. Awareness of current market conditions and special considerations for different areas helps a prospective buyer find the right home. In some cases, the story behind the house is part of the information. Being able to pull down any liens or other data about interesting homes helps narrow the list of homes to view.

If the foreclosure home is a starter home for you, think ahead to resale value. Look at the other homes in neighborhoods you are considering. Is curb appeal present? Find out about the crime rate and the schools. What local facilities are available for families and for senior citizens? Homeowners are reverting back to the old tradition of getting a home with the intent to remain for life. If that is your mindset, this is a great area to select.

Large Discounts on Bank Owned Homes in Tampa Are Ending

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pricture of rising home pricesWhere have the bargain bank-owned properties in Tampa Bay gone? Prospective homebuyers who have put off taking advantage of the significant savings on foreclosed homes now owned by the bank are starting to ask that question. The hot tip for several years is seek out a foreclosure for an excellent bargain. The low prices were a result of the banks trying to unload millions of dollars of worthless debt from their books. Zillow recently announced the results of a study showing numbers for mid to late 2012, demonstrating the decline of savings in foreclosure purchases across the nation.

Bank owned properties in Tampa sold for nine percent less than comparable non-REO sales in September 2012. The discounted price slipped just .5 in twelve months, but represented a twenty-nine percent change from discounts of November 2008. The current Orlando REO discount of 4.6 percent is higher than the two percent discount in September 2011, but far less than the 24.4 percent discount during the first month of 2010.

The Miami-Fort Lauderdale area painted an equally dismal picture:

  • Current REO average savings 2.9 percent.
  • Decline of nearly 7 percent in September 2011.
  • Overall drop from the August 2008 peak of 22.7 percent.

National Comparisons

The trend is similar on a national level:

  • Metro area foreclosure discounts are down approximately 77 percent.
  • Some metro areas peaked at over 30 percent in 2008/2009.
  • All metro areas show declined discounts.

The national September 2012 REO discount average was 7.7 percent, a drop of 1.4 percent over the past 12 months. The higher the demand is for homes in a certain area, the less foreclosure discount is offered. Two cities with high housing demand, Las Vegas and Phoenix, offer no discount on foreclosure re-sales, but successfully market those homes due to the limited number of homes available for purchase

Changes for the Better Regarding Foreclosures

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image of foreclosure signThe rumble about reductions in foreclosures in Tampa, FL has been going around for a few months and recent figures from CoreLogic support that news. While there were 75,000 completed foreclosures in the United States for August 2011, the national total for August 2012 was only 57,000.

On a state level, Florida was second (California earned first place) in completed foreclosures, with nearly 12 percent of the those in the nation from August 2011 through 2012. The foreclosure inventory for the state, which includes any mortgaged home in some part of foreclosure, fell just slightly over one percent in that 12-month period.

According to records, there has been a drop of completed foreclosures from May through August. An extensive loan modification program had some influence, as homeowners qualified for lower interest and lower payments. That allowed them to retain their property and build more equity, since more of the payment goes towards the principal. In addition, some properties qualified for a reduction of principal if payments were made timely, another reason to make payments timely.

There is still the option of a short sale, as well as buyers with cash or ready financing to get the home of their choice.

Florida had the highest foreclosure inventory at 11 percent of all mortgaged homes, followed by New Jersey at 6.5 percent. That is yet another reason for those looking at bank-owned properties in Tampa and the area around it to act as soon as possible. The bargains are still available, but the numbers are dropping. Of course, that is a good sign for the current homeowner and hopefully the trend will continue.

The Reality of Short Sales in Tampa Bay

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image of short sale homeThe recession displayed terms like short sales and bank owned homes so often it began to seem normal that so many thousands were losing their homes. Short sales gave homeowners the opportunity to sell homes rather than undergo foreclosure. A lot of paperwork is necessary, as the homeowner must convince the lender that without permission to proceed with a short sale, foreclosure will result. The lender either agrees to a discounted payoff or refuses to consider it. The current owner makes no money from the sale.

To help resolve the thousands of short sales in Tampa Bay and other parts of Florida, Bank of America made a dramatic move earlier this year to reduce approval time to twenty days. A waiting time of 180 days or more interfered greatly with offers from buyers and the ability of the homeowners to make a positive resolution in the disposal of property. Streamlining the process reduced the amount of documentation, such as pay stubs, and forms.

Gone is the image of dismal bank owned homes in Tampa Bay. Replace it with the image of a beautiful, well-kept home in the much-desired Wesley Chapel subdivision of Seven Oaks. It really does not matter that you work with your agent to get this home from the bank. The Community Center, pools, tennis courts and wonderful life in this beautiful area are yours to enjoy. The advantage is enjoying considerable savings on your purchase.

Waterfront homes in Tampa Bay may have seemed beyond your budget until you discover that some of these properties are bank owned, as well. Save tens of thousands of dollars off the market value and enjoy the beautiful view of the water from your tri-level home. Special features like a pool and the gourmet kitchen of every chef's dreams are yours, along with the instant equity with your purchase.

When property reverts to the bank, it must eliminate things like tax liens and delinquent HOA dues. The plus side is that a potential buyer can look at the home and decide what expenses will be involved to repair any problems. Adding anticipated expenses to the adjusted purchase price quickly indicates whether the home is indeed a bargain. Using other homes for sale in the neighborhood as comparison, you might find it is better to make an offer for one of them.

Click here to view all short sales in Tampa.

Help for Foreclosures in Tampa Florida

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The recent wave of ongoing foreclosures in the Tampa area has caused the city of Tampa to develop a resource page for helping those who need to find resources to answer questions about the foreclosure process. The following website is very helpful to understand what resources are available to homeowners and buyers as to the procedures involved in every aspect of foreclosures in Tampa, Florida. The Tampa area is impacted along with the nation as the economic realities of the past few years are causing homeowners to look closely at their economic status.

Many people have lost jobs and are at their wits end trying to find ways to stay in their homes while they are trying to find work and make a monthly mortgage payment. The city’s webpage is a welcome online source of information about what resources are available and how to find the ones that best meet the needs of economically challenged homeowners. These include tips on do’s and don’ts; scams and how to prevent foreclosures in Tampa, Florida as well as federal and state resources available. Education of the resources available and the sheer willingness to hang on and keep working towards solutions that will work for everyone involved so that homeowners can stay in their homes while working with mortgage lenders and banks who have lent them the funds to purchase property in the first place.

The impact of foreclosures in Tampa, Florida goes beyond the homeowner; it affects the whole of the family and neighborhood. Residents who are struggling financially are often those in need of counseling and other help in dealing with the new harsher realities of reduced work and the need to make money last longer; often education in budgeting and other areas will help make dealing with them easier. The impact is felt in the school systems, which also have to do more with less money, time and people available to them. Another resource to consider is the availability of family and churches as places for networking to find help for the foreclosures in Tampa, Florida.  Sometimes the solution does involve searching other geographic areas for employment or changing the vocation of the homeowner in order to keep homes from undergoing foreclosure. In the event that you need someone to assist you in selling your home to prevent foreclosures in Tampa, we're ready to assist you at any time.

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Mohr Home Group
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Tampa, Florida 33647
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