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There were 2,206 closings in October, which brings the year’s total to 19,069, while a total of 12,325 homes had changed by this time last year. Of those October sales, 62.47 percent of the homes were either bank-owned (928) or short sales (450). The remaining (828) “normal” sales made up 37.53 percent. complete story

Source: OrlRealtor.com

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Good news that more than 650,000 borrowers have been put into trial mods, no news that we have no idea how successful those mods are now five months after the program really got cooking.

It's coming, that's what the folks at Treasury say. 

They also say that a lot of borrowers got extensions on the trial period in order to get paperwork together to move on to permanent modifications.  Insiders however tell me that a lot of that paperwork has to do with those so-called "stated-income" loans, where you just had to tell the lender what you make for a living, not actually prove it.  In order to move to a permanent mod, you have to prove it, so now we get to find out how many of those "liar loans" were just that.  complete story

Source: CNBC.com - Diana Olick

Stop Foreclosure  Save Your Credit Orlando Short Sale

Existing-home sales for the Orlando area increased 80 percent last month compared with a year ago, and the median price of the houses sold posted its biggest month-to-month increase in 16 months, according to the October report released Tuesday by the Orlando Regional Realtor Association.

Association Chairman Kathleen Gallagher-McIver, RE/MAX Town and Country, attributed the increases to buyers trying to take advantage of a federal tax credit. The tax incentive was set to expire in November but last week was extended.

"Now that the tax credit has been extended to April 2010 and expanded, REALTORS® expect to see even more improvement as additional eligible buyers enter the market," continues Gallagher-McIver

The report noted 2,206 closings in October. Of those sales, 62 percent of the homes were either bank-owned or short sales.

The Orlando region had triple the number of pending sales as it did in October 2008 and the number of sales contracts filed had increased 97 percent.

The median price of existing homes sold in October increased 4 percent, to $130,000 from the $125,000 in September. The price is down a quarter from last year's median of $175,650.

The inventory of houses for sell was at 7.14 months in October, which is slightly above September's level of 6.97 months.

Central Florida county's year-today sales comparisons are:

Lake: 32.29 percent above 2008 (3,323 homes sold to date in 2009 compared to 2,512 in 2008).

Orange: 76.73 percent above 2008 (12,958 homes sold to date in 2009 compared to 7,332 in 2008).

Osceola: 102.46 percent above 2008 (4,612 homes sold to date in 2009 compared to 2,278 in 2008).

Seminole: 23.64 percent above 2008 (3,541 sold to date in 2009 compared to 2,864 in 2008).

Source: OrlandoSentinel.com - Mary Shanklin

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The home had been appraised at $390,000 when she refinanced in 2006, but she estimates it's not worth the $320,000 it initially cost in 2004. So Sakson did what a growing number of homeowners are doing today: She stopped paying and decided to let the bank take her home.

I'm walking away from my house," says Sakson, 57, who stopped making payments about six months ago on her home in Pennington, N.J. "The bank can have it."

What Sakson did is called a strategic default, or a voluntary foreclosure, and it's fast becoming a major challenge to the government's $75 billion effort to keep distressed borrowers in their homes. Walking away from a mortgage is serious business — it can knock 100 points off your credit score and make you ineligible for a new mortgage for seven years. Yet, about 588,000 borrowers walked away from homes last year, double the number in 2007, according to a recent study by credit-scoring firm Experian and management consultants Oliver Wyman. While home prices are rising, the increases pale compared with overall drops in home prices since 2005 that threaten to push millions more homeowners into Sakson's predicament, owing more than their homes are worth and seeing little chance of rebuilding equity soon.

More will walk away, which will hamper the housing recovery, reinforce lenders' tight credit policies and drag on the economy's recovery, economists say.

"It's increasingly a more important factor driving the foreclosure crisis," says Mark Zandi, of Moody's Economy.com. "As we move forward, the job market will stabilize, and the big thing will be strategic defaults. People are going to determine it doesn't make financial sense to hold on to their homes. That's going to be a significant problem. Strategic defaults mean foreclosures could be high for a long time."

It's not just economists who are concerned about strategic defaults.

The mortgage unit of Citigroup says one in five borrowers who defaults does so willingly, even though they're able to pay the mortgage. "It's a very large number, and it's a very, very significant risk to the housing recovery," says Sanjiv Das, CEO of CitiMortgage, adding that new government programs to curb strategic defaults may be needed. complete story

Source: USAToday.com - Stephanie Armour

Stop Foreclosure  Save Your Credit Orlando Short Sale

A key US housing index has risen to its highest level in almost three years, helped by first time buyers taking advantage of a popular tax break.

The National Association of Realtors said its Pending Home Sales Index rose 6.1% in September to 110.1, its eighth straight monthly rise.

Analysts said first time buyers were rushing to beat an end of November deadline for a tax credit.

Separate data showed US manufacturing output rising again in October.

The Institute of Supply Management said its factory index rose for the third consecutive month, increasing to 55.7 from 52.6, with any figure above 50 indicating growth in the sector.

It said both production and employment were increasing in the manufacturing sector.

Source: BBC News

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Do you have a competitive nature? Do you always have to have the last say? Do you always feel you have to win? If you have a home for sale in Orlando, you may have “competed” yourself right out of a buyer. Please, read on to find out how NOT to make this mistake.

Who Calls the Shots?

You’ve probably heard “it’s a buyer’s market” many, many times already. With the number of people who have a home for sale in Orlando, this is something you can’t afford to ignore. This is especially true considering that the longer your house sits on the market the more it depreciates.

A competitive nature is all well and good, but, when dealing with potential buyers, you have to rein it in. Winning, in this case, is not getting the last word, but selling your home. As you enter into negotiations, keep in mind that the end goal is to sell.

Buyers know they have the market. While this doesn’t necessarily mean they’ll try to walk all over you, it does mean that they may try to negotiate:

• On price
• On closing date
• On inspection period
• On closing costs
• On anything

Now, just because they’re trying to negotiate doesn’t mean they aren’t qualified buyers. You may have a very qualified potential buyer trying to negotiate with you.

Warning: at this point, your competitive nature may try to rise up and crush the negotiating potential buyer. Restrain yourself - strenuously if you have to.

While dealing with offers, counter offers and counter-counter offers, ask yourself if you’re being competitive, silly or surprisingly realistic. Are you turning down their offer because it isn’t an exact fit for you? Do you have a legitimate reason for the counter offer, or are you trying to “one-up?" Will a requested change really make that much difference to you?

Although I’m not suggesting that you take the first offer that comes along without looking at it, or that you take an offer that is less than you can afford to take, I am suggesting that you remember there are plenty of people with a home for sale in Orlando. As you look at the offers, keep this in mind. Shut down that competitive nature and remember that the only way you really win is when you sign the papers and hand over the keys.

Ready to get your home sold? We can help. Call us at 407-876-5771 for more information.

If you’re looking at homes for sale in Orlando, want to buy a home and are waiting around for better prices, you might want to rethink your strategy.

If you’re a market watcher, soaking up the information overload across news media and Internet websites, you’re probably overwhelmed with confusion by now. Is the housing market getting better? Is it getting worse? Was there really, when it gets down to it, a housing bubble collapse? And, if so, who popped it?

First, the quick answers. Yes, the housing bubble collapsed, and everybody had a hand in popping it: the government, the lenders, the investors and the general public. Now the hard answers: it’s getting better – and worse.

The truth is that market predictors are all on the fence. With the ARRA (American Recovery and Reinvestment Act) giving first time homeowners some incentive to buy homes for sale Orlando and elsewhere, there has been a steady increase of sales. However, once the tax credit deadline hits at the end of this month, the numbers are once again expected to drop.

Again, though, it’s better and worse. While the housing market is still dropping in some areas, such as the southeast in Mississippi, Alabama and so forth, there are definitely some strong markets in the country.

For instance, Boulder, Colorado holds 60% of the share of increasing home values. The average value is about $350,000, but there’s a limit in place on the amount of homes allowed in the area. In Binghamton, New York, the average value of a home is around $112,000. They also have a housing limit, which means a small supply, so prices probably aren’t going to plummet.

Just because this is a buyer’s market, doesn’t mean you’ll get the exact price you’re looking for. If you want to buy a home and you’re waiting around for the prices of homes to plummet into a “sweet deal,” make sure you don’t wait yourself into an expensive mistake.

Instead of checking market forecasts, potential homebuyers need to look at things the way we always should have. Do I want to buy a house? Can I afford one of the homes for sale in Orlando the way things are now? By researching, crunching numbers and answering the important questions, you’ll find the sweetest deal you could ever have: a wonderful house you can afford.

If you’re looking for a place to call your own, we can help. Call me at 407-876-5771 for more information.

If your Orlando home for sale isn’t selling, you’re probably wondering if you’re missing something. Well, here’s a list of things you might not know that could make all the difference:

1. If the location of your Orlando home for sale isn’t great, the price and terms are the only thing that will sell it. Make them outstanding!
   
2. Attractive, competitive terms may help you get a higher price. For instance, if you’re allowing the option of owner financing, and also allow a smaller down payment (say, $20,000 - $30,000), you may be able to sell your house for a higher overall amount.
   
3. Because of the current high competition, your home has to be in the best condition at a competitive price. Check out the competition, accept that yours might need work, and get to it.
   
4. You can’t set a limit for home improvement. If your home needs something done to beat the competition and you can do it, do it! You aren’t just spending money; you’re investing in the sale of your home. Although you may not get all your money back, you just might get a quick sale at full value.
   
5. Staging – you’ve heard of it; tons of agents are talking about it. If you want to get your house sold, either invest in staging services or do your homework and stage the home yourself. It’s all about presentation.
   
6. Remember that you are no longer the host/hostess of the house. You are a business person, and your business is getting that house sold. Don’t let your emotions get in the way of a solid business deal.

Putting up your Orlando home for sale is a daunting prospect. If it’s been up for a while, it can be an exercise in frustration. However, keep the above points in mind, listen to the experts and put what you learn to work for you.

If you’d like to get your home sold, we can help. Call us at 407-876-5771 for more information.