RE/MAX 360

RE/MAX 360

9/25/09

What housing recovery?


Not that Moody's was very accurate in assessing and assigning risk ratings to RMBS, but, if you live in Florida and were thinking of "holding on until prices come back" you'd better have a lot of stamina according to Moody's recent projections!

Moody's predicts that home prices will not reach their previous peak prices of '05/'06 until 2023-2030's (according to the article that accompanied the graph above).

If you have reason or a desire to sell, now or in the near future, you may want to sell sooner rather than later. However, if you're planning to live in your home until the kids are married and on their own, you may be able to weather the storm. Below is the bulk of the original article.

Scary default stats...

13.16% of Mortgages Delinquent: MBA


By DIANA GOLOBAY August 20, 2009 10:04 AM CST

Single-family mortgages set a new record delinquency rate of 13.16% in Q209, according to the quarterly survey by the Mortgage Bankers Association. The delinquency rate includes mortgages at least one payment past due or in foreclosure.

The results were lead by Florida with 12% of mortgages somewhere in foreclosure, another 5% at least 90 days past due and a total 22.8% at least one payment delinquent or in foreclosure at the end of June. Nevada followed Florida with 21.3% at least one payment past due or in foreclosure.

Homes in Foreclosure in Lakeview Estates...Lis Pendens


Lis pendens means "a suit pending". A lis pendens is a written notice that a lawsuit has been filed involving the title to real property or some interest in that real property. Notice to the defendant who owns the property and potential buyers or financiers is given by filing the lis pendens with the clerk of the court, certifying that it has been filed, and then recording it with the County Recorder.

As of today, there are 5 homes in Lakeview Estates that have had a Lis Pendens filed. Most likely there are more homeowners in Lakeview Estates that are in default (late on their mortgage payments), but lenders are not very agressive right now in moving forward on foreclosures.

In addition, there is 1 home that already is owned by the bank but has not yet been placed on the market for re-sale.

Community Stats

To begin, we'll provide some market statistics for Lakeview Estates:

 As of today, there are only 4 homes listed for sale in the community...as follows:
1) A Riviera on the lake with a pool, listed at $375,000 and on the market for 130 days so far.
2) An Aspen with a pool, listed at $329,000 and on the market for 17 days.
3) A Riviera on the lake with a pool, listed at $349,000 and on the market for 46 days. This home is being marketed as a short sale.
4) An Aspen, no lake or pool, listed at $320,000 and on the market for 53 days.

There are currently NO homes under contract

There have been only 3 reported sales in the previous 6 months as follows:
1) An Aspen on the lake sold for $305,000 on 9/3/09
2) An Aspen on the lake sold for $300,000 on 7/24/09...this was a short sale
3) An Aspen, no lake or pool, sold for $295,000 on 5/31/2009...this was a short sale

There have been 3 homes that have had their listing expire or have cancelled their listing this year without having sold their property.






Lakeview Estates, Lake Worth Florida...foreclosure tracker

Lakeview Estates, Lake Worth Florida...foreclosure tracker
As of 4/1/10 there are 7 Lakeview Estates homes in some stage of foreclosure.
 
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