Prompted by tumbling property values and a large number of sub-prime loans, Florida has also been slow to get back on its feet because of a foreclosure process that on average takes more than two years to complete, according to report by a Washington -based coalition that is tracking the nation’s housing recovery.
A controversial bill backers say would speed up the foreclosure process and help jumpstart the economy made its Florida Senate debut Monday amid concerns that the measure could leave some homeowners unjustly out in the cold.
Here’s a primer on Fannie and Freddie’s role in the housing market, why their actions often go against the interests of homeowners and are even at odds with their own mission, and what to expect from here on.
Flagler County Property Appraiser’s preliminary estimate sees a property value drop in “the low single-digits” at most, with taxable values rising in Grand Haven and Flagler Beach, among other spots, as the five-year collapse in values appears to draw to an end.
Existing-home sales were down in September on the heels of a strong gain in August, but remain well above a year ago, according to the National Association of Realtors.
The University of Florida’s quarterly Survey of Emerging Market Conditions concludes that economic and political worries are holding back spending, except by foreigners. Tourism is the state’s strongest bright sport.
Government-owned foreclosures as rental property investments: The government is looking for win-win solutions for taxpayers, renters, investors and neighborhoods, but there’s plenty of skepticism about the foreclosure-to-rental concept.
When GMAC, one of the nation’s largest mortgage servicers, sought to foreclose on a homeowner last year and lacked a crucial document, the company just made one up, pointing to a pattern of deceptive filings to foreclose on homeowners.
If a proposed Qualified Residential Mortgage Rule (QRM) of 20% down and spending less than 28% of monthly gross income on the mortgage takes effect, Marc Morial of the National Urban League argues, middle class home ownership will be a thing of the past.
Housing prices fell to levels not seen since 2002 as double-dipping prices hit new recession lows. Meanwhile, the Palm Coast City Council discussed approval of a plan that would add 12,000 housing units to the local hosing stock.