Archive for: ‘October 2012’

Foreclosure Activity Varies Across U.S.

October 19, 2012 Posted by kingcade

Foreclosure filings are down to their lowest levels since before the recession. But the declines in activity do not hold true for the whole country. The website RealtyTrac says the national average for the number of default notices, auctions and repossessions declined 7 percent. The operative word here is average.

The national average on foreclosure activity has fallen to rates last seen before the great recession. But that decline was driven by certain states, including California, Michigan and Arizona, where foreclosure activity declined by double-digits. Meanwhile, activity was dramatically up in some states, including Florida, Illinois, New York and New Jersey.

To read more on this story visit:  http://www.npr.org/2012/10/11/162743637/foreclosure-activity-wildly-different-across-u-s

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

A Drop in Inventory Hurting First Time Homebuyers

October 17, 2012 Posted by kingcade

According to Zillow.com, inventory of South Florida homes for sale on their real estate website has fallen by 34 percent in the past year. The drop in Palm Beach, Broward and Miami-Dade counties was well above the national average of 19 percent. Still, local Realtor boards have reported annual declines of near 50 percent or greater for individual counties in recent months.

First time homebuyers looking to capitalize on the falling home prices and record low interest rates are being pushed out of the market by savvy investors looking to buy basic homes to rent out to people who have recently been foreclosed upon. Zillow’s chief economist, Stan Humphries attributes this to investors’ ability to pay in cash, therefore being able to close sooner, which is more favorable to banks and homeowners looking to sell.

More homes could be coming on the market as Florida leads the nation in foreclosures, according to RealtyTrac. Realtors say there’s enough demand to easily handle another wave of distressed properties.

To read more on this story visit: http://www.sun-sentinel.com/business/realestate/house-keys-blog/sfl-zillow-falling-inventory-link-20121011,0,7427872.story

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

The New Housing Boom

October 15, 2012 Posted by kingcade

The long-struggling housing market is finally beginning to see a turnaround. Signs of recovery have been evident with the recent increases in home prices, home sales and construction. Foreclosures are also down and the Federal Reserve has acted to push mortgage rates near record lows.

Barclays Capital put out a report recently forecasting that home prices, which fell by more than a third after the housing bubble burst in 2007, could be back to peak levels as soon as 2015. The housing rebound can have a ripple effect that could help get the entire economy growing at a much stronger pace, which will add to more demand for housing.

Roger Altman, chairman of Evercore Partners and former deputy Treasury secretary stated that the recent turn in the housing market should become a boom by 2015 and lift the entire U.S. economy. He also expects housing will add 4 million jobs to the economy over the next five years, as the pent-up demand for home purchases drives building and home prices higher.

To read more on this story visit: http://money.cnn.com/2012/10/12/news/economy/housing-boom/index.html

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Positive Monthly Gains for Florida’s Economy

October 12, 2012 Posted by kingcade

Recent increases in Florida’s home prices, consumer confidence and personal income are all signs of economic recovery, according to economists. In July, South Florida’s home prices saw a five percent increase since 2011. The rest of the country is experiencing the same trend, 16 of 20 major metropolitan areas showed an increase in home prices when compared to 2011. The improvement of the housing market and employee incomes has caused an increase in consumer confidence in Florida, now at its highest level in five years.

Although this is all good news for Florida, we still have a ways to go. There are 350,000 pending foreclosures in the court system. In August, Florida was ranked second in the nation for foreclosure activity and the home sale prices are still about 47 percent below what they were in 2006.

To read more on this story visit: http://www.palmbeachpost.com/news/business/real-estate/home-prices-confidence-incomes-all-rise/nSL4j/

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Wells Fargo Pays $175 Million in Discrimination Lawsuit

October 11, 2012 Posted by kingcade

The Justice Department recently filed discrimination charges against Wells Fargo Bank, saying they steered African-American and Hispanic borrowers towards subprime mortgages or other mortgages with higher fees than white borrowers with similar credit scores. Wells Fargo agreed to pay $175 million to compensate borrowers who were wrongly forced into more expensive mortgages. The claims are violations of the Equal Credit Opportunity Act and the Fair Housing Act.

Unfair lending was identified in 82 geographic markets, in 36 different states. In Miami, approximately 4,100 borrowers were victims of higher borrowing costs between 2004 and 2008. In July, Wells Fargo announced it would stop doing business with independent mortgage brokers through its wholesale channel. From the payout $125 million will compensate consumers who were affected by the practices. The Justice Department said Miami would receive approximately $10 million. The remaining $50 million will assist homebuyers with down payments in various cities.

To read more on this story visit: http://www.miamiherald.com/2012/07/12/2893222/wells-fargo-pays-175-million-to.html

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.