Posts Tagged: ‘Zillow’

Underwater Mortgages Decline in South Florida

March 25, 2015 Posted by kingcade

Recent data collected by Zillow.com shows that underwater mortgages, meaning homeowners who owe more than their home is worth, are declining in South Florida. Sixteen percent of homeowners in Palm Beach County are currently underwater on their mortgages. The previous year there were twenty four percent underwater. Nineteen percent of Broward County’s mortgages are underwater, down from twenty five percent in the fourth quarter of 2014.

Home values are on the rise in South Florida and as a result, negative equity is declining since its peak of forty percent in 2011. Negative equity occurs when the value of an asset, such as a home, falls below the value of the outstanding loan balance.

Another factor that real estate experts attribute to the decline in underwater mortgages is the decline in foreclosures in South Florida this year. According to analysts, South Florida is recovering better than most markets across the country since the housing bubble burst in 2008.

Click here to read more about the decline of underwater mortgages in South Florida.

Choosing the right attorney can make the difference between whether or not you can keep your home.  A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website at www.miamibankruptcy.com.

South Floridians Gaining Confidence in the Housing Market

March 23, 2015 Posted by kingcade

A recent survey conducted by TD Bank revealed twenty eight percent of South Floridians are “very” or “extremely” likely to purchase a home in the next year or so, compared with only 9 percent in 2014. The survey polled 159 residents of South Florida, but was part of a larger national poll of 1,450 homeowners who purchased homes in the past ten years.

According to TD Bank, South Floridians are “finally finding the confidence to buy again” after the recession. Another survey from Zillow.com showed that South Florida renters are also gaining confidence in the housing market. The survey found that more than 161,000 renters in Palm Beach, Broward and Miami-Dade counties said they plan to buy within a year. South Florida will be a competitive housing market this year, with home prices ranging between $250,000 and $400,000. Nationwide, residents of South Florida, San Jose and San Francisco were most confident in the housing market, according to Zillow.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website at www.miamibankruptcy.com.

Rent Prices on the Rise

March 17, 2015 Posted by kingcade

Renting used to be considered a stepping stone to homeownership, but now it’s becoming a barrier, according to a new report from Zillow. The report showed rents across the nation have been on the rise for the past year. In September 2012 rent prices reached a peak of 6.3% after the housing market crashed. Since January 2014, rents have increased 3.3% across the U.S.  Some cities have even surpassed the national average. For example, Kansas City has more than doubled, increasing 8.5% since last year.

The report also showed that rents have grown at twice the pace of wages in the country since 2000, making it difficult for many Americans to afford their monthly bills. On average, Americans are spending approximately 30% of their income on rent, 5% higher than in the past.

Economists and real estate experts agree that rental affordability will continue to ‘deteriorate for the next two years.’ Both homeowners and renters will likely be affected since rental affordability tends to impact the housing market as a whole.

Real estate experts say it is sometimes better to buy than rent, but it largely depends on how long you plan to stay in the home. Nationwide, the ‘break-even horizon’ is around two years, but in some cities, like New York City, it can be as high as seven years. Breaking even, is when you are in your home long enough for ownership to be more cost-effective than renting. In Miami, for example, it takes just one year to break-even, according to real estate experts.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 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.