During the third quarter of 2012, foreclosure sales skyrocketed according to recent data from RealtyTrac. Foreclosure sales in Miami-Dade County jumped 43.9 percent from the second to the third quarter this year. Since the third quarter of 2011, foreclosure sales rose 21.8 percent. Broward County foreclosure sales jumped 38.9 percent since the second quarter of 2012. RealtyTrac’s Daren Blomquist said the trend is happening throughout most of the state.
The collected data includes the sale of both bank-owned properties and also short sales. Foreclosure-related sales accounted for 32.5 percent of all home sales in Miami-Dade County during the third quarter. These sales accounted for 25.2 percent of all home sales in Broward County during the third quarter. Statewide, foreclosure sales jumped 47 percent from the second to the third quarter.
To read more on this story visit: http://miami.cbslocal.com/2012/12/08/foreclosure-sales-continue-to-rise-across-south-florida/
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.
Tag: Foreclosure Sales
Lenders Are Now Opting for Short Sales
Short selling has become a popular trend in Florida, allowing lenders to sell properties for less than the remaining mortgage balance. In January 2012, short sales averaged 23.9 percent, a larger percentage than foreclosure sales nationwide, which averaged about 19.7 percent. In 2010, President Obama backed short sales by offering incentives to banks. The program offered banks a credit of $1,000 to proceed with a short sale. The program also offered another $1,000 credit to cut deals with financially troubled homeowners. In addition, $1,500 was offered to defaulted homeowners as a “relocation credit” if they agreed to a short sale.
A rise in mortgage defaults is causing more lenders in South Florida to choose short sales. The benefits for the lender include limiting legal fees and the carrying costs of owning the home. However, there is a downside; Lenders must absorb the cost of the shortfall. They can also be deterred by the significant amount of documentation required and the related processing costs. In a short sale, lenders lose an average of about 19 percent of the loan amount, compared with an average of 40 percent through a foreclosure, and a lender’s cost to own a foreclosed house often is about 1 percent of the property value, excluding depreciation.
To read more on this topic visit:
http://therealdeal.com/miami/blog/2012/04/17/for-first-time-short-sales-are-more-popular-than-foreclosure-sales-in-the-u-s/
http://therealdeal.com/miami/blog/2008/05/07/short-sales-one-but-not-always-best-answer/
http://therealdeal.com/miami/blog/2010/03/08/president-obama-turns-attention-to-short-sales-in-effort-to-prevent-foreclosures/
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.