Maji Pace Ramos

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Coldwell Banker Res. R.E.

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Maji Pace Ramos

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(305) 519-7940

E-Mail Me

Coldwell Banker Res. R.E.

1500 San Remo Ave Ste 135
Coral Gables, FL 33146

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South FL Real Estate

Please Click Here for graph of market trend for Miami Dade County

Please Click Here for graph of market trend for Broward County

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FHFA House Price Index rises 0.8% in April

WASHINGTON – June 22, 2011 – House prices rose 0.8 percent on a seasonally adjusted basis from March to April, according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index. It was the first month-to-month price increase since May 2010.

The previously reported 0.3 percent decrease in March was revised to a 0.4 percent decrease. For the 12 months ending in April, U.S. prices fell 5.7 percent, and the U.S. index is 19.3 percent below its April 2007 peak and roughly the same as the January 2004 index level.

The FHFA monthly index is calculated by using the purchase price of houses sold to or guaranteed by Fannie Mae or Freddie Mac.

For the nine Census Divisions tracked during the March-April period, seasonally adjusted monthly price changes ranged from -1.3 percent in the Mountain Division to +2.2 percent in the New England Division.

Florida, which is in the South Atlantic division, was one of only three to show a price drop with -0.2 percent.

© 2011 Florida Realtors®

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Bank can go after other assets in Florida if you default on mortgage

TALLAHASSEE, Fla. – Jan. 10, 2011 – Worried that your bank might go after your other assets if you’re late on the mortgage or lose your home to foreclosure?

It can happen in Florida, especially if a bank sells your foreclosed house and doesn’t recoup the full loan amount and if you’re a big-dollar borrower.

With nearly half of all mortgages under water in South Florida, plenty of residents may wonder if their home lender can garnishee their wages or suddenly lock down their deposit accounts.

Rules on tapping assets vary by state and depend on the terms of specific loans and accounts.

Problems on typical home loans usually don’t crop up before foreclosure. They tend to come after the bank sells the home and ends up short.

In Florida, banks can go to court for a “deficiency judgment” to collect the rest of the money owed on a mortgage after foreclosure, said Anthony di Marco, vice president of the Florida Bankers Association.

Banks can pursue other assets with that judgment. They can file a lien on your boat or car. But “they can’t jump priority on a loan,” so the lender for that boat or car has first dibs to collect, di Marco said.

Florida banks usually don’t target other assets after foreclosure if they don’t see much to tap. “Collecting on judgments is time-consuming and costly,” said real estate attorney Shari Olefson, a partner at Fowler White Boggs in Fort Lauderdale and author of “Foreclosure Nation: Mortgaging the American Dream.”

But banks pay more attention to borrowers with multimillion-dollar homes or businesses that default on big commercial properties. The lender can check if the customer has other accounts with the same bank. Depending on the terms of those savings or checking accounts, they may move to freeze, sweep, garnishee or otherwise tap those accounts to collect money owed, Olefson said.

There’s another risk for smaller borrowers later. Banks may sell their deficiency judgments to a collection agency. The judgments are valid for up to 20 years. That leaves an agency focused on collections ample time to come after you for the balance still due, she said.

“That’s why it’s so important for people to deal with these mortgage problems upfront,” Olefson said. “So if you have the chance to do a short-sale through the bank, or if you have the chance to negotiate with the bank and clear up the loan – rather than have this financial time-bomb ticking over your head for years – you’ll be so much better off working with the bank.”

And be sure to get any settlement reached with the bank in writing, mortgage specialists add.

No matter what, some types of assets are off the table when banks look to collect money due on homes.

Some federal payments cannot be garnisheed at any time to cover a mortgage. Those include Social Security checks, veterans benefits and some railroad retirement payments, among others, according to the American Bankers Association in Washington, D.C.

Some states don’t let banks go after an individual’s assets after a home is seized and sold, said Mark Tenhundfeld, the association’s senior vice president of regulatory policy.

Even with a deficiency judgment, Florida law specifies 11 items that cannot be garnisheed to pay court orders in most cases, including unemployment benefits, disability checks and payments from Supplemental Security Income, a federal anti-poverty program.

Consumers in Florida have complained about what they see as improper garnishments by banks.

The Florida Office of Financial Regulation said concerns often center on Supplemental Security Income payments garnisheed to pay the mortgage loan.

But a consumer can reverse the practice by showing that the law exempts that income from garnishment or by going to court to resolve the issue, said Flora Beal, a spokeswoman for the regulators office.

Banks have sometimes garnisheed funds that are electronically deposited into a customer’s account, not knowing that the money came from exempt sources, according to the Florida Bankers Association.

The borrower’s recourse: Inform your bank that the money is exempt and seek to get it back, said the association’s di Marco.

That’s not always easy, according to South Florida building contractor James Clare III.

Clare said he fell off a roof during a job, was disabled and lost income. He ran late on mortgage payments and other bills. One day, he found that his bank would not allow him access to a disability award electronically deposited into his account at the same bank.

Clare engaged a lawyer, but he said it took weeks for the bank to give him access to the funds and then, only after he agreed to bring some payments up to date.

“I had no choice. It would have cost me more to go to court. My attorney said by the time I’d pay all the fees and all the bills over a year or two, the money’s gone,” said Clare. “It was the most frustrating time.”

Copyright © 2011, Sun Sentinel, Fort Lauderdale, Fla., Doreen Hemlock. Distributed by McClatchy-Tribune Information Services.

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December 2010 Miami-Dade PHS: Miami-Dade Pending Home Sales Increase 29 Percent

Submitted by Lynda from RAMB on December 30, 2010 - 10:05am

Miami, FL – Total cumulative pending home sales – including single-family homes and condominiums - in Miami-Dade County increased 28.8 percent in December compared to a year earlier, from 8,105 to 10,437, and decreased .6 percent, down from 10,495, compared to the previous month according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS). December marks the fifth consecutive month of increased pending home sales in Miami-Dade County.

“The Miami residential real estate market has experienced strengthening and stabilization through 2010, despite the expiration of the homebuyer tax credit and the typically slower holiday season, said Jack H. Levine, 2010 chairman of the board of the MIAMI Association of REALTORS. “Rising pending and closed sales indicate evident demand for local properties. We expect the local market to continue to improve as the economy and job markets recover and the inventory of distressed properties continues to be absorbed.”

Pending Condominium Sales Rise 40 Percent
Pending sales of condominiums in Miami-Dade County continue to outperform single-family homes. In December, condominium pending sales increased a significant 40.5 percent compared to a year ago, from 4,394 to 6,173 and increased 1.3 percent from 6,094 the previous month. Pending sales of single-family homes in December increased 14.9 percent from the previous year, from 3,711 to 4,264, and declined 3.1 percent from the previous month, when pending single-family home sales totaled 4,264.

Distressed Properties Impact Local Market In Miami-Dade County, 82 percent of current pending residential sales are distressed. Eight-one percent of single-family homes and 82.3 percent of condominiums are either short sales or REOs.

“Current pending home sale statistics are indicative of what we’ve seen throughout the year, as Miami outperforms most of the state and the country,” said Oliver Ruiz, 2010 residential president of the MIAMI Association of REALTORS. “Unlike anywhere else in the U.S., Miami is a top market for international buyers and investors from almost every region around the world. International buyers continue to represent a huge market segment in Miami, and this trend is expected to go on long into the future.”

Increased pending sales are an indication of increased future sales. A sale is listed as pending when a contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

Florida sees increase in international buyers

ORLANDO, Fla. – Sept. 21, 2010 – A number of factors contributed to the decline in home sales nationally and in Florida specifically, but the growing importance of foreign homebuyers has offset some of the damage. Roughly two out of every three Realtors in the state had at least one international transaction within the past year.

While U.S. buyers continue to struggle, foreign buyers generally see U.S. real estate as a desirable, profitable and secure investment. In addition, a weak U.S. dollar has made Florida real estate even more attractive recently.

The National Association of Realtors®, in cooperation with Florida Realtors, conducted a survey of Florida members, asking them about their experience working with international clients. The survey was conducted in July-August 2010. A total of 936 responses were received.

Report highlights

• 65 percent of survey participants – members of Florida Realtors – worked with an international client in the past 12 months. One in five worked with two international clients, and 18 percent working with three or more.

• Half of the respondents said that international clients accounted for 25 percent or less of their business; 15 percent reported that international homebuyers accounted for more than half of their business.

• One in three said that international clients were an increasing share of their customers in the past two years, while just under half (48 percent) noted that their share of international clients stayed about the same.

• Canada had the largest share of buyers, accounting for 36 percent of recent sales. Buyers from the United Kingdom accounted for 15 percent, and the rest of Western Europe accounted for an additional 14 percent. Latin America, defined for the purposes of the report to include Mexico, the Caribbean, Central America and South America, accounted for 16 percent. Other countries with a small but significant share of sales included Germany (5 percent), Venezuela (3 percent), Brazil (3 percent) and France (3 percent).

• 11 percent of foreign buyers bought a new home, while the remaining 89 percent purchased a previously owned home.

• 51 percent purchased a detached single-family home; 37 percent purchased a condo, 11 percent purchased a townhouse and 1 percent purchased some other type of home.

• 38 percent purchased in a suburban area; 30 percent purchased property in a resort area; 25 percent purchased in a central city; and 7 percent purchased in a small town or rural area.

• 15 percent of buyers plan to use their property less than one month per year; 21 percent expect to use it one to two months; and 34 percent three to six months.

• 19 percent bought a home in the Orlando-Kissimmee area; 17 percent chose Miami-Ft. Lauderdale; 13 percent opted for Bradenton-Sarasota; and Tampa, Cape Coral-Fort Myers and Naples rounded out the top six with at least 5 percent of purchases.

To read the complete report, which includes information on why buyers choose Florida as well as why they don’t, visit floridarealtors.org at:

https://www.floridarealtors.org/Research/index.cfm

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Florida’s existing home, condo sales rise in June 2010

ORLANDO, Fla., July 22, 2010 – Sales of existing homes in Florida rose 15 percent in June, marking 22 consecutive months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.

A total of 18,038 single-family existing homes sold statewide last month compared to 15,732 homes sold in June 2009, according to Florida Realtors. June’s statewide existing home sales increased 7.7 percent over statewide sales activity in May. Meanwhile, last month’s statewide existing-home median price of $143,400 was 2.1 percent higher than May’s statewide existing-home median price of $140,400. It marks the fourth month in a row that the statewide existing-home median price has increased over the previous month’s median.

Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in June, while 16 MSAs posted increased existing condo sales. A majority of the state’s MSAs have reported increased sales for 24 consecutive months.

Florida’s median sales price for existing homes last month was $143,400; a year ago, it was $147,700 for a decrease of 3 percent. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in May 2010 was $179,400, up 2.7 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $324,430 in May; in Massachusetts, it was $299,000; in Maryland, it was $249,177; and in New York, it was $194,900.

More jobs are key to the continued recovery of the housing market, according to NAR’s latest industry outlook. “If jobs come back as expected, the pace of home sales should pick up later this year and reach a sustainable level of activity given very favorable affordability conditions,” said NAR Chief Economist Lawrence Yun. “We’ll also keep a close eye on market conditions on the Gulf Coast.”

In Florida’s year-to-year comparison for condos, 6,916 units sold statewide last month compared to 5,215 units in June 2009 for an increase of 33 percent. The statewide existing condo median sales price last month was $95,000; in June 2009 it was $112,800 for a 16 percent decrease. The national median existing condo price was $181,300 in May, according to NAR.

The interest rate for a 30-year fixed-rate mortgage averaged 4.74 percent in June, down from the 5.42 percent averaged during June 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s larger markets, the Tampa-St. Petersburg-Clearwater MSA reported a total of 3,226 homes sold in June compared to 2,848 homes a year earlier for a 13 percent increase. The market’s existing home median sales price was $138,400; a year earlier it was $139,400 for a decrease of 1 percent. A total of 912 condos sold in the MSA in June compared to 671 units sold in June 2009 for an increase of 36 percent. The existing condo median price was $99,100; a year earlier, it was $113,300 for a decrease of 13 percent.

© 2010 Florida Realtors®

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Miami-Dade Pending Home Sales Increase 54 Percent Compared to May 2009

Miami, FL – Total pending home sales – including single-family and condominiums - in Miami-Dade County increased 54 percent in May 2010 compared to May 2009 and .62 percent, from 10,392 to 10,456, compared to the previous month and Realtor Association of Greater Miami And the Beaches (RAMB) and the Southeast Florida Multiple Listing Service (SEFMLS).

In addition to international buyers taking advantage of favorable exchange rates and local market opportunities, first-time and existing buyers are benefiting from record-setting affordability conditions, the recently expired home buyer tax credit, and a wide selection of properties to choose from. The consistent increase of pending and closed sales for nearly two years - and now coupled with rising home prices – is indicative of a stabilizing and strengthening market.

Pending sales of condominiums in Miami-Dade County performed better than that of single-family homes in May, up 1.65 percent from 5,818 to 5,914. Pending sales of single-family homes in May dropped .7 percent from the previous month, from 4,574 to 4,542. April figures included the last-minute surge by homebuyers taking advantage of the tax credit that expired on April 20. Compared to May 2009, Miami-Dade pending sales of condominiums increased 92 percent, while pending sales of single-family homes rose 38 percent in May 2010. “Current South Florida real estate market statistics are positive signs of a resurgent market,” said Terri Bersach, RAMB Chairman of the Board. “Pending sales are considerably higher than they were a year ago when the market was already strengthening, and home median prices have begun to increase while average home prices have been increasing for some time. These figures validate the demand for local residential properties and confirm the local market’s recovery.”

Broward County Pending Sales

In Broward County pending home sales fell 3.23 percent, from 8,525 to 8,250 in May, again due to impact of expiring tax credit. Pending sales of condominiums decreased 3.1 percent from 4,679 to 4,531. Pending sales of single-family homes dropped 3.2 percent in May compared to the previous month, from 3,846 to 3,719. Compared to May 2009, Broward pending sales of single-family homes rose 32.3 percent, while pending sales of condominiums increased 71 percent. The total number of pending sales increased 51 percent.

Strengthening Market

Home sales in South Florida have increased dramatically since August 2008 while inventory levels continue to drop and prices for single-family homes began increasing in April while negligible decreases in condominium prices were observed. “While the month-to-month increases for pending sales is somewhat lower than what we had been seeing due to the expiring tax credit, condominium pending and closed sales remains strong,” said Oliver Ruiz, RAMB Residential President. “This is important and necessary to rid the market of excess condominium inventory.”

A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Increased pending sales are an indication of increased future sales.

About RAMB

The Realtor Association of Greater Miami and the Beaches was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of three organizations (the Residential Realtor Association of Greater Miami and the Beaches, the Realtors Commercial Alliance and the International Council of Greater Miami and the Beaches), RAMB represents over 12,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage.

"Copyright RAMB, Reprinted with permission."

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MIAMI MARKET UNDERVALUED!

Per the article in the International Property Journal this week on undervalued US markets. Both Miami-Dade and the Ft Lauderdale markets are identified as such. It is good reading especially if you are sitting on the fence waiting for the right time to buy. With the current inventory and interest rates being what they are as they remain at historically low levels, we are seeing significant buying opportunities for those looking for value in our markets. However, let us not be confused that all of our price ranges are stable at this time as we measure different segments of our pricing. If you are looking at price ranges with 20 months of inventory or more, it is likely you will continue to see pressure on pricing for homes in those ranges. Study closely the segments of the market you are operating in to determine the value influences you are facing in each of those sub-markets. We have to be more economically prepared than ever before and my goal is to provide counsel and leadership to those working with me at this time. Please contact me if you or someone you know is interested in buying or selling real estate now or within the next six months.

Maji Pace Ramos, CRS, e-PRO

Coldwell Banker Residential Real Estate, Inc.

Certified Residential Specialist

Master Broker's Forum

305-519-7940 begin_of_the_skype_highlighting 305-519-7940 end_of_the_skype_highlighting (Direct)

maji@MajiSold.com

www.MiamiHomeTrends.com

Please Click Here for graph of market trend for Miami Dade County - Southeast Florida

Please Click Here for graph of market trend for Broward County - Southeast Florida

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U.S. Market is ‘Undervalued,’ Report Says

Posted in Real estate on March 22, 2010 by Kevin Brass

After two years of falling prices, U.S. housing is undervalued in most markets, according to a new study.

Recent data showing a miniscule 0.1 percent drop in prices in the fourth quarter “indicates that the housing market is still working towards--and is close to achieving--stabilization,” concludes the House Prices in America report prepared by IHS Global Insight and PNC Financial Services Group.

None of the major U.S. metro markets were rated as significantly overvalued by the study. In contrast, 137 of 330 metro areas were listed as overvalued during the peak bubble years.

While these types of reports are often easily dismissed, it’s worth noting that the IHS study correctly spotted vast over-valuations in 2005 and 2006, offering signals that the bubble was about to burst.

In 2005 the study identified 52 metro markets as extremely over valued, primarily in California and Florida. For example, Miami was listed as 49.4 percent overvalued and prices subsequently fell 35.8 percent. Thirty-one metro areas have posted declines of greater than 40 percent from their peaks, the study found.

Although overall the U.S. is now seen as undervalued, the study still found some markets that are rated as over-valued. For example, Honolulu is still overvalued by 13.6 percent and Spokane, Wa., is 13.1 percent overvalued, the study found.

The full report and a breakdown of individual markets can be found by copying and pasting the following link unto your browser: http://www.ihsglobalinsight.com/gcpath/ValuationReport4Q10.pdf

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Courtesy of:

Maji Pace Ramos, CRS, e-PRO

Coldwell Banker Residential Real Estate, Inc.

Certified Residential Specialist

Master Broker's Forum

305-519-7940 begin_of_the_skype_highlighting 305-519-7940 end_of_the_skype_highlighting (Direct)

maji@MajiSold.com

www.MiamiHomeTrends.com * www.GoodMorningBiscayne.com

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* This information is deemed reliable but not warranted

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