Read the video transcript below.
Hi, my name is Lance Mohr and I’m a real estate agent in Tampa and I wanted to do a video today because I had a gentleman call me, actually someone I knew in Tampa. He had one of his friends that was looking for a waterfront home in Tampa Bay. It was more of an acquaintance and the gentleman was looking at Tampa waterfront homes for sale and they decided to buy a lot so they contacted a real estate agent and they didn’t know at the time this real estate agent really didn’t… Continue reading
Lenders have seen some of the worst economy conditions in the last few years, but new reports are indicating that subprime lending could be making a comeback. Subprime lenders have been around for some time, but during the financial crisis, many of them seemingly disappeared. According to online sources, subprime lenders are making a comeback with new nonprime loan offerings. Bill Dallas from NewLeaf Lending in California said, “There needs to be a solution for people who don’t fit in the box, and rebuilding nonprime lending is it.”
Now that the first month of 2014 is over with and all of the numbers are in, it looks like banks had a little easier time with foreclosures as the number dropped to the lowest level it has been in 6 years. The bad news is that there have been more homes entering the foreclosure process for the first time. All that means is that those states are going to see a surge in the foreclosed homes sometime this year. The numbers are in and according to one source that tracks foreclosure listings, banks took back 30,226 homes in the… Continue reading
CBS expects the impact of polar vortex to reach $5 billion. Besides shattering records of subzero temperatures in New York, Chicago, Texas and Oklahoma, causing six and seven cold-related deaths in Indians and Illinois respectively, crippling power generation and stranding hundreds of passengers overnight on Amtrak trains, the mammoth arctic blast has taken aim at literally all US cities. Except for Florida, which received wind chill advisories and freezing overnight temperatures at the worst and enjoyed warm daytime temperatures otherwise. Relocating to Florida may seem like a good proposition right about now, as you shovel one foot of… Continue reading
I wrote a blog last year talking about how short sales would slow down because Congress did not extend the Mortgage Forgiveness Debt Relief Act (MFDRA). Based on the real estate statistics for Tampa in January the number of short sales have decreased. I believe some of it has the do with the law not being extended and home owners have a little equity in their homes because of the price increases of 2013. Either way, it’s good news that the short sale market is depleting.
Expired short sale tax relief may impact home sales
“According to Fitch Ratings, the… Continue reading
According to the Wall Street Journal, the new small mortgage lender rules which came into effect in the first week of January could hinder the ability of small money lenders to issue loans. The new rule states that lenders should ensure that their borrowers pay back what they owe. This means that the loans must meet the ‘Qualified Mortgage’ Standards for small lenders to protect themselves from a lawsuit. Any loan that has been issued out of the standards mentioned before will be subject to legal risks.
What are Qualified Loans?
The Consumer Financial Protection Bureau has defined a… Continue reading
We might be seeing a little relief in sight with FEMA’s flood insurance premiums. The Senate has put a 4 year delay on the premium hikes until they figure out what to do. There is a very high possibility that the House with pass the bill. The National Association of Realtors (NAR) and real estate agents have been applying relentless pressure on both the House and Senate for months now. Check out the article below for the latest flood insurance update.
Banks just love the profits in home equity loans. They got burned in the late 80’s, they got burned in the 2,000’s and here we are again, 8 years later. But a lot of the problems with home equity loans are not because of banks, but consumers and state legislatures. Consumers have to be more responsible and state legislatures need to put in safety nets so consumers don’t get hurt. Texas is a great example of this. They weathered the recession better than any state in the union partially because the Texas Congress wrote laws stating what banks can and… Continue reading
This is a great, in-depth look at the housing recovery from two well respected economist. They not only give you their opinion but they shows statistical graph on long term housing sales, delinquent rates, payment-to-income ratios and home sale relative to single family housing stocks.
Are We There Yet? Freddie Mac Says Recovery Has Ways to Go
“The housing market turned the corner in 2012 Freddie Mac’s economists said today, and the recovery was fully underway in 2013. But despite the positive trends in home price indexes, housing starts, and home sales, when can we say that housing has fully… Continue reading
It looks like 2014 might be a much better year for many Floridians who live near the water and pay flood insurance. Congress is stepping up their game and requiring FEMA to stop implementing changes to premiums so they can investigate and report to Congress on the importance of the increases in insurance. If this bill is not passed we will start to see many owners have to sell their home or even worse, go into foreclosure.
Below is an overview of an article from RealtorMag
“”This bill is going to come to the floor very, very soon,” Sen. Chuck… Continue reading