Subprime Lending is Back

Depositphotos - Dell640 - Peter Gabriel 030114Lenders 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.”

Subprime Mortgages’ Modest Comeback
“Bill Dallas ran two subprime lenders that collapsed… Continue reading

Why Buy Tampa Bay Real Estate

Tampa Bay Real EstateTampa MSA is the second biggest metropolitan area in Florida state, with a population exceeding 2,790,000 and inclusive of Pinellas, Hernando, Pasco and Hillsborough counties. It is the sixth biggest metro territory in the south and the 19th biggest in the country. It is no wonder that Tampa Bay real estate attracts much demand from both domestic and international buyers.

International headquarters

The Tampa Bay area has achieved the distinction of being the recipient of Southern Business & Development award as the “Mega Market of the Year”. A number of international corporations are headquartered here, including Tropicana Products, Ferman… Continue reading

Four Great Tips for First-Time Home Buyers

If you are buying a home for the very first time, the task may seem daunting and stress you out even before you actually start your search. While this is a natural reaction, you can overcome the fear by taking informed decisions from the get-go. Here are five tips that are bound to make your home-buying experience stress-free, enjoyable and ultimately, rewarding.

Engage the services of a reliable real estate agent

The essential checklist for zeroing in on the right buyer’s agent includes (a) reputation (b) customer reviews (c) experience and (d) comfort factor. Depending on whether you want to… Continue reading

Number of Repossessed Homes Drops Again This Year

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

Relocating to Florida a Smart Move as Rest of the Country Struggles with Arctic Blast

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

Mortgage Forgiveness Debt Relief Act May Effect Short Sales

image of a short sale sign from PhotoDepotI 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

Small Mortgage Lenders Hesitant Over Rule Change

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

FEMA Flood Insurance Premiums Update

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.

Palm Beach Postpicture from Doral Drive listing
“The U.S. Senate passed a four-year delay in flood insurance premium hikes Thursday as attention… Continue reading

Banks Are Pitching Home Equity Loans – Again

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

Freddie Mac Weighs in On the Housing Recovery

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.

Housing market recoveryAre 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