Q1 2008 Mortgage Statistics for Florida and Tampa Bay

The results are in for the first quarter and it is not a pretty picture on the foreclosure front here in Florida or for that matter the Tampa Real Estate Market.

Two reports this week that are interesting depending on how you can decipher the content ? The first report is by Trans Union. They put together a trended analysis report that reviews 2007 fourth quarter data to compile their latest statistics and then forecast for 2008. They are reporting that Florida delinquent mortgages have increased by 34 %.

The top three areas showing the largest growth in delinquency from previous quarters are Florida at (34 percent), California (33 percent) and Arizona (32 percent).

“The market continues to see the effect of the mortgage crisis in the steeply increasing mortgage delinquency rates among borrowers across the country,” said Keith Carson, a senior consultant in Trans Union’s financial services group.

The national 60-day mortgage borrower delinquency rate is expected to continue to rise throughout 2008 from a value of nearly 3.0 percent in the 4th quarter of 2007 to 4.0 percent or greater by year end.

On another note: Realty Trac released their quarterly report on the U.S. Foreclosure Market which states that “Foreclosure activity has increased by 23 % in the first quarter of 2008.” They are reporting that Nevada, California, Arizona posted the top state foreclosure rates.

“Foreclosure filings were reported on 87,893 Florida properties during the first quarter, the second highest state total and giving Florida the nation’s fourth highest foreclosure rate — one in every 97 households received a foreclosure filing during the quarter. Foreclosure activity in the state was up 17 percent from the previous quarter and up 178 percent from the first quarter of 2007.”

“The highest ranked Florida metro area was Fort Lauderdale, which ranked No. 8 with one in every 73 households receiving a foreclosure filing during the quarter. Other Florida metro areas in the top 20 included Orlando at No. 13, Miami at No. 14 and Sarasota-Bradenton-Venice at No. 15. The foreclosure rate in Tampa-St. Petersburg-Clearwater ranked No. 21.”

So this actually shows that the Tampa and St. Petersburg Real Estate areas are faring a bit better on the over all State level.

While the numbers on a whole do not look too promising, this is still a positive note for the Tampa Bay Area Housing Markets, and once again affirms the prediction by our States Economist that Tampa Real Estate markets will recover first starting with Pasco County.

If you want to find out specific information on Foreclosure statistics in your area and or find out which homes are in foreclosure or are on the auction list, you can go to RealtyTracs home page, click on the interactive map. For example click on the US Map, in the Florida area, this will then pull up a State Map where you can enter in a specific county. For example Pasco County and then click on search.

You will then be presented with the break down of total number of homes in pre-foreclosure, auction, bank owned etc. You can gain some pretty good information for free however, to see specifics on taxes etc you have to have a paid membership. The site looks complex but is fairly easy to navigate. Check back tomorrow and I will post a quick video over-view to walk you through the process.

Related Posts:

Florida’s indifferent real estate market in Tampa…huh ?

Exisiting home sales bottom still elusive

Buy your home in Florida NOW

1 in 3 Home Owners with Negative Equity according to Zillow

Zillow revised their 4^th Quarter report late Thursday the 28^th of February that according to Zillow ?MORE EXPLICITLY DESCRIBES THE RATES OF NEGATIVE EQUITY FOR ALL HOMEOWNERS IN THE U.S. IN EACH OF THE YEARS 2003, 2006 AND 2007.? The original report had been released on February 12th as reported on PRNewswire.

In that report the key news was with regards to Condos where Zillows stated that Condos had posted the largest Year-over-Year value declines; down 7.4% compared to single family housing that was down by 5.5%.

This is the 3^rd News Release by Zillow for the month of February. I strongly believe, that the main reason for this clarification was the confusion and somewhat dissolution by most home owners at the report posted on February 7^th, where Zillow reported the findings of a survey that revealed, that Home Owners were in Denial or Inattention to what was happening in their markets with many indicating that other houses had lost value but not theirs. Actually I think Zillow was spot on here.

The new report does add some clarification to the 3^rd Paragraph as detailed below:

?The continued decline in home values means many U.S. homeowners saw equity slip away while more homeowners were pushed into negative equity situations, meaning they owe more on their mortgage than the home is currently worth. Nationwide, those at most risk of being underwater on their mortgage are those who bought in the last two years when most markets peaked. Of those who bought in 2006, 39 percent now have negative home equity as do 30 percent of those who purchased in 2007. By comparison, only 3 percent of those who purchased five years ago, in 2003, and less than one percent of all homes in the U.S., in each of the years 2003, 2006 and 2007, have negative equity.?

What really puts this into perspective are the graphic images from Zillows Zindex Home Value Estimator

Hers is the link for the full size US Map version below:

I have also compiled a quick look at the Greater Tampa Bay Real Estate scene including Sarasota so you can gain a good perspective of the shape that we are in locally in Florida.

Click on the thumbnail picture (below) to pull up a larger view:

Related Posts:

• Denial will stop you from selling your home

• Florida?s indifferent real estate market in Tampa?huh ?

• Pricing your home to Sell

Florida’s indifferent real estate market in Tampa…huh ?

ep, it?s that time again. The NAR Real Estate forecast report was released on Thursday February 7^th. As is usual with NAR?s chief economist, Lawrence Yun, he mixes it up to the point you just have to say ?huh ?

The title of the report itself really sets it up. ?Existing-Home Sales to Hold in Narrow Range, then Begin Upward Trend??huh ?

This is the summary of the report by NAR: Soft market conditions are forecast to continue for existing-home sales in the months ahead, with improvement expected by the second half of this year if loan limits are increased?.. huh ?

Current housing conditions vary widely? huh ?

You can review the report your self from the link above but from all accounts they are saying the market is so, so?.which according to the dictionary I checked means it?s an indifferent market?huh ?

Well now that I have dispensed with the things that make you go huh ?

The real meat and potatoes came out about (2) days earlier from a local source that I find a bit more reliable or credible, however you like to portray the data, NAR does not really have a great track record of getting to the issue at heart without um..making you say huh ? OK I promise no more. Anyhow, the source of the data is an economic and financial consulting firm based here in Florida called FISHKIND and associates. At least as it pertains to Florida?s economic forecast they have the data to back up what they talk about. Dr. Hank Fishkind is often referred to in the Florida media as ?Florida’s best known economist ?. Dr. Fishkind presented his report to the Bay Area Real Estate Council on February 5^th, 2008

Since our business is all about Florida?s Tampa Bay Area, hence Greater Tampa Bay Area Real Estate, we were really pleased to see that the reporting data shows that a good portion of the Tampa markets may have hit bottom and are ready for the turnaround to begin.

A few of the highlights of Hank Fishkinds February 5 meeting are:

1. HOME SALES: Pasco and Hernando counties’ housing markets have hit bottom and are most likely to start the the turn around ?.this will be seen later in the year. Hillsborough County is close to the bottom, but Pinellas County has a few more months in this downturn before home sales and prices will stabilize.

2. FORECLOSURES: While bad in certain neighborhoods, Dr. Fishkind thinks foreclosures have received way more press than they deserve. Measured against the total housing market here, they’re a “thimble in the ocean.”

3. AMENDMENT 1 PROPERTY TAX CUTS: Don’t expect any noticeable stimulus from tax cuts this year. We won’t get a tax break until next year. Plus people are still having difficulty selling their houses, making the portability issue a moot point.

4. CONDO CRISIS: Dr. Fishkind was not too high on condos in Pinellas and Hillsborough counties. He said oversupply, combined with limited sales, “makes me nervous.” He sees no bottom yet here.

5. MORTGAGE RATES: Good news here. Dr. Fishkind expects home loan rates for credit worthy borrowers to continue to drop to below 5 percent this year. If you have equity left in your home , it will be a good time to refinance.

You can down-load a copy of Dr. Hank Fishkinds Power Point report in PDF format entitled **Economic Outlook U.S. and Tampa Bay/Bay Area Real Estate Council.

** Be sure to check out pages 28 to 63 of the PDF for Tampa Counties (158 to 197 as listed on the lower right corner of the presentation).

Dr. Fishkind also spoke on local Orlando Radio station with regards to the Amendment 1 Property Tax cuts. You can access the audio by clicking in this link >> Click here to listen to story.. (You don?t need an ipod to listen. If you have a PC with Windows Media Player installed ?..no problem.)

Related Posts:

Buy your home in Florida NOW

Pricing your home to Sell

Pricing your home to Sell

Looks like the 2007 year ended pretty much as predicted here in the Greater Tampa Bay. The Florida Association of Realtors (FAR) released their latest statistics comparing November 2006 to November 2007 this week and I don?t think any one was surprised.

The synopsis for the year:

That’s for single family homes. If you look at the Tampa-St. Petersburg-Clearwater area, there were 1,644 existing homes sold this last November, down from the 2,362 sold the previous year. The Tampa Bay Business Journal does a pretty good summary on this as well.
One of the key issues we have observed over and over again by sellers though is that they resist the advice to price accordingly the first time. It is a Buyers market and and if you really, really want to sell your home, you have to un-attache yourself from it and set the right price.

With that, I am including a You-Tube clip that says it all in BLACK & WHITE, check it out below.

I am often researching what it is going in other areas of the country, as well as keeping an eye on technology related issues. This is from the one of the guys who is a key note speaker at the Bloggers Connect Forum that will take place next week in NY. I expect some good information to come out of it and look forward to sharing the information.

How to avoid foreclosure

With the recent Q3 reports showing that foreclosure rates have steadily increased over the last year, I thought it might be a good time to review ways to avoid foreclosure in the first place. This is by no means the definitive list but this goes a little bit more into detail than my early post last month, which by the way you can read by clicking on the link below for related posts.

How to avoid foreclosure in eight steps:

1. Pay the full amount that is in arrears if possible.

The lender may require certified funds to reinstate the loan. Keep current on your mortgage payments, which credit counselors say should take priority over credit card debts and other debts.

2. Contact the lender as soon as possible.

If you are experiencing financial problems. The lender is more apt to work with you the sooner it is contracted. Explain to the lender why you are late. studies show that homeowners who are one or two payments behind are more likely to keep their homes than those who are one or two payments behind. Ask the lender for a temporary or permanent change in the mortgage terms, often called a “workout”.

3. “Workout” options include re-amortization.

Or repaying part of the delinquency each month along with your regular monthly payments: a temporary or permanent interest rate reduction; deferring missed payments to the end of the loan; extending the loan period; and reducing the principle balance.

4. Contact state and local government agencies.

As well as private charitable groups that have programs to assist with all or part of your mortgage payments for a fixed amount of time. You may also contact an attorney through a neighborhood legal services office or bar association offering pro-bono services. Some loans guaranteed by federal or state agencies may be required to provide certain assistance and options to homeowners to avoid foreclosure.

5. Refinance the home debt.

If you have equity built up. However, beware of refinancing schemes that may be more costly than your existing mortgage.

6. Consider selling the home before foreclosure.

Which is a better option than having a bank sell if for you. Get an appraisal to determine the homes value and marketability. Call your local or State Department of financial services. Florida residents can call a consumer helpline toll free 1-800-342-2762 before you pay anyone who offers to help you get out of foreclosure. If more is owed on the home than-it’s value, the mortgage company may agree to sell the home at a price that is less than the amount owed. If the lender doesn’t agree, the property can still be sold prior to foreclosure but the borrower would woe the remaining amount of the loan to the lender.

7. Consider filing for bankruptcy.

This can stop the foreclosure and give you time to work out a plan to keep your home. Seek legal assistance from a qualified bankruptcy attorney. You will need to have sufficient income to work out a plan to repay your debts.

8. Consider handling over the deed to the lender.

In lieu of foreclosure. This is a good idea id the lender agrees not to make further collection efforts against the borrower but the borrower may also forfeit any tights to equity in the home.

According to Realty Trac’s CEO, James J. Saccacio:

“Although not all areas are being hit as hard as others, the rise in foreclosures is quite widespread, with 45 out of the 50 states documenting year-over-year increases in the third quarter,” he said. “Given the number of loans due to reset through the middle of 2008 and the continuing weakness in home sales, we would expect foreclosure activity to remain high and even increase over the next year in many markets.”

Nevada led the nation in the third quarter with 16,817 foreclosure filings on 12,982 properties, representing one foreclosure filing for every 61 households. California was the leader overall with more than 148,000 foreclosure filings on 94,772 properties, but was ranked second since its numbers represent one foreclosure filing for every 88 households.

Other states in the top 10 included Michigan, Ohio, Colorado, Arizona, Georgia, Indiana and Texas. Vermont had the best foreclosure record with just 25 filings, representing one filing for every 12,294 households. South Dakota was second best, with one filing for every 4,639 homes while North Dakota listed one filing for every 4,288 households.

Related Posts:

How to sell your home fast – in 4 steps