Friday, November 10, 2006
EL ESTADO DE LA FLORIDA LIDERA LA NACION EN RESIDENCIAS EN VIAS DE SER REPOSEIDAS POR EL BANCO (FLORECLOSURE)
MARRERO REAL ESTATE BROKERAGE LLC
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN MARAVILLOSO DIA A TODOS
EL ESTADO DE A FLORIDA ESTA A LA CABEZA DE LOS ESTADOS UNIDOS EN REPOSESIONES DE PROPIEDADES POR EL BANCO POR INCUMPLIMIENTO DE LOS PAGOS HIPOTECARIOS.
ESTO PRESENTA OTRA MARAVILLOSA OPORTUNIDAD PARA ADQUIRIR PROPIEDADES A ATRACTIVOS PRECIOS. LA GRAN MAYORIA DE ESTAS SITUACIONES SE PRESENTAN CON SEGUNDAS RESIDENCIAS COMPRADAS COMO INVERSION QUE SE FINANCIARON CON PRESTAMOS DE INTERES AJUSTABLE QUE AL CABO DE LOS DOS ANOS COMIENZAN A TENER ELEVADAS TAZAS DE INTERES. ESTOS PROPIETARIOS SE VERAN OBLIGDOS A AJUSTAR SU MARGEN DE GANANCIA DE LA REVENTA INMEDIATAMENTE.
A CONTINUACION ALGUNOS DE TALLES ADICIONALES
PALM BEACH COUNTY, Fla. – Nov. 9, 2006 -- Florida led the nation in foreclosure activity for the third quarter of this year as adjustable-rate mortgages came home to roost,.
In Palm Beach County, one in every 153 households was in foreclosure in the third quarter -- more than twice the national rate and up 26 percent over the third quarter of 2005. Compared with the previous quarter, foreclosures rose 38 percent.
In St. Lucie County foreclosures jumped 68 percent over the same quarter a year ago, and 65 percent over the second quarter of this year. In Martin County, foreclosures rose 31 percent in the third quarter compared with third quarter 2005, and declined 8 percent from the previous quarter, according to Irvine, Calif.
First-time homeowners in Palm Beach County and the Treasure Coast are among the first casualties. Many are struggling with surging property taxes, soaring insurance rates and escalating monthly payments on adjustable-rate mortgages.
"Forty-three percent of mortgages taken out by first-time home buyers nationwide were these exotic-style loans," said Jack McCabe of McCabe Research & Consulting in Deerfield Beach. "That's why many first-time homeowners are in jeopardy of foreclosure that could make their homeownership a very temporary situation."
From 2000 to 2005, the bookends of the boom, the median price of an existing home in Palm Beach County and the Treasure Coast shot up close to 200 percent, according to the Florida Association of Realtors. At the same time, median-income households could only afford to pay $200,000 less than the median home price, according to a study by the Housing Leadership Council.
The result was that a number of first-time homebuyers resorted to interest-only loans, no-down-payment loans, adjustable-rate mortgages and option ARMs to stretch their buying power.
Now those ARMs are beginning to reset, which means higher monthly payments. "As ARMs adjust higher, and as tax and insurance bills surge, more homeowners can't afford to live in their houses," said Mike Larson, an analyst for Weiss Research's MoneyandMarkets.com of Jupiter.
However, don't be so quick to point a finger at ARMs, says Jim Sahnger of Palm Beach Financial Network in Sewall's Point. "The majority of those in trouble now aren't buyers who took out ARMS," Sahnger said, "but rather those who bought investment homes they meant to flip and have been unable to do so. They never anticipated they'd be competing with the builder who's selling homes for less than the mortgage they have on their house."
Nationwide, homeowners experienced a foreclosure rate of one in every 363 homes entering some stage of foreclosure from July through September.
That's up 43 percent from the third quarter of 2005, and up 17 percent from the second quarter of this year, when one in every 425 homes was in foreclosure.
Florida's rate of foreclosure in the third quarter -- one in every 182 homes -- was third highest in the nation, up from ninth a quarter earlier.
In build-happy St. Lucie County, foreclosures in the third quarter of this year soared 68 percent compared with the third quarter of last year -- 2.5 times the rate in Palm Beach County, records show. One in every 222 homes entered foreclosure, compared with one in every 245 in the third quarter of 2005, and one in every 249 in the last quarter of this year.
In Martin County -- immediately to the north of Palm Beach County, and another part of the Treasure Coast- one in every 431 homes entered foreclosure in the third quarter, a 31 percent increase over third quarter 2005's 116 foreclosures,
Martin County can claim that rarest of foreclosure statistics in these days of deflating housing markets: an 8 percent decline in the total number of foreclosures in the third quarter compared with the second quarter of 2006, when 165 homes entered foreclosure,
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
787-486-7906
407-436-5140
TODOS SOMOS GUERREROS DE LUZ!
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN MARAVILLOSO DIA A TODOS
EL ESTADO DE A FLORIDA ESTA A LA CABEZA DE LOS ESTADOS UNIDOS EN REPOSESIONES DE PROPIEDADES POR EL BANCO POR INCUMPLIMIENTO DE LOS PAGOS HIPOTECARIOS.
ESTO PRESENTA OTRA MARAVILLOSA OPORTUNIDAD PARA ADQUIRIR PROPIEDADES A ATRACTIVOS PRECIOS. LA GRAN MAYORIA DE ESTAS SITUACIONES SE PRESENTAN CON SEGUNDAS RESIDENCIAS COMPRADAS COMO INVERSION QUE SE FINANCIARON CON PRESTAMOS DE INTERES AJUSTABLE QUE AL CABO DE LOS DOS ANOS COMIENZAN A TENER ELEVADAS TAZAS DE INTERES. ESTOS PROPIETARIOS SE VERAN OBLIGDOS A AJUSTAR SU MARGEN DE GANANCIA DE LA REVENTA INMEDIATAMENTE.
A CONTINUACION ALGUNOS DE TALLES ADICIONALES
PALM BEACH COUNTY, Fla. – Nov. 9, 2006 -- Florida led the nation in foreclosure activity for the third quarter of this year as adjustable-rate mortgages came home to roost,.
In Palm Beach County, one in every 153 households was in foreclosure in the third quarter -- more than twice the national rate and up 26 percent over the third quarter of 2005. Compared with the previous quarter, foreclosures rose 38 percent.
In St. Lucie County foreclosures jumped 68 percent over the same quarter a year ago, and 65 percent over the second quarter of this year. In Martin County, foreclosures rose 31 percent in the third quarter compared with third quarter 2005, and declined 8 percent from the previous quarter, according to Irvine, Calif.
First-time homeowners in Palm Beach County and the Treasure Coast are among the first casualties. Many are struggling with surging property taxes, soaring insurance rates and escalating monthly payments on adjustable-rate mortgages.
"Forty-three percent of mortgages taken out by first-time home buyers nationwide were these exotic-style loans," said Jack McCabe of McCabe Research & Consulting in Deerfield Beach. "That's why many first-time homeowners are in jeopardy of foreclosure that could make their homeownership a very temporary situation."
From 2000 to 2005, the bookends of the boom, the median price of an existing home in Palm Beach County and the Treasure Coast shot up close to 200 percent, according to the Florida Association of Realtors. At the same time, median-income households could only afford to pay $200,000 less than the median home price, according to a study by the Housing Leadership Council.
The result was that a number of first-time homebuyers resorted to interest-only loans, no-down-payment loans, adjustable-rate mortgages and option ARMs to stretch their buying power.
Now those ARMs are beginning to reset, which means higher monthly payments. "As ARMs adjust higher, and as tax and insurance bills surge, more homeowners can't afford to live in their houses," said Mike Larson, an analyst for Weiss Research's MoneyandMarkets.com of Jupiter.
However, don't be so quick to point a finger at ARMs, says Jim Sahnger of Palm Beach Financial Network in Sewall's Point. "The majority of those in trouble now aren't buyers who took out ARMS," Sahnger said, "but rather those who bought investment homes they meant to flip and have been unable to do so. They never anticipated they'd be competing with the builder who's selling homes for less than the mortgage they have on their house."
Nationwide, homeowners experienced a foreclosure rate of one in every 363 homes entering some stage of foreclosure from July through September.
That's up 43 percent from the third quarter of 2005, and up 17 percent from the second quarter of this year, when one in every 425 homes was in foreclosure.
Florida's rate of foreclosure in the third quarter -- one in every 182 homes -- was third highest in the nation, up from ninth a quarter earlier.
In build-happy St. Lucie County, foreclosures in the third quarter of this year soared 68 percent compared with the third quarter of last year -- 2.5 times the rate in Palm Beach County, records show. One in every 222 homes entered foreclosure, compared with one in every 245 in the third quarter of 2005, and one in every 249 in the last quarter of this year.
In Martin County -- immediately to the north of Palm Beach County, and another part of the Treasure Coast- one in every 431 homes entered foreclosure in the third quarter, a 31 percent increase over third quarter 2005's 116 foreclosures,
Martin County can claim that rarest of foreclosure statistics in these days of deflating housing markets: an 8 percent decline in the total number of foreclosures in the third quarter compared with the second quarter of 2006, when 165 homes entered foreclosure,
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
787-486-7906
407-436-5140
TODOS SOMOS GUERREROS DE LUZ!
