Fort Lauderdale Blog

FHA Announces Credit Policy Changes

In the last few years, FHA loans has been the main artery of our Real Estate Market. These new regulations will affect the first time home buyer to what extent we will find out once they get implemented.

Policy Changes Will Reduce Risk As Officials Anticipate Annual Actuarial Study to Show Capital Reserve Ratio Dropping Below Congressionally-Mandated 2 percent

Do you think the recession has ended?

Federal Reserve Chairman Bernanke says that the worst is probably over. He says from a 'technical perspective' it is over, but people will continue to feel the bite. He feels the contraction that started in December 2007 is over and we will see a swing slowly towards recovery.

My question is, how can this be true when there are already reports of increasing credit card debt defaults, as well as another round of mortgage defaults on the horizon?!

Let me know if you think we are out of the recession yet!

Mortgage Relief Program Finally Picking Up Steam

According to various sources, including the Making Home Affordable organization, the Mortgage Relief program that kicked off in March is actually on track, despite recent reports that it was not.

More than 400,000 offers of loan modification have been offered, and more than 250,000 trial offers have already begun. The goal is to give assistance to 3 or 4 million homeowners over the next 3 years, according to MHA (www.MakingHomeAffordable.gov)

Delays in Home Buyer Tax Credit cash

It appears that many Florida first time home buyers will not be able to receive the $8000 rebate cash advance that was previously proposed.

Commercial Mortgages Defaulting

Bloomberg.com and Real Estate Econometrics reports that default rates on commercial mortgages held by U.S. banks will rise to 5.4% in 2011. Non-accrued commercial loans more than doubled since last year, due to falling rents and losses in the commercial sector. Check out the above links for more information.

Are you a 'distressed' home owner?

In this economic environment we're experiencing hardships in many areas, but Florida homeowners in particular are experiencing a fair amount of 'distress'...distressed homes that is.

A distressed property is any home that is potentially about to foreclose or be short saled. No one wants to lose their home. The best thing you can do if you are having to consider that possibility is to get educated, and to do it quickly. Armed with information you increase your options for saving your home.

Follow up on Chinese drywall issue

It looks like WCI, the main contractor that used much of the Chinese drywall in homes in Broward County, has been granted bankruptcy protection. That allows them to set up a trust to cover the costs of admininstrating the process of compensating homeowners stuck with the faulty drywall.

Sometimes things do work out for the homeowner!