Foreclosures Slow?

What’s going on in the real estate market and how it relates to bank foreclosure cases being delayed.

Bank of America is planning to re-file paperwork in over 100,000 foreclosure cases.

Bank of America, GMAC, and JP Morgan suspended foreclosure proceedings in 23 states 2 weeks ago while their practices were being reviewed.  Bank executives have admitted that they often just sign the documents put across their desks and don’t read them due to the volume that pass through their offices, approving foreclosures without even evaluating or verifying all the documents.  As of yesterday, GMAC and Bank of America have lifted the temporary freezes on their foreclosure processes.  Bank of America is planning to re-file paperwork in over 100,000 foreclosure cases.

But according to some news reports, some 30,000 foreclosure cases will be delayed.

What does this mean for the overall real estate market though?  Well it is a bit too early to tell at this point, but it looks like full steam ahead in most areas.  Many investors have come back into the market, taking advantage of the opportunistic prices and the record low interest rates.  As an agent who works with lots of investor clients, I wonder if this will mean that there are less opportunities available to them in the immediate future.  I also work with many sellers though too, and I can see how they would appreciate having less bank-owned properties on the market as competition decreasing their values.

A prolonged review process could have hurt the nation’s economic recovery, and delay purchases for many buyers looking to fulfill their dream of home-ownership.  This market is a perfect opportunity for many hard-working families and individuals, who were priced-out during the housing boom of a few years ago, to finally be able to purchase.

It would have been wrong for them not to be able to fulfill their dreams!

Welcome to the Nectar RE Blog!

Information about how the Pending Home Sale Index rose for the second consecutive month in 2010.

Welcome to the Homes by Nectar BlogThe real estate market is one of the most popular topics featured in the news.  Whether the news is good or bad, we are riveted.  For the majority of us, our home is one of the biggest investments we will ever make, and so the information affects us both emotionally as well as financially.

My goal with this blog to engage you as well as provide information.  I welcome your questions and feedback and hope you will take this opportunity to gain further knowledge and share your experiences.

“Pending Home Sales Rose For The Second Consecutive Month”

One of the most talked about topics in real estate news yesterday was the press release regarding the Pending Home Sale Index.  According the National Association of Realtors, the Pending Home Sale Index rose for the 2 second consecutive month.

I find  it amazing that the media only seems to publish negative real estate news.  Everything on the front page of the news is always doom and gloom – foreclosures everywhere or decreasing property values.  The reality is that I have seen a considerable amount of upward progress in the real estate market since the beginning of the year.

The interest rate has stayed consistently low (4.32% wow!), and the inventory has shrunk accordingly as buyers have jumped back in to take advantage of the opportunities out there.  The most important thing I believe that is not reported is that homes priced at market value are selling and selling quickly.  As someone who is entrenched in the real estate market everyday, I see a lot of positive strides being made.

Pending Home Sale Index not as negative as media reports

Even with the vast amount of “news” out there, sometimes it is still hard to see the whole picture!  If you’re looking to buy or sell a home in Central Florida, contact Nectar Real Estate for the help of a knowledgeable Florida Realtor.