South Florida Real Estate News

Citizens Property Insurance board approves rate hike

Citizens Property Insurance’s board approved an average 8.4 percent statewide rate hike Monday. That includes an average increase of as much as 11.3 percent in parts of South Florida and a 9.3 percent statewide rate hike for policies that cover homes, condominium units, renters, mobile homes and vacation or rented property. Some policyholders’ rates would decrease under the proposal, which still needs approval from the Office of Insurance Regulation.

A 3.8 percent average decrease is proposed for Miami Beach and a 10 percent decrease for coastal parts of Broward and Palm Beach counties. Individual policyholders’ premiums can vary from the average rate change in a neighborhood. Four of Citizens’ eight board members approved the proposal. Two board members were absent and two others -- Tom Lynch of Plastridge Insurance Agency in Delray Beach and Carol Everhart, vice president of BB&T in Tampa -- recused themselves because they’re insurance agents and they said voting to increase rates could potentially benefit them personally. Citizens officials said that their current overall rates aren’t high enough to offset costs, including claims payouts that have increased dramatically in recent years for damage from fires, sinkholes and other issues not related to hurricanes.

A report prepared by Citizens says insurance rates in some of parts of Broward, Palm Beach, Miami-Dade and Orange counties should be much higher than what is proposed -- as much as 193 percent higher -- but a 2009 state law caps the annual premium increases to 10 percent. Some of the proposed rate hikes are slightly higher than 10 percent because an additional charge is allowed for costs related to reinsurance, or back-up coverage. The Legislature froze Citizens’ rates from 2007 to 2009. Regulators allowed rates to rise this year, including an average increase of nearly 12 percent for homeowners in coastal Broward and Palm Beach counties. State regulators will hold rate hearings Tuesday for Allstate Insurance Co.’s Florida subsidiaries and on Aug. 5 for Royal Palm Insurance. The Allstate Floridian Insurance companies, which changed their names to Castle Key last year, have about 250,000 policies, making them Florida’s third-largest private home insurer.

Nearly three-fourths of those policies are with Castle Key Insurance, which proposed raising rates by a statewide average of 33 percent, and the rest are with Castle Key Indemnity, which asked for an average 18 percent statewide rate hike. Moore said the increases are needed to build the companies’ claims-paying reserves because premiums aren’t keeping pace with expenses, including backup coverage costs and claims for fires, theft and storms. Regulators already approved a 10 percent average statewide rate hike for Gainesville-based Royal Palm Insurance Co.’s homeowners policies and the company, the tenth largest private residential insurer, is now requesting a 22 percent average rate hike for policies that covered rented properties or vacation homes.

Most of Royal Palm’s policies are former Allstate policies. In 2006, less than two months after Royal Palm started selling insurance, it announced that it was partnering with Allstate to take over about 120,000 of the Illinois-based insurance giant’s policies.

From FloridaRealtor.org - July 27, 2010

South Florida Real Estate

Wall Street Reform Encourages Safe Loans

The new financial overhaul law that President Obama signed into law is still being dissected, but some regulations that affect homebuying and mortgages have already been defined. Here are the key tenets:

• Lenders must prove that borrowers can afford their mortgages. Government guarantees will be voided if lenders don’t demonstrate that they have thoroughly investigated a borrowers’ ability to pay.

• Banks and other entities that pool mortgages and sell them to investors must keep at least 5 percent of the investments on their own books – an incentive to avoid poor quality loans.

• Low-risk mortgages, mostly 30-year fixed-rate loans, are exempt from many regulations. That should encourage lenders to put homebuyers into “plain vanilla” mortgages.

• Bonuses for brokers based on the cost of a mortgage are banned.

From Realtor.org - July 22, 2010

Miami Real Estate News

Owning a condominium vacation villa in the Miami Beach area will place you near the famous South Beach area and it world-famous restaurants, bars, discos, Lincoln Road, and Ocean Drive. Luxury condominiums can be found for sale at Millionaire Row, Indian Creek. Great condo buildings can be found at North Bay Village, a 10 minutes drive from the Beach. If you would like to be a little closer to Bal Harbour and its famous Bal Harbour Shoppes, you can find many new, as well as well maintained condo buildings in Bal Harbour at now much affordable prices. Bal Harbour Condos on the beach include some newer buildings such as the One Bal Harbour condos, or the venerable Balmoral Condos, all marble and space, with some great Bal Harbour apartments with wonderful water views. The New Harbour House condos, which are a condo conversion, are the result of gutting a rental building and converting it to a condominium community. Driving South of Bal Harbour, Surfside is a coveted location, with good walking traffic, restaurants and stores, as well as its Surfside condominium buildings right on the beach, such as the Waverly Condos, the Champlain Towers Condos, three attractive buildings, right on the sand. A new condo building, the Azure Condominiums, is an good alternative. Other Surfside Condos to mention: The Wave Condos, the Manatee Condos, the Spiaggia condominium building, which has been completely gutted and redone. Surfside offers a small town setting which also includes some older Surfside single family homes. South of Surfside, Nobe condominiums can be a good alternative. Nobe or North Beach is an area alongside the ocean, with a stretch of restaurants and entertainment places, blending with the North Beach condo buildings. Luxury Miami Beach condos are an exciting blend of modern and old rehabilitated buildings. The Blue Diamond condos and the Green Diamond condos, the Fountainebleau condos, the Canyon Ranch condominiums, and many other Miami Beach condo buildings are some of the newer Miami Beach condo developments. Great opportunities are waiting for you since the turn of the market has brought to the market many Miami Beach real estate opportunities, Miami Beach foreclosures and Miami Beach short sales. If you go further South, you will be able to choose between the older, but now affordable condos in South Beach, or if you can afford it, the high-class condo buildings such as the Continuum condos, the Apogee condos, the Murano at Portofino condominiums, the Icon South Beach condos, the Setai condos, the Il Villaggio condos. Traditional buildings at the cozy location called Belle Isle are an affordable yet wonderful option in South Beach real estate. Close to Lincoln Road and South Beach lively environment, you will be right at the center of the action, living in an affordable Belle Isle condo. We can present you with different alternative of foreclosure deals, short sales opportunities but, in general, motivated sellers constitute some of the best South Beach real estate buying opportunities.
Florida Condominiums for Sale as an Investment . Florida is one of the premier retirement areas in the world. With its temperate climate, variety of Atlantic and Gulf shore beaches, and plethora of pleasure activities, no wonder it’s such a desirable place to own a piece of South Florida Real Estate.. Planning your retirement? It’s never too early! Do you see retirement a long ways down the road but want the security of owning a vacation villa in an upscale environment like in the Sunny Isles Florida area near Aventura? Owning your own lodging will give you the security of knowing there is always a place for family vacations awaiting you. Amidst your busy life, think of how hassle-free your next vacation will be. No more booking those reservations months in advance or trying to find just the right lodging at the last minute or around peak holiday season. Hallandale Beach Condos can also be a great refuge, with all these entertainment venues, such as the Gulfstream race track and Casino, the new Village at Gulfstream, the shops at Diplomat Mall, restaurants for all tastes and budgets, the beach and the stunning views on the intracoastal waterway, the proximity to Aventura Mall and Downtown Hollywood.

Renting Your Luxury Condominium in South Florida

Owning your own piece of Bal Harbour, Florida real estate will give you the option of using it for you and your family when you choose or renting it to some of the millions of tourists streaming to Florida. You can choose either to be in charge of the advertising and renting details or hire a real estate management company to take care of the details for you. Weighing the pros and cons is important. You will take home more profit being in charge of the vacation villa rental yourself but you will also have to deal with the worries that go along with rental properties. Putting yourself in charge, however, will give you the ability to negotiate deals with your customers and will also allow you to offer specials of your choosing at the best price. It’s important to keep in mind whether it’s allowable to rent your property when purchasing your condominium. Be sure you ask that question when searching for condominium ownership in Hollywood Florida. As they say, owning real estate is one of your best investments and location, location, location is the key to escalating value. With the constant influx of new residents and tourists to the South Florida area, your question about location has already been answered.

Luxury Condominiums in Aventura

So, you’d rather not take the plunge to own a Florida condominium just yet. That’s alright. Some people could choose to rent first which will give you great insight into location and market. Looking for condominiums to rent in all these attractive areas will produce many results. You will have many options from which to choose, all of which can place you near Disneyworld and other major and lesser-known tourist activities. Along with the various opportunities to rent, Aventura Condos and Sunny Isles Beach Condos can offer wonderful opportunities. Other similar locations are abundant in South Florida, such as Hollywood Beach Condos, Miami Beach Condos, Hallandale Real Estate and South Beach real estate, and all spots in between within easy driving distance to great beaches, shopping areas, and outdoor activities. Check www.condo-southflorida.com, for other good opportunities in Sunny Isles Beach, Hallandale, as well as the possibility of purchasing Aventura real estate. This could be a great choice since Aventura with its famous Aventura Mall, its restaurants, movie theatres, will always be a favorite.

North Bay Village Real Estate News

TALF (Trouble Asset Relief Program) Analysts Say Loan Modifications Not Working

Officials charged with monitoring the financial bailout on Wednesday criticized the U.S. Treasury Department for its handling of the housing rescue program.

Neil Barofsky, special inspector general for the Troubled Asset Relief Program, chastised Treasury for its unrealistic goals and expectations. “I fear that the growing public suspicion that this program is an outright failure will continue unless and until Treasury … comes clean with what its goals and expectations are." Elizabeth Warren, who chairs the bailout Congressional Oversight Panel, said, "It's too small, it's too slow. The program is based on the assumption that we will pay the servicers a bribe to make a deal between the homeowner and the investor who's still holding the paper and it has not worked well."

July 22, 2010 - From Realtor.org

Miami Beach Real Estate News

Artecity project seeks bankruptcy protection

The developers of Artecity have filed for Chapter 11 reorganization.

Starwood Capital Group

Faced with the loss of its South Beach project to a foreclosure lawsuit, the developers of Artecity filed for Chapter 11 reorganization.

Seven entities related to Artecity made filings on Tuesday in U.S. Bankruptcy Court in Miami. The liabilities ranged from $10 million to $50 million for each. Most of the companies, including Artecity Governor and Artecity Park, listed assets of $50 million to $100 million.

The filings were designed to halt a foreclosure lawsuit filed in March by Corus Construction Venture, a partnership between the Federal Deposit Insurance Corp. and Starwood Capital Group that owns the loans of the failed Corus Bank. The petition lists $45 million in “disputed” debt to Corus Construction Venture, with $38 million of that considered secured based on the “as-is” value of the project. The filing estimated that once completed Artecity would be worth $67 million. Artecity was planned for 202 units divided between new construction and the remodeling of the Governor Hotel. The developer sold 41 of the 60 completed units, with just one sale since the start of 2009. Another 113 condos and 18 townhomes were under construction, but work has been halted for months.

Corus Bank sent Artecity Holding a letter of default in 2008 after construction stalled for several months. Artecity’s lead manager Alessandro Ferretti secured a loan extension from the bank and restarted work after raising capital from investors. However, he couldn’t see it through to completion. Miami Beach attorney David Philips, who has represented dozens of canceled buyers trying to get deposits returned from Artecity, said the investors who helped the company resume construction several years ago made a huge mistake. They should have known the building wouldn’t generate the sales needed to repay its debt, he said. For buyers with deposits, however, the bankruptcy could empty the remaining funds in the escrow accounts, Philips said. “This is a desperate last attempt by a group of developers who were always in over their heads,” Philips said.

Miami attorney Thomas R. Lehman, who represents the Artecity entities in bankruptcy count, didn’t immediately return a call seeking comment. Major unsecured creditors with loans to the developer include: $4.5 million owed to Miami Beach-based Aquire USA, $3.15 million owed to Miami residents Giorgio Bassi and Donatella Marzagalli, $2.27 million owed to Miami Beach-based Museum Park, and $2.66 million owed to Ferretti, who is also listed as a guarantor on the Corus mortgage. Other unsecured creditors with loans include international investors from countries such as Italy and Panama. Dozens of construction vendors, architects and law firms are also named as creditors. No reorganization plan has been filed.

From the South Florida Business Journal – July 27, 2010

South Beach Real Estate News

Foreclosures Likely to Surpass 2009 Levels

Repossessions climbed 38 percent in the first six months of 2010 compared 2009 and were up 5 percent from the first quarter, foreclosure listing service RealtyTrac announced Thursday.

In all, lenders repossessed nearly 528,000 homes in the first six months of the year. If that rate continues through the end of the year, repossessions will likely top 1 million in 2010, up 100,000 from 2009. Historically, about 100,000 homes per year in total are repossessed, according to Rick Sharga, senior vice president for RealtyTrac. More than 7.3 million home loans are in the foreclosure process, with one in 78 U.S. homes receiving a foreclosure warning in June.

On average, it takes home owners 15 months to actually lose their property after they receive the initial warning, reports Lender Processing Services Inc.

From Realtor.org - July 16, 2010

Sunny Isles

In Fort Lauderdale

Hallandale Beach Real Estate Information

Foreclosure vs. short sale: pros and cons

With today’s reduced property values and increased unemployment, it’s tempting for some homeowners to just throw their hands up in defeat, allow the bank to take their home in foreclosure and rid themselves of the monthly mortgage burden. Even suffering through the paperwork and stress of a short sale may seem too much for an overwhelmed borrower to handle. But Florida homeowners should be aware of unique rules in the state that make the benefits of a short sale typically outweigh the ease of walking away in a foreclosure. “I want to be very clear on this, short sales are a better solution than a foreclosure, even when all the options in a situation where you lose your house are not great,” said Mark Greene, owner and president of Short Sale Operations LLC in North Palm Beach.

The biggest difference between Florida and many other states when it comes to losing a home is the deficiency judgment. While some states ban lenders from collecting the remainder owed on a loan after a foreclosure or short sale is completed, Florida law allows banks to go after borrowers for up to 20 years. That can lead to a garnishment of wages long after the home is gone. In a short sale, where the bank agrees to take a lesser amount for the home than what is owed on a loan, lenders sometimes are willing to write off the deficiency on the front end. Greene said in 90 percent of the cases he handles, the bank has waived its right to seek a deficiency.

That was the case with Jupiter resident Kathryn Lorello, who in 2008 found herself in a home she couldn’t afford. Following a divorce, and with three children, Lorello bought a $408,000 home that she lived in comfortably for a year. But then she lost her job as a manager of a real estate company. She remembers the day the bank served the notice of foreclosure.

“I cried my eyes out,” Lorello said. “That’s when I panicked because I really didn’t want it to happen.” Lorello got advice from Greene on doing a short sale. Her bank, Wells Fargo, waived its right to seek a deficiency even though it ended up taking $200,000 less than what was owed on the loan. Also, if a bank refuses to waive the deficiency in a short sale, it still would have to go back to court to seek a judgment.

In a foreclosure, at the end of the proceeding, a deficiency judgment is automatically awarded by the courts and the bank is free to seek a claim. “In the past, people just wanted to move from the property and get on with their lives and didn’t understand what the lenders’ rights were in terms of pursuing a deficiency claim,” said Paul Baltrun, director of loss mitigation at the LaBovick & La-Bovick law firm. “I think people are more aware now about what can happen after the fact and that their nightmare can continue.” Another consideration is the effect of a foreclosure or short sale on credit.

According to the Fair Isaac Corp., which developed the widely used measurement of credit risk called a FICO score, the negative effect of a foreclosure is only marginally worse than a short sale. But in Florida, a deficiency judgment from a foreclosure is likely to have a much larger impact that will prohibit your ability to buy another home for many years.

Daniel Poulos, a mortgage broker with Elite Lending in North Palm Beach who has studied the effect of foreclosures and short sales on credit, said unless a borrower pays off the deficiency, it may be 20 years before someone is eligible for another mortgage. “That’s the kind of information that’s not getting out in Florida,” Poulos said. There are a few situations where some experts believe it is better for someone to go to foreclosure rather than do a short sale. To do a short sale, a borrower must give all of his or her financial information to the bank before it will decide whether to allow the short sale. The idea is that if a person can afford to pay the mortgage, the short sale may be denied.

“Now the lender knows everything about your finances and they can better decide whether they will go after you or not,” said Jon Maddux, CEO of YouWalkAway.com, a company that advises people on strategic defaults. If a lender doesn’t know your finances, Maddux argues, it reduces the chances it will go after you following a foreclosure. “You might fly under the radar,” he said. “With the millions of people going through this, they are probably going to go after the low-hanging fruit.”

From FloridaRealtors.org – July 28, 2010

Hallandale Beach Condos, and Sunny Isles Condos

In Hallandale

Real Estate Sales Slow but Remain Above Last Year

With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of REALTORS®. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.

Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. “June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” he said. “Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.” According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.74 percent in June from 4.89 percent in May; the rate was 5.42 percent in June 2009. The national median existing-home price for all housing types was $183,700 in June, which is 1.0 percent higher than a year ago. Distressed homes were at 32 percent of sales last month, compared with 31 percent in May; it was also 31 percent in June 2009.

NAR President Vicki Cox Golder said softer home sales expected this summer don’t tell the whole story. “Despite these market swings, total annual home sales are rising above 2009 and we’re looking for overall gains again this year as well as in 2011,” she said. “Conditions have become more balanced in much of the country, which is good for both buyers and sellers. However, consumers find it even more challenging to navigate the transaction process, especially for distressed properties, which only underscores the value REALTORS® bring to buyers and sellers in this market.” A parallel NAR practitioner survey shows first-time buyers purchased 43 percent of homes in June, down from 46 percent in May. Investors accounted for 13 percent of sales in June, little changed from 14 percent in May; the remaining purchases were by repeat buyers. All-cash sales were at 24 percent in June compared with 25 percent in May. Total housing inventory at the end of June rose 2.5 percent to 3.99 million existing homes available for sale, which represents an 8.9-month supply at the current sales pace, up from an 8.3-month supply in May. “The supply of homes on the market is higher than we’d like to see. But home prices are still holding their ground because prices had already overcorrected in many local markets,” Yun said. Raw unsold inventory remains 12.7 percent below the record of 4.58 million in July 2008.

Single-family home sales fell 5.6 percent to a seasonally adjusted annual rate of 4.70 million in June from a level of 4.98 million in May, but are 8.5 percent above the 4.33 million pace in June 2009. The median existing single-family home price was $184,200 in June, up 1.3 percent from a year ago. Single-family median existing-home prices were higher in 10 out of 19 metropolitan statistical areas reported in June in comparison with June 2009. In addition, existing single-family home sales rose in 12 of the 19 areas from a year ago while two were unchanged.

Existing condominium and co-op sales slipped 1.5 percent to a seasonally adjusted annual rate of 670,000 in June from 680,000 in May, but are 20.5 percent higher than the 556,000-unit pace in June 2009. The median existing condo price was $180,100 in June, which is 1.4 percent below a year ago. Regionally, existing-home sales in the Northeast rose 7.9 percent to an annual level of 960,000 in June and are 17.1 percent above June 2009. The median price in the Northeast was $244,300, down 1.2 percent from a year ago. Existing-home sales in the Midwest dropped 7.5 percent in June to a pace of 1.23 million but are 11.8 percent higher than a year ago. The median price in the Midwest was $155,900, down 0.1 percent from June 2009.

In the South, existing-home sales fell 6.5 percent to an annual level of 2.01 million in June but are 11.0 percent above June 2009. The median price in the South was $163,600, unchanged from a year ago. Existing-home sales in the West dropped 9.3 percent to an annual pace of 1.17 million in June but are 0.9 percent higher than a year ago. The median price in the West was $221,800, up 1.5 percent from June 2009.

July 22, 2010 - From Realtor.org

Hollywood Beach Condos

What is exactly my function as a Florida real estate agent?

Although I specialize in Hallandale Florida real estate, I can assist my clients with any and all of their needs in the South Florida area. Prices kept their descending tendency during 2008 and beginning of 2009, in Miami real estate, as well as Miami Beach Real Estate. In Brickell Short Sales and Brickell Foreclosures, there are many great opportunitiesWhy not make the most of the present buyers' market? I can search on your behalf all of the South Beach real estate for sale, as well as Surfside real estate, to find the best deals in South Beach foreclosures and short sale propertie. With prices being reduced so quickly, not only Miami Beach real estate sold as short sale or foreclosure is attractive; Very often, we are finding motivated sellers of South Florida real estate who understand the buyer's market and are ready to negotiate incredible opportunities to purchase real estate in Miami.

I am constantly educating our customers on the fact that they should not assume that real estate in Sunny Isles is best purchased as Sunny Isles short sales or a Sunny Isles Foreclosures. South Florida Short sales and Foreclosures situations could have many pitfalls. I have seen buyers locate Hollywood-Florida properties and Hollywood Beach real estate situations where a seller wants to cash in the small equity still available in his property, and is just not in a distressing or foreclosure condition. Many South Florida oceanfront properties are being gradually absorbed by out-of-town buyers taking advantage of this once-in-a-lifetime-opportunity to own an oceanfront luxury condo in South Florida. Even new homes in Pembroke Pines, or homes in Weston, or Coral Springs homes can be acquired in the same manner. The best real estate in Aventura will not usually be a foreclosure property, but motivated sellers with Homes for sale in Aventura . In Sunny Isles Beach, we have noticed the same pattern. And so many great Sunny Isles luxury condos, on the beach, or across the street from the beach are being sold at prices often half of what they were a couple of years ago.

FORECLOSURES AND SHORT SALES IN SOUTH FLORIDA. Many of our international and domestic clients are asking about Hallandale real estate and Hallandale short sales opportunities; as well as real estate in Aventura and Aventura foreclosures. While it is true that a buyer's market has created a substantial amount of inventory in the form of both short sale properties (properties in which the home value is less than the outstanding mortgage loan.) and foreclosures, this does not necessarily mean they are a good buy. However, they constitute a good field for a search of South Florida foreclosures and South Florida short sales.

Of course, the condition of the property is an important factor. Imagine a seller who is almost sure to end up losing his condo. It often happens that the property is neglected during these long months of uncertainty. No money will be invested by its owner and repairs will be reduced to a minimum. It's not as often as you imagine, but homes could sometimes be deliberately damaged or stripped of accessories and appliances. These are issues that affect the marketability of the property; and while they have to be factored in when presenting an offer for a South Florida Short sale, they can also be a great negotiating asset. Banks do not want to invest a penny in a distressed property. Therefore, many prospective buyers will refuse to even consider a property where they would have to invest time and money to fix and repair. That will automatically limit buyers presenting offers. And a smart real estate investor knows that for every dollar spent repairing a home, he might get a reduction of two or three dollars in the purchase price. In all cases, if you are shopping for a South Florida short sale you better be prepared to be patient. If you are in a hurry or have limited resources, most short sales are not going to work for you.

They typically require far more effort on the part of all parties involved and can be very cumbersome and frustrating. In the Sunny Isles Beach area there are many Sunny Isles Beach Condos going through this process right now. They range from Luxury waterfront condos in Sunny Isles, luxury homes in Golden Beach, Waterfront homes in Golden Isles, to Miami Beach or South Beach Condos. The economic downturn has affected homeowners in all parts of South Florida and at all price levels. I try to recommend that our clients look to purchase homes that are not South Florida short sells but great values directly from motivated sellers. These are usually the best prospects for finding great Hallandale Real Estate, and good values in all South Florida real estate. If you think you might be a candidate for purchasing a short sale property or a foreclosure please let me know. I have a good experience in both selling and buying these types of properties in Aventura and Hallandale, as well as Fort Lauderdale and Hollywood Beach.

More Florida Realtors News

Broward County has Florida's third-highest foreclosure rate

One in every 21 homes countywide received a foreclosure filing during the first six months of 2010

Broward County had the third-highest foreclosure rate among Florida's 67 counties for the first half of 2010, RealtyTrac Inc. reported Thursday. One in every 21 Broward homes received a foreclosure notice during the January-to-June period.

The county had 37,988 homes in some stage of foreclosure, down 10 percent from the second half of 2009. Palm Beach County had 18,083 filings in the first half of the year, essentially unchanged from the second half of 2009. The county had the state's 19th-highest foreclosure rate.

Florida ranked second behind California with 277,073 properties receiving a foreclosure filing. The pace of properties entering foreclosure has slowed as lenders try harder to seek loan modifications and short sales, said James J. Saccacio, chief executive of RealtyTrac, an Irvine, Calif.-based research firm.

From The Sun Sentinel – July 15, 2010

South Beach Real Estate Information

Commercial Real Estate Said to Turn Corner

U.S. commercial real estate prices rose 3.6 percent in May, according to Moody’s/REAL Commercial Property Price Indices CPPI. This is the second consecutive month of increases – prices were up 1.7 percent in April.

“The positive news of increasing prices over the past two months is tempered by low transaction volumes, forecasts for slowing macroeconomic growth and the rising risk of a double dip recession,” said Moody’s managing director Nick Levidy in a statement. Prudential Financial executives, speaking at a market outlook discussion, said they were “reluctant optimists” about commercial real estate. "As it cranks up, it's going to start going pretty quickly in the next three, four years," he predicted.

From Realtor.org - July 22, 2010

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