Short Sales are the Salvation of Many Homeowners

Here's a great article explaining why a short sale is the best opportunity for many homeowners.  There's also a little secret I've discovered to be true for many people wanting to get out of their homes and into new ones: You don't have to be behind in your mortgage payments to get your short sale approved by your mortgage holder.  Read the article on MSNBC.

Florida NOT in the Top Five States with the Long Foreclosure Backlog

It will take more than eight years to clear out huge backlogs of foreclosures at the current pace in half of the states. Many states require court involvement in foreclosures, such as Florida, which may further slow the process.

After the robo-signing debacle of last year, lenders are doing more to make sure more proper documentation is in order when processing foreclosures, which have slowed the process of repossessing homes and created larger backlogs. 

But some cities continue to face possibly decades of large foreclosure backlogs. The good news is that Florida is not in the top five! Another indication of Florida’s stabilizing (albeit slowly) real estate market.

The following are the states with the largest backlog of foreclosures, including the state’s “pipeline ratio,” which is the time it would take to clear the supply of seriously delinquent mortgages or homes in foreclosure at the current pace of sales.

New York: 57

Washington, D.C.: 57

New Jersey: 52

Maryland: 21

Connecticut: 20

Source: “Many Cities Face Big Backlogs of Foreclosures,” RealtorMag (November 9, 2011)

Mortgage Rates Plunge to Second Lowest on Record

The 30-year fixed-rate mortgage, the most commonly chosen among home buyers, dropped to its second lowest reading on record. View the full report at Freddie Mac.

Here are how rates fared for the week:

• 30-year fixed-rate mortgages: averaged 4 percent, with an average 0.7 point, down from last week’s 4.10 percent average. The 30-year fixed-rate mortgage is the second lowest on record, just behind the 3.94 percent record reached on Oct. 6. A year ago at this time, 30-year rates averaged 4.24 percent. 
• 15-year fixed-rate mortgages: averaged 3.31 percent, with an average 0.7 point, falling from last week’s 3.38 percent average. Last year at this time, 15-year mortgages averaged 3.63 percent. 
• 5-year adjustable-rate mortgages: averaged 2.96 percent this week, with an average 0.6 point, dropping from last week’s 3.08 percent. At this time last year, 5-year ARMs averaged 3.39 percent.
• 1-year ARMs: averaged 2.88 percent this week, with an average 0.6 point, dropping from last week’s 2.90 percent average. A year ago at this time, the 1-year ARM averaged 3.26 percent. 

Contact me if you would like a recommendation for a mortgage broker for your purchase or refinance.  I’m always happy to assist.

Fed to Focus on Shoring Up the Housing Market

Florida Homeowners Can Get up to $20,000 for Short Selling Property

It seems that Bank of America has reached an epiphany.  The largest bank in the United States understands that it is far less expensive and efficient to allow their distressed mortgage customers in Florida to short sell their properties rather than for BoA to go through the foreclosure process.

Through August, 2012 BoA will give qualifying homeowners up to $20,000 for relocation assistance upon the successful completion of a short sale.  The program applies to Florida residents who have not already entered into a short sale contract on their property.  This should motivate homeowners to engage in a short sale as an alternative to foreclosure.  View the offer from Bank of America.

What Can South Florida Homebuyers Get for $200,000?

Whether homebuyers in South Florida are looking for a single family home or a condo near the beach, there are some terrific deals available at the $200,000 price point.  With mortgage rates at record lows, the average monthly mortgage payment for a $200,000 property would be about $1,300.00.  Here's a sample of what is available:

A 3 Bedroom home with a Pool in Fort Lauderdale

A spacious 3 Bedroom Pool home in Lake Worth

An Ocean and Intracoastal view 2 Bedroom Condo in Aventura

Does Foreclosure Stop the Debt Collectors?

Absolutely not.  Foreclosure basically means you no longer own the property and the mortgage holder can sell the property in an attempt to recoup some of the losses from the defaulted mortgage.  In this real estate market, it is unlikely that the mortgage holder can get back the entire amount owed on the property.  In Florida they're lucky if they get back 50% of what was originally loaned against the property.  Do they eat the difference?  Yes and no.

Q: My family room has red walls. Should I repaint to sell my house?

Parks Avenue library of the late Brooke Astor as decorated
by Albert Hadley

A: The short answer is YES.

Red rooms can be very elegant spaces but potential buyers, unless they're in the market for Brooke Astor's New York apartment, need to be able to view the room and imagine their own furniture and style in the space. Most buyers have no vision of what can be done with a space and need a lot of guidance. Bold colors are a no-no when selling because they may be a turn off to the buyer. Also, a color such as red can hinder the ability to read the size and scale of room (i.e. - make it look smaller).  Always stick to a neutral color such as the typical 'builder's beige' or white. You'll sell your property faster and for more money.

Getting Mold out of Your Home

Mold remediation will typically take a few days,
depending on how extensive the mold growth is.

There’s a four-letter word on the minds of South Florida’s homebuyers and home owners: MOLD.

If you’ve found mold growing in your home, what you should do next depends on where you find it and how much there is. But eliminate mold promptly, because delay can mean an expensive repair that may not be covered by your homeowners insurance.

Professional mold elimination may take a few days and costs roughly $500 to $6,000, but can easily reach five figures if the problem is severe. If drywall, studs, or other building materials must be replaced after cleanup, you’ll need to hire a building contractor for that service as well.

Mortgage Rate Hit Another Record Low

This week fixed rate and adjustable-rate mortgage rates set a new record low according to Freddie Mac.

For the week ending September 8, 2011:

• 30-year fixed-rate mortgages: averaged 4.12% this week.
• 15-year fixed-rate mortgages: averaged 3.33% this week.
• 5-year adjustable-rate mortgages: averaged 2.96% this week.
• 1-year ARMs: averaged 2.84% this week.

Lower real estate prices coupled with record low mortgage rates are double bonus for buyers right now.

Mortgage/Foreclosure Relief for Hurricane Irene Victims

Freddie Mac and the Department of Housing and Urban Development (HUD) announced mortgage assistance to home owners affected by Hurricane Irene, which recently battered the East Coast, causing massive flooding and severely damaging many homes in its path. 

Freddie Mac says it will offer forbearance on mortgage payments for up to one year for home owners with property damage from Irene, as well as suspend

September 11th is National Day of Service

In celebration of National Day of Service and in honor of the 10th Anniversary of September 11, Parks Morgan and The Keyes Company have partnered with the Miami Dolphins to send care packages to our troops stationed overseas.  Troops have posted their requests and we have compiled a list of supplies needed to fulfill their requests.


I will also be collecting letters and cards to the troops as a way to let them know how much it means to us that they doing such an important and difficult job.  They are highly encouraging in keeping up morale and would be sent in the care packages.  It would truly be great if we could have at least one for every soldier, if not more.  For us this might mean taking five minutes out of our busy lives, but for soldiers, it may be the words they so desperately need to hear.


Please bring any of the below items along with your letters to the Keyes Company Fort Lauderdale branch located at 1520 East Sunrise Boulevard, Fort Lauderdale by Thursday September 8, 2011.  It would be my pleasure to pick them up from your home or office.  Whichever is most convenient for you.

Baby Powder          Foot Powder          Socks                  
Baby Wipes            Granola Bars          Toothbrush
Beef Jerky             Hair Conditioner    Wash Cloth
Body Lotion            Hair Ties               Soup
Bug Spray               Mouth Wash           Sun Screen
Coffee                    Shampoo                Tampons
Deodorant              Shaving Gel            Tooth Paste
Feminine Pads        Soap


I hope you will join us in showing our troops how grateful we are for the daily sacrifices they make for our freedom.

Fort Lauderdale Branch

1520 East Sunrise Boulevard

Fort Lauderdale, FL 33304

Existing-Home Sales up Again in January

Reprinted with permission from REALTOR®Magazine:

The uptrend in existing-home sales continues, with January sales rising for the third consecutive month with a pace that is now above levels a year ago, according to the NATIONAL ASSOCIATION OF REALTORS®. 

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 2.7 percent to a seasonally adjusted annual rate of 5.36 million in January from a downwardly revised 5.22 million in December, and are 5.3 percent above the 5.09 million level in January 2010. This is the first time in seven months that sales activity was higher than a year earlier.

Real Estate Outlook: Home Sales Rebounded 4th Quarter

The latest news from the National Association of Realtors is good. According to their latest survey, home sales rebounded in 49 states during the fourth quarter with 78 markets – just over half of the available metropolitan areas – experiencing price gains from a year ago, while most of the rest saw price weakness.


Lawrence Yun, NAR chief economist, had positive things to say about this gain. "Home sales clearly recovered in the latter part of 2010 and are helping to absorb the inventory, including many distressed properties. Even with foreclosures continuing to enter the inventory pipeline, they’ve been selling well and housing supplies have trended down," he said. "A recovery to normalcy requires steady trimming of the inventories."