Hi folks. Here's an update on the foreclosure situation in Florida. I read an article earlier today on our Florida Association of Realtors website stating that Florida has 77,000 homeowners in foreclosure!!! This is second only to California.
I also spoke to a loss mitigation negotiator at Countrywide yesterday who mentioned Countrywide, or I guess Bank of America now, has 76% of the Nation's foreclosures and that they are expecting this number to increase in August when ARMs (adjustable rate mortgages) are set to adjust again. EDIT:< Is this figure accurate? I don't know but it does line up with what I am seeing in my particular market, Poinciana FL.>
Then there was a report recently on channel 9 in Lakeland that mentioned one in every seven homes (15%) in Poinciana FL. was in some stage of foreclosure.
My last Poinciana market report, for the first half of 2008, showed that 70% of the homes that have sold this year were either REOs (banked owned) or Short Sales (pre-foreclosures). It also showed that values in Poinciana are down 48% since late 2006.
So folks, it is evident that we are in this mess for quite a while. BUT.....there is some help available if you are struggling with keeping your home. 10,000 Attorneys, throughout the State of Florida, have now partnered with Florida Legal Services to provide free legal services as part of an effort to keep Florida homeowners in their homes. Here's what I read today:
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"Florida Legal Services and the Florida Bar Association have partnered in establishing a toll-free hotline - (866) 607-2187 - that consumers can call. They'll be asked a few initial questions about their situation to ensure accurate placement, and then be sent to a free attorney. The attorney will then negotiate with the lender on behalf of the client to keep the home from being foreclosed."
I have not called them yet but will early next week to see what additional information I can get. I will be posting it here on my blog so.......ya'll come back now, ya here!!!! How cool is that?
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Blog Boy...
It IS cool. I am standing by waiting for you to pick up the phone and call them.
I am curious how the FREE plays out. I'm guessing a fee with show up on the HUD :)
TLW...ROAR!
BB, that is great to see that many attorney's have offered to help people facing foreclosure! This mess will only be solved with lots of people rolling up their sleves and pitching in!
Bryant,
"Countrywide yesterday who mentioned Countrywide, or I guess Bank of America now, has 76% of the Nation's foreclosures"
Have you seen this information in writing anywhere? I'd also like to know how many of these forecloses are the result of Countrywide's "Option ARM" The most evil legal loan I've ever seen!
I never sold these evil programs but I did attend at least 5 days of attempted brain washing! It always amazed me that fools would pay a premium for these things. Interest only even Negative Am's cost less than bastardized mongrels!
I have never had a source to quote backing my theory. Between option ARM's and Builder-owned lenders you've probably cornered the problem! I just don't want to write "that a friend of a friend said!"
Bill
BB,
Both the attorney and myself just got off the phone with Countrywide. They assigned us an negotiator 2 weeks ago yet we were wondering why they weren't contacting us. The attorney yelled and got a supervisor on the phone who was telling us that they have 600 files on each negotiators desk and that they were trying to meet the 30 day response time. We just were told that they are now working on it and the contract looks good...we did tell them the buyer was getting antsy. Help? let's see what kind of help. The attorney just went to court to get a 6 month extent ion. Many people don't realize that even if you are approved for a short sale the foreclosure process still moves forward and unless you go to the judge...they won't give you the extension for 6 months without answering the served court papers.
Oh by the way..they now have a new department to deal with..it's called the triage...sounds more like a hospital waiting area.
I'm not sold on it...they are still backed up too far too long to go. But hey...I'm hoping for another successful short sale!
Hey Bill, With the exception of my market report data I am just reporting here say. My point was to point out that no matter what the "word on the street" is, we have a problem. At least in Florida. CW was HUGE in my market. The 76% figure mentioned by the loss mit rep actually lines up perfectly with what I'm seeing in my market. It ain't purdy and it's going to get a lot worse, at least in Poinciana FL..
Bill, I did go in and add an edit. Thanks for watching my back my friend.
I am not surprised by the 76% figure. B of A is backpeddeling now.
Countrywide has 76% of the nation's foreclosures. That sounds a little high. Most of the REOs we have sold lately were through Ocwen and Litton.
I thought 50% of our sale being foreclosure was bad we just have to deal with it.
I saw a report this morning that the large numbers of ARMS kicking in will continue until 2011. That is spooky.
BB. Ditto you...Broward county is in trouble...we now have more people moving out than moving in...According to the AP report today.
Just wondering where all these people are now living? And also, why no one in our government is doing anything about it...OH yes, I forgot...they get big salaries and don't understand what these people who were duped are dealing with...you know, family, kids...etc...
Good post!
Great post. Very informative, I wasn't aware that BoA had that large of a percentage in this mess.
On a totally different beat... how did you get the 4 cool buttons at the bottom of your post? And I read a comment of yours recently that said you use the AR blog, the outside blog, and multiple sites/blogs out there. Do you post the same info on all of the blogs? Or seperate info on them all?
That's great News BB. Every State should establish a Hotline as sellers just don't know what to do and there are more of them every day. Great post...and I don't say that every day like some people :)
What do you think of what's going on with Fannie and Freddie? If they fail, we're in a world of hurt!
Bob Mitchell
ValueList Real Estate Services, Inc.