An 8 percent drop in Marco Island’s 2010 property values will intensify the city council’s search for savings as it draws up the fiscal 2012 budget.
The total taxable amount of property on Marco in 2010 declined by 8.21 percent, from $8.2 billion to $7.5 billion, compared to 2009, said Abe Skinner, Collier County property tax appraiser.
Collier officials blamed the economy for the drop, but also emphasized a silver lining: Property values had plunged 12.2 percent in 2009 from 2008.
Marco Realtors, meanwhile, see a silver lining in the just-released property value figures. They believe sales and prices are on the way back up.
Property taxes are calculated based on the previous year’s property values. Local governments factor in property values to tax rates they charge residents.
City Manager James Riviere said he was disappointed when he saw the preliminary property values report from Skinner’s office.
“I’m not a betting man, but I would have guessed that it (property values) would have been flat,” said Riviere. “It (the decline) just means that we here in the city will scramble again this year to keep taxes level for the citizens.
“I guess we’ll try to do that trick again.”
City Councilman Larry Magel expected property values to fall by 9 or 10 percent.
“The challenge for us — the budget committee and city council — is to react to the decreased property values, but at the same time keeping our city services at a level that supports the requirements of the city,” Magel said. “It’s going to be another difficult year.”
Collier County property values overall declined an average of 5.08 percent last year, with the county’s total taxable value standing at $58.3 billion, down from $61.4 billion in 2009, according to Skinner, who released the figures last week.
Naples property values declined by 2.67 percent to $14.5 billion in 2010.
“I think that things are leveling off, but we aren’t back to pluses yet,” Skinner said.
Skinner said the figures are preliminary, and state law required their release by last Wednesday or earlier.
Skinner said final figures will be released July 1.
— News-Press staff writer Denes Husty III contributed to this story.
Wednesday, June 15, 2011
Sunday, May 29, 2011
Top 6 reasons why a short sale is beneficial:
My company Champion real Estate Solutions, LLC has been concentrating on short sales since 2005. We have saved so many families from foreclosure and have some of the most highly trained professionals working with us to process these transactions. My team is available to answer all questions for FREE. I often hold FREE short sale seminars to the public so we can speak one on one. Feel free to ask me when the next available seminar will take place and how you can attend!!
The top 6 reasons why a short sale is beneficial is:
·There is absolutely no cost associated with processing your short sale when you work with Champion Real Estate Solutions.
·The term “short sale” isn’t reflected on a credit report. It is usually stated: “settled for less than amount owed” – This usually results in a 50-100 point hit based on our past short sale customer feedback.
·You potentially can purchase a home in 24 month or less assuming you keep your credit up, have steady employment and down payment. We can also assist you with repairing your credit after the short sale process.
·You have a higher chance of a waiver of deficiency judgment in writing on the short sale approval letter when you work with Champion real Estate Solutions.
·A short sale transacts very similar to a traditional sale with a set closing date, usually 30 days from issued the approval letter.
· You eliminate a bad asset and move on with your life.
Understand all of your options today. Feel free to visit our website at www.CRESnow.com
The top 6 reasons why a short sale is beneficial is:
·There is absolutely no cost associated with processing your short sale when you work with Champion Real Estate Solutions.
·The term “short sale” isn’t reflected on a credit report. It is usually stated: “settled for less than amount owed” – This usually results in a 50-100 point hit based on our past short sale customer feedback.
·You potentially can purchase a home in 24 month or less assuming you keep your credit up, have steady employment and down payment. We can also assist you with repairing your credit after the short sale process.
·You have a higher chance of a waiver of deficiency judgment in writing on the short sale approval letter when you work with Champion real Estate Solutions.
·A short sale transacts very similar to a traditional sale with a set closing date, usually 30 days from issued the approval letter.
· You eliminate a bad asset and move on with your life.
Understand all of your options today. Feel free to visit our website at www.CRESnow.com
Tuesday, May 17, 2011
Changes in Processing Bank Foreclosed Homes Set to Cost Lenders a Lot
The processing of bank foreclosed homes in the U.S. is set for a major revamp. Recent reports revealed that banks have been given until the middle of June 2011 by regulators to develop plans that will polish their foreclosure procedures and mortgage servicing processes, while an additional two months were provided to implement these plans.
The demand for change was prompted by allegations that emerged last year that a big number of properties under residential and commercial foreclosure listings were processed using faulty documents and signed by robo-signers. The changes that were recently demanded by regulators will reportedly cost banks around $1.1 billion, a cost that is related to order of consent, while yearly expenses are estimated to be around $35 million.
Aside from instructions to iron out lenders' procedures, federal regulators, along with government-sponsored enterprises Freddie Mac and Fannie Mae, also presented plans that will promote successful loan modifications in the country. The move, analysts reported, is meant to control the continuous increase in the number of repossessed houses and foreclosed fixer upper properties for sale that are hammering the prices of residential properties all around the country. Under the loan modification plan, mortgage servicers will be required to approach homeowners earlier and more often than before following the initial delay in mortgage payment.
Moreover, mortgage firms will also be required to pay higher fees to servicers and satisfy certain benchmarks and timelines covering the processing of bank foreclosed homes and loan modification actions. Regulators have also demanded that banks provide a single contact point for borrowers to avoid getting them passed from one employee to another, a usual occurrence during the height of the foreclosure crisis which resulted in confusion and in most cases, outright foreclosures for a big number of homeowners.
Another change that is being required from banks is the addition of more employees who have enough knowledge when it comes to dealing with foreclosures and house repossessions for sale. According to some housing experts, most of the errors committed during the housing industry crisis were due to shortage of staff among banks and mortgage servicing firms. This shortage was also part of the reason why a lot of institutions opted to use robo-signers, analysts further added.
Regulators are hoping that the changes will make it easier for both banks and homeowners to deal with foreclosure issues. They also expect improved practices to result in fewer bank foreclosed homes and repossessed properties in all areas of the country.
The demand for change was prompted by allegations that emerged last year that a big number of properties under residential and commercial foreclosure listings were processed using faulty documents and signed by robo-signers. The changes that were recently demanded by regulators will reportedly cost banks around $1.1 billion, a cost that is related to order of consent, while yearly expenses are estimated to be around $35 million.
Aside from instructions to iron out lenders' procedures, federal regulators, along with government-sponsored enterprises Freddie Mac and Fannie Mae, also presented plans that will promote successful loan modifications in the country. The move, analysts reported, is meant to control the continuous increase in the number of repossessed houses and foreclosed fixer upper properties for sale that are hammering the prices of residential properties all around the country. Under the loan modification plan, mortgage servicers will be required to approach homeowners earlier and more often than before following the initial delay in mortgage payment.
Moreover, mortgage firms will also be required to pay higher fees to servicers and satisfy certain benchmarks and timelines covering the processing of bank foreclosed homes and loan modification actions. Regulators have also demanded that banks provide a single contact point for borrowers to avoid getting them passed from one employee to another, a usual occurrence during the height of the foreclosure crisis which resulted in confusion and in most cases, outright foreclosures for a big number of homeowners.
Another change that is being required from banks is the addition of more employees who have enough knowledge when it comes to dealing with foreclosures and house repossessions for sale. According to some housing experts, most of the errors committed during the housing industry crisis were due to shortage of staff among banks and mortgage servicing firms. This shortage was also part of the reason why a lot of institutions opted to use robo-signers, analysts further added.
Regulators are hoping that the changes will make it easier for both banks and homeowners to deal with foreclosure issues. They also expect improved practices to result in fewer bank foreclosed homes and repossessed properties in all areas of the country.
Monday, May 16, 2011
Low Mortgage Rates Fail to Spur Interest in Foreclosure Listings
Despite low mortgage rates, traditional homebuyers are still reluctant to purchase residences, even low-priced ones under foreclosure listings. Although cash buyers and investors are taking advantage of the low prices of distressed properties, housing sales still failed to gain traction, with sales of existing dwellings and housing starts continuing to decline.
Housing analysts are hoping that further drops in mortgage rates during the third week of March will encourage more buyers to purchase single and multi family foreclosures and non-foreclosed dwellings. Rates for fixed mortgages declined during the week, while the 15-year mortgage declined from 4.15% to 3.97% in the third week of March, the first time in a full quarter that rates for such loans have gone below 4%.
According to housing market analysts, buyers of new homes and repo houses for sale are set to benefit from low mortgage rates in the coming weeks. They stated that rates are influenced by U.S. Treasury bonds which have declined following the disaster in Japan. Meanwhile, the rate for 30-year fixed loans also plummeted, dropping to 4.76% from 4.88% the week before. In November of last year, fixed loan rates recorded their lowest levels at 4.17% in 40 years. Analysts are expecting rates to remain low as Treasury bonds continue to drop.
However, most housing industry analysts are reluctant to predict that the drop in mortgage rates will encourage more purchasing activities in the non-foreclosed home market and in foreclosure listings since it has failed to do so in the past. Even during times when rates are starting to go down and prices of homes are plummeting, buyers were reluctant to enter the market and new home builders continue to suffer from weak demand.
The home building market took the worst of the impact of tepid demand, with housing starts also suffering from competition posed by low-priced distressed property for sale and foreclosures. In February, house construction activities declined to their lowest points in nearly two years, while home building permits dropped to a 50-year low. Homebuilders have stated that the recent drop in mortgage rates is unlikely to improve demand for new homes.
They stated that high supplies of foreclosure listings and restrictions in the lending market are preventing people from purchasing new residential properties. In addition, builders believe that the massive declines in property values are scaring people off from home buying, while majority just simply do not have the means to purchase due to unemployment.
www.eforeclosuremagazine.com
Housing analysts are hoping that further drops in mortgage rates during the third week of March will encourage more buyers to purchase single and multi family foreclosures and non-foreclosed dwellings. Rates for fixed mortgages declined during the week, while the 15-year mortgage declined from 4.15% to 3.97% in the third week of March, the first time in a full quarter that rates for such loans have gone below 4%.
According to housing market analysts, buyers of new homes and repo houses for sale are set to benefit from low mortgage rates in the coming weeks. They stated that rates are influenced by U.S. Treasury bonds which have declined following the disaster in Japan. Meanwhile, the rate for 30-year fixed loans also plummeted, dropping to 4.76% from 4.88% the week before. In November of last year, fixed loan rates recorded their lowest levels at 4.17% in 40 years. Analysts are expecting rates to remain low as Treasury bonds continue to drop.
However, most housing industry analysts are reluctant to predict that the drop in mortgage rates will encourage more purchasing activities in the non-foreclosed home market and in foreclosure listings since it has failed to do so in the past. Even during times when rates are starting to go down and prices of homes are plummeting, buyers were reluctant to enter the market and new home builders continue to suffer from weak demand.
The home building market took the worst of the impact of tepid demand, with housing starts also suffering from competition posed by low-priced distressed property for sale and foreclosures. In February, house construction activities declined to their lowest points in nearly two years, while home building permits dropped to a 50-year low. Homebuilders have stated that the recent drop in mortgage rates is unlikely to improve demand for new homes.
They stated that high supplies of foreclosure listings and restrictions in the lending market are preventing people from purchasing new residential properties. In addition, builders believe that the massive declines in property values are scaring people off from home buying, while majority just simply do not have the means to purchase due to unemployment.
www.eforeclosuremagazine.com
Sunday, May 15, 2011
Owners of Foreclosure Homes For Sale Contributing to Economy
Foreclosure homes for sale in various areas of the U.S. do not automatically get sold and their owners are not immediately turned out of their homes. On average, American homeowners are said to stay in their distressed houses for 18 months before they get evicted or their homes get sold as foreclosures. Within those months, majority of them do not bother paying their mortgages.
Housing industry analysts stated that a single family home or a townhouse for sale takes a long time to get sold at the current condition of the real estate market, leaving owners free to occupy these houses without payment for more than a year. This, in itself, sounds negative, but some economists claimed that this is actually benefiting the overall economy of the country.
According to them, empty and unsold bank owned houses do not do much for the economy, but a distressed home with occupants does have its benefits. Homeowners who have decided to stop paying mortgages and are staying in their distressed homes are usually able to rebuild their finances and spend the money that they would have used to pay their mortgages on other things. Consequently, this improves consumer spending all over the U.S. Consumer spending, economists explain, accounts for around 70% of the nation's economy and is the most important factor behind an economic recovery.
Economists also reported that the amount of extra income generated by the owners of foreclosure homes for sale who have stopped paying their loans and are currently staying in their unsold houses can reach up to $50 billion within 2011. This amount, they asserted, can provide consumer spending with a boost equal to 50% of the savings that can be generated from the payroll withholding cuts formulated in the bipartisan tax plan.
With a lot of homeowners living in their distressed homes free of rent, analysts stated that consumer spending can increase by around 2.8% this year. Moreover, the strategy is allowing a lot of homeowners to fix their financial situations and rebuild their credit records, which could help them purchase another home in the future. Deciding not to pay mortgages sounds bad, but some economists admit that it does help some homeowners save money and pay their other debts.
Economists stated that some live-in owners of foreclosure homes for sale have stopped paying their mortgages simply because they are unable to do so. Some have lost jobs, while others are facing financial emergencies. For others, particularly those with negative equity, the decision was consciously made.
www.eforeclosuremagazine.com
Housing industry analysts stated that a single family home or a townhouse for sale takes a long time to get sold at the current condition of the real estate market, leaving owners free to occupy these houses without payment for more than a year. This, in itself, sounds negative, but some economists claimed that this is actually benefiting the overall economy of the country.
According to them, empty and unsold bank owned houses do not do much for the economy, but a distressed home with occupants does have its benefits. Homeowners who have decided to stop paying mortgages and are staying in their distressed homes are usually able to rebuild their finances and spend the money that they would have used to pay their mortgages on other things. Consequently, this improves consumer spending all over the U.S. Consumer spending, economists explain, accounts for around 70% of the nation's economy and is the most important factor behind an economic recovery.
Economists also reported that the amount of extra income generated by the owners of foreclosure homes for sale who have stopped paying their loans and are currently staying in their unsold houses can reach up to $50 billion within 2011. This amount, they asserted, can provide consumer spending with a boost equal to 50% of the savings that can be generated from the payroll withholding cuts formulated in the bipartisan tax plan.
With a lot of homeowners living in their distressed homes free of rent, analysts stated that consumer spending can increase by around 2.8% this year. Moreover, the strategy is allowing a lot of homeowners to fix their financial situations and rebuild their credit records, which could help them purchase another home in the future. Deciding not to pay mortgages sounds bad, but some economists admit that it does help some homeowners save money and pay their other debts.
Economists stated that some live-in owners of foreclosure homes for sale have stopped paying their mortgages simply because they are unable to do so. Some have lost jobs, while others are facing financial emergencies. For others, particularly those with negative equity, the decision was consciously made.
www.eforeclosuremagazine.com
Subscribe to:
Comments (Atom)