South Florida On The Market

Housing costs in Miami run much higher than the rest of the nation, making it more critical than ever to ensure that when you purchase or refinance a home you obtain a mortgage at the best possible terms. A difference of a fraction of a point in your interest rate can mean thousands of dollars when extended over the term of a thirty year mortgage. Current Mortgage Rates in Miami Mortgage rates vary significantly from day to day, so you’ll want to make sure you understand the current market before shopping around for a mortgage loan. One of the best places to check is BankRate.com’s mortgage comparison site which explains loan terms from lenders in your area.    Run the Numbers Before accepting any loan, be sure to request a copy of a Good Faith Estimate. These standard reports list all of the costs associated with a mortgage and allow you to compare apples to apples. You can also use online mortgage calculators to assist you in performing your own calculations. Finally, be

Fixed mortgage rates continued an upward climb this week, with the 30-year fixed-rate mortgage starting the year more than a full percentage point higher than last year at this time, Freddie Mac reports in its weekly mortgage survey.  "Mortgage rates edged up to begin the year on signs of a stronger economic recovery,” says Frank Nothaft, Freddie Mac’s chief economist.  Freddie Mac reports the following national averages for mortgage rates for the week ending Jan. 2:  30-year fixed-rate mortgages: averaged 4.53 percent, with an average 0.8 point, up from last week’s 4.48 percent average. Last year at this time, 30-year rates averaged 3.34 percent.  15-year fixed-rate mortgages: averaged 3.55 percent, with an average 0.7 point, rising from last week’s 3.52 percent average. A year ago, 15-year rates averaged 2.64 percent.  5-year hybrid adjustable rate mortgages: averaged 3.05 percent, with an average 0.4 point, rising from last week’s 3 percent average. Last year at this t

As 2013 draws to a close, it’s fairly clear that the real estate market has gained strength: home sales are up, prices have firmed, foreclosures are down and mortgage rates remain close to record lows. Figures from the National Association of Realtors® (NAR) show that September home values on average were 11.7 percent higher than a year earlier, the 10th consecutive month of double-digit, year-over-year, increases. NAR also reports that in the third quarter home prices increased in 144 out of 163 metropolitan statistical areas. Fifty-four areas had double-digit increases, and only 19 had price declines. “What we have seen during the past year are signs of a broad national recovery,” says Ray Brousseau, executive vice president with Carrington Mortgage Services. “Pent-up demand and a growing population are two factors that have contributed to generally increased home prices.” Interest rates Interest rates also make ownership more attractive. According to Standard & Poors, the 30-yea

According to RealtyTrac's recently released Year-End 2012 U.S. Foreclosure Market Report, a total of 2,304,941 foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 1,836,634 U.S. properties in 2012, down 3 percent from 2011 and down 36 percent from the peak of 2.9 million properties with foreclosure filings in 2010. The report also shows that 1.39 percent of U.S. housing units (one in every 72) had at least one foreclosure filing during the year, down from 1.45 percent of housing units in 2011 and down from 2.23 percent of housing units in 2010. "2012 was the year of the judicial foreclosure, with foreclosure activity increasing from 2011 in 20 of the 26 states that primarily use the judicial process, and a judicial state -- Florida -- posting the nation's highest state foreclosure rate for the first time since the housing crisis began," said Daren Blomquist, vice president at RealtyTrac. "Meanwhile foreclosure ac

Many South Florida home and business owners do not know they are over paying for their property taxes. Every property owner has a four week window to challange the amount they are paying. The deadline for Miami Dade and Broward is September 18. 1. Property is in poor condition 2. The assessed value is increasing drastically year over year 3. The area has a high foreclosure rate 4. Income property has a high vacancy 5. Property has no homestead or lost the homestead 6. The property is an over improvement for the area

A controversial move to sell 699 Fannie Mae- and Freddie Mac-owned homes in bulk to an investor was closed last week, according to the Federal Housing Finance Agency (FHFA). Pacifica Companies LLC purchased the homes as part of a real estate owned (REO) pilot initiative. Pacifica has not released details on how it will oversee the properties. Based in San Diego, the company’s website claims it has an office in Tampa, as well as Austin, Texas; Riverside, Calif.; and four cities in India. Pacifica paid $12.3 million upfront in a joint venture agreement. It will pay an additional $49.3 million by sending Fannie Mae 90 percent of future proceeds. After that, Pacifica will collect a 20 percent management fee and pay Fannie Mae 50 percent of future proceeds. FHFA projects the total value of all payments to be $78.1 million. The total price paid by Pacifica doesn’t represent a significant discount; however, the relatively low downpayment and profit-split deal would make it attractive to mo

10. Montana 1 yr home price change: +5.6% Median home price: $151,300 Unemployment rate: 6.4% (15th lowest) Montana shares characteristics with several of the Plains States. It never suffered from high unemployment during the recession; as a matter for fact, the jobless rate has been extraordinarily low. The agriculture and oil industries did well, and commodity prices were high. The cost of living in these states was, and still is, relatively low compared to the national average, and so are home prices. The benefits of being a homeowner in Montana should continue. Corelogic predicts that the appreciation in home prices in the state will be the 14th best among all states from the first quarter of 2013 to the first quarter of 2014, and the 12th best among all states from the first quarter of this year through the first quarter of 2017. 9. Hawaii 1 yr home price change: +5.7% Median home price: $522,000 Unemployment rate: 6.4% (14th lowest) Hawaii has the highest median home