Gulf Coast Associates' Blog: All Categories

I wanted to follow up on our previous post on Short Sales and the Florida Foreclosure Rescue Fraud Law. In it, I referenced the following situation:

...One of these individuals recently made an interesting observation regarding "short sale" listing prices and fraud on the public. If you notice in Attorney General McCollum's statement above, "...ascertains that the fair market value of the home is less than the loan amount...", this particular complaint might just carry some weight. Specifically, the complaint is about the practice (at least in our area) of some agents listing "short sales" at values they know the lender will not accept. How do they know this you say? Well, because in many instances, they are appending a very recent appraisal to the… Read Full Post

As you who visit the REW blogs on a regular basis already know, we try our best to keep you abreast of important changes in the lending industry when we can. To that end, I wanted to make a quick post and let you all know about the 2009 changes to the FHA and Conforming loan limits. We made a post about these changes at our Southwest Florida Blog - HUD Announces New Permanent FHA Mortgage Loan Limits, but I also wanted to give you folks the HUD links so you can look up the new FHA and Fannie/Freddie loan limit changes for your own individual counties.

To find your counties 2009 loan limits, visit https://entp.hud.gov/idapp/html/hicostlook.cfm. Just choose your state, enter your county name and select the appropriate loan limit type and the limit year…

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The January thru September Cape Coral real estate market statistics for both home and condominium sales are listed below. Cape Coral, known as the "The Cape" to locals, is one of Southwest Florida's most rapidly growing areas. It is the 3rd largest city in Florida in terms of land mass and features over 400 miles of both fresh and salt water canals - many with gulf access.

Cape Coral Sales Data

Cape Coral Home Sales January-September 2008*:

• 3140 Closed Sales
• Average Sales Price - $194,641
• Median Sales Price - $121,000
• Average Days on Market - 79
• Average Sales Price/Square Ft. - $100.21

Cape Coral Condominium Sales January-September 2008*:

• 254 Closed Sales
• Average Sales Price - $177,761
• Median Sales Price -…

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In another effort to help homeowners who are facing foreclosure, the Federal Housing Finance Agency (FHFA) announced a new plan to help speed up the process for renegotiating delinquent loans held by Fannie Mae and Freddie Mac. The plan, which will go into effect on December 15, provides guidelines for mortgage servicers to follow in modifying existing loans to help prevent future defaults. FHFA officials hope their new approach will become a model for all loan servicing companies and make it easier for them to also bring help to thousands of affected homeowners.

According to the Mortgage Bankers Association, more than 4 million homeowners were either behind on their payments or somewhere along in the foreclosure process at the end of June. That's 9% of…

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According to a letter sent to the Florida Association of Realtors (FAR) by Attorney General Bill McCollum, the new Foreclosure Rescue Fraud Prevention Act does not prohibit Florida real estate agents from being involved in a short sale, as long as the only compensation they seek for their services is the commission on the sale.

The new law, which took effect Oct. 1, 2008, is designed to help protect homeowners who are facing the possibility of foreclosure from individuals who would seek to prey on them. FAR had asked the AG's office for an advisory explanation because many individuals were interpreting the new law's guidelines as putting real estate agents at risk for fines for being involved in a short sale transaction. According to McCollum, "as long as…

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The January thru September Pelican Landing real estate market statistics for both home and condominium sales are listed below. Pelican Landing is an upscale gated golf community with excellent amenities and is considered one of Bonita Springs premier gated communities. Pelican Landing distinguishes itself by being the only community in the area to own a private barrier island on the Gulf of Mexico. The island includes a 32 acre beach park that residents have daily access to via a community run boat shuttle service. Other amenities include the Pelican's Nest Golf Club with two 18 hole Tom Fazio designed golf courses, a state of the art 4,400 square foot fitness center, a championship tennis facility, a new community center with a full time activities…

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The Boston Red Sox have made their decision - Lee County will remain the team's spring training home for the next 30 years. The deal was inked on Saturday and made everyone involved breathe a sigh of relief. The impetus for the signing came from the Lee Commissioners four day old decision to build the team a new stadium in south Lee County.

The next step in the process will be to find a suitable site on which to build the new stadium. Local officials have already begun their search and are currently eyeing the area between Daniels Parkway and Bonita Beach road. The site will have to be large enough to accommodate an all inclusive complex including at least five practice fields, the 9,999-seat stadium complete with a replica of the famed Green Monster and…

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Under the Neighborhood Stabilization Program enacted as part of the Foreclosure Prevention Act of 2008, 48 local and state governments in Florida will receive U.S. Department of Housing and Urban Development (HUD) funding specifically for foreclosure relief.

The program is designed to provide local governments with a source of funding to respond to rising foreclosures and declining property values. Florida was allocated $541 million, which includes $91 million to the Department of Community Affairs and $450 million for 48 local governments.

Eligible uses for the programs funds include:

• Buying foreclosed properties.
• Demolishing or rehabilitating abandoned properties.
• Offering down payment and closing cost assistance to low-to-moderate…

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