Liz DeAmbrose, Coldwell Banker 813-956-6487 or homenet@gte.net

LOAN MODIFICATIONS BY BANK OF AMERICA

liz DeAmbrose — Wed, 09 May 2012 21:08:27 +0000

There are 19 thousand homeowners delinquent 60 days or more with Bank of America Home Loans. Some of them will have a chance getting their loans modified. To be eligible for the latest loan modification owners should have loans owned by Bank of America, portfolio loans. Most loans are sold to large investor pools so banks hold only small numbers of mortgages at any one time. Bank of America services others loans that it has sold. Servicing a loan doesn’t give them the authority to modify a loan or short sale a loan. They must get permission from the investors.

Modification has been forced on Bank of America as part of a $25 million settlement involving four other major banks and 49 state attorneys general. Bottom line a few of the millions of people in pre-foreclosure will be helped out.

We may have hit the bottom of the housing market coupled with crazy low rates. This might be a good time to invest in a hard asset.

Liz DeAmbrose, Coldwell banker, 813-956-647 or homenet@gte.net

Tampa Palms Golf View Remodeled Home

liz DeAmbrose — Mon, 23 Apr 2012 20:32:38 +0000

Breathtaking view

The best lot in Tampa Palms is coming up for sale. The home has been totally remodeled top to bottom. The home overlooks the pond, fair way, raised green and conservation in the far ground. This is a wide, lushly landscaped lot. Kitchen and baths have been totally remodeled. All flooring, paint inside and out, two new a/c, all new windows and doors. This has four bedrooms in 2900 square feet. All the work has been done. The pool area is large and L shaped with new brick pavers and refinished pool. Gas heated spa and out door kitchen complete the space.

For more information on this home please give me a call.

Liz DeAmbrose, Coldwell Banker 813-956-6487 or homenet@gte.net

New Tampa March 2012 Sales

liz DeAmbrose — Fri, 13 Apr 2012 20:21:25 +0000

Inventory is down but it’s also cheaper. Dollar per square foot in New Tampa dropped to an average of $80.00. The number of month of inventory are down to around four months. There are 367 properties for sale in area code 33647, with additional 162 pending sale and 91 closed sales for the month of March. This is the same number as February.

We are just starting to feel the effects of additional bank properties coming on the market. As you remember banks stopped foreclosures until they settled law suits from the states. That happened last month and now they are aggressively moving forward.

Builders are also getting very aggressive. They are building inventory and selling with buyer incentives. They have better prices in many cases than resale homes and they are very energy efficient. Builders in New Tampa are finishing off subdivisions that other builders left two years ago. This is good for the people who live within those areas.

For specific information on each area email mail me with you contact information for a full report by subdivision.

Liz DeAmbrose, Coldwell Banker, homenet@gte.net 813-956-6487

Are things getting better or not?

liz DeAmbrose — Fri, 23 Mar 2012 21:18:46 +0000

Well may be housing is getting better, but it depends on who are in the market place. If you are homeowner the value of your asset continue to fall. But if you are lucky enough not be underwater and you have kept up your property you are in a good position to sell. Good inventory is not that easy to get. On the other hand the number of buyers who have the means to purchase are down. New home sales are also down for the second month in a row. Problems with unemployment, escalating gas prices and high debt levels are effecting buyers ability to qualify.

Interest rates are now just above 4% which is still crazy low but they are off their lows of 3.5%. So we have probably seen the lows in interest rates. Builders have been forced to put up their prices this month due to higher commodity prices, which is starting to effect buyers.

On another note, Bank of America has decided it’s better to become a landlord than to employ an army of foreclosure specialists. Banks take less of loss if they take back the home and let the owners rent it from them. This has taken them five years to figure out. If you have a mortgage with BOA and you can’t afford your home ask them about their Mortgage to Lease Program. This is a test program for now. You need to be 60 days behind on your mortgage and be underwater. Underwater as we all know is when your mortgage is more than the house is worth.

To get on your neighborhood email update list just send me an email letting me know which neighborhood you live in.

HOMENET@GTE.NET LIZ DeAMBROSE, COLDWELL BANKER 813-956-6487

BANK OF AMERICA REDUCING PRINCIPAL ON MORTGAGES

liz DeAmbrose — Mon, 12 Mar 2012 19:34:59 +0000

For about 200,000 homeowners Christmas has come early. Bank of America is going to reduce the principal balance on their mortgage. Homeowners that qualify are those whose home values have fallen below what they owe on their mortgages. BOA will reduce the amount owed by the homeowners by as much as $1000,000.00 (yes that is right). Only mortgages that are currently owned by Bank of America will qualify. Those that are owned by Fannie and Freddie or HUD are not eligible. You must be current on your mortgage.

The move will help the bank reduce the amount of penalties it owes to the government’s HUD agency by $850 million.

The penalties were part of a the $25 billion settlement on 2/9/12 with federal and states attorneys general. The settlement was in connection with allegations of foreclosure fraud by four major lenders.

Because of federal and state investigations into BOA foreclosure practices foreclosing of homes was temporarily halted last fall. They have now resumed.

GLOOM AND DOOM REPORT

liz DeAmbrose — Fri, 17 Feb 2012 16:22:56 +0000

Marc Faber, editor of the Gloom and Doom Report lives in Thailand. Today on CNBC he said that homes in the southern parts of this country were cheaper than in Thailand. Further he stated that the housing market in the south of the United States is among the most attractive asset classes in the world, because while homebuilder stocks had rallied, property prices hadn’t moved much. He was wrong on this point, housing prices have moved further down since January of this year. For the last four years each spring home prices in the Tampa area take a jump down. This is due to the normally larger number of people that move during this time of year. When you need to sell, you price your home a little lower than current market value. Then your neighbor prices below you. When the properties sell they become the new appraisal value in the area.

Most of the new home construction in New Tampa is in fill building. This is using lots in neighborhoods like Live Oaks that belonged to builders that went out of business or withdrew in 2007 thru 2010. Big new communities aren’t opening up in this area. Homes in well established neighborhoods are selling for the best prices.

This market is made for bargain hunters and investors. But remember markets are constantly changing and as areas totally build out prices will rise. It’s never doom and gloom forever.

$25 Billion Dollar Deal

liz DeAmbrose — Fri, 10 Feb 2012 19:30:17 +0000

YES, $25 billion dollars in cash and deals coming from the banks to you. Forty nine states attorneys’ sued the banking industry. They hammered out of deal announced this week to compensate some homeowners and give debt relief to others.

The $25 billion will help relatively few homeowners who are presently in foreclosure. The agreement will help 750,000 people who lost their homes to foreclosure between 9/2008 and 12/2011. They will receive checks for $2,000.00 each. This is to compensate them for any error in their foreclosure procedure. These are all homeowners who stopped paying and were foreclosed on by their lenders.

Three hundred thousand homeowners will be able to refinance their mortgages at lower rates, but not reduce the principal amount of the mortgage. There has been no agreements made to reduce the principal between the government and lenders. This probably will not happen. The mortgages that are eligible for interest deduction are Fannie and Freddie Mac backed mortgages. To find out if your mortgage is contact your lender.

If you would like to get New Tampa/Wesley Chapel sales reports or new inventory updates please send an email for HOMENET@GTE.NET with your email address.

REAL ESTATE UPDATE February 3, 2012

liz DeAmbrose — Fri, 03 Feb 2012 17:54:10 +0000

This week new rules for HAMP came into effect. This is the federal governments loan modification program. This program should help underwater homeowners remortgage their homes closer to today’s rate of 3.5%. This program changes the terms of the loan not the principal balance. So the interest rate can be lowered and the length of the mortgage can be extended. Example taking a 30 year mortgage and making it a 40 year mortgage. Either of these two or the two combined would bring down the monthly payment. The homeowner can owe more on the home than the home is worth. Principal reduction will still be at the lenders discrection. Contact your current lender to get details.

CoreLogic and Case Schiller released housing numbers last week. In the month of December home prices fell across the country to end the year with a 4.7% annual decrease. Prices across the country fell 5 consecutive months. The five states with the largest peak to current declines including distressed transactions are Nevada -60%, Arizona -51.9%, Florida -50%, Michigan -43.7%, and California -43.5%.

December 2012 New Tampa Home Sales

liz DeAmbrose — Mon, 16 Jan 2012 21:14:02 +0000

ARBOR GREENE: 10 homes sold, 17927 Arbor Haven Drive had the highest price at $502,000 for 4062 square feet, it was on the market for 25 days.

COUNTRY WALK: 3 homes sold, 30434 Pecan Valley Loop highest price at $210,000 for 2623 square feet, 93 days to close.

CORY LAKE: 1 sale only, 18022 Maui Isle for $250,000, 2900 square feet.

CROSS CREEK: 4 sales, 18437 Eastwyck Drive sold for $286,500, 3029 square feet.

EASTON PARK: 6 sales all new homes, 10703 Breaking Rocks Drive sold for $324,990.00, 3436 square feet.

GRAND HAMPTONS: 10 sales, the best was at 8360 Old Town for $340,000, 3336 square feet.

HERITAGE ISLES: 4 sales, all short sales, 18105 Emerald Bay sold for $275,000, 3611 square feet.

HUNTERS GREEN: 6 sales, the best was 17825 Green Willow for $315,000, 2658 square feet.

LIVE OAK PRESERVE: 7 sales, highest sale on 9675 Orange Jasmine $292,930., 3210 square feet. Live Oak is selling mostly new homes.

MEADOW POINTE: always has the most sales in New Tampa, this month there were 20. The WORST was a town home located at 1339 Lyonshire Drive. It sold for $35,000 with 1191 square feet.

PEBBLE CREEK: no sales

SEVEN OAKS: 11 sales, 27233 Laurel Chase Lane sold for $320,000, 3375 square feet.

RICHMOND PLACE: 2 bank owned condos

TAMPA PALMS: 8 sales, 16425 Burniston Drive/Whitehall sold for $660,000., 3849 square feet.

WEST MEADOWS: 5 sales, 8403 Pine Thrust Way sold for $349,000, 3803 square feet.

CRAZY LOW INTEREST RATES

liz DeAmbrose — Mon, 16 Jan 2012 20:13:14 +0000

YES, INTEREST RATES ARE CRAZY LOW, currently a 30 year fixed rate interest loan for well qualified buyers is 3.89%. Well qualified means a credit score of at least 720. This is below the previous low of 3.91%. The average 15 year fixed mortgage is 3.16. Mortgage interest rates track the 10 year bond. Ten year bond yields are below 2%. Many economists feel the federal government will print/buy bonds again this summer. This will push the yield down again and that in turn will push down interest rates.