Orlando Real Estate Sales 2011 Year-end Recap

Orlando Real Estate Sales for Orange, Lake, Osceola, and Seminole counties:

Overall Orlando area real estate sales in 2011 were down by 3.48 percent over 2010. A total of 27,703 homes were sold in 2011 compared to 28,701 the previous year.

Orlando area sales of normal homes in 2011 increased 12.15 percent over 2010. Short sales increased by 20.93 percent while bank-owned or foreclosure sales declined by 27.35 percent.

The 2011 year-end year-to-date median price increased 1.29 percent to $109,900 compared 2010’s $108,500.

By year’s end in 2011, 34,670 homes were sold in the Orlando area while 35,140 homes had been sold by year’s end in 2010 (for a 1.34 percent decrease). Each central Florida county’s 2011 year-end sales comparisons are as follows:

• Lake: 3.26 percent above 2010 (4,343 homes sold in 2011 compared to 4,206 in 2010);
• Orange: 4.92 percent below 2010 (17,965 homes sold in 2011 compared to 18,894 in 2010);
• Osceola: 1.03 percent above 2010 (6,401 homes sold in 2011 compared to 6,336 in 2010); and
• Seminole: 4.51 percent above 2010 (5,961 sold in 2011 compared to 5,704 in 2010).

Florida Foreclosure Settlement

A couple of days ago, I blogged about the multi state mortgage settlement between 49 U.S. states and five of the nation’s biggest banks: Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial.  How much of the settlement money is to go to Florida? According to the state's Florida Attorney General,  homeowners and foreclosure victims will receive almost one-third of the $8.4 billion mortgage settlement announced yesterday. The state's settlement amount is second only to California.
 
Most of the money is slated to go to current homeowners who owe more on a mortgage than their home’s current worth  in the form of principal reductions and/or converting their mortgage interest rate to lower levels. About $170 million will go to homeowners who lost their home in foreclosure.

The settlement applies to clients or past clients of five of the nation biggest banks. Other banks may also sign on, though they have not been named.   The settlement does not apply to loans held by Fannie Mae and Freddie Mac.

According to the Florida Realtors site, the settlement details are as follows:

Relief won’t be immediate. While the agreement calls for immediate principal reductions for first and second liens, it will take up to two months for negotiators to select an administrator to handle the logistics, up to nine months to identify eligible homeowners and contact them by mail, and up to three years to complete the process.

Underwater homeowners get relief. The agreement calls for Floridians to receive $7.6 billion from banks to pay for refinancing relief, including principal reductions; borrowers with higher interest rates will also be able to refinance at 5.25 percent. While banks will handle the disbursements, state Attorneys General will oversee the process.

Foreclosed owners get cash. Ex-homeowners who lost a home within the past three years will receive about $2,000 each even if their foreclosure did not involve allegations of robo-signing. Critics, however, say that amount is far too low to compensate for their suffering.

Foreclosures could increase. “The immediate results are not going to be all that pleasant,” predicts Mark Vitner, an economist with Wells Fargo. “The amount of foreclosures will actually increase and there will be some additional downward pressure on home prices.” Some homeowners have lived in a home over two years as the foreclosure process crawls through Florida’s legal system. Analysts, such as Vitner, believe the just-announced settlement brings clarity to the process and banks will proceed more quickly to take back homes.

Florida oversight grows stronger. The state will collect $350 million from the settlement to pay for foreclosure prevention programs and to protect consumers.

To see more information including settlement documents, a set of frequently asked questions, breaking information, and addresses for the banks involved in the settlement, go to NationalMortageSettlement.com.

 

Windsong, Winter Park Florida

Windsong is a Winter Park (FL) neighborhood, located just north of Orlando, adjacent to Baldwin Park. It has beautiful homes among majestic oak trees and lush gardens. Set among two lakes: homes in the North shore of Windsong overlook Lake Mizell while other waterfront homes may overlook Lake Berry.  Windsong has two community pools, parks, playgrounds, sidewalks, City of Winter Park utilities, natural gas and three "A rated" schools for its residents.

Eight homes in the Windsong in the Winter Park  neighborhood sold in the past 90 days. Five were newly built homes.

Homes Sold in Windsong-Winter Park

LIST PRICE:  $749,000 1826 LAURELTON HALL SOLD Price:  $670,000

LIST PRICE:  $750,000 131 PHELPS SOLD Price:  $650,000

LIST PRICE:  $799,990 1828 HARLAND PARK SOLD Price:  $720,000

LIST PRICE:  $849,000 1831 LAURELTON HALL SOLD Price:  $770,000

LIST PRICE:  $1,195,000 1818 LAURELTON HALL SOLD Price:  $950,000

LIST PRICE:  $1,249,000 502 GENIUS SOLD Price:  $1,239,730

LIST PRICE:  $1,400,000 417 GENIUS SOLD Price:  $1,300,000

LIST PRICE:  $1,995,000 228 GENIUS SOLD Price:  $1,900,000

Homes Sold in Windsong

Winter Park Status: Sold in past 90 days ending on 2/11/12 Number of Properties: 8

Beds Full Baths Sq Ft Heated List Price Sold Price SP/SqFt SP/LP Ratio High 5 5 6,034 $1,995,000 $1,900,000 $314.88 99 Low 4 3 3,155 $749,000 $650,000 $187.35 79 Average 4 4 4,248 $1,123,374 $1,024,966 $234.28 90 Median 4 4 3,903 $1,022,000 $860,000 $223.68 90

To see other luxury homes for sale inWinter Park visit my real estate website.

Forty nine States and five major banks reach foreclosure-abuse settlement

Forty nine U.S. states have reached a $25 billion deal with five of the nation’s biggest mortgage lenders over foreclosure abuses that occurred during the housing bust. The deal was announced Thursday and it is the biggest settlement involving a single industry since the 1998 big tobacco settlement.

Under the agreement, five major banks – Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial – will reduce loans for nearly 1 million households. The banks will also send checks of $2,000 to about 750,000 Americans who were improperly foreclosed upon. They have three years to fulfill the terms of the settlement.

 Which state did not join the settlement? Oklahoma held out and will not receive any money. Under the deal, 49 states said they won’t pursue civil charges related to these types of abuses. Homeowners can still sue lenders in civil court on their own, and federal and state authorities can pursue criminal charges.

In addition to the payments and mortgage reductions, the agreement promises to reshape long-standing mortgage lending guidelines. It will make it easier for those at risk of foreclosure to make their payments and keep their homes.

The agreement applies only to privately held mortgages issued from 2008 through 2011. Those owned by mortgage giants Fannie Mae and Freddie Mac are not covered. Those who lost their homes to foreclosure are unlikely to get their homes back or benefit much financially from the settlement.  

Many say the proposed deal doesn’t go far enough and had wished for a thorough investigation of potentially illegal foreclosure practices before a settlement was reached.

Under the agreement:

• Roughly $1.5 billion for direct payouts, in the form of $2,000 checks, for about 750,000 Americans who were unfairly or improperly foreclosed upon; another $3.5 billion will go directly to states.

• At least $10 billion for reducing mortgage amounts.

• Up to $7 billion for other state homeowner programs.

• At least $3 billion for refinancing loans for homeowners who are current on their mortgage payments but who are underwater.

 Source: The Associated Press

Resources for Military families

http://www.missioncontinues.org/
To build an America where every returning veteran can serve again as a citizen leader, and where together we honor the fallen by living their values through service.

Project Healing Waters

http://www.va.gov/adaptivesports/va_groups_sportCommunity.asp
Many communities across the country are home to organizations dedicated to providing sports and recreation activities to people with physical, cognitive (e.g., PTSD, TBI) and visual disabilities, including disabled Veterans. Programs may be offered through your city's Parks and Recreation department, a local rehabilitation hospital, or an independent organization that has been established in your area. Find a program near you.

Disabled Sports USA

http://www.dsusa.org/
Disabled Sport USA’s mission is to provide national leadership and opportunities for individuals with disabilities to develop independence, confidence, and fitness through participation in community sports, recreation and educational programs.

Wounded Warrior Wives

http://www.operationhomefront.net/www/
Wounded Warrior Wives relieves the wives of the severely wounded away from their 24/7 bedside caregiver role and flies them away for a weekend of fun and companionship.

Give an Hour

http://www.giveanhour.org/skins/gah/home.aspx
Give an Hour links up mental help professionals, who donate their time, with military service members and their families, to receive free counseling. This organization can provide assistance beyond the VA, in terms of mental health counseling.

Wounded Warriors

http://www.woundedwarriorproject.org/
The Wounded Warrior Project aims to honor and empower warriors, who were injured on or after Sept. 11, 2001, through its athletic, employment and rehabilitative programs.

Iraq And Afghanistan Veterans Of America

http://iava.org/
Iraq And Afghanistan Veterans Of America works to improve the health, education, employment and community opportunities for the veterans through programming and public policy initiatives.

United Service Organizations

http://www.uso.org/
United Service Organizations aims to boost our troops' morale through its entertainment and educational programming. The USO works to provide "a home away from home" for military servicemen and servicewomen stationed in 27 states and 14 countries.

Operation Homefront

http://www.operationhomefront.net/
Operation Homefront offers a range of programs, including food assistance, vision care and moving services, for military families facing financial hardship.

ServiceNation

http://www.servicenation.org/
Launched in 2008, ServiceNation envisions a United States where a commonly asked question is "Where do you serve?" Through its promotion of national days of service and strategic partnerships across the philanthropic, government, military, entertainment, retail sectors, this nonprofit hopes to inspire a national culture of volunteering among citizens across the United States.

Navy Seal Foundation

http://nswfoundation.org/
The Navy Seal Foundation provides immediate and continuing support to the Naval Special Warfare community and their families through its endowments and health and education programs.

National Military Families Association

http://www.militaryfamily.org/
The Military Families Association ensures that those who serve in the military -- and their family members -- gain access to the education and financial benefits that they deserve.

T.A.P.S.

http://www.militaryfamily.org/
The Tragedy Assistance Program for Survivors has assisted more than 30,000 surviving family members, casualty officers and caregivers with its peer-based emotional support, case-work assistance, and crisis intervention.

Homes For Troops

http://www.homesforourtroops.org/site/PageServer
Homes For Troops builds specially-adapted homes for servicemen and servicewomen returning home with serious injuries so that they can live in an environment that provides maximum freedom of movement and the ability to live independently.

Disabled American Veterans

http://www.dav.org/
The Disabled American Veterans employs a virtual army of 250 national service officers who work from 88 offices across the country to help veterans and their families settle claims with the VA, the Defense Department and other government agencies.

Warrior Writers

http://www.warriorwriters.org/home.html
The organization helps the wounded express themselves through writing and art.

Aid for military families facing foreclosure

Do you know a military family who is struggling with their mortgage or facing foreclosure? Please tell them about HOPE NOW. 

HOPE NOW  is a voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors and it is now expanding to help at-risk military homeowners. The organization is an industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants, brought together by the Financial Services Roundtable, Housing Policy Council and Mortgage Bankers Association.

Hope Now has sponsored 120 face-to-face homeowner events since 2008, but the group recently met in Washington to discuss a comprehensive plan for reaching out to military homeowners facing foreclosure due to Permanent Change of Station (PCS) and other issues.

For more information go to www.HopeNow.com or call the free Homeowner’s Hope Hotline at (888) 995-HOPE.

Real estate recovery slow but baby boomers to buy up second homes

Although  30-year mortgage rates are under 4 percent and home prices have remained low, many people can’t to take advantage of increased housing affordability in the real estate market.

Recovery will be slow according to experts, with many homeowners struggling not to lose their homes. Also, many homeowners are improving their existing residences instead of relocating. According to the National Association of the Remodeling Industry, $113.6 billion is projected to be spent on remodeling through the third quarter of this year (2012).

Some experts predict a growing number of baby boomers will snap up vacation and rental properties in the coming years, with many planning to retire in these homes.