This article is from DSnews.com

According to Carrie Bay, of DSnews.com

One in three Americans would be unable to make their mortgage payment beyond one month if they lost their job, according to the results of a national survey taken in mid-September.

The survey was conducted on behalf of a financial consortium comprised of the Certified Financial Planner Board of Standards, Financial Planning Association, Foundation for Financial Planning, and the U.S. Conference of Mayors.

Job loss has become the primary driver of mortgage defaults. With the national unemployment rate holding above 9 percent for five straight months and not expected to drop by any significant measure in the foreseeable future, the state of the labor market is one of the biggest obstacles for struggling homeowners and their lenders to “stop foreclosure”.

Two Dads Real Estate has a solution for homeowners behind in their mortgage payments due to job loss and other unfortunate circumstances. If you are unable to catch up and need help please call 1-877-896-7770. We “Stop Florida foreclosure”

Please visit www.twodadsrealestate.com for more information.

Florida Real Estate
Investing in Real Estates in Florida, the United States

When investing in Real Estate in Florida, one might have to review what happened in the past by reviewing articles in past real estate journals.

In 1992, when the real estate market was at a bottom, National Real Estate Investor, published an article in May, 1992.

With tourism down, Florida’s economy and real estate market feel the recession (May, 1992)

Florida’s usually robust economy has been socked hard by the national recession. And its commercial real estate economy has been among the most serious casualties. Optimism still reigns for the future, however, even if experts predict that the state will boom a little slower in the 1990s than it did in the 1980s.

More about Florida’s Real Estate Market Article published in May 1992

In 2005, when the real estate market is hot in Florida, Newswire reports:

ORLANDO, Fla., Jan. 25 /PRNewswire/ — Florida’s housing market more than weathered four hurricanes making landfall in the state during 2004, registering a record year in terms of closings and median price for sales of existing single-family homes statewide. By year’s end, Florida came close to reaching the 250,000 mark for annual sales, according to the Florida Association of Realtors(R) (FAR), with a total of 242,234 homes sold — an 11 percent increase over the 218,739 homes sold the year before.

And the prices of those homes keep rising. Statewide, the median sales price rose 17 percent to reach $182,400; in 2003, it was $155,800. In 1999, Florida’s median sales price was $106,900, which represents a 70.6 percent gain over the five-year period.

Frank Kowalski, 2005 president of FAR and broker-owner of Metro Dade Realty Inc. in Miami, says the 2004 existing-home sales data showcases the phenomenal growth and continued strength of Florida’s real estate industry, despite the short-term local market disruptions caused by four hurricanes striking the state in August and September.

“Buyers from all over the United States, Canada, Europe and Latin America are attracted to Florida, and not just because of the climate,” he says. “The Sunshine State has a strong job market and a ready supply of housing in all price ranges. While median sales prices continue to rise — in part due to demand — residences in Florida offer great values for buyers worldwide.”

Low interest rates contributed to the state’s dynamic housing market. While mortgage rates edged up on occasion, they stayed under 6 percent for most of the year, Kowalski notes. “The annual average for the 30-year fixed- rate mortgage rate last year was 5.84 percent,” he says. “Demand for homes remained at a record pace in markets across Florida, resulting in a low supply in many areas and impacting home prices.”

Many housing industry insiders predict that the housing sector will see another near record year in 2005, with mortgage rates expected to gradually trend upward to 6.5 percent by the end of this year. Realtors predict another strong year for home sales in Florida.

Last year’s average of 5.84 percent for a 30-year, fixed-rate mortgage was only slightly higher than the 5.83 percent average rate for 2003. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s larger metropolitan statistical areas (MSAs), Tampa-St. Petersburg-Clearwater reported double-digit gains in number of sales and median sales price in 2004 compared to the previous year. With a total of 47,639 homes sold last year, the figure was 17 percent higher than the area’s 2003 sales activity, when 40,867 homes changed hands. The median sales price rose 15 percent to $159,900; the year before, it was $139,300.

George Bodmer, president of the Greater Tampa Association of Realtors and general manager of Bayside Realty Group Inc. in Brandon, says buyers’ appetite for homes in the Tampa Bay area will remain strong this year.

“This is a great place to live,” he says. “It has everything buyers want – - good schools, entertainment facilities and events, sports, leisure activities, jobs and, of course, Tampa Bay. Plus, we still have land available for development in the area and that helps with housing affordability.”

Other large Florida MSAs reporting higher sales in 2004 compared to a year ago include: Jacksonville, where 16,150 homes sold for a 15 percent gain; and Orlando, where 36,659 homes changed hands for a 14 percent increase. The median sales price also rose 15 percent in both markets last year: reaching $164,500 in Orlando and $159,000 in Jacksonville.

In the smaller markets, the Naples MSA reported 4,900 homes sold last year, a 16 percent increase over the 4,225 homes sold the previous year. The median sales price rose 28 percent to $374,300; the year before, it was $291,400.

“Supply and demand is one of the primary factors driving our market… the supply of for-sale homes is tight while the demand has increased dramatically,” says Michelle Harrison, president of the Naples Area Board of Realtors and Association of Real Estate Professionals and director of sales for Elias Brothers Communities in Naples. “In the Naples area, we’re blessed with having a lot of investors interested in the market, investors who view real estate as a tangible asset.”

Among the state’s smaller markets, others reporting increases in home resales for 2004 compared to the previous year include: Fort Walton Beach, where 5,171 homes changed hands for a 27 percent boost; and Lakeland-Winter Haven, where 5,857 homes sold for a 12 percent increase. The markets’ median sales price also rose last year: in Fort Walton Beach, 25 percent to $190,300; and in Lakeland-Winter Haven, 15 percent to $111,100.

A chart showing statistics for Florida and its 20 MSAs follows. The chart compares the number of existing, single-family home sales and median sales prices, based on Realtor transactions during 2004 and 2003. The median sales price is the midpoint in the price range — half the homes sold for more, half sold for less.

The Florida Association of Realtors, the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its more than 120,000 members in 70 boards/associations.

If you have ever been threatened by foreclosure, chances are high that you were unable to pay off your mortgage to the lender for a considerable length of time. However, if the mortgage lender decided to take your home away due to term violations, namely payment, it may have lead you to think that the situation was futile. But there are actually many ways to avoid the terrible consequences of foreclosure. People threatened by foreclosure have the option to file for bankruptcy, refinance, short sale, negotiate temporary arrangements with their lender or utilize the deed in lieu procedure.

Although it is beneficial to learn about the ways to avoid foreclosure, you must be prepared for the worst as well. There are several tax, credit and legal consequences of foreclosure.

One of the major consequences of foreclosure is damage to your overall credit. If someone fails to pay off his or her mortgage over the stated 30-day period, it will remain as a black mark on his or her credit report. Failing to pay off bad credit scores automatically results in denial of any future applications for loans, mortgages and credit cards. It could take a person up to three years to stabilize their credit score. Damage to your credit score is caused by either the consequences of foreclosure or real estate being lost from a deed in lieu.

Although there are many consequences, there are also several positive things that can result from foreclosure. One of these positive things are if you bought your real estate with a mortgage more than 2 years ago then, according to a 2007 law called the Mortgage Forgiveness Debt Relief Act, it can be sold either by short sale or auction for less than your actual debt. Furthermore, you are not obligated to pay taxes on the difference in rates and the lender will never ask it of you, if you bought your real estate more than 2 years ago. However, if you bought your real estate with a mortgage less than 2 years ago, or have applied tax-deferred capital gains, the national tax office has the right to make you pay further taxes on your property.

Two of the many key terms that describe the consequences or causes of foreclosure are short sales and missed mortgage payments. Both of these key terms are widely used and have a strong connection with the foreclosure process.

Missed mortgage payments are when borrowers fail to pay their mortgages over the deadline acceptable by their lenders, which is normally within 30 days.

Short sales occur when someone sells their real estate under mortgage and foreclose their property for a lower price than what the actual debt is. Due to the aforementioned Act of 2007, lenders nowadays cannot sue short sellers for the payment difference.

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