MLS#  O4999418  5560 METROWEST BLVD # 3-201, ORLANDO FL 32811 $69.900

Exterior Front	Dining Room
Living Room	Living Room
Kitchen	Master Bedroom
Master Bath	Bedroom 2
Bedroom 3	Bath2
Exterior Back

Look no further.  This gorgous 3 bedroom, 2 bath condo is ready to welcome you home!  Entertain friends around your dining room table, or just kick off your shoes to relax on the couch in your large living room.  Of course, you can recruit others to help with the cooking. Not a homebody?  Then head to the pool just a few steps beyond your door.  Minutes to shopping, restaurants, Millenia Mall, and Universal Studios, you’ll never run out of options! 

For the latest status on this property and many more in the Orlando area, contact Steve Glose with Keller Williams Realty direct at 407-616-7286 or visit www.thefloridalivingteam.com. For a faster reply you can also email me at steve@thefloridalivingteam.com. U.K callers dial: 020-3239-7286. All information is deemed reliable but not guaranteed on the date posted.

Visit www.hunterscreekhomevalues.com or www.hunterscreekhomesforsale.com for information on all properties for sale in  Hunters Creek Orlando.

MLS# O4999316 111 E SMITH ST # 2, ORLANDO FL 32804  $ 62,640

Exterior Front	Living Room
Dining Room	Kitchen
Master Bedroom	Bedroom 2
Bedroom 2	Exterior Back

College Park Condo with balcony! Need we say more?  This charming 2 bed/1 bath home awaits you!  Quiet nights in, or on the town, you are close to everything – museums, shopping, restaurants, and just minutes from downtown. See it today, move in tomorrow!

For the latest status on this property and many more in the Orlando area, contact Steve Glose with Keller Williams Realty direct at 407-616-7286 or visit www.thefloridalivingteam.com. For a faster reply you can also email me at steve@thefloridalivingteam.com. U.K callers dial: 020-3239-7286. All information is deemed reliable but not guaranteed on the date posted.

Visit www.hunterscreekhomevalues.com or www.hunterscreekhomesforsale.com for information on all properties for sale in  Hunters Creek Orlando.

MLS# O4996126  9983 CYPRESS VINE DR, ORLANDO FL 32827  $170,900

Exterior Front	Kitchen
Kitchen	Living Room
Living Room	Dining Room
Master Bedroom	Master Bath
Garage	Exterior Back

 Immaculate and spacious 4 bed 2 bath home located in the prestigious community of Northlake Park  ~  Split floor plan with large master suite and walk in closet  ~  Upgraded master bathroom has his and hers vanities,  garden tub and large separate shower  Association dues include your membership to the YMCA with its heated Olympic sized pool and numerous facilities located in the community.   Home is located minutes from the new VA Hospital, Burnham Institute, Medical Center, O.I.A., and Theme Parks. Wow!  What a great opportunity to own in Lake Nona. Don’t wait on this one.

For the latest status on this property and many more in the Orlando area, contact Steve Glose with Keller Williams Realty direct at 407-616-7286 or visit www.thefloridalivingteam.com. For a faster reply you can also email me at steve@thefloridalivingteam.com. U.K callers dial: 020-3239-7286. All information is deemed reliable but not guaranteed on the date posted.

Visit www.hunterscreekhomevalues.com or www.hunterscreekhomesforsale.com for information on all properties for sale in  Hunters Creek Orlando.

Bank of America is the first of the major banks to start a new program for Homeowners who are in trouble of losing their property to foreclosure. The new program will allow homeowners who owe more that 120% of their homes value to adjust their principal balance. Bank of America says they will forgive up to 30% of the customer’s loan principal.

This is a positive step in the right direction to prevent homeowners from falling into foreclosure. The loan program will begin in May 2010 and may be the blueprint for other major lenders to follow.

So you lose your home to Foreclosure and you feel that your biggest financial problem is behind you. What you may not know is that you might still be liable for the difference between what you owe on the house and for what the bank could sell it for.  This is known as a “deficiency” and many lenders are pursuing any means possible to collect this debt even if the bank approved them selling their home for less than it was worth (Short Sale).

After a property is foreclosed by a bank there is usually a large deficiency. Because of the rise in Foreclosures Banks are seeking means to collect on these huge losses by seeking more deficiency judgments against past owners.  Many past owners are under the impression that they do not owe anything back to these banks and have even signed documents that appear to release them from the debt of the loan.

There are 2 parts to mortgage: a pledge of collateral which is the home and a promise to pay off the loan. If a property is foreclosed, the Lenders will release property liens and pay off taxes in order to liquidate a foreclosure or to facilitate a short sale. Unless the borrower has the bank release the promissory note to pay off the loan, the bank can then convert the secured debt to an unsecure debt and seek a judgment against the borrower at a later date.

It should be noted that banks are selling these accounts to collection agencies. These agencies would not be paying for these accounts if they didn’t have a plan to go after past borrowers. It is not uncommon for these collectors to wait for the borrower to have recovered financially and then go after them for the bad debt. If Florida the bank can wait up to 5 years before they file a claim. Once the court grants the judgment, the bank has 20 years to collect the debt along with interest.

A borrower should always seek legal advice if they are not sure about the foreclosure process or Short Sale process. An attorney will always try to negotiate away any deficiencies when they facilitate a short sale or deeds-in-lieu. An uninformed borrower might find themselves with a ticking time bomb if they sign every document from the Bank without knowing what they are signing.

The final numbers for 2009 are in and as expected the overall results were quite positive for the Orlando area Real Estate market. We saw a 59.31% increase in sales over the same period for 2008, The inventory of homes dropped by 25% , the number of properties under contract more than doubled, the average days on market decreased to under 90 day.  There are all positive indicators that show the housing market trying to correct itself and recover.  We are in no means out of the woods just yet. Banks are predicting 2010 to be another big year for foreclosures as 5 year arm loans written in 2005 become due. Another factor that may affect this recovery is that the local unemployment rate is hovering around 11.8% as of November 2009 which is a big jump from the same period in 2008 of 7.4%. Mortgage rates are also a key factor in the market recovery. Currently mortgage rates are holding at 5.0% – 5.25%. Low rates are allowing first time home buyers to enter the market where several years ago they were unable due to higher rates and high home prices.

Lower inventories of homes should help stabilize property prices for 2010 as long as there is not a big influx of bank owned or foreclosure properties. This will be decided by the banks as they are now watching inventory levels to see when is the best time to list bank properties for sale.

Investors and second home / vacation home buyers will play a key role in the Orlando market for 2010. Over 25% of all transactions in the State of Florida were from outside the country. Foreign National Buyers see Florida as a great investment and should continue to purchase in 2010 as prices remain at or below current market prices.  We should expect 2010 to play out the same as 2009 as long as there is no new major economic shift.  Buyers should take advantage of the current market and purchase before the shift in foreclosures begins to decrease. The inventory of these properties is still very good. As these numbers decrease so will the quality of the foreclosures. Make 2010 the year you purchase your first home or a vacation property.

As the Florida summer begins and the housing market continues to heat up, it should also be noted that the Sterling hit an 8 month high at the end of June at just over 1.6715 against the U.S. dollar. This is fantastic news for U.K. vacation home buyers looking to pick up foreclosure deals here in Florida. We only need to look back a few months to see the Sterling trading around 1.41 against the dollar.  

The positive data is showing that the U.K. housing market is starting to rebound and that the investors are pulling out of the safe haven of the U.S. dollar to look for higher yielding investments. The stronger pound allows U.K. Buyers to refinance their properties back home to purchase investments here in the U.S.  

The Euro is also seeing some strength against the Dollar but is still under pressure as the areas that encompass the Euro are still vulnerable and investors are weary as these markets may have not reached bottom yet. The strength of the pound will lead the way for both the Euro and the Dollar in the coming months. A strong pound may keep both these currencies low which will mean opportunity for U.K. buyers that are looking to purchase properties here in Florida.

After 9 months of positive sales increases, The media is finally taking notice that home sales have increased and that first time buyers and investors are jumping into the market to pick up foreclosures before prices start to rise again.  In some sections of the housing market here in Central Florida we are seeing multiple offer and price bidding on bank owned properties. This is usually the first sign that the market has hit bottom and prices are beginning to stabilize.

I would caution any buyer that is waiting for further price decreases to take notice of the sales increase for Central Florida. Waiting on the fence for better pricing might mean that you miss the bottom of the market and great deals on “quality” foreclosures.

Call or email me today for a list of foreclosures that fits your needs. Now is the best time to buy before prices start to rise again.

To most people out there it may seem like I am talking about the same thing twice (I actually am) about foreclosures and forclosures. I recently ran a search on the top 10 cities for foreclosures and found out that most people when searching the word foreclosure spell is incorrect. This spelling error did not have a major impact on the search but it did prove that there can be different results when you misspell the key words that you are searching for. By dropping the “E” on foreclosure produced a slightly different search result when searching for Orlando Forclosure vs Orlando Foreclosure.

The results of the top 10 Cities for foreclosures remain the same regardless of how you spell foreclosure. Below is the most recent and updated list of foreclosure cities.

1. Las Vegas, NV, USA

2. Miami, FL, USA

3. Orlando, FL, USA

4. Tampa, FL, USA

5. Atlanta, GA, USA

6. Phoenix, AZ, USA

7. Charlotte, NC, USA

8. Richardson, TX, USA

9. Sacramento, CA, USA

10. San Diego, CA, USA

While the pace of re-sale homes is hitting record pace due to the flood of foreclosures, the supply of new homes in the surrounding Orlando area has hit an 11.7 month supply.  The average for most major markets is  1 ½  to 3 months supply.  The high supply of homes is creating greater downward pressure not only on the amount of home starts but also the prices of new homes.

Orlando is not the only major market that has high inventory; Southern California, San Diego, and Las Vegas are also having severe problems. While the Orlando market is trying to correct the inventory problem, with 18,423 ready to move in properties and 12,000 starts within the last 12 month, other markets are making faster progress.  Atlanta for example has more than 20,000 move in ready properties with fewer than 9000 new construction starts for the same period.