Real Estate Information

A list of our active homes for sale are below, check them out.

Visit us online at www.nathanbangs.com

Starting April 5th the revised HAFA program starts and the government hopes that lenders will jump on the program and help homeowners like yourself.

I am learning along with you and as I get new information I will share....

First I would start by reading this link I have added to my website that goes over the FAQ's of the program (also revised again on Friday so even this is a day old)

http://www.nathanbangs.com/agent_files/HAFA FAQ's.pdf

Here is a blog I posted about 2 weeks ago on the RULES of a HAFA qualified Seller, see if you match.

http://www.nathanbangs.com/Blog/HAFA-home-sale-rules

Second I would pick up the telephone and see if your lender is participating, if you qualify and what do you need to do to get into the program.  .

We are partners and lets see if this program is something that can help your short sale situation.

Thanks,

Nathan

If you are on the fence about a sellling price? This Money Magazine article should motivate you to be agressive or not sell at all and holding for the long run (my guess 5 - 7years).  We have been in a declining market for 4 - 5 years (since 2006) with another year predicted to drop.  Recovery does not take as long but we still have need seen the bottom in Tampa Bay.

With 14,000 Homes on the market and 1,300 selling on average per month, 1 in 10 homes are being SOLD - price - condition - location are KING......

Money Magazine has released its latest home-price projections for the country’s largest metropolitan areas. Here are the 10 where it foresees the most substantial declines:

Where prices will decline:

• Miami, -22.5 percent
• Fort Lauderdale, Fla., -21.3 percent
• West Palm Beach, Fla., -18.5 percent
• Phoenix, -18.5 percent
• Las Vegas, -15.4 percent
• Tampa, -13.8 percent
• Pensacola, Fla., -13.6 percent
• Gainesville, Fla., -13.4 percent
• Suffolk, N.Y., -13.4 percent
• New York City, -12.9 percent

Source: Money Magazine (03/20/2010)

Interested in your Tampa Bay properties value?  www.ValueMyTampaBayHome.com

Thanks,
Nathan

Nathan Bangs & Associates - Tampa Bay Office - 813.739.5965 / Buyer Hotline - 813.739.5925

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Are You Facing Foreclosure Click me?     Analysis of your Tampa Bay Homes Value

GTAR has release their February statistical data. 

AVERAGE RESIDENTIAL SALES PRICE

The Average Residential Sales Price represents the average sales price of closed residential sale transactions as reported through the MLS for single family homes, townhomes, condominiums, and villas.  As noted on the GTAR website, these figures do not represent private sales or new construction sales unless entered into MLS.  This is only one of many available indicators, but taken consistently over time, provides a good view of residential market activity.

The February 2010 average residential sales price of $169,864 represents a 5.71% decrease over last month, a 4.46% decrease over last quarter (3 months ago), and a .26% increase over February of 2009.  Although we're close, we have not broken through the low hit in January 2009.  After about 18 months of finding news lows every month, we have spent the last 12 months supporting the low found in January 2009. 

The reality of what we've been through - The February 2010 average residential sales price represents a 29.96% decrease from 2 years ago, a 38.95% decrease from 3 years ago, and a 45.62% decrease from the high of $312, 356 hit in July 2006. 

TOTAL RESIDENTIAL SALES

Total Residential Sales represents the number of closed sale transactions as reported through the MLS for single family homes, townhomes, condominiums, and villas.  As noted on the GTAR website, these figures do not represent private sales or new construction sales unless entered into MLS.  This is only one of many available indicators, but taken consistently over time, provides a good view of residential market activity.

In February 2010, GTAR reports 1,272 residential sales.  This is up 25.32% from last month, down 8.29% over last quarter (3 months ago), and up 28.48% over February 2009. 

This February figure is also down 58.55% from the high reached in June 2005 when 3,069 residential sales were reported, but up 79.92% from the recent low reached in January 2008 when only 707 residential sales were reported.

Please click the link below to access a pdf file with the data and graphs.

February 2010 Market Activity Data and Graphs

Monthly Foreclosure Activity

The first public notice of a foreclosure is the recording of a legal document called the Lis Pendens.  This typically happens after the homeowner has missed about 3 mortgage payments.  The Final Judgment of Foreclosure is recorded next, detailing the amount owed including principal, past due interest, fees, etc.,  Finally the foreclosure sale is held.  The winning bidder at the foreclosure sale, or the foreclosing lender if no one bids, acquires title via the next recorded document, the Certificate of Title.  This process takes about 8 months, barring any delays.  Because lenders are not really in the business of owning real estate, they will now attempt to sell this REO (Real Estate Owned) property and move it off their books, often times at deeply discounted prices.

In February 2010, there were 1,991 Lis Pendens filed in Hillsborough County alone.  Keep in mind that there were on average 398 Lis Pendens filed in Hillsborough County during the 24 month period from August 2004 to July 2006.  Over the last 24 months there have been an average of 1,900 Lis Pendens filed every month.

As of this writing on Saturday, March 20th, there are 1,144 Lis Pendens filed so far in March. 

Please click the link below to access a pdf file with the data and graphs.

February 2010 Foreclosure Activity in Hillsborough County 

Hello,

Many of our past clients purchased homes when interest rates were much higher than they are now.  And many took out an adjustable rate loan and may be facing an increase or even a balloon payment soon.  Because so much of our business is based on referrals from you, we feel a responsibility to not only try to lower your monthly payments, but to prevent the risks we’ve all seen within the mortgage industry. It is entirely possible to improve your situation now with the right advice.

We’ve joined forces with Mortgage Resource Partners, with offices in Clearwater and Atlanta, because they are the only company that provides mortgages with guaranteed, fixed closing costs—instead of the estimates that are given by everyone else. They will also match any legitimate offer from any bank or mortgage source so no one has to rely on an estimate—and face surprises or delays in closing. In addition, rates are so low right now that most financing can be accomplished with absolutely no closing costs at all, even if you have no equity. Banks and brokers don’t want offer these no-cost loans—because they truly have no costs!

If the interest rate on your mortgage is above 5%, please call my colleague Stan Blacker, the president of Mortgage Resource Partners, to see what can be done. Stan will lower your interest rate with no closing costs whatsoever.  It will be like transferring your balance from one credit card to another one with a lower interest rate.  Your balance will remain the same, your number of years left will remain the same, but your payment will go down because of the lower rate.

Please call Stan soon as this program is only available while rates remain low enough. His office number is 727-786-5600 or toll-free 1-866-520-0797. His cell number for after 5 or weekends is 727-644-4642.

Thanks,

Nathan

Here are some more ideas on staging your home. Please feel free to contact me at any time if I can be of assistance

The greatest way to show a home is to have a key available. This is typically done by placing it in a secure lock box, provided to you by your Real Estate Professional. This will give agents, with prospective buyers easy access to your property and promote showings. Following these simple staging guidelines will also help:

• Keep all lights on, even on the sunniest of days
• Keep all draperies and shutters open
• Leave soft music playing at a low level
• Take a short walk or drive with your children & pets
• Let the Realtor and clients view the home without your presence
• Burn a scented candle to add a pleasant aroma to your home

Nathan Bangs & Associates

Do you know someone who is upside down on their mortgage?  A short sale may be a great option for them.  We have included a link on our website to a brochure with some valuable information about short sales and other solutions for distressed homeowners.  Please share this with anyone that may benefit.

Avoid Foreclosure Brochure

We are the premier short sale team in the Tampa Bay area working with homeowners that owe more against their home than it is currently worth - helping them sell their home without bringing any money to closing.  Homeowners hire us because they understand the value that we provide.  This value comes from our experience, our results and our efficient process.

Find more information on our website:  www.TampaBayTroubledHomes.com

Forward this to those that you know need help!

Thanks,

Nathan

Attention Homebuyers: Double-Barrel Stimulus Deadlines
Threaten Rates and Affordability; The Time to Act is NOW!

The great author and speaker Og Mandino once said, "I will act now. I will act now. I will act now."

This is great advice for prospective homebuyers over the next 45 days, as two key government programs that have kept home ownership more affordable than ever wind down to their completion.

First, the Federal Reserve's Mortgage Backed Securities (MBS) purchase program will come to an end on March 31, just two weeks away! Without this program home loan rates could have been at least 1.00% higher...and potentially even higher...over the last year. Throughout 2009, the Federal Reserve was the primary buyer for MBS, purchasing as much as 80% of the supply in a given month. When this program ends, a lack of willing buyers will likely cause MBS prices to drop and rates to rise as a result.

The second shot will come on April 30th, which is the deadline for purchasers to get under contract to qualify for the Home Buyer Tax Credit program, which has been providing a tax credit of up to $8,000 to first time homebuyers and up to $6,500 to repeat purchasers.

Just How Much Will Waiting Cost?
While no one knows for certain what the future holds, two things appear clear. Home loan rates will likely be higher in the future, and free money from the government will be gone. These deadlines will affect both affordability to purchase and the opportunity to refi.

In a recent Wall Street Journal article, it was estimated that 37% of all borrowers with a 30-year fixed rate have interest rates of 6% or higher. The article also quotes Credit Suisse that more than half could lower their rate by nearly 0.75%.

For prospective homebuyers, any increase in interest rates erodes your purchasing power. In other words, a 1% increase in rate represents an approximate decline in purchasing power by 10%. For example, if rates increase by 1%, people who qualify for a $200,000 purchase price today may only qualify for a purchase price of $180,000 afterwards.

DON'T MISS OUT ON A GREAT OPPORTUNITY IN TIME TO BUY- CALL NOW TO SET UP AN APPOINTMENT FOR US TO MEET AND DISCUSS HOW I CAN ASSIST YOU WITH YOUR NEXT PURCHASE!!