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January, 11, 2012 Banks
filed foreclosures on roughly 205,000 homes in December, the lowest monthly
total since November 2007, according to RealtyTrac.
The 1.8 million foreclosures for 2011 dropped nearly
35% from 2010.
Unexpected delays kept 2011 numbers from passing the
previous year's total as was originally expected. Still, one in every 69
homes received at least one filing.
"Foreclosures were in full delay mode in 2011,
resulting in a dramatic drop in foreclosure activity for the year," said
Brandon Moore, RealtyTrac's new CEO. "The lack of clarity regarding many of
the documentation and legal issues plaguing the foreclosure industry means
that we are continuing to see a highly dysfunctional foreclosure process
that is inefficiently dealing with delinquent mortgages — particularly in
states with a judicial foreclosure process."
Problems arose late in 2010 of improper filings at
the state courthouses. Mortgage servicers and third-party firms will spend
much of 2012 sorting through any financial harm done to borrowers, and
settlement talks with the state attorneys general continue.
Foreclosure timelines vary wildly from state to
state. It takes the longest in New York. The foreclosures completed there in
the fourth quarter of 2011 took an average 1,019 days to complete, up 37%
from the same period one year ago. The next longest was Florida at 964 days.
In Texas, a nonjudicial state, foreclosures took an
average of 90 days to complete. The national average for the foreclosure
process increased to nearly one year from start to finish: 348 days. |
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Listing with real estate broker results in
higher price, greater net to seller!
The Founder and former CEO of ForSalebyOwner.com
may be rethinking the value of listing a property with a REALTOR.
Colby Sambrotto listed his New York condominium on his own and
promoted it on FSBO websites and in online classified ads. All to no
avail.
After six months, he gave up as a FSBO and
listed his 2000 square foot unit with New York broker Jesse Buckler.
His new listing agent recommended retargeting the property to
different buyer groups and suggested a new list price.
The
Wall Street Journal reports that the listing sold for $2.15
million with a 6% professional fee to the broker. Since the condo sold
for $150,000 more that the original asking price, Sambrotto netted an
extra $21,000 after the professional fee was paid.
Bottom line -- it paid the FSBO website
founder to use a pro!
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October 25, 2011.
Latest
consumer confidence report. |
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October 24, 2011 - HUD just announced a program
to sell its REO properties utilizing FHA 203k (rehab) loans with $100 down.
In addition HUD will pay up to 3% of the closing cost. Homeowners who are
behind on their mortgages totals 6,373,000 of which 2,172,000 are in the
foreclosure process. Florida has the highest percentage of problem
properties. |
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| October 19, 2011 -
Banks will continue to shrink as Dodd-Frank adds 24,000 pages of new
regulations and fees. Banks currently hold 10% of deposits in reserves. A
new mortgage requires an additional 5% to be escrowed. Banks sell loans to
the GSE's but in the future they become the insurer of failed loans. The
result will be fewer loans. Government regulations caused the housing boom
and bust and its fix is preventing its recovery. |
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| October 3, 2011 -
Just returned for the AAREA Convention in San Francisco. Banks expect to
begin releasing REO properties soon. Filings at the Pinellas County Court
House for the early days in November are averaging around 180 per day. Since
October its been 1-5 or 0 listings going into foreclosure. 28 days after
filing a hearing is held and 2 days after that a new listing is given out.
You can read about supply and demand in the latest issue of the
Roe Report. |
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| September 22, 2011
- in Aug. I won the top-10 award for the third time this year; I have 5,700
peers. The latest comment from the banks is to expect two REO listings for
each one that sells once the moratorium is lifted from the ROBO signatures.
The estimate of when to expect releases are late October or mid-point second
quarter of 2012. Buyers are loving the Roe Boat. |
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| August 30, 2011-Certain
members of our government are talking about selling bad loans in bulk to
investors who will clear title and rent the underling properties. Large
investors who can manage this type of program require 100 unit apartment
complexes to cover the cost of a manager. The manager starts with D tenants,
improves to C and finally B's. If this concept is approved properties won't
be maintained, values in the neighborhoods will decline and the housing
crisis will continue much longer than necessary. Tampa Bay price have
declined 7% in the past 12 months but sales are up slightly. Since REO and
Short Sales are declining in share of market this is the ideal time to sell. |
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| August 10, 2011-Stock market is
suffering wild swings. Common Sense says this rollercoaster will
last 7-10 days before cooler heads prevail. From a real estate prospective waterfront
/ luxury properties are gaining a buyer pool. Assume you
were fairly well to do and lived outside the U.S.? Where is the safest place to be? Where is the world's
largest economy (25% of the total)? Where is the strongest military? Where do
people with diverse backgrounds get along best? What country is the world's
breadbasket? We are here and naturally a little shaken, but if you were anywhere else the U.S.
would be looking
awfully good. |
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| August 5, 2011- The
U.S. received a downgrade to AA+. The world won't end but the ride will be
bumpy for a while. |
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| July 21, 2011-Got caught in a
storm. I was able to dock the boat without banging the pilings in 15-20 mph
winds and 1' waves. |
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| July 4, 2011-The Roe Boat
is launched to introduce foreign buyers to our Florida lifestyle. Canadians
usually know one or two Florida locations where they would like to own. Most
overseas buyers also consider the Mediterranean, the Caribbean or parts of
Central and South America.
Since overseas buyers are 65% of my personal business I
wanted to show them how good we live. |
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| 2010-Decided to buy a cruiser
to help sell high-end homes. I had a presence in the waterfront condo
business but was relatively unknown in the waterfront home market. I had to
determine the style and features I would need. Decided it needed a bathroom,
a kitchen and air conditioning. A tablet PC would allow me to write and sign
offers aboard the boat. Needed Internet so bought a cell phone to act as a
wi-fi hot spot. I had owned boats before but never a dual engine. Could
someone teach an old dog to dock a larger boat? Yes you can. :-) Added
waterfront home sales to the Roe Report. |
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| 2007-While attending a real
estate convention someone in the audience mentioned a couple of tragedies
that had happened to Realtors resulting in the loss of lives causing their
estates to lose the income from contracts under agreement and accounts
receivables. I immediately volunteered to teach Disaster Recovery. As luck
would have it some major banks were in the audience. Within 100 days I had
over 250 REO (bank owned listings) which created the need for a staff of 11
to manage this new business. I now teach how to manage and grow a real
estate business, disaster prepardness and I sit on expert panels at several
conventions. |
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| 2006- Launched the Roe Report.
It is designed to inform buyers and sellers on the market, town by town in
Pinellas County. It has links to each towns website for condo
sales...waterfront only. You can read past quarters at
www.RoeReport.com. |
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| 2005- Having
introduced Ziploc
Bags and having consolidated 36 corporations into a single sales and
marketing department for the world's largest consumer products company I
decided to create a newsletter based on information rather than "Hi I sold
something - hire me". Before I could write the newsletter the way
I wanted I needed websites for each town and some of the major condos. I
increased my website count to over 100 allowing me to dominate the Internet
for this area. |
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| 2003-moved to FL. Took the real
estate brokers course so I could meet people. When someone in the class
asked me where I wanted to sell....I said Sand Key and the beaches. They
said you and 8,300 other agents, good luck, you will need it. I built some
website and had my first closing 6 weeks later. My company was named Cliff
Roe Realty and I had 3% of the waterfront condo sales after a year. |
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| 1999-retired and got cancer.
After beating the big C, I bought a zip code directory and built a website
that ranked number 50 in worldwide traffic. Signed up a 1,000 Realtors and
was doing $6.5M a week in referrals. The only Realtor I knew was my ex so I
got a license; and a brokers license the next year. As an executive I had
sold over $2B in businesses and had $1.6B in Mergers and Acquisitions, real
estate seemed a natural transition to a new business and a good way to
eliminate the boredom of retirement. Living in the NE the winters kept getting
colder and colder so I decided to plan a return to Florida.
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