Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Other Forums > General Real Estate and Real Estate Finance
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 05-07-2009, 05:14 PM
Julio E. Sune, Jr. (FL)'s Avatar
Julio E. Sune, Jr. (FL) Julio E. Sune, Jr. (FL) is offline
 
Join Date: Jan 2002
Location: Miami, Florida
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 1,579
Default South Florida:In Deep Water

http://www.miamiherald.com/business/story/1036019.html

"Roughly 71 percent of owners who bought in Miami-Dade and Broward counties in the past five years were ''upside down'' -- meaning they owed more than their homes were worth -- at the end of March, according to a report released Wednesday by the Web-based real estate services firm Zillow.com.

There is nothing to address principal reduction in the Obama plan. People who owe more than $300,000 on their mortgage that now own a $200,000 house won't get their loans reduced to $200,000.''

================================================== ====================
Here is what I said in June 21, 2001..........

http://www.ired.com/news/2001/0106/appraisalbloat.htm

"At the present time, there is a shortage of available residential properties for sale in certain areas. Therefore, properties could be sold for more than they are worth. In an "over-heated" market, the prudent consumer/purchaser should take reasonable steps to determine the Fair Market Value of a real estate property. Use an experienced, reputable appraiser, whose primary duty is to estimate market value, and not price, to protect your interests. Find one who knows the particular market area very well."
Sponsored Links

  #2  
Old 05-07-2009, 08:17 PM
Mark A Rewbury Mark A Rewbury is offline
 
Join Date: Jan 2004
Location: Fort Myers, FL
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 518
Default

Quote:
Originally Posted by Julio E. Sune, Jr. (FL) View Post
http://www.miamiherald.com/business/story/1036019.html

"Roughly 71 percent of owners who bought in Miami-Dade and Broward counties in the past five years were ''upside down'' -- meaning they owed more than their homes were worth -- at the end of March, according to a report released Wednesday by the Web-based real estate services firm Zillow.com.

There is nothing to address principal reduction in the Obama plan. People who owe more than $300,000 on their mortgage that now own a $200,000 house won't get their loans reduced to $200,000.''

================================================== ====================
Here is what I said in June 21, 2001..........

http://www.ired.com/news/2001/0106/appraisalbloat.htm

"At the present time, there is a shortage of available residential properties for sale in certain areas. Therefore, properties could be sold for more than they are worth. In an "over-heated" market, the prudent consumer/purchaser should take reasonable steps to determine the Fair Market Value of a real estate property. Use an experienced, reputable appraiser, whose primary duty is to estimate market value, and not price, to protect your interests. Find one who knows the particular market area very well."
And I also hear Jacksonville is in the same pickle.
  #3  
Old 05-08-2009, 05:55 AM
chad hampton chad hampton is offline
 
Join Date: Nov 2006
Location: Charlotte
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 946
Default

Until something is done to the principal amt of these loans, things will never get better.

I have no idea why anyone would keep paying on a $350k home, on a 95% or 100% loan, when that home is now only worth 200k. Which is the case all over florida and quite a few other states.

I know several people that are in the short sale process and some in foreclosure, you'd be amazed at the stupid decisions these banks are making regarding these homes. The stupidity of these banks is amazing. People are trying to do the best they can and their banks are making things much worse. Banks need to understand they are going to have to take a hit on these properties.
  #4  
Old 05-08-2009, 06:19 AM
Pamela Crowley (Florida)'s Avatar
Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
Join Date: Jan 2002
Location: Wherever We Are Parked
State: Florida
Professional Status: Retired Appraiser
Posts: 25,254
Default

As the reality of it all hits those that are ready to move, many, many more foreclosures will happen as people walk away. Trying to do any kind of modifications with these banks is almost impossible and include long term negative conditions for the borrowers, so walking away becomes the best choice. Foreclosures are no where near at the high they will be, and the value/price declines will continue. Many of the new houses during these past 10 years will end up being torn down as they are deteriorating beyond repair while sitting vacant. We still don't have new jobs and are losing more existing jobs along with many thousands of vacant houses. Supply and demand show that we have a major gross oversupply and I don't see anything happening any time soon to bring it back to equilibrium.
__________________
All that is necessary for the triumph of evil is that good men/women do nothing.
Fight Back!
  #5  
Old 05-08-2009, 07:30 AM
nauthead's Avatar
nauthead nauthead is offline
 
Join Date: Nov 2004
Location: Stink Key, FL
State: Florida
Professional Status: Certified General Appraiser
Posts: 1,535
Default

Central Florida is in the same boat. I have told a lot of people recently that one of the best cures for the market in my area is to hire a contractor with a fleet of bulldozers. We have hundreds if not thousands of vacant homes that have slowly been picked clean with nothing left but the shell of the home. These homes are in areas nobody wanted to live in when the market was booming, let alone when it's circling the drain. The bulldozers would do two things-reduce inventory and remove neighborhood nuisances. It may not help bring values up, but it should help stop the bleeding.
__________________
If you were supposed to watch your mouth all the time I doubt your eyes would be above it.
  #6  
Old 05-08-2009, 07:49 AM
David Dietz's Avatar
David Dietz David Dietz is offline
 
Join Date: Oct 2006
Location: Lehigh Acres/Fort Myers
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 730
Default

This is probably true for the majority of populated area's of Florida.
__________________
Semper Fidelis
  #7  
Old 05-08-2009, 08:04 AM
George Ellerman's Avatar
George Ellerman George Ellerman is offline
 
Join Date: Feb 2005
Location: Cincinnati
State: Ohio
Professional Status: Licensed Appraiser
Posts: 1,260
Default

With regard to you Florida appraisers, I'm just curious as to how these 1004mc forms are being completed and what they are indicating??

Last edited by George Ellerman : 05-08-2009 at 08:11 AM.
  #8  
Old 05-08-2009, 08:05 AM
Betty H Church Betty H Church is offline
 
Join Date: Oct 2006
Location: Las Vegas, NV
State: Nevada
Professional Status: Certified Residential Appraiser
Posts: 414
Default

It looks to me like Nevada is in the same boat as Florida. Very discouraging. Tuesday's news showed new and partially finished homes being bulldozed in Victorville, CA. In Las Vegas I am seeing REO homes purchased 6-12 months ago at what was thought to be a good deal at the time now being offered as short sales or are pending foreclosure again.
  #9  
Old 05-08-2009, 09:27 AM
Vetteman Vetteman is offline
 
Join Date: Jan 2009
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 529
Default

Quote:
Originally Posted by George Ellerman View Post
With regard to you Florida appraisers, I'm just curious as to how these 1004mc forms are being completed and what they are indicating??
If I ever receive another order I'll let you know. Been waiting since January.
  #10  
Old 05-08-2009, 10:19 AM
Mirage's Avatar
Mirage Mirage is offline
 
Join Date: Sep 2005
Location: Florida
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 346
Default 1004mc forms

The 1004mc forms are worthless in my market, my own market statistic is more reliable then
the form.
I know of home owners who are upside down on the mortgage with an 8 to 10% interest rate, a lot of them are trying to stay in the home regardless, but asking the mortgage holders to refinance to a lower interest rate is a nightmare.
As long as the banks are getting bailed out from US tax payers, nothing will happen.
I don't understand this , if a home owner is willing to keep paying the mortgage regardless of being about $ 100,000 in the red, why would the mortgage holder not give them a better interest rate.
Something doesn't smell right !
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 06:03 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93