Frankly Speaking Blog

Every Monday, Orlando Regional Realtor Association's Monday Morning Quarterback Report gives you a snapshot of the previous week's market activity, including sales, prices, days on market, and much, much more.

Week of June 02, 2013

Single-family existing homes

• Sales of single-family homes decreased to 318 during the week of Jun 2, from 457 the week prior
• The median price of single family homes increased to $178,250, a change of 1.9%
• The number of single-family home foreclosure transactions decreased to 41 last week, from 61 the week of May 26
• The number of single-family home short-sale transactions decreased to 59 from 91 the week prior
• Single-family inventory increased by 172, and now sits at 7,377

Condos, townhomes, and villas

• Sales of condos, townhomes, and villas decreased to 70 during the week of Jun 2 from 153 the week prior
• The median price of condos, townhomes, and villas decreased to $95,169, a change of -4.8%
• The number of condo, townhome, and villa foreclosure transactions decreased to 7 last week, from 25 the week of May 26
• The number of condo, townhome and villa short-sale transactions decreased to 9 from 26 the week prior
• Condo inventory increased by 34, and now sits at 2,092

Here are several services and ceremonies happening throughout this holiday weekend.

Sunday

Golf Tournament for Operation Giveback: 11 a.m.; Mayfair Country Club, 3536 Country Club Road, Sanford. Cost: $50 per player day of event. Details: 407-322-2531.

Memorial Day Ceremony: 11 a.m.; American Legion Post 112, 4490 N. Goldenrod Road, Winter Park. Fleet Reserve and Sea Cadets will assist with ceremony. Details: 407-671-6404.

Ceremony and Flag Placement: 1 p.m. ; Taft Cemetery, 501 Landstreet Road, Orlando. Dorie Miller Memorial American Legion Post 331 will conduct ceremony and flag placements on veterans' graves. Details: 407-294-3548.

Memorial Day Service: 2:30 p.m.; Cpl. Larry E. Smedley Vietnam War Museum, 3400 N. Tanner Road, Orlando. Service will feature VFW Community Band, color guards, wreaths, JROTC units and Vietnamese community participation. Details: 321-279-0494.

Monday

Memorial Day Service: 8:30 a.m.; Veterans Memorial Park, 420 S. Park Ave., Winter Garden. Service will include Roll Call of Veterans, placement of wreaths and patriotic songs.

Every Monday, Orlando Regional Realtor Association's Monday Morning Quarterback Report gives you a snapshot of the previous week's market activity, including sales, prices, days on market, and much, much more.

Week of April 14, 2013

Single-family existing homes

• Sales of single-family homes increased to 415 during the week of April 14, from 334 the week prior
• The median price of single family homes increased to $165,000, a change of 10.0%
• The number of single-family home foreclosure transactions increased to 65 last week, from 61 the week of April 7
• The number of single-family home short-sale transactions decreased to 53 from 73 the week prior
• Single-family inventory increased by 2, and now sits at 7,244

Condos, townhomes, and villas

• Sales of condos, townhomes, and villas decreased to 107 during the week of April 14 from 116 the week prior
• The median price of condos, townhomes, and villas decreased to $88,000, a change of -15.2%
• The number of condo, townhome, and villa foreclosure transactions decreased to 21 last week, from 23 the week of April 7
• The number of condo, townhome and villa short-sale transactions increased to 23 from 13 the week prior
• Condo inventory decreased by 13, and now sits at 2,026

Every Monday, Orlando Regional Realtor Association's Monday Morning Quarterback Report gives you a snapshot of the previous week's market activity, including sales, prices, days on market, and much, much more.

Week of March 10, 2013

Single-family existing homes

• Sales of single-family homes increased to 363 during the week of Mar 10, from 348 the week prior
  
• The median price of single family homes increased to $159,900, a change of 7.0%
  
• The number of single-family home foreclosure transactions increased to 70 last week, from 58 the week of Mar 3
  
• The number of single-family home short-sale transactions decreased to 75 from 92 the week prior
  
• Single-family inventory decreased by 17, and now sits at 7,369

Condos, townhomes, and villas

• Sales of condos, townhomes, and villas increased to 111 during the week of Mar 10 from 90 the week prior
  
• The median price of condos, townhomes, and villas decreased to $90,000, a change of -5.3%
  
• The number of condo, townhome, and villa foreclosure transactions decreased to 23 last week, from 24 the week of Mar 3
  
• The number of condo, townhome and villa short-sale transactions increased to 17 from 12 the week prior
  
• Condo inventory decreased by 56, and now sits at 2,051

The more you know about the home-buying process, the more money, time and hassle you'll save -- no matter what the current real estate market is doing.

Here are seven questions to see how savvy you are as a home buyer.

Take the QUIZ:

Every Monday, Orlando Regional Realtor Association's Monday Morning Quarterback Report gives you a snapshot of the previous week's market activity, including sales, prices, days on market, and much, much more.

Week of February 24, 2013

Single-family existing homes

• Sales of single-family homes increased to 539 during the week of Feb 24, from 314 the week prior
• The median price of single family homes increased to $160,000, a change of 6.7%
• The number of single-family home foreclosure transactions increased to 92 last week, from 68 the week of Feb 17
• The number of single-family home short-sale transactions increased to 118 from 66 the week prior
• Single-family inventory decreased by 88, and now sits at 7,384

Condos, townhomes, and villas

• Sales of condos, townhomes, and villas increased to 177 during the week of Feb 24 from 98 the week prior
• The median price of condos, townhomes, and villas decreased to $92,100, a change of -15.9%
• The number of condo, townhome, and villa foreclosure transactions increased to 44 last week, from 20 the week of Feb 17
• The number of condo, townhome and villa short-sale transactions increased to 26 from 11 the week prior
• Condo inventory decreased by 18, and now sits at 2,061

Every Monday, Orlando Regional Realtor Association's Monday Morning Quarterback Report gives you a snapshot of the previous week's market activity, including sales, prices, days on market, and much, much more.

Week of February 03, 2013

Single-family existing homes

• Sales of single-family homes decreased to 273 during the week of Feb 3, from 419 the week prior
• The median price of single family homes increased to $149,900, a change of 7.8%
• The number of single-family home foreclosure transactions decreased to 45 last week, from 89 the week of Jan 27
• The number of single-family home short-sale transactions decreased to 61 from 91 the week prior
• Single-family inventory decreased by 33, and now sits at 7,534

Condos, townhomes, and villas

• Sales of condos, townhomes, and villas decreased to 83 during the week of Feb 3, from 116 the week prior
• The median price of condos, townhomes, and villas increased to $81,000, a change of 0.3%
• The number of condo, townhome, and villa foreclosure transactions decreased to 19 last week, from 35 the week of Jan 27
• The number of condo, townhome and villa short-sale transactions decreased to 17 from 18 the week prior
• Condo inventory increased by 37, and now sits at 2,168

Every Monday, Orlando Regional Realtor Association's Monday Morning Quarterback Report gives you a snapshot of the previous week's market activity, including sales, prices, days on market, and much, much more.

Week of January 20, 2013

Single-family existing homes

• Sales of single-family homes decreased to 255 during the week of Jan 20, from 342 the week prior
• The median price of single family homes decreased to $140,000, a change of -3.4%
• The number of single-family home foreclosure transactions decreased to 63 last week, from 81 the week of Jan 13
• The number of single-family home short-sale transactions decreased to 60 from 78 the week prior
• Single-family inventory decreased by 63, and now sits at 7,643

Condos, townhomes, and villas

• Sales of condos, townhomes, and villas decreased to 77 during the week of Jan 20, from 83 the week prior
• The median price of condos, townhomes, and villas decreased to $86,500, a change of -6.0%
• The number of condo, townhome, and villa foreclosure transactions increased to 25 last week, from 20 the week of Jan 13
• The number of condo, townhome and villa short-sale transactions decreased to 14 from 16 the week prior
• Condo inventory increased by 14, and now sits at 2,156

Sellers don't always disclose the whole truth to potential homebuyers, especially if they're eager to sell. But you can't afford to get a professional inspection of every house you tour. So before you spring for the pro, narrow down your choices by doing your own pre-inspection to spot potential problems.

1. Mass Exodus From the Neighborhood
   Don't let a home's curb appeal keep you from glancing down the street. Are there several other homes for sale? Are nearby businesses boarded up or vandalized? Get the scoop from the neighbors. If everyone else wants to leave the street, maybe you should, too. Just do it before you're stuck with a bad investment.
   
   
   
2. Mediocre Maintenance
   Three layers of roofing and gutters with plants growing in them are signs the owners aren't big on maintaining their home. What else did they neglect?
   
   
   
3. Foundation Failures
   Check out the yard grading. If the yard slopes toward the house, it could cause water to run down the foundation walls or into the basement, which will be costly to repair. Scour the foundation for damage. Bulges or cracks bigger than one-third inch can mean the house has serious structural issues.
   
   
   
4. Bad Smells (Inside or Outside)
   Take a big whiff of the air inside and outside the house. Do you smell anything funky? If you can't smell anything but the huge baskets of potpourri all over the house, this could be a red flag.
   
   
   
5. Faulty or Old Wiring
   While you're probably not an electrician, make sure all the switches and outlets in the house function properly. Flickering lights, circuits that don't work and warm or hot outlets or faceplates are all symptoms of wiring problems.
   
   
   
6. Fresh Paint on One Wall
   New paint can really spruce up drab walls, but it can also hide bigger problems, like water damage, mildew or mold. If the room smells strange or if you see stains or saggy walls or ceilings, have an inspector look for mold and leaks.
   
   
   
7. Locked Doors and Blockades
   Ask about any rooms that are "off limits" during your home tour, and arrange to see them later if you're interested in the house.
   
   
   
8. Structural Walls or Floors Have Been Removed
   Sure you love the open floor plan, but was the house always open or did the homeowners renovate? If they removed a load-bearing wall without adjusting the framing, it can shift weight to other parts of the house. Hire a structural engineer if you think any renovations are questionable.
   
   
   
9. Bugs!
   No one wants a house with a pest problem, be it roaches, mice or, worst of all, termites. Be on the lookout for unwelcome creatures as you tour the house. Even if no foes pop out while you're there, consider a separate termite inspection if you're thinking of purchasing the property.
   

BOTTOM LINE: Always get a professional inspection. It may be a little expensive for some, but it's worth every penny. Skipping a home inspection is not a good way to cut homebuying costs. You'll end up paying more in the long run when problems inevitably arise.

Source HGTV FrontDoor

Every Monday, Orlando Regional Realtor Association's Monday Morning Quarterback Report gives you a snapshot of the previous week's market activity, including sales, prices, days on market, and much, much more.

Week of January 06, 2013

Single-family existing homes

• Sales of single-family homes increased to 342 during the week of Jan 13, from 204 the week prior
• The median price of single family homes increased to $145,000, a change of 1.0%
• The number of single-family home foreclosure transactions increased to 81 last week, from 40 the week of Jan 6
• The number of single-family home short-sale transactions increased to 78 from 51 the week prior
• Single-family inventory increased by 19, and now sits at 7,706

Condos, townhomes, and villas

• Sales of condos, townhomes, and villas increased to 83 during the week of Jan 13, from 64 the week prior
• The median price of condos, townhomes, and villas decreased to $92,000, a change of -14.8%
• The number of condo, townhome, and villa foreclosure transactions increased to 20 last week, from 13 the week of Jan 6
• The number of condo, townhome and villa short-sale transactions increased to 16 from 15 the week prior
• Condo inventory increased by 10, and now sits at 2,142

Every Monday, Orlando Realtor Regional Association's Monday Morning Quarterback Report gives you a snapshot of the previous week's market activity, including sales, prices, days on market, and much, much more.

Week of January 06, 2013

Single-family existing homes

• Sales of single-family homes decreased to 204 during the week of Jan 6, from 299 the week prior
• The median price of single family homes decreased to $143,500, a change of -5.0%
• The number of single-family home foreclosure transactions decreased to 40 last week, from 44 the week of Dec 30
• The number of single-family home short-sale transactions decreased to 51 from 93 the week prior
• Single-family inventory increased by 35, and now sits at 7,687

Condos, townhomes, and villas

• Sales of condos, townhomes, and villas decreased to 64 during the week of Jan 6, from 74 the week prior
• The median price of condos, townhomes, and villas increased to $10,000, a change of 20.7%
• The number of condo, townhome, and villa foreclosure transactions increased to 13 last week, from 11 the week of Dec 30
• The number of condo, townhome and villa short-sale transactions decreased to 15 from 21 the week prior
• Condo inventory increased by 4, and now sits at 2,132

Details of the $8.5 billion mortgage foreclosure settlement that federal banking regulators announced last week are not finalized yet. Below are a few answers to common questions from borrowers.

Q: How much money is in the settlement?

A: Ten banks and mortgage companies will pay $3.3 billion in cash to borrowers and $5.2 billion in mortgage relief to settle federal regulators' investigations into alleged foreclosure abuses. This settlement largely replaces a 2011 settlement between the same regulators and leading home loan servicers.

Q: Who's eligible for compensation?

A: That hasn't changed. You're eligible if your primary home was in some stage of foreclosure in 2009 or 2010 and your loan was handled by one of the participating servicers. Those are Bank of America, Citigroup, Wells Fargo, JPMorgan Chase, MetLife Bank, PNC, Sovereign, Sun Trust, U.S. Bank and Aurora. Others may join later.

Q: If I think I'm eligible, what should I do now?

A: Nothing. If you're eligible, regulators say you'll be contacted by the end of March by a company that will function like a claims administrator.

Q: Do I need to prove that I was harmed?

A: Probably not. Your servicer will place your case in one of 11 categories representing different kinds of harm. Regulators will spot check those placements. The categories will be used to decide how much you get. Servicers are supposed to place you in the category that would net you the highest payment, based on your case. Everybody in the same category will get the same compensation. For bigger payouts, expected to be up to $125,000, "some verification" may be required, says OCC spokesman Bryan Hubbard. Few are likely to get that much.

Q: I asked for a review of my case under the 2011 settlement. What happens now?

A: About 495,000 people did that. If you did, you'll likely get an extra, undetermined payment, regulators say.

Q: What if I didn't suffer a foreclosure abuse?

A: You will still be paid, but it will may be a small amount.

Q: What if I think I should get more than what I do?

A: No appeals are allowed. You could still sue the servicer.

Q: How do I get a share of the $5.2 billion in mortgage relief?

A: Servicers will decide that. The kind of help they provide will earn them different levels of credit toward meeting their obligations under the settlement. For instance, if they reduce your home loan balance, they'll get $1 in credit for every dollar in debt forgiven, regulators say. Other types of relief will not be dollar for dollar. Those formulas are still being worked out.

Q: How is this settlement different from the $25 billion national mortgage settlement reached last year?

A: Under that settlement, just five servicers are participating. They are Bank of America, Chase, Citibank, Ally/GMAC and Wells Fargo. They're paying out $1.5 billion to borrowers who actually lost a home to foreclosure from 2008 through 2011 and meet other requirements. They're also extending more money in mortgage relief. The settlements are more similar now in that actual errors won't have to be discovered for borrowers to be compensated.

Q: Can servicers get credit for both programs by helping the same homeowner?

A: No, the OCC says.

Q: What if my servicer was part of the first settlement but not the new one?

A: Talks are continuing with them, the OCC says. If they never sign on, their old foreclosure reviews will continue. Those servicers are HSBC, Ally (formerly GMAC), EverBank and IndyMac, part of OneWest Bank.

Source USA Today