Foreclosures in Smith Farm, Lake Worth

As of today, there are 102 Smith Farm homes in some stage of foreclosure. (On April 1st there were 94)

Alphabetically, by street, here are the numbers:

• Ambleside-3
• Ashburn-5
• Boxleaf-1
• Branchwood-10
• Columbia-6
• Copperfield-3
• Downwinds-2
• Great Oak-4
• Greenville-7
• Kingsley-6
• Marbletree-6
• Oak Bluff-4
• Oak Grove-14
• Prestwick-1
• Ridgefield-3
• Rockport-8
• Sally Lyn-4
• Squirewood-3
• Stonehurst-4
• Waterdance-3
• Waverly-4

Falling home prices raise fears of new bottom - Yahoo! News

 

Tax credits and historically low mortgage rates have failed to lift home prices so far this year. Prices fell 0.5 percent in March from February, according to the Standard & Poor's/Case-Shiller 20-city index released Tuesday .

The co-creator of the Case-Shiller index, who predicted in 2005 that the housing bubble would burst, is raising concerns that the worst may be ahead. That fear is shared by other economists who point to weak job growth, tight credit and many more foreclosures ahead.

"I'm worried still about the risk of a double-dip," economist Robert Shiller said in an interview.

The month-to-month drop from February to March marked the sixth straight decline. Prices in 13 of the cities fell. Only six metro areas recorded price gains. One, Boston, came in flat.

In the first quarter of 2010, U.S. home prices fell 3.2 percent compared with the fourth quarter.

Falling home prices raise fears of new bottom - Yahoo! News

Short Sale Myths

Short Sale Myths De-Bunked


RISMEDIA, May 13, 2010—With short sales making up almost 35% of home sales in March and the country with a national foreclosure problem, I Short Sale, Inc., one of the largest short sale firms in the U.S., sets the record straight on common short sale myths.

1. You must be default on your mortgage to negotiate a short sale. Short sales are not a function of default status on a mortgage. They are the result of the bank mitigating a potential default situation that, in the long run, will cost more money to the investors. We have completed many short sales in instances when the borrower was not in a default situation.

2. Listing my home as a short sale is embarrassing. Anytime we get ourselves into a tough financial situation it can cause some embarrassing feelings. It is important to remember that those feelings will not help us get back onto stable financial ground. We need to overcome our feelings and do what is right to protect our financial futures.

3. Buyers aren't interested in short sale properties. Short Sale properties are often times available at a competitive price to other properties on the market. In many cases, short sale properties are very well cared for and have not had to endure the deferred maintenance of a REO property. Short Sale properties are in great demand in the marketplace.

4. There's not enough time to negotiate a short sale before foreclosure. A good negotiator takes into account the timeline affiliated with a foreclosure. There is always a chance that a short sale can be negotiated. However, the only way to know for sure is to try.

5. The bank would rather foreclose than complete a short sale. Banks do not want to foreclose on property. It is expensive and carries a high level of liability once the bank owns that property as an REO. Wherever possible, banks are seeking other loss mitigation options before foreclosure.

6. Short sales are impossible and never get approved. Short sales are complicated, but not impossible. We negotiate short sale approvals every day.

Smith Farm market activity report...last 90 days of sold properties

Looking at the properties that have sold within a subdivision in the previous 90 days is a big factor in arriving at a valuation that an appraiser may report back to a lender. Generally, appraisers will try to find enough "comparable" (not identical) sales going back only 90 days. If there are not enough, they will continue to go back further.

I have seen instances that, for whatever reason, where appraisers have passed over recent sales and used older sales in their valuations...and it has resulted in an "appraisal review" being called for and usually ends with a lowered appraisal.

Below are all the reported sales in the last 90 days:

1. 3 BR. 2.5 bath, 1 car - 1737 sq ft. - (model 719) - Rockport - $175,000 - (bank owned)
2. 3/2/2 - 1600 sq ft. - Oak Grove - (model 745) - $198,000
3. 3/2/2 - 2166 sq ft - Copperfield - (model 1141) - $206,000 - (short sale)
4. 3/2.5/2 - 1821 sq ft - Rockport - (model 722) - $206,250
5. 4/2.5/2 - 2050 sq ft - Columbia - $217,000 - (bank owned)
6. 3/2.5/2 - 1821 sq ft - Rockport - (model 722) - $218,000
7. 3/2.5/2 - 1821 sq ft - Rockport - (model 722) - $220,000 - (bank owned)
8. 4/3/2 - 3017 sq ft - Copperfield - (model 1139) - $227,000 - (short sale)
9. 3/2.5/2 - 2694 sq ft - Pool - Columbia - (model 718) - $229,000 - (short sale)
10. 3/2/2 - 2166 sq ft - Copperfield - (model 1141) - $245,000
11. 5/2.5/2 - 3638 sq ft - Great Oak - $315,000 - (bank owned)

Smith Farm homes currently under contract

There are currently 13 Smith Farm homes "under contract"

The asking prices range from $189,000 to $399,000.

7 of the 13 are marketed as Short Sales.

2 of the 13 are bank-owned sales.

Days on market range from a low of 17 to a high of 468.

Smith Farm homes currently on the market

19 homes currently on the market, ranging from $185,000 to $499,000. If you remove the 'outlier' home at $499k, the next highest asking price is $340,000.

9 are being marketed as Short Sales

4 are bank-owned properties