Mortage Rates at New Average Low!

Mortgage rates have hit a record low of 4.27%!

Stalled Foreclosure Market Creates Selling Opportunity

With Bank of America, GMAC and JPMorgan Chase halting foreclosure proceedings as they reassess their compliance with state and federal laws, an opportunity has arisen for sellers of non-distressed properties. The banks have currently taken many of their foreclosed properties off the market, thus lowering the supply of available houses. With fewer distressed properties for sale, other properties have a window of opportunity. Not only are there fewer homes for sale, but there are fewer homes at below-market price. Suddenly the competition isn't so fierce.

So if you need to sell your home, now is your chance. All sellers should take advantage of the halt in foreclosures to get their homes sold. This break in foreclosures won't last long and it will be harder to sell a non-distressed property as soon as all of the foreclosures are once again released into the market.

Is Grandma Moving In?

The 2010 Census has told another story about how we are coping with the recession: Grandma is moving in! Or, if not her, some other extended family members have decided to bunk up together. Households added 3.8 million extended family members from 2005-2009, meaning that they now account for 8.2% of family households, an increase of 1.3% from 2005.

If you need to split the rent but living with Grandma isn't your style, you're not alone. Households whose members are not related grew 4.4% during the same period. Maybe friends are the family you choose for yourself. But either way, don't get too comfy all stretched out on the sofa, chances are you're going to have to make some room for someone else.

Foreclosures Halted as Investigations Begin

JPMorgan Chase halted forclosure proceedings on 50,000 properties amid allegations that the company has not been complying with state laws governing the foreclosure process. Bank of America and GMAC Mortgage LLC have also stoppped foreclosures and evictions in 23 states. The allegations are that employees at these companies have been signing-off on foreclosure proceedings without reviewing the documentation to support such action.

In certain states lenders can foreclose on properties fairly easily. But in Florida a lengthy preocess is required and some of the banks have allegedly not been observing the laws requiring them to verify loan information, inlcuding who owns the loan.

Ultimately this will simply slow down the already sluggish foreclose process. It does not mean that foreclosures that were legal are no longer going to take place, it means that the banks will have to start doing their homework and obeying the laws before they can foreclose. So if a property onwer has stopped paying their mortgage, the foreclosure will happen, it will simply take longer.

Foreclosure Sales in Florida

In Florida in the second quarter 2010 foreclosed properties accounted for 34% of all sales. Nationally they were 24% of all sales. The influnce of all these foreclosures on the market has been to push prices down even further, since foreclosed properties sell at a discount.

Sold Homes in Colonialtown

The following homes sold in Colonialtown between August 1, 2010 and September 30, 2010:

1426 Montana St. 3 bedrooms, 2 bathrooms. Sold for $120,000.
528 Meridale Ave. 3 bedrooms, 1.5 bathrooms. Sold for $138,000.
1324 and 1326 N. Ferncreek Ave. 4 bedrooms, 2 bathrooms. Sold for $140,000.
336 Altaloma Ave. 3 bedrooms, 2 bathrooms. Sold for $145,000.
2300 Virginia Dr. 3 bedrooms, 1 bathroom. Sold for $155,000.
2309 Weber St. 3 bedrooms, 2.5 bathrooms. Sold for $230,000.