Lake Charleston homes for sale


Some recent headlines to cheer you up

Robert Shiller Says Double Dip Imminent
...those looking to sell houses are advised not to listen to the interview, as the co-creator of the Case-Shiller Home Price Index also added that he is worried housing prices could decline for another five years. He noted that Japan saw land prices decline for 15 consecutive years up to 2006.

Non-Current, REO Mortgages Reach 7.3m in March: LPS
More than 7.3m mortgages in the US are non-current or in REO status through March 2010, according to the Lender Processing Services (LPS) Mortgage Monitor report.

Nearly 1m More Mortgages Go From Current to Delinquent: LPS
Thursday, August 26th, 2010, 5:10 pm
Almost 900,000 loans that were current at the beginning of the year are at least 60 days delinquent or in foreclosure as of July, according to the July 2010 month-end report released by Lender Processing Services'(LPS). How long these loans are staying in the foreclosure process is stretching out as well. The average number of days a loan spends delinquent before it is finally forecloses reached 469 days in July, about a year and three months. In July of last year, the average was 351, more than three months shorter.

The total amount of loans in the foreclosure inventory passed 2 million in July, a 3.5% increase from a year ago, and 2.1% more than the previous month. The amount of foreclosures making it to REO status is picking up after diving earlier in the year. LPS reported nearly 100,000 REO properties in July.

GSE Foreclosure Starts Start Coming Faster in 2010
The level of foreclosures starts in mortgages owned by Fannie Mae and Freddie Mac, the government sponsored enterprises (GSE), is at its highest point ever in 2010 as the rate of new foreclosures continues to increase.

REO levels in July reach second highest point ever: RealtyTracIn July, 92,858 properties went back to the banks as REO, the second highest monthly total since RealtyTrac, an online foreclosure marketplace, began tracking them in April 2005.

My point in posting these headlines...We've got a ways to go. The TV 'experts' continue to trivialize every negative report on housing in an effort to keep the DOW above the magic 10,000. Having no job or a tenuous job status does not translate into a desire to buy a home (or to keep paying on a home that is upside-down). If you are thinking of it now; if not, you need to be in for the long haul. If you are thinking of buying, you, too, need to be in it for the long haul.

As you have probably ascertained if you have read even a small number of my posts, I am not your typical "toe-the NAR-propaganda-line" agent. If you are a homeowner and want to have an honest discussion about the current me. If you are thinking about buying now, also, lets talk and see if that is the best decision for your circumstances.

My direct line is 561-602-1258. If I don't pick up, please leave me a message.

As always...thanks for reading.


Experts and news outlets surprised: Home sales plunge!

But if you read this blog…YOU shouldn’t have been surprised at all. I have been counseling my sellers for many months now…you want to be the NEXT home to sell!

Here are some snippets from some of today's press releases:

1) Sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the lowest mortgage rates in decades and bargain prices in many areas.

July's sales fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday. It was the largest monthly drop on records dating back to 1968, and sharp declines were recorded in all regions of the country.

2) With home sales plunging to their lowest level in 15 years, economists warn that a double-dip in housing prices is just around the corner, threatening to further slow the overall recovery.

Existing home sales sank 27.2% in July, twice as much as analysts expected, to a seasonally adjusted annual rate of 3.83 million units. Much of that drop is attributed to the end of the $8,000 homebuyer tax credit. Sales of single-family homes, which account for a bulk of the transactions, are at the lowest level since May 1995.

Inventory has also continued to climb, rising 2.5% to 3.98 million existing homes for sale. That represents a 12.5-month supply at the current sales pace, the highest since October 1982 when it stood at 13.8 months. A six-month of supply is considered normal.

Existing home sales

Chart of existing home sales…watch out for that falling knife!

"....Purchases of existing homes plunged 27.2 percent to a 3.83 million...Estimates in the Bloomberg survey of 74 economists ranged from 3.96 million to 5.3 million..." Good job experts

Still want to listen to the ‘experts’?

If you are even thinking that you may want/need to sell anytime in the near and not-so-near future…please give me a call so we can have a lively discussion regarding my recommendations. My direct line is 561-602-1258

Thanks for reading,



Are you a renter living in a property that is in foreclosure? This is a must read!

Here’s the gist: The Tenanct Act is a federal law that gives renters living in a house that gets foreclosed on 90 days before they can be evicted. If there is a bona fide, arms-length lease, AND THE LEASE WAS IN PLACE PRIOR TO THE FORECLOSURE ACTION BEING FILED, the lender or investor, or its servicer intermediary, cannot evict until the lease is expired or the renter breaks the lease.

To educate renters about the law, the Ombudsman for the Office of the Comptroller of the Currency (OCC), released a brief PSA on YouTube explaining the basics. Check it out below: (you can tell it is a govt. produced product...they spelled YOUR as 'yor'  : )

Effective May 20th, tenants with a “bona fide” lease that was entered into before notice of foreclosure can remain in a foreclosed home until the end of their lease, unless the bank sells the property to someone who intends to make it his/her primary residence. If the new owner intends to occupy the home, they are still required to give 90-days notice to the tenant prior to eviction. If the tenant does not have a lease (month-to-month) or current state law allows the lease to be terminated at will, there is still a 90-day notice requirement prior to eviction. Notice must be provided by the “immediate successor in interest” which, in most cases, would be the bank or the new owner.

A “bona fide” lease is defined in the law as one that:

(1) the mortgagor or the child, spouse, or parent of the mortgagor under the contract is not the tenant;

(2) the lease or tenancy was the result of an arms-length transaction; and

(3) the lease or tenancy requires the receipt of rent that is not substantially less than fair market rent for the property or the unit's rent is reduced or subsidized due to a Federal, State, or local subsidy.
Click HERE to read the actual legislation.
As always, give me a call if you have any questions or comments regarding anything we blog about.


Foreclosure report for Lake Charleston as of 8/4/10

Lots and lots of homes in foreclosure in Lake Charleston...and lots more to come.

Now, just because I report them as "foreclosures" does not mean that they are owned by the bank and are for sale for pennies on the least not yet. What it means is that these homes have a Lis Pendens filed on them. From Nolo Law Dictionary: Lis Pendens: Latin for "a suit pending." A written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it.

There are currently a whopping 178 Lake Charleston homes reported to be in foreclosure as of today. A few of the ones on this list have already been taken back by the bank at the courthouse sale. Below I will report them by street, alphabetically.
  • Anadale - 3
  • Ansley - 2
  • Anson - 1
  • Ashley Shores - 8
  • Atwood - 1
  • Audrey - 2
  • Barrier Reef - 1
  • Belmont - 2
  • Big Pine - 3
  • Briar Cliff - 5
  • Bristol Bay 2
  • Brunson - 4
  • Bryson - 1
  • Burgess - 7
  • Catalina Way - 2
  • Catalina Club - 1
  • Cataline Isle - 2
  • Cedar Hurst - 5
  • Charleston Point - 5
  • Chicora - 1
  • Coppitt Key - 2
  • Coral Reef - 4
  • Crawl Key - 1
  • Davit - 4
  • Duncrest - 2
  • Edisto - 4
  • Forestay - 1
  • Geneva Lakes - 1
  • Hatteras - 1
  • Heathley - 2
  • Heavener - 1
  • Highsmith - 2
  • Hoffy - 2
  • Hollington - 3
  • Key Largo - 2
  • La Rose - 2
  • Lake Placid - 1
  • Lakewood Cove - 6
  • Long Key - 5
  • Michigan Isle - 3
  • Nolting - 2
  • Oakboro - 8
  • Oakshire - 1
  • Pierpont - 3
  • Pigeon Key - 1
  • Prescott - 4
  • Red Reef - 4
  • Rockbridge - 3
  • Santee - 5
  • Shell Ridge - 3
  • Springfield Lake - 10
  • Sugarloaf Key - 3
  • Thornlee - 5
  • Tillman - 2
  • Torch Key - 6
  • Trenton - 2
  • Trescott - 2
  • Wescott - 5
  • Winder - 2
If you are 1 of these 178 homes, or if you may be on this list next month...PLEASE call me today so you can learn what options you have and which is the best one for your particular situation. Don't ignore the won't just go away, and "letting the bank take it" is most likely the worst option you have. Here is my direct line: 561-602-1258

Real Time Web Analytics