Is Real Estate back in decline? (Tampa: bank owned, short sales, real estate market)

[tom11011]

It appears to me that houses in my development in Tampa are sitting on the market much longer now than towards the beginning of 2013. From my point of view the real estate market was much hotter about a year ago.

Do you agree or disagree?

[EngGirl]

Since we were actively looking all last year (actually well over a year), the market was hot compare to what we see know. There are few reasons and the major one - mortgage insurance for the loan life if you put less than 20% down. Many people I know bought homes they didn't even 100% liked, but they were out of time.

Prices went up. In some cases priced increased by 35% within last 2 years. It's unreal and no wonder why some houses are sitting on the market not - OVERPRICED!

[tinytrump]

yep also banks holding tight to short sales-- waiting on more money for them and with the talk of influx of new folks they will sell

[nealrm]

The biggest is the new loan laws that went into effect. Starting this month, banks can be held liable if a home goes into foreclosure. So banks are spending more time reviewing loan applications and income documentation. It's part of the stupid trend of blaming others for personnel mistakes.

[TampaKaren]

There is (mostly) a moratorium on foreclosures during the end of year and people don't like to move during the holidays unless absolutely necessary. Things should pick up again later this month.

[FloridaKash]

I agree - I would think that this time of year is typically the slowest time of the year.

[tonyff67]

it may just be the holiday season. i too have noticed stuff sitting on the market a bit longer, but Im thinking by mid febuary things will start to pick up again.

[bentlebee]

Looking at our sales numbers for 2013 I can't say there is a decline...

If you look at beach front properties and/or flood zone properties than you will see that many sellers have put their properties on the market for unrealistic prices and these homes will sit on the market for a long time and unless the owners are serious to sell, they will be stuck.

That is their own choice to be unrealistic and getting the label of not selling in a reasonable time frame.

Relators and buyers know what the current going prices are and buyers are not willing to over pay, even though many will accept a reasonable value increase which is different than over paying.

I have seen bank owned over priced properties where banks demand a price above appraised value and even listing agents have stated that they don't understand why the banks didn't take a offers they got for appraised value.

Some lenders are more difficult in short sales and are not giving them away as before. Ocwen is one of the worst and we are dealing with a call center in India where Indian employees have to lie and lie day in and out and having taken over jobs from Americans and all that is happening is basically nothing. We already filed a complaint about this case and Ocwen was recently fined 2 billion dollars for wrong doings and it seems their solution is to do NOTHING.

[tinytrump]

Originally Posted by nealrm

The biggest is the new loan laws that went into effect. Starting this month, banks can be held liable if a home goes into foreclosure. So banks are spending more time reviewing loan applications and income documentation. It's part of the stupid trend of blaming others for personnel mistakes.

YES--all the mistakes from all of the fraud created by the banks, I have boxes upon boxes and cases upon cases - someone's jaw would drop if they saw how badly all this was managed, and eventullay they got bailed out and the homeowners left out in the street. and by the way you must be an EXPERT to see through all of the paperwork to see catch the fraud. But slowly the banks are being sued and made to pay- there is some restitution, but folks will never get their homes back.
I think in this area, the ultimate plan is to get richer home owners, those that can afford the expensive houses and and bring in high tax revenue etc. The middle income will be pushed out eventually.

[bentlebee]

Originally Posted by tinytrump

YES--all the mistakes from all of the fraud created by the banks, I have boxes upon boxes and cases upon cases - someone's jaw would drop if they saw how badly all this was managed, and eventullay they got bailed out and the homeowners left out in the street. and by the way you must be an EXPERT to see through all of the paperwork to see catch the fraud. But slowly the banks are being sued and made to pay- there is some restitution, but folks will never get their homes back.
I think in this area, the ultimate plan is to get richer home owners, those that can afford the expensive houses and and bring in high tax revenue etc. The middle income will be pushed out eventually.

Not all, but many home owners are too blame as well for lying on their application or agreeing to lie to get a loan they never could afford but having the plan to flip the house ASAP and than being stuck with the house due to the change of the housing market.

The percentage of home owners in default due to loss of jobs, medical issues, when all the mess started was just a small fraction of the total amount that defaulted and we have seen many calculated defaults and banks will no longer let the home owners walk away from calculated defaults.

Real proof is nowadays needed to show the financial income and we still see home owners waiting to move money away so their last 6 months of bank statements will not show any funds...but keep in mind that 2 years of tax returns are needed too.