Sarasota Real Estate Market News

Access to mortgages a national problem

CAMPBELL, Calif. – Feb. 9, 2011 – Getting a mortgage today is so difficult that two out of three Americans (70.6 percent) consider it a serious problem, according to a national survey released by, a website under Move Inc., a company that also oversees the National Association of Realtors®’ (NAR)

Mortgage process

According to survey responses, understanding the mortgage process and coping with lenders’ requirements are the most challenging aspects of getting a mortgage today. Survey respondents ranked it more challenging (32.3 percent) than getting the mortgage itself (23 percent) or negotiating the sale price on the home (25.3 percent). In addition, three out of four (79 percent) recent homebuyers, especially those earning $50,000 a year or more, said getting a mortgage was as difficult, or more, than they expected.
Read more at:  Access to mortgages a national problem

February 16, 2011 Posted by | Uncategorized | Leave a comment

Is end of cheap credit near?

NEW YORK – Americans are leaving bond mutual funds at the fastest rate in more than two years.  U.S. investors pulled $8.6 billion out of bond funds in the week ended Dec. 15, the largest withdrawal since October 2008, when financial markets were in free-fall. They pulled an average of almost $3 billion every week since Nov. 23, according to the Investment Company Institute. Before November, money had been flowing into bond funds every week for nearly two years.  “This is the real deal,” says Marilyn Cohen, founder of Envision Capital Management, which oversees $300 million in mostly fixed-income investments.  If she is right, the end of cheap credit is near. Interest rates would rise, which would ripple through the economy. It would become more expensive for cities, states and companies to borrow money to build schools, roads and expand their businesses.

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December 26, 2010 Posted by | Uncategorized | Leave a comment

Seven year-end, tax-planning ideas for individuals

WASHINGTON – Dec. 9, 2010 – Despite confusion created by recent and probable year-end tax legislation changes, the 2010 federal income tax environment is still quite favorable, noted Robin Christian, senior tax analyst for the Tax & Accounting Business of Thomson Reuters. “However, we may not be able to say that after 2010; therefore, tax planning actions taken between now and year-end may be more important than ever. Be careful though – Congress could change the ball game before the end of the year.”

Read more at:  Seven year-end, tax-planning ideas for individuals

December 11, 2010 Posted by | Uncategorized | Leave a comment

Moody’s hopeful on recovery, notes pent-up Fla. demand

PHOENIX – Nov. 15, 2010 – The pace of the national recovery is moderating and the lift spurred by nearly $800 billion in federal stimulus spending is fading, but there are several promising signs that growth will continue, including in Florida, a leading national fiscal analyst told reporters Friday morning.

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November 17, 2010 Posted by | Uncategorized | Leave a comment

Buy and hold strategists buy seventh rental property

Acme Control LLC, a Sarasota company managed by Robert and Karen Finnigan, has purchased its seventh rental property in Sarasota and Manatee counties since August 2008.

In each case, the company over 50 percent less than the previous owner paid during the boom years, and all of its purchased were paid for with cash.

Most recently, Acme Control paid $80,700 for a 1,355-square-foot house at 2102 Hawthorne Street in Sarasota that previous owner bought for $310,000 in October 2005.

November 5, 2010 Posted by | Uncategorized | Leave a comment

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October 27, 2010 Posted by | News related to Buyers, News related to Financing, News related to Investors, News related to Sellers, News related to Short Sales and Foreclosures, News related to the Market, Uncategorized | Leave a comment

Fed throws its weight into foreclosure probe

WASHINGTON – Oct. 26, 2010 – Raising pressure on banks, the Federal Reserve is wading into the investigation of whether mortgage lenders cut corners and used flawed documents to foreclose on homes.

Major banks are already under investigation by state officials with subpoena power, who could force them to detail how they handled hundreds of thousands of foreclosure cases.

Federal Reserve Chairman Ben Bernanke added weight to those efforts Monday by saying the central bank would look “intensively” at policies and procedures that might have allowed banks to seize homes improperly.

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Fed throws its weight into foreclosure probe

October 26, 2010 Posted by | News related to Short Sales and Foreclosures, Uncategorized | Leave a comment

Homeowners’ Robin Hood fights foreclosure giants

ROYAL PALM BEACH, Fla. (AP) – Oct. 26, 2010 – Tom Ice was a desert boy who wanted to be Jacques Cousteau. He earned the degree and everything, leaving his home in Santa Fe, N.M., to study ocean engineering at the University of Miami.

But the former high school debater had an inexplicable change of heart, one that led him from the rhythmic comfort of the ocean to the tense arguments of the courtroom.

Ice, 50, has emerged as a Robin Hood of sorts in the tangled world of foreclosures, representing homeowners and fighting powerful law firms backed by big banks.

From his West Palm Beach home – he doesn’t have an office at his firm in Royal Palm Beach – Ice’s legal wrangling is largely recognized for contributing to the nationwide suspension of foreclosures enacted by several major lenders. On Wednesday, attorneys general from every state launched a nationwide probe of loan servicers.

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Homeowners’ Robin Hood fights foreclosure giants

October 26, 2010 Posted by | News related to Short Sales and Foreclosures, Uncategorized | Leave a comment