According to an independent study on foreclosures South Florida housing market is the second in the nation in foreclosures. The hardest hit of these tend to be condos & Downtown Miami area is feeling it.
Today BankAtlantic’s shares fell 13 percent adding to Friday’s 38 percent sell off. The stock is currently trading down 70 percent since the start of the year due to the problems in the Florida mortgage market.
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Jeffrey Allen Herald, 49 of Phoenix Arizona, was indited on October 19th on two counts of fraud and artifices and one count of theft for providing unlicensed legal and mortgage services.
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During a meeting today about the housing market Treasury Secretary Henry Paulson warned that the housing correction will continue to hurt the US economy and financial markets for some time. He also asked for assistance from public private partnerships to address the issues in the mortgage industry that brought on this credit crisis.
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According to the Standard & Poor’s Case-Shiller national home price index, that was released today, the annual decline in the 10 largest cities was the sharpest since 1991.
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Would-be mortgage brokers in Florida need little more than a weekend course to qualify for a license.
And loan officers, who originate loans for mortgage lenders and banks, need no license at all.
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Miami home and condominium sellers saw their sales prices grow over the year - but sellers of both kinds in Fort Lauderdale and in West Palm Beach-Boca Raton, Florida housing markets saw price declines in May.
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The days of oceanfront property as a good investment might be a thing of the past.
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Miramar city officials have asked local banks to hold seminars for residents about Florida mortgage practices and to bankroll an emergency fund for such owners.
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“If mortgage fraud were an automobile race, the 2006 figures show Florida, California and Michigan as leading the race.” Read the rest of this entry »
- Mortgage Asset Research Institute