The government sponsored GSEs Fannie Mae and Freddie Mac have announced new standard guidelines for Loan Servicers to follow during the foreclosure process.

Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco said “by the end of 2011, foreclosures under Fannie Mae and Freddie Mac must follow the same procedures and Loan Servicers under Fannie and Freddie will be rewarded if they perform well and punished if they do not.” In addition, the GSEs hope the new guideline will help minimize taxpayer losses by ensuring that (Fannie and Freddie) loans are serviced more efficiently and fairly.

Under the new guidelines:

• Loan servicers cannot work with homeowners on their loans while simultaneously moving forward with a foreclosure, called a “dual track” by FHFA.

Continue Reading Fannie and Freddie Announce Foreclosure Guidelines

Tags: Florida, foreclosures, mortgages, real estate, sellers

One thing is for certain here in Southwest Florida. The area has some of the best luxury real estate available within the entire state. And, when you consider the hard times the market has been suffering through the last few years, the luxury market has actually held up quite well.

The following 1St Quarter 2011 sales data covers some of the best locations for luxury properties in Florida. It includes the cities of Bonita Springs, Naples and Marco Island and will give you an idea of what the market is doing in the much sought after neighborhoods like Port Royal, Pelican Bay, Barefoot Beach and Cape Marco.

Luxury Property Sales $1 Million – $2 Million

Home Sales 1St Quarter 2011*:

• 77 Closed Sales (66 in 2010)

Continue Reading Luxury Florida Real Estate: 1St Quarter Sales Review

Tags: buyers, luxury, markets, real estate, sales

Following the declines seen in last years numbers, foreclosures in the Southwest Florida real estate markets continued to subside in the first quarter of 2011.

Lee County’s first quarter foreclosure rate was second in the state, with one in every 86 properties in a foreclosure action for a total of 4,248 homes. It was a drop of 34.4% compared with the fourth quarter of 2010 and a decrease of 58% from the first quarter of last year.

Collier County ranked 29th in the state for foreclosure activity with a rate of one in every 196 homes filing for a total of 992 properties. It was a decrease of nearly 55% compared with the last quarter of 2010, and a decrease of 70% from the first quarter of 2010.

Continue Reading Southwest Florida Foreclosures: 1St Quarter Review

Tags: Florida, foreclosures, markets, real estate