The Plundering of the Internet of Thing has Commenced!
NEW YORK – Oct. 16, 2013 – From a command center in a nondescript high-rise here in the heart of Silicon Valley, security start-up Norse has been gathering shocking evidence of hackers usurping control of Internet-connected appliances, everything from webcams to climate-control systems.
This latest expansion of cybercrime revolves around the IP address assigned to each computing device connected to the Internet. Criminals have begun capitalizing on the fact that many of the mundane digital devices we tie into the Web are easy to find and wide open to hacking.
“There’s only one way onto the Internet, and that’s through an IP address,” Norse CEO Sam Glines says. “The adversary just wants IP space to launch attacks and doesn’t really care if it’s a baby monitor or a server at a Fortune 1000 company.”
The bad guys are using automated programs to scan ranges of IP addresses for signs of vulnerable appliances. It’s often a simple matter to take control by installing a few lines of malicious coding.
Norse has devised innovative technology for monitoring such cyberattacks in real time. A tiny sampling of its data, extracted exclusively for CyberTruth, revealed 724 infected appliances actively carrying out fraudulent tasks.
The corrupted appliances included firewalls, routers, modems, printers, DVRs, surveillance cams, webcams, IP cameras, VPN appliances, VOIP phone systems, FM radio transmitters, storage drives, video conferencing systems and climate-control modules. One of the big things these corrupted devices are being used for: payment card fraud.
“We are seeing credit card transactions from baby monitors, DVRs, TVs, printers, medical devices, you name it,” says Tommy Stiansen, Norse founder and chief technology officer. “It’s coming from all types of industries and from homes.”
In a stunning demonstration, Stiansen clicked to the IP address for an activated ABS MegaCam, sold as a $220 baby monitor. The device was activated on the Internet by a resident of Glendale, Calif., who uses Charter Communications as an ISP.
Malicious software embedded on the webcam’s Linux operating system causes a live cam view of the homeowner’s living room to appear in the browser of anyone who clicks to the webcam’s IP address. During Stiansen’s demo, a woman and then a man enter the room and sit on a couch.
The bad guy who embedded the malware on the baby monitor probably doesn’t care much about snooping; the webcam’s computing power, instead, is being used to locate similar devices and help the attacker to control as many as 2,000 ABS MegaCams.
“This is happening at a large scale, and it’s growing hugely every day,” Stiansen says.
“This is very powerful stuff, and the scariest part is this is only the tip of the iceberg.”
Norse notifies proper entities about problems. However, sheer numbers of issues make it impossible to notify everyone, Glines says.
The U.S. tech industry is putting new Internet-connected consumer technologies on a fast track to store shelves, sometimes with meager quality control or accounting for security and privacy.
That trait is coming to the fore as the tech giants race to profit from the rising popularity of mobile devices and Internet-delivered services.
Meanwhile, the cyberunderground continues to mature into a smooth-running global industry that’s quick to pounce on fresh opportunities.
Copyright © USA TODAY 2013
This latest expansion of cybercrime revolves around the IP address assigned to each computing device connected to the Internet. Criminals have begun capitalizing on the fact that many of the mundane digital devices we tie into the Web are easy to find and wide open to hacking.
“There’s only one way onto the Internet, and that’s through an IP address,” Norse CEO Sam Glines says. “The adversary just wants IP space to launch attacks and doesn’t really care if it’s a baby monitor or a server at a Fortune 1000 company.”
The bad guys are using automated programs to scan ranges of IP addresses for signs of vulnerable appliances. It’s often a simple matter to take control by installing a few lines of malicious coding.
Norse has devised innovative technology for monitoring such cyberattacks in real time. A tiny sampling of its data, extracted exclusively for CyberTruth, revealed 724 infected appliances actively carrying out fraudulent tasks.
The corrupted appliances included firewalls, routers, modems, printers, DVRs, surveillance cams, webcams, IP cameras, VPN appliances, VOIP phone systems, FM radio transmitters, storage drives, video conferencing systems and climate-control modules. One of the big things these corrupted devices are being used for: payment card fraud.
“We are seeing credit card transactions from baby monitors, DVRs, TVs, printers, medical devices, you name it,” says Tommy Stiansen, Norse founder and chief technology officer. “It’s coming from all types of industries and from homes.”
In a stunning demonstration, Stiansen clicked to the IP address for an activated ABS MegaCam, sold as a $220 baby monitor. The device was activated on the Internet by a resident of Glendale, Calif., who uses Charter Communications as an ISP.
Malicious software embedded on the webcam’s Linux operating system causes a live cam view of the homeowner’s living room to appear in the browser of anyone who clicks to the webcam’s IP address. During Stiansen’s demo, a woman and then a man enter the room and sit on a couch.
The bad guy who embedded the malware on the baby monitor probably doesn’t care much about snooping; the webcam’s computing power, instead, is being used to locate similar devices and help the attacker to control as many as 2,000 ABS MegaCams.
“This is happening at a large scale, and it’s growing hugely every day,” Stiansen says.
“This is very powerful stuff, and the scariest part is this is only the tip of the iceberg.”
Norse notifies proper entities about problems. However, sheer numbers of issues make it impossible to notify everyone, Glines says.
The U.S. tech industry is putting new Internet-connected consumer technologies on a fast track to store shelves, sometimes with meager quality control or accounting for security and privacy.
That trait is coming to the fore as the tech giants race to profit from the rising popularity of mobile devices and Internet-delivered services.
Meanwhile, the cyberunderground continues to mature into a smooth-running global industry that’s quick to pounce on fresh opportunities.
Copyright © USA TODAY 2013
FHA Cuts Mortgage Wait Times After Hard Times.
WASHINGTON – Aug. 19, 2013 – The Federal Housing Administration (FHA) is
making it easier for once-struggling homeowners to qualify for a mortgage backed
by the agency.
For borrowers who meet certain requirements, the FHA is trimming to one year the amount of time that homebuyers must wait after a bankruptcy, foreclosure or short sale before they may qualify for a FHA-backed mortgage.
The waiting period had been two years after the completion of a bankruptcy and three years after a foreclosure or a short sale.
But only certain consumers who’ve been in those circumstances will be able to meet
the criteria attached to the eased restrictions. Borrowers must be able to show
their household income fell by 20 percent or more for at least six months and
was tied to unemployment or another event beyond their control. They also must
prove they have had at least one hour of approved housing counseling and, among
other things, have had 12 months of on-time housing payments.
“FHA recognizes the hardships faced by these borrowers, and realizes that their
credit histories may not fully reflect their true ability or propensity to repay
a mortgage,” said FHA Commissioner Carol Galante, in a letter to mortgagees
announcing the changes.
FHA-backed mortgages are a popular option for first-time buyers and for consumers with lower credit scores who might not otherwise qualify for a loan backed by Fannie Mae or Freddie Mac. However, the agency has recently increased the fees tied to FHA-backed loans.
Copyright © 2013 the Chicago Tribune. Distributed by MCT Information
Services.
Florida's Housing Market Gained Strength and Momentum in 2012
ORLANDO, Fla., – Feb. 11, 2013 – Florida’s housing market wrapped up 2012 with more closed sales, higher pending sales, higher median prices and a reduced inventory of homes for sale compared to the year before, according to the latest housing data released by Florida Realtors®.
“Throughout 2012, we’ve seen increasingly strong signs that the state’s housing market is in solid recovery,” says 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “These positive fundamentals in the housing sector continue to attract potential homeowners and investors; however, they’re facing a limited inventory of available for-sale homes in many areas. Florida’s economy is growing, more jobs are being created and mortgage interest rates probably will stay favorably low for some time – which will help drive the housing market forward in 2013.”
Statewide closed sales of existing single-family homes totaled 204,414 in 2012, up 8.5 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. In the fourth quarter, closed sales of single-family existing homes totaled 52,624, up 21.2 percent from 4Q 2011. Closed sales typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes rose 17.6 percent in 2012 compared to 2011’s figure. The statewide median sales price for single-family existing homes in 2012 was $145,000, up 9 percent from the previous year. Looking at 4Q 2012, the statewide single-family existing-home median price was $150,000, up 11.1 percent from the same quarter a year ago.
According to the National Association of Realtors® (NAR), the preliminary national median sales price for existing single-family homes for all of 2012 was $176,600, up 6.3 percent from 2011 – and the strongest annual price gain since 2005. In California, the statewide median sales price for single-family existing homes for 2012 was a preliminary $319,340; in Massachusetts, it was $298,000; in New York, it was $215,000; and in Illinois, it was $139,000.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 101,876 units sold statewide in 2012, up 2 percent from 2011. Pending sales for townhouse-condos for the year increased 6.2 percent compared to 2011. The statewide median for townhouse-condo properties in 2012 was $106,000, up 17.8 percent over the previous year.
For 4Q 2012, closed sales of townhouse-condos totaled 24,743, up 14.3 percent from 4Q 2011; pending sales of townhome-condos rose 21.6 percent over the same quarter a year ago. The statewide median for townhome-condos in 4Q 2012 was $111,900, up 24.3 percent from 4Q 2011.
The inventory for single-family homes stood at a 5.5-months’ supply for 4Q 2012; inventory for townhouse-condos was at a 6-months’ supply for the same period, according to Florida Realtors.
Florida Realtors Chief Economist Dr. John Tuccillo said, “To an extent, we have seen these numbers before in monthly reports, but it’s often good to step back and look at the statistics from a more aggregated level. They clearly show the robustness of Florida’s housing recovery in sales and the beginnings of what we see as a sustained growth in prices. Of particular interest is the growth in cash sales. This is indicative of the growing interest of investors and foreign buyers in Florida real estate, but also points to the difficulties presented by the current financing climate that households wishing to buy face.”
The interest rate for a 30-year fixed-rate mortgage averaged 3.66 percent for 2012, down from the previous year’s average of 4.45 percent, according to Freddie Mac.
© 2013 Florida Realtors®
“Throughout 2012, we’ve seen increasingly strong signs that the state’s housing market is in solid recovery,” says 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “These positive fundamentals in the housing sector continue to attract potential homeowners and investors; however, they’re facing a limited inventory of available for-sale homes in many areas. Florida’s economy is growing, more jobs are being created and mortgage interest rates probably will stay favorably low for some time – which will help drive the housing market forward in 2013.”
Statewide closed sales of existing single-family homes totaled 204,414 in 2012, up 8.5 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. In the fourth quarter, closed sales of single-family existing homes totaled 52,624, up 21.2 percent from 4Q 2011. Closed sales typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes rose 17.6 percent in 2012 compared to 2011’s figure. The statewide median sales price for single-family existing homes in 2012 was $145,000, up 9 percent from the previous year. Looking at 4Q 2012, the statewide single-family existing-home median price was $150,000, up 11.1 percent from the same quarter a year ago.
According to the National Association of Realtors® (NAR), the preliminary national median sales price for existing single-family homes for all of 2012 was $176,600, up 6.3 percent from 2011 – and the strongest annual price gain since 2005. In California, the statewide median sales price for single-family existing homes for 2012 was a preliminary $319,340; in Massachusetts, it was $298,000; in New York, it was $215,000; and in Illinois, it was $139,000.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 101,876 units sold statewide in 2012, up 2 percent from 2011. Pending sales for townhouse-condos for the year increased 6.2 percent compared to 2011. The statewide median for townhouse-condo properties in 2012 was $106,000, up 17.8 percent over the previous year.
For 4Q 2012, closed sales of townhouse-condos totaled 24,743, up 14.3 percent from 4Q 2011; pending sales of townhome-condos rose 21.6 percent over the same quarter a year ago. The statewide median for townhome-condos in 4Q 2012 was $111,900, up 24.3 percent from 4Q 2011.
The inventory for single-family homes stood at a 5.5-months’ supply for 4Q 2012; inventory for townhouse-condos was at a 6-months’ supply for the same period, according to Florida Realtors.
Florida Realtors Chief Economist Dr. John Tuccillo said, “To an extent, we have seen these numbers before in monthly reports, but it’s often good to step back and look at the statistics from a more aggregated level. They clearly show the robustness of Florida’s housing recovery in sales and the beginnings of what we see as a sustained growth in prices. Of particular interest is the growth in cash sales. This is indicative of the growing interest of investors and foreign buyers in Florida real estate, but also points to the difficulties presented by the current financing climate that households wishing to buy face.”
The interest rate for a 30-year fixed-rate mortgage averaged 3.66 percent for 2012, down from the previous year’s average of 4.45 percent, according to Freddie Mac.
© 2013 Florida Realtors®
ARE HOME PRICES RISING TOO FAST?
WASHINGTON – Feb. 7, 2013 – In a historical context, home prices typically increase about 3 to 4 percent a year.
But in the years preceding the housing crash, prices in 2002 started soaring 7 percent a year, then 8 percent in 2004, and 12 percent by2005, CNBC.com reports.
A “new bubble” may be forming, CNBC columnist Diana Olick writes. CoreLogic’s latest housing data shows home prices rose 8 percent in December year-over-year, the largest gain in more than six years. In some places, home prices are up by double digits from a year earlier; in Phoenix, prices are up 26 percent year-over-year.
Inventories of for-sale homes are very tight, and experts point to the tight inventories as a cause of rapidly rising home prices. Inventories of for-sale homes are at their lowest supply since May 2005, according to the National Association of Realtors®.
" The greatest concern in the market is the inventory situation,” says Lawrence Yun, NAR chief economist. “Even if we see an increase in the spring and summer, if home sales hold at the [current] level or even a five- to six-month supply, price increases are guaranteed. We don’t want to see rapid appreciation in prices faster than income.”
" Healthy housing market gains are historically driven by increasing employment and income, not by lack of supply,” reports CNBC reporter Diana Olick. “The latter leads to price bubbles.”
But low inventory is not the only cause of rising prices. In many markets, a flood of investor demand has also cause a shortage of listings. Investors are cashing in on once hard-hit markets by the foreclosure crisis. Many investors are hedge funds turning single-family homes into rentals.
However, quickly rising prices could cause these investors to take profits quicker than they originally planned by selling the rental homes now. That would add inventory to the market and slow price increases, Olick says.
“What we had thought were safer, long-term buys, may now turn into flips of the last decade,” Olick says. “The question will be if there are enough non-investor buyers out there to support those sales?”
But the home price gains may be sustainable, others say. Consumer confidence is increasing, employment is improving, and price gains may soon allow more homeowners who are seeing equity to once again trade-up.
Source: “Housing Market Already Shows Signs of New Bubble,”CNBC.com (Feb. 5, 2013) and “New Housing Fears: Home Prices Are Rising Too Fast,” CNBC.com (Jan. 22, 2013)
© Copyright 2013 INFORMATION, INC. Bethesda, MD (301) 215-4688
But in the years preceding the housing crash, prices in 2002 started soaring 7 percent a year, then 8 percent in 2004, and 12 percent by2005, CNBC.com reports.
A “new bubble” may be forming, CNBC columnist Diana Olick writes. CoreLogic’s latest housing data shows home prices rose 8 percent in December year-over-year, the largest gain in more than six years. In some places, home prices are up by double digits from a year earlier; in Phoenix, prices are up 26 percent year-over-year.
Inventories of for-sale homes are very tight, and experts point to the tight inventories as a cause of rapidly rising home prices. Inventories of for-sale homes are at their lowest supply since May 2005, according to the National Association of Realtors®.
" The greatest concern in the market is the inventory situation,” says Lawrence Yun, NAR chief economist. “Even if we see an increase in the spring and summer, if home sales hold at the [current] level or even a five- to six-month supply, price increases are guaranteed. We don’t want to see rapid appreciation in prices faster than income.”
" Healthy housing market gains are historically driven by increasing employment and income, not by lack of supply,” reports CNBC reporter Diana Olick. “The latter leads to price bubbles.”
But low inventory is not the only cause of rising prices. In many markets, a flood of investor demand has also cause a shortage of listings. Investors are cashing in on once hard-hit markets by the foreclosure crisis. Many investors are hedge funds turning single-family homes into rentals.
However, quickly rising prices could cause these investors to take profits quicker than they originally planned by selling the rental homes now. That would add inventory to the market and slow price increases, Olick says.
“What we had thought were safer, long-term buys, may now turn into flips of the last decade,” Olick says. “The question will be if there are enough non-investor buyers out there to support those sales?”
But the home price gains may be sustainable, others say. Consumer confidence is increasing, employment is improving, and price gains may soon allow more homeowners who are seeing equity to once again trade-up.
Source: “Housing Market Already Shows Signs of New Bubble,”CNBC.com (Feb. 5, 2013) and “New Housing Fears: Home Prices Are Rising Too Fast,” CNBC.com (Jan. 22, 2013)
© Copyright 2013 INFORMATION, INC. Bethesda, MD (301) 215-4688
Mortgage Forgiveness Debt Relief Act extended to January 1, 2014
• Mortgage Forgiveness Debt Relief Act extended to January 1, 2014.
In place since 2007, the act provided a tax break for homeowners who struggled through financial hardship such as a foreclosure, and were granted mortgage debt forgiveness. In the past several months, National Association of Realtors (NAR) issued numerous calls to action urging its million-plus Realtor members to ask lawmakers to extend the tax break for another year. More than a
quarter of all transactions involve distressed properties, the NAR said in its plea. "Homeowners shouldn't be forced to pay a tax on money they've already lost with cash they never received."
• Deduction for mortgage insurance premiums
for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012.
• The 15-year straight-line cost recovery for qualified leasehold
improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.
• The 10 percent tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes is extended through 2013 and made retroactive to cover 2012.
• "Pease limitations" that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high-income filers. "Pease" limitations will only apply to individuals earning more than $250,000 and joint filers earning more than $300,000. The thresholds are indexed for inflation so will rise over time. Under the formula, filers
gradually lose the value of their total itemized deductions up to a total of a 20% reduction.
First enacted in 1990 and named for Ohio Congressman Don Pease, who proposed the idea, the limitations continued throughout the Clinton years. The limitations were gradually phased out starting in 2003 and eliminated in 2010. Reinstitution of these limits has far less impact on the mortgage interest deduction than a hard dollar deduction cap, percentage deduction cap or reduction of the amount of mortgage interest deduction that can be claimed.
• The capital gains rate remains at 15 percent for individuals earning less than $400,000 per year and couples earning less than $450,000. Any gains above these amounts will be taxed at 20 percent. The $250,000/$500,000 exclusion for the sale of principle residence remains.
© 2013 Florida Realtors
Bill to streamline foreclosures moves one step closer to Florida law
TALLAHASSEE, Fla. – Feb. 28, 2012 – For the first time since the real estate crash crippled Florida’s economy and battered struggling homeowners, a bill to hasten foreclosures through the courts is headed to the full House and Senate.
A narrow 6-4 vote Monday in a specially scheduled meeting of the Senate Banking and Insurance Committee was the final hurdle for the proposal (SB 1890) to be heard by both chambers. The plan aims to reduce the amount of time a bank can pursue a homeowner for unpaid mortgage debt, while speeding foreclosures on abandoned homes and in cases where homeowners have no legitimate defenses.
Bill opponents fear borrowers will get caught up in a quickie foreclosure wheel without time to question bank documents, and argue that not only are portions of the plan unconstitutional, but that the overall proposal is unnecessary.
Most of this bill is just totally useless,” said Sarasota-based attorney Henry Trawick, an expert on Florida’s judicial rules and author of Trawick’s Florida Practice and Procedure. “The courts already have the ability to do virtually everything they want to do here.”
Trawick blames overwhelmed bank attorneys for the delay in processing foreclosure cases. He said if the bill passes it will face a constitutional challenge on a provision that attempts to define abandoned homes so that a faster foreclosure can occur.
“Florida courts have held for many years that a person’s absence from his home does not constitute abandonment of it,” Trawick said.
House sponsor Kathleen Passidomo, R-Naples, and Senate sponsor Jack Latvala, R-St. Petersburg, amended the bill Monday to remove a portion that restricted damages from a fraudulent foreclosure to a monetary award. Homeowner advocates opposed the language because it barred homeowners from reclaiming their property.
Another homeowner protection the sponsors tout is the reduction from five years to one year that banks would have to file for a deficiency judgment against a homeowner. A deficiency judgment is basically the amount of leftover debt owed after the bank recoups money from a sale.
“Right now, that’s hanging over their heads for five years and that kind of uncertainty is one of the things in my opinion that is hampering the growth of Florida’s economy,” Latvalla said.
The proposal would allow any lien holder to hasten a foreclosure case if a property is abandoned or the homeowner does not respond with a “meritorious” defense within 20 days of being served.
Currently, only the bank that owns the primary lien can file for what is called a “show cause”order, in which a
homeowner must show why the bank doesn’t have a foolproof case. If a judge sides with the bank, a final foreclosure judgment can be issued immediately.
The number of foreclosure filings on Florida properties dropped 62.5 percent last year compared to 2010, according to a
year-end report released during the weekend by the Irvine, Calif.-based RealtyTrac.
The robo-signing scandal is the likely cause for the steep dropoff in filings, and recent months have seen an uptick in foreclosure activity.
There are an estimated 368,000 backlogged foreclosure cases in Florida’s courts.
Public testimony Monday against the bill touched on the issue of fraudulent foreclosure documents.
“At a show cause hearing the defendant has had no opportunity to engage in discovery or fact finding,” said Lynn Drysdale, an attorney with the Jacksonville-based Legal Aid Society. “Many of the documents filed at the beginning are false, and you can’t tell that based on their face.”
The bill would become effective July 1 if it becomes law and could be applied retroactively to current foreclosure cases.
“I’ll vote for the bill today, and I’ll vote for the bill on the floor because the only properties affected are those where the mortgages are delinquent and we need to keep that in mind,” said Sen. Don Gaetz, R-Destin. “It certainly doesn’t solve all our problems, but I’ve never voted for a perfect bill.”
© 2012 The Palm Beach Post (West Palm Beach, Fla.), Kimberly Miller. Distributed by MCT Information Services.
A narrow 6-4 vote Monday in a specially scheduled meeting of the Senate Banking and Insurance Committee was the final hurdle for the proposal (SB 1890) to be heard by both chambers. The plan aims to reduce the amount of time a bank can pursue a homeowner for unpaid mortgage debt, while speeding foreclosures on abandoned homes and in cases where homeowners have no legitimate defenses.
Bill opponents fear borrowers will get caught up in a quickie foreclosure wheel without time to question bank documents, and argue that not only are portions of the plan unconstitutional, but that the overall proposal is unnecessary.
Most of this bill is just totally useless,” said Sarasota-based attorney Henry Trawick, an expert on Florida’s judicial rules and author of Trawick’s Florida Practice and Procedure. “The courts already have the ability to do virtually everything they want to do here.”
Trawick blames overwhelmed bank attorneys for the delay in processing foreclosure cases. He said if the bill passes it will face a constitutional challenge on a provision that attempts to define abandoned homes so that a faster foreclosure can occur.
“Florida courts have held for many years that a person’s absence from his home does not constitute abandonment of it,” Trawick said.
House sponsor Kathleen Passidomo, R-Naples, and Senate sponsor Jack Latvala, R-St. Petersburg, amended the bill Monday to remove a portion that restricted damages from a fraudulent foreclosure to a monetary award. Homeowner advocates opposed the language because it barred homeowners from reclaiming their property.
Another homeowner protection the sponsors tout is the reduction from five years to one year that banks would have to file for a deficiency judgment against a homeowner. A deficiency judgment is basically the amount of leftover debt owed after the bank recoups money from a sale.
“Right now, that’s hanging over their heads for five years and that kind of uncertainty is one of the things in my opinion that is hampering the growth of Florida’s economy,” Latvalla said.
The proposal would allow any lien holder to hasten a foreclosure case if a property is abandoned or the homeowner does not respond with a “meritorious” defense within 20 days of being served.
Currently, only the bank that owns the primary lien can file for what is called a “show cause”order, in which a
homeowner must show why the bank doesn’t have a foolproof case. If a judge sides with the bank, a final foreclosure judgment can be issued immediately.
The number of foreclosure filings on Florida properties dropped 62.5 percent last year compared to 2010, according to a
year-end report released during the weekend by the Irvine, Calif.-based RealtyTrac.
The robo-signing scandal is the likely cause for the steep dropoff in filings, and recent months have seen an uptick in foreclosure activity.
There are an estimated 368,000 backlogged foreclosure cases in Florida’s courts.
Public testimony Monday against the bill touched on the issue of fraudulent foreclosure documents.
“At a show cause hearing the defendant has had no opportunity to engage in discovery or fact finding,” said Lynn Drysdale, an attorney with the Jacksonville-based Legal Aid Society. “Many of the documents filed at the beginning are false, and you can’t tell that based on their face.”
The bill would become effective July 1 if it becomes law and could be applied retroactively to current foreclosure cases.
“I’ll vote for the bill today, and I’ll vote for the bill on the floor because the only properties affected are those where the mortgages are delinquent and we need to keep that in mind,” said Sen. Don Gaetz, R-Destin. “It certainly doesn’t solve all our problems, but I’ve never voted for a perfect bill.”
© 2012 The Palm Beach Post (West Palm Beach, Fla.), Kimberly Miller. Distributed by MCT Information Services.
January Pending Home Sale Rise, Market on Uptrend!
WASHINGTON – Feb. 27, 2012 – Pending home sales are on an upward trend – an admittedly uneven but meaningful trend – since reaching a cyclical low last April, according to the National Association of Realtors®.Today’s Pending Home Sales Index (PHSI) rose 2 percent compared to December 2011.
The PHSI, a forward-looking indicator based on contract signings, rose to 97.0 in January from a downwardly revised 95.1 in December, and it’s 8.0 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings.
The January index is the highest since April 2010 when it reached 111.3 as buyers were rushing to take advantage of the homebuyer tax credit.
“Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year,” says Lawrence Yun, NAR chief economist. “With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”
The PHSI in the Northeast rose 7.6 percent to 78.2 in January and is 9.8 percent above a year ago. In the Midwest the index declined 3.8 percent to 88.1 but is 10.8 percent higher than January 2011. Pending home sales in the South increased 7.7 percent to an index of 109.1 in January and are 10.5 percent above a year ago. In the West, the index fell 4.4 percent in January to 101.9 but is 0.7 percent above January 2011.
“Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery,” Yun says. “If and when credit availability conditions return to
normal, home sales will likely get a 15 percent boost, speed up the home-price recovery, and thereby significantly reduce the number of homeowners who are underwater.”
© 2012 Florida Realtors®
The PHSI, a forward-looking indicator based on contract signings, rose to 97.0 in January from a downwardly revised 95.1 in December, and it’s 8.0 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings.
The January index is the highest since April 2010 when it reached 111.3 as buyers were rushing to take advantage of the homebuyer tax credit.
“Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year,” says Lawrence Yun, NAR chief economist. “With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”
The PHSI in the Northeast rose 7.6 percent to 78.2 in January and is 9.8 percent above a year ago. In the Midwest the index declined 3.8 percent to 88.1 but is 10.8 percent higher than January 2011. Pending home sales in the South increased 7.7 percent to an index of 109.1 in January and are 10.5 percent above a year ago. In the West, the index fell 4.4 percent in January to 101.9 but is 0.7 percent above January 2011.
“Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery,” Yun says. “If and when credit availability conditions return to
normal, home sales will likely get a 15 percent boost, speed up the home-price recovery, and thereby significantly reduce the number of homeowners who are underwater.”
© 2012 Florida Realtors®
Florida’s housing sales activity higher as 2011 ends.
ORLANDO, Fla. – Jan. 20, 2012 – At the close of 2011, Florida’s existing home and condominium markets reported higher sales compared to the previous year, according to the latest housing data released by Florida Realtors®. It was the third consecutive year for statewide home and condo sales activity to end the year on a positive upswing – higher year-over-year sales also were reported at the close of 2010 and 2009, records show.
Looking back on 2011, Florida’s existing home sales rose 8 percent for the year, with a total of 185,921 homes sold compared to 172,462 homes sold in 2010. The statewide existing home median price for 2011 was $131,700; it was $135,900 in 2010 for a 3 percent decrease. In Florida’s condo market, a total of 87,581 units sold statewide in 2011, a gain of 15 percent compared to 76,209 units sold in 2010. The statewide existing condo median price in 2011 was $88,300; it was $90,000 in 2010 for a 2 percent decrease.
Sixteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales at the close of 2011 compared to 2010; the same number of MSAs also reported higher existing condos sales.
“Florida’s economy is continuing to strengthen, which is good news,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale.“Many people are hoping to take advantage of the current record low mortgage rates and affordable conditions to find their Florida dream home – but overly restrictive lending requirements continue to create barriers to homeownership for qualified
homebuyers. To re-energize the housing market and the economic recovery, we need improved access to affordable financing options for qualified buyers and investors.”
In December, a total of 15,290 existing single-family homes sold statewide, a decrease of 2 percent from the 15,546 homes sold in December 2010. The statewide existing home median sales price last month was $134,300, up 1 percent from the $133,000 reported in December 2010, according to Florida Realtors’ data. The national median existing single-family home price was $165,100 in December, according to the National Association of Realtors® (NAR). The median is the midpoint; half the homes sold for more, half for less.
In the year-to-year comparison for statewide existing condo sales, a total of 6,836 units changed hands last month, compared to 6,985 condos sold in December 2010 for a decrease of 2 percent. The statewide existing condo median sales price in December was $91,900, up 4 percent from the $88,400 reported a year earlier. The national median existing condo price was $160,000 in December, according to NAR.
“Although sales were down slightly in December, they’re up strongly for the year, which reinforces the reality that Florida is in a slow real estate recovery,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Our expectation is that recovery will continue through 2012. The major obstacle in the market is the inadequate accessibility to financing. Prices are moderating, but we don’t expect too much movement owing to the continuing significance of distressed
properties.”
In December, the interest rate for a 30-year fixed-rate mortgage averaged 3.96 percent, down from the 4.71 percent average during the same month a year earlier, according to Freddie Mac. The annual average rate for a 30-year mortgage in 2011 was 4.45 percent. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are
written.
© 2012 Florida Realtors®
Looking back on 2011, Florida’s existing home sales rose 8 percent for the year, with a total of 185,921 homes sold compared to 172,462 homes sold in 2010. The statewide existing home median price for 2011 was $131,700; it was $135,900 in 2010 for a 3 percent decrease. In Florida’s condo market, a total of 87,581 units sold statewide in 2011, a gain of 15 percent compared to 76,209 units sold in 2010. The statewide existing condo median price in 2011 was $88,300; it was $90,000 in 2010 for a 2 percent decrease.
Sixteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales at the close of 2011 compared to 2010; the same number of MSAs also reported higher existing condos sales.
“Florida’s economy is continuing to strengthen, which is good news,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale.“Many people are hoping to take advantage of the current record low mortgage rates and affordable conditions to find their Florida dream home – but overly restrictive lending requirements continue to create barriers to homeownership for qualified
homebuyers. To re-energize the housing market and the economic recovery, we need improved access to affordable financing options for qualified buyers and investors.”
In December, a total of 15,290 existing single-family homes sold statewide, a decrease of 2 percent from the 15,546 homes sold in December 2010. The statewide existing home median sales price last month was $134,300, up 1 percent from the $133,000 reported in December 2010, according to Florida Realtors’ data. The national median existing single-family home price was $165,100 in December, according to the National Association of Realtors® (NAR). The median is the midpoint; half the homes sold for more, half for less.
In the year-to-year comparison for statewide existing condo sales, a total of 6,836 units changed hands last month, compared to 6,985 condos sold in December 2010 for a decrease of 2 percent. The statewide existing condo median sales price in December was $91,900, up 4 percent from the $88,400 reported a year earlier. The national median existing condo price was $160,000 in December, according to NAR.
“Although sales were down slightly in December, they’re up strongly for the year, which reinforces the reality that Florida is in a slow real estate recovery,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Our expectation is that recovery will continue through 2012. The major obstacle in the market is the inadequate accessibility to financing. Prices are moderating, but we don’t expect too much movement owing to the continuing significance of distressed
properties.”
In December, the interest rate for a 30-year fixed-rate mortgage averaged 3.96 percent, down from the 4.71 percent average during the same month a year earlier, according to Freddie Mac. The annual average rate for a 30-year mortgage in 2011 was 4.45 percent. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are
written.
© 2012 Florida Realtors®
Florida Existing home, condo sales up in November
Existing home sales continue to climb in November.
ORLANDO, Fla. – Dec. 21, 2011 – Florida’s existing home and existing condo sales continued its positive upswing in November, according to the latest housing data released by Florida Realtors®. Existing home sales increased 11 percent last month with a total of 12,993 homes sold statewide compared to 11,664 homes sold in November 2010, according to Florida Realtors.
“It’s really clear that two things are happening in Florida real estate,” said Florida Realtors Chief Economist Dr. John Tuccillo. “No. 1, sales are moving upward – not by a large increase, but definitely, positively on an upward trend. Second, prices are stabilizing. Now, it doesn’t mean that prices have turned around but they are stabilizing, and that’s vital for the market to gain equilibrium.
“The more important factor is that sales are increasing and in large part, that’s due to lenders becoming more educated on how to deal with distressed properties more effectively and in a more timely manner – and that’s helping the Florida real estate markets recover.”
Seventeen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in November; 10 MSAs had higher existing condo sales.
The statewide median sales price for existing homes remained relatively flat last month at $130,100; a year ago, it was $130,600. According to analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in October 2011 was $161,600, down 5.8 percent from the previous year, according to NAR. In California, the October statewide median resales price was $278,060; in Massachusetts, it was $275,000; in Maryland, it was $221,765; and in New York, it was $215,900.
In Florida’s year-to-year comparison for condos, 5,590 units sold statewide in November, a 2 percent gain over the 5,464 units sold in November 2010. The statewide existing condo median sales price last month was $86,700; a year earlier, it was $83,000 for a 4 percent increase. The national median existing condo sales price in October was $160,300, according to NAR.
“In recent weeks, we’ve seen encouraging reports of jobs growth and improvements in Florida’s economy,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Mortgage rates have remained at record lows and home prices appear to be stabilizing in many local markets across the state – all positive signs for the housing recovery.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.99 percent in November, down from the 4.30 percent average during the same month a year earlier. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Related: NAR: Existing home sales continue to climb in November
© 2011 Florida Realtors®
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