Federal regulators are staffing up for next month's scheduled opening of what is poised to be a 500-person bank failure and asset sales office in Florida.
The Federal Deposit Insurance Corp, which insures individual accounts up to $250,000, plans to open a "temporary" east coast office on Jacksonville's south side of town in September.
"Throughout its history, the FDIC has used these offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee," according to an FDIC statement. "As the work diminishes, the temporary satellite offices are closed."
Industry watchers expect a surge of bank failures to occur in Florida in the upcoming months as the sunshine state is one of the hardest hit real estate markets yet only six of the 94 FDIC institutions to fail since January 2008 have been headquartered in Florida.
By comparison, neighboring Georgia leads the nation in bank failures with 21 seizures, or 22 percent of the overall total closings, since 2008, according to Condo Vultures® LLC research based on FDIC data.
The FDIC's satellite office is viewed by many industry watchers as further proof that a series of Florida bank failures is imminent in the upcoming months. The FDIC is not dispelling the speculation.
"You put the office as close to the bulk of your work," FDIC spokesman David Barr told CondoVultures.com.
Read More
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Interested in buying multiple units from developers or banks? Be sure to visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Showing posts with label foreclosure database. Show all posts
Showing posts with label foreclosure database. Show all posts
Friday, August 7, 2009
Friday, April 17, 2009
South Florida REOs Jump 54% In Q1 2009
Banks repossessed through foreclosure more than 7,300 properties in the tri-county South Florida region in the first three months of 2009, representing a 54 percent increase over the number of properties taken back in 2008, according to a new report from Condo Vultures® LLC.
Lenders took ownership of a combined 2,355 properties in January, 2,432 properties in February, and 2,524 properties in March in Miami-Dade, Broward, and Palm Beach counties. At this pace, more than 29,000 properties would be repossessed in South Florida in 2009, according to the Condo Vultures® report.
"We actually expect the number of REOs to far surpass 30,000 in 2009," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Now that the government and lenders appear to be poised to allow many of the holiday-inspired foreclosure moratoriums to expire, we anticipate an uptick in the number of Lis Pendens and/or Notices of Default filings in the upcoming months."
Surprisingly, Miami-Dade County, considered by many to be the hardest hit real estate market in South Florida, no longer holds the distinction of having the most bank-owned properties in the tri-county region.
Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, wrestled away that distinction from Miami-Dade in 2009 with a 100 percent increase in REOs.
In the first 90 days of 2009, lenders took back 3,341 properties in Broward compared to 2,691 properties in Miami-Dade. In Palm Beach, lenders repossessed 1,279 properties.
By comparison, in the first quarter of 2008 lenders repossessed 2,395 properties in Miami-Dade, 1,671 properties in Broward, and 696 properties in Palm Beach, according to the report.
To repossess a property in South Florida, lenders must first file a Lis Pendens and/or Notice of Default with the circuit court in the county where the residence is located.
The filing initiates what is typically a six to nine month process that costs a lender an estimated $40,000 to $80,000.
The final step of the foreclosure process is a courthouse auction where a lender's financing position is available for purchase by the highest bidder based on a minimum judgment amount set by the court.
Many bidders often times fail to purchase a lender's financing position on a condo, townhouse, or single-family house as the debt owed on the foreclosed property by the borrower far exceeds the amount an investor would be willing to pay in today's distressed market.
It is at this point in the foreclosure process that the court formally transfers a property from the borrower to the lender, creating Real Estate Owned (REO) by a bank.
Once in control of a property, a bank settles all outstanding title issues including past-due condominium maintenance fees before ultimately selling off the REO property at a deep discount.
"REOs offer some of the deepest discounts available in the volatile South Florida real estate market," Zalewski said. "The drawback is, many of these properties are in need of work, whether it is renovating a residence damaged by a frustrated borrower or building out a never-lived-in condo unit. Still, the potential upside is great for those buyers who are willing to put in some sweat equity."
Condo Vultures® Featured On CNBC's Squawk On The Street
CNBC's popular Steals and Deals segment featured Condo Vultures® on April 15 during the financial news network's Squawk On The Street program. The Steals and Deals segment focused on bank-owned condo units in Greater Miami that are now available at discounts as deep as 81 percent.
Miami Condo Trends Subject of Upcoming Seminar
Condo Vultures® is relaunching its seminar series on Tuesday, April 28, at the Doubletree Grand Hotel in Miami with a presentation by real estate consultant and broker Peter Zalewski. The agenda will include a discussion of proprietary research collected by Condo Vultures® regarding the South Florida condo market and the official launch of the firm's recently published eBooks, the the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™. For more information about attending, please visit the Upcoming Events section of CondoVultures.com.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Lenders took ownership of a combined 2,355 properties in January, 2,432 properties in February, and 2,524 properties in March in Miami-Dade, Broward, and Palm Beach counties. At this pace, more than 29,000 properties would be repossessed in South Florida in 2009, according to the Condo Vultures® report.
"We actually expect the number of REOs to far surpass 30,000 in 2009," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Now that the government and lenders appear to be poised to allow many of the holiday-inspired foreclosure moratoriums to expire, we anticipate an uptick in the number of Lis Pendens and/or Notices of Default filings in the upcoming months."
Surprisingly, Miami-Dade County, considered by many to be the hardest hit real estate market in South Florida, no longer holds the distinction of having the most bank-owned properties in the tri-county region.
Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, wrestled away that distinction from Miami-Dade in 2009 with a 100 percent increase in REOs.
In the first 90 days of 2009, lenders took back 3,341 properties in Broward compared to 2,691 properties in Miami-Dade. In Palm Beach, lenders repossessed 1,279 properties.
By comparison, in the first quarter of 2008 lenders repossessed 2,395 properties in Miami-Dade, 1,671 properties in Broward, and 696 properties in Palm Beach, according to the report.
To repossess a property in South Florida, lenders must first file a Lis Pendens and/or Notice of Default with the circuit court in the county where the residence is located.
The filing initiates what is typically a six to nine month process that costs a lender an estimated $40,000 to $80,000.
The final step of the foreclosure process is a courthouse auction where a lender's financing position is available for purchase by the highest bidder based on a minimum judgment amount set by the court.
Many bidders often times fail to purchase a lender's financing position on a condo, townhouse, or single-family house as the debt owed on the foreclosed property by the borrower far exceeds the amount an investor would be willing to pay in today's distressed market.
It is at this point in the foreclosure process that the court formally transfers a property from the borrower to the lender, creating Real Estate Owned (REO) by a bank.
Once in control of a property, a bank settles all outstanding title issues including past-due condominium maintenance fees before ultimately selling off the REO property at a deep discount.
"REOs offer some of the deepest discounts available in the volatile South Florida real estate market," Zalewski said. "The drawback is, many of these properties are in need of work, whether it is renovating a residence damaged by a frustrated borrower or building out a never-lived-in condo unit. Still, the potential upside is great for those buyers who are willing to put in some sweat equity."
Condo Vultures® Featured On CNBC's Squawk On The Street
CNBC's popular Steals and Deals segment featured Condo Vultures® on April 15 during the financial news network's Squawk On The Street program. The Steals and Deals segment focused on bank-owned condo units in Greater Miami that are now available at discounts as deep as 81 percent.
Miami Condo Trends Subject of Upcoming Seminar
Condo Vultures® is relaunching its seminar series on Tuesday, April 28, at the Doubletree Grand Hotel in Miami with a presentation by real estate consultant and broker Peter Zalewski. The agenda will include a discussion of proprietary research collected by Condo Vultures® regarding the South Florida condo market and the official launch of the firm's recently published eBooks, the the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™. For more information about attending, please visit the Upcoming Events section of CondoVultures.com.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Friday, April 10, 2009
Miami Foreclosure Filings Jump 34% In Q1 2009
South Florida foreclosure actions jumped by 33 percent in the first quarter to 23,672 filings in Miami-Dade, Broward, and Palm Beach counties, according to a new report from the Condo Vultures® Foreclosure Database™.
An average of 263 Lis Pendens and/or Notices of Default were filed each day in South Florida in the first three months of this year. In first quarter of 2008, there were 17,820 foreclosure actions filed in the region for an average of 198 filings per day, according to the Foreclosure Database™.
"The number of foreclosure filings continues to increase for the third year in a row," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "At this pace, South Florida will have some 96,000 foreclosure actions in 2009 compared to 76,000 in 2008 and 33,000 in 2007."
The Foreclosure Database™ is realtime, searchable online software developed by Condo Vultures® that compiles every one of the 133,700-plus foreclosure actions filed in the circuit courts of Miami-Dade, Broward, and Palm Beach counties since January 2007. The Foreclosure Database™ is the first South Florida service that allows users to search all three counties on a realtime basis by more than a dozen categories, including judgment amounts, values, project names, lenders, borrowers, and the attorneys of the lenders.
Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, experienced the greatest number of foreclosure actions in the first quarter of 2009 with 10,290 actions, or 114 per day. That is a 39 percent increase over the 7,393 actions filed in the first quarter of 2008, according to the report.
Miami-Dade County, where Miami, Aventura, and Coral Gables is located, experienced a 34 percent increase in foreclosure actions in the first quarter of this year. In 2009, there have been 7,170 foreclosure actions filed in Miami-Dade compared to 5,370 filings in the county in the first 90 days of 2008, according to the Foreclosure Database™.
Palm Beach County, where Boca Raton, West Palm Beach, and Delray Beach are located, realized a 23 percent increase in foreclosure filings to 6,212 actions in the first quarter of 2009 compared to 5,057 filings in 2008, according to the report.
Broward accounts for 43 percent of all of the foreclosures filed in the first quarter of 2009, Miami-Dade is second with 30 percent of the actions, and Palm Beach is third with 26 percent of the filings, according to the report.
Foreclosure of the Week:
JP Morgan Chase Bank has filed a foreclose action to collect on a $3.4 million mortgage secured by a condominium unit in the wealthy enclave of Fisher Island.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
An average of 263 Lis Pendens and/or Notices of Default were filed each day in South Florida in the first three months of this year. In first quarter of 2008, there were 17,820 foreclosure actions filed in the region for an average of 198 filings per day, according to the Foreclosure Database™.
"The number of foreclosure filings continues to increase for the third year in a row," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "At this pace, South Florida will have some 96,000 foreclosure actions in 2009 compared to 76,000 in 2008 and 33,000 in 2007."
The Foreclosure Database™ is realtime, searchable online software developed by Condo Vultures® that compiles every one of the 133,700-plus foreclosure actions filed in the circuit courts of Miami-Dade, Broward, and Palm Beach counties since January 2007. The Foreclosure Database™ is the first South Florida service that allows users to search all three counties on a realtime basis by more than a dozen categories, including judgment amounts, values, project names, lenders, borrowers, and the attorneys of the lenders.
Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, experienced the greatest number of foreclosure actions in the first quarter of 2009 with 10,290 actions, or 114 per day. That is a 39 percent increase over the 7,393 actions filed in the first quarter of 2008, according to the report.
Miami-Dade County, where Miami, Aventura, and Coral Gables is located, experienced a 34 percent increase in foreclosure actions in the first quarter of this year. In 2009, there have been 7,170 foreclosure actions filed in Miami-Dade compared to 5,370 filings in the county in the first 90 days of 2008, according to the Foreclosure Database™.
Palm Beach County, where Boca Raton, West Palm Beach, and Delray Beach are located, realized a 23 percent increase in foreclosure filings to 6,212 actions in the first quarter of 2009 compared to 5,057 filings in 2008, according to the report.
Broward accounts for 43 percent of all of the foreclosures filed in the first quarter of 2009, Miami-Dade is second with 30 percent of the actions, and Palm Beach is third with 26 percent of the filings, according to the report.
Foreclosure of the Week:
JP Morgan Chase Bank has filed a foreclose action to collect on a $3.4 million mortgage secured by a condominium unit in the wealthy enclave of Fisher Island.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Friday, April 3, 2009
Foreclosure Database™ Launches With 132,000 Filings
More than 132,000 South Florida foreclosure filings and counting are now available in a realtime, searchable database created by the real estate consultancy Condo Vultures® LLC.
The Foreclosure Database™ provides the most up-to-date list of Lis Pendens and/or Notices of Default initiated in the volatile real estate markets of Miami-Dade, Broward, and Palm Beach counties.
With practically every one of the 227 foreclosure actions filed each business day in South Florida since 2007, the Foreclosure Database™ provides users with critical context and current information on projects, lenders, and borrowers that is essential in the due diligence process.
“The value of the Foreclosure Database™ comes in the ability to quickly pull up customized lists of addresses, owners, lenders, loan amounts, judgment amounts, and more that is searchable by county,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based advisory firm Condo Vultures®. “Every business day we upload the latest foreclosures filings to ensure that our clients have the most updated information possible.”
With about 5,000 foreclosure actions being filed every month in South Florida, many investors, appraisers, and lenders find it difficult to stay informed about the state of the market in a particular building, let alone a neighborhood or even a city.
The Foreclosure Database™ is proprietary software that was created to eliminate that anxiety by assisting decision makers to obtain a better understanding of the rapidly changing South Florida market.
Condo Vultures® attempts to accomplish this objective by providing users of the Foreclosure Database™ with the names of the buildings, the addresses, loan amounts, property values, the borrowers, the lenders, filing dates, and the plaintiff attorneys.
Founded in 2006, Condo Vultures® is the information company that has been releasing quarterly rankings of the top 10 South Florida condominium and townhouse projects with the highest number of foreclosures since 2007.
For the first-time ever, Condo Vultures® is making this valuable resource available to subscribers on a monthly basis with no contract for 30 days of unlimited access to the foreclosures being filed from Miami Beach north to West Palm Beach.
“Our mantra from the inception has been market intelligence,” said Zalewski, a former financial journalist who has lived in South Florida since October 1993. “We believe that accurate, current information always has an empowering effect on buyers, sellers, lenders, and appraisers in a real estate transaction. In today’s volatile South Florida market, accurate information more than ever is essential to buyers who are trying to capitalize on the real estate correction.”
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter's blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database . Our new book Miami's Great Condo Crash: A Chronicle of the Boom and Bust is now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database.
Copyright © 2009 Condo Vultures® LLC, All Rights Reserved.
The Foreclosure Database™ provides the most up-to-date list of Lis Pendens and/or Notices of Default initiated in the volatile real estate markets of Miami-Dade, Broward, and Palm Beach counties.
With practically every one of the 227 foreclosure actions filed each business day in South Florida since 2007, the Foreclosure Database™ provides users with critical context and current information on projects, lenders, and borrowers that is essential in the due diligence process.
“The value of the Foreclosure Database™ comes in the ability to quickly pull up customized lists of addresses, owners, lenders, loan amounts, judgment amounts, and more that is searchable by county,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based advisory firm Condo Vultures®. “Every business day we upload the latest foreclosures filings to ensure that our clients have the most updated information possible.”
With about 5,000 foreclosure actions being filed every month in South Florida, many investors, appraisers, and lenders find it difficult to stay informed about the state of the market in a particular building, let alone a neighborhood or even a city.
The Foreclosure Database™ is proprietary software that was created to eliminate that anxiety by assisting decision makers to obtain a better understanding of the rapidly changing South Florida market.
Condo Vultures® attempts to accomplish this objective by providing users of the Foreclosure Database™ with the names of the buildings, the addresses, loan amounts, property values, the borrowers, the lenders, filing dates, and the plaintiff attorneys.
Founded in 2006, Condo Vultures® is the information company that has been releasing quarterly rankings of the top 10 South Florida condominium and townhouse projects with the highest number of foreclosures since 2007.
For the first-time ever, Condo Vultures® is making this valuable resource available to subscribers on a monthly basis with no contract for 30 days of unlimited access to the foreclosures being filed from Miami Beach north to West Palm Beach.
“Our mantra from the inception has been market intelligence,” said Zalewski, a former financial journalist who has lived in South Florida since October 1993. “We believe that accurate, current information always has an empowering effect on buyers, sellers, lenders, and appraisers in a real estate transaction. In today’s volatile South Florida market, accurate information more than ever is essential to buyers who are trying to capitalize on the real estate correction.”
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter's blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database . Our new book Miami's Great Condo Crash: A Chronicle of the Boom and Bust is now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database.
Copyright © 2009 Condo Vultures® LLC, All Rights Reserved.
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