The Daily Soak - August 15

Foreclosures Up, Sales Down in Palm Beach and Broward

Tampa-based website Foreclosuredaily.com reports the number of homeowners facing foreclosure in Palm Beach rose from 1,063 last July to 1,739 this July, while the number of Broward homeowners in the same boat jumped from 1,430 to 2,865. Meanwhile, banks are finally tackling the backlog of properties, as the number of foreclosure sales more than doubled over last year in both counties. A Moody's analyst predicts the number of foreclosures in both counties will peak next June when fewer adjustable rate mortgages are resetting and the job market stabilizes. South Florida housing analyst Brad Hunter is less enthusiastic, "I think if you are hoping that the worst will be behind us by the middle of next year, that's a pretty optimistic scenario." Florida Association of Realtors data released yesterday would seem to support Hunter's thesis; existing home sales were down 3% in Palm Beach and 8% in Broward compared to last year.


Tampa Bay Condos Will Be Sold At Absolute Auction Next Month

Alabama-based auctioneer J.P. King announced an absolute auction of 23 condominiums at the Bella Sol development in Apollo Beach south of Tampa. (Map) In order to sweeten the pot for interested boaters, 12 new boat slips will also be auctioned off at the waterfront complex on September 6. The auctioneer says, “The villas in Bella Sol provide luxurious amenities and a Caribbean resort feel that creates a vacation getaway atmosphere. Most of the premier villas feature a spectacular view across Tampa Bay, where residents witness beautiful sunsets on a daily basis.” Interested bidders should be able to pick up these units at a deep discount to their original listing price. According to this website, the Bella Sol villas were originally offered between $457,000 and $990,000. For more information, the developer's website has floor plan PDF's and Tampa Bay realtor Debbie Zito put together a nice three-minute video tour of the community.


New Rate Quote Websites Offer "Cozy Blanket of Anonymity"

While mortgage lenders have definitely raised the bar for borrowers, some websites have made the process of searching for rate quotes a little less painful. Forbes reports that consumer-friendly sites like Zillow and MortgageMarvel don't require visitors to input reams of personal information just to generate a simple quote. The Zillow Mortgage Marketplace claims to have 3,333 participating lenders and has processed over 61,000 mortgage requests since inception. MortgageMarvel makes the assumption that interested borrowers have a good credit score (720 or higher) and offers real-time rates and lender fee quotes rather than annoying teaser rates. Another advantage of these sites is the transparency they offer in an industry that desperately needs it. An eBay-style honor system and active forums are weeding out shady lenders. According to Forbes, "Zillow has reviewed hundreds of red flags and barred more than a dozen lenders for employing bait-and-switch tactics with their loan rates."