Susan Halverson

Real Estate updates on Clermont FL Properties

Defaults Soar 33%, Biggest Monthly Gain in 4 Years September 15, 2011

Daily Real Estate News | Thursday, September 15, 2011
A new wave of foreclosures hit in August, as banks picked up the pace in taking action against home owners who have fallen behind on their mortgage payments, RealtyTrac Inc. reported Thursday.

The number of U.S. homes that receiving an initial default notice rose 33 percent in August from July. That increase represents the biggest monthly gain in four years, according to RealtyTrac.

“This is really the first time we’ve seen a significant increase in the number of new foreclosure actions,” says Rick Sharga, a senior vice president at RealtyTrac. “It’s still possible this is a blip, but I think it’s much more likely we’re seeing the beginning of a trend here.”

The uptick in foreclosure activity follows after months of a slowdown in foreclosures, which started last fall, with banks reviewing foreclosure policies and paperwork after facing lawsuits and criticism over how they processed foreclosures. Some banks even temporarily halted their foreclosures as they more carefully reviewed pending cases. The slowdown was also blamed on court delays in some states.

But some housing experts say the increase in foreclosure activity actually could be good for the housing market. A faster turnaround in foreclosures could help clear the glut of shadow inventory hovering over the market, which many say has caused home values to plummet.

The “bloated foreclosure pipeline now presents the greatest obstacle to a housing market recovery,” said Josh Levin, a Citi analyst. About 3.7 million more homes are in some stage of foreclosure than in a normal housing market, Levin said.

Banks are on track to repossess about 800,000 homes this year — down from more than 1 million last year, Sharga said.

Overall, 228,098 U.S. homes — or one in every 570 U.S. households — received a foreclosure-related notice in August, a 7 percent increase from July. However, that represents a 33 percent decline from August 2010.

Source: “Report: Mortgage Default Warnings Spiked in August, Signaling Potential New Foreclosure Wave,” Associated Press (Sept. 15, 2011)

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HOW IMPORTANT IS THE AGE RESTRICTION TO YOU? August 25, 2011

When discussing active adult communities, people often assume that these developments will have an age restriction. While it’s true that many of these communities are only open to residents who have reached a certain age (typically 55), some amenity-rich communities do welcome residents of all ages, including children.

Instead of thinking of active adult communities as always being age-restricted, it may be more accurate to think of them as communities which simply include central amenities and social opportunities. Communities which are open to all ages but still include the amenities, social clubs and events which appeal to active adults are typically referred to as being “age-targeted” instead of “age-restricted.”

 

WILL BOOMERS MOVE WHEN THEY RETIRE? August 23, 2011

Baby Boomers make up 28% of the population in the United States. Over 76 million Americans were born between 1946 and 1964, and statisticians believe that this generation will live seven years longer than previous ones. Because of the size of this generation of Americans, their spending power has always swayed the national economy. As Boomers begin to retire, cities and active adult communities that house them will experience growth.

by Melanie Grimes

 

IT’S LIKE BEING A SOPHMORE IN COLLEGE WITHOUT THE STUDYING! August 21, 2011

Social activities are abound in active adult communities, making it easy to participate and meet people. Fitness centers often feature many classes, such as aerobics, yoga, tai chi, Zumba and water aerobics. In addition to lush golf courses, communities include sports courts for recreations like tennis, basketball, bocce ball and pickleball. Special events, such as dinners, luncheons, dances, barbeques and parties are also commonly found on community calendars.

Just as colleges provide clubs, fraternities and sororities, social clubs in active adult communities cover a wide range of special interests. Residents can meet with like-minded neighbors to form book clubs, travel clubs, luncheon clubs and much more. They can share hobbies and recreations, but they can also work together to make a difference in the community through volunteer leadership positions and by joining charitable groups.

Many active adult communities even offer continuing education opportunities. Some of these programs are provided through local colleges and other communities have their own on-site learning centers. Through adult learning programs, community residents can take a variety of classes and lectures, without the exams or homework.

Whether you think of an active adult community as a country club, a resort or a return to campus-style living, there’s no denying the appeal of these amenity-rich environments.

 

IT’S LIKE BEING A FRESHMAN IN COLLEGE WITHOUT THE STUDYING! August 19, 2011

Active adult communities are often billed as offering “country club living” or “resort-style living.” However, there’s another analogy which may be even more apt. Talk to the residents of many amenity-rich active adult communities and you are likely to hear them say, “It’s like college, but without the studying!” And it’s easy to see the similarities.

At colleges across the country, young adults matriculate within a community of their peers. In addition to taking classes and earning their degrees, most college students participate in a rich social life. There are activities, sports, clubs, social events, community service organizations and many other ways to get involved in the college lifestyle.

An active adult lifestyle at a resort-style community can be very similar to these active college years. Except this time, there are no exams and the lifestyle doesn’t end after four short years.

Whether choosing an age-restricted or age-targeted community, residents are likely to live mostly among their own peers. While personalities can vary widely, being from the same generation increases the chances of similarities among neighbors. For the most part, active adult residents have moved beyond raising young families and are now in a similar phase of life.

Like colleges, active adult communities often draw residents from all over the country. Many relocating retirees enjoy meeting neighbors who come from diverse backgrounds. They can enjoy sharing their experiences while getting to know each other and forming lasting friendships.

 

FIFTH TIP TO TAKING ADVANTAGE OF THIS BUYER’S MARKET August 17, 2011

Look for Inventory Homes or Resale Homes

Though you may have dreams of buying a new construction, don’t limit your options too much. Choosing a pre-built (or partially built) new home doesn’t give you the freedom to plan every detail, but it can be a great way to save money while still being the original homeowner.

Similarly, you should also let yourself be open to looking at resale homes. You never know when you might come across a previously-owned, well-maintained home which has all the features you want—including a lower price.

 

FORTH TIP TO TAKING ADVANTAGE OF THIS BUYER’S MARKET August 15, 2011

Consider Community Amenities and Fees

Amenity-rich communities are nice, but no one wants to pay for perks that they know they won’t use. For the best deal, compare the monthly association fees at your favorite active adult communities. Find out what the fees cover and if you would be paying for something you won’t use, like a mandatory golf course membership.

While larger resort-style communities are impressive, make sure you plan to use a good portion of the amenities. Otherwise, you might be happier in a community with lower association fees and just the amenities you will use.