These pages contain a list of properties that are owned by the Department and are currently for sale. All of the properties listed are repossessions and may include single family residences, condominiums and planned unit developments, farms, land, mobile homes on land, and mobile homes in parks. There are no multiple unit properties, as the Department does not lend on them. In these pages, highlighted words link to other CalVet pages.
Florida has a long history with expensive real estate. Even property located inland can be quite pricey, much less that found along the state’s massive amount of coastline. All that cost equates to a huge potential for foreclosures with the real estate industry in shambles. Florida actually has one of the highest rates of foreclosure in the nation. However, it seems that at least one law firm handled those foreclosures improperly, and now is being forced to pay $2 million in penalties.
The City of Brotherly Love might have just gotten a little less loving. The city recently voted to institute a new property assessment process to calculate property taxes throughout the area. In 2010, the city collected $1 billion in property taxes. The new assessment method will bump that up by $200 million or so. However, don’t expect everyone to be taxed equally.
Home prices are falling throughout the country, but the area around Reno, Nevada seems to have been particularly hard hit, according to sales and pricing information coming out for the final quarter of 2010. The impetus here seems to be directly from short-sale homes, as well as a significant influx of bank-owned homes on the market. The number of properties listed for incredibly low prices is forcing the average price down, as well, and having an effect across the entire real estate scene.
A recent survey of national realtors has found that a high percentage of them have had sales fall through because of home appraisals coming in too low. Often, the appraisal actually came in below the price that a buyer was willing to pay. Even if those low appraisals did not cancel the sale outright, many realtors have found that they have to renegotiate contracts because of it. Those low appraisal rates have also affected more than just realtors – builders have had sales lost because of the appraisals. Why are appraisals coming in so low, though?
A recent survey of national realtors has found that a high percentage of them have had sales fall through because of home appraisals coming in too low. Often, the appraisal actually came in below the price that a buyer was willing to pay. Even if those low appraisals did not cancel the sale outright, many realtors have found that they have to renegotiate contracts because of it. Those low appraisal rates have also affected more than just realtors – builders have had sales lost because of the appraisals. Why are appraisals coming in so low, though?
Trying to pinpoint those areas doing the best in terms of real estate performance is difficult. No matter where you look in the nation, it seems that high sales volumes inevitably fall off and the recession sinks its claws back into the market once more. However, the nation’s capital might just be leading the country into recovery, at least in the real estate market.
Many financial experts, housing market gurus and real estate moguls have been touting the end of the recession and the beginning of recovery for the housing sector. While some of that enthusiasm might be warranted, giving the improved employment outlook for the nation, it seems that the situation is a bit different from the rosy picture painted. January actually saw a drop in pending real estate sales, a dip of almost 4%.
For those concerned that interest rates are going to jump up and kick off higher real estate prices, the NY Fed has a mixed message of hope and caution. The Fed expects interest rates to stay very low, at least in the short term. However, there might be changes coming down the line. The foreseeable future might just hold higher interest rates across the board.
While many areas of the nation are still struggling with depressed real estate sales, others are experiencing rather dramatic sales levels. For instance, for those in the Midwest, farmland is the hottest seller, outpacing many real estate areas that have traditionally been “hotter.” While experts might be somewhat nervous about using the word “boom” to describe what is happening here, it might just play out that way. What’s going on?
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