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Foreclosure Inventory

According to an article written by Brian Honea along with data from Black Knight Financial Services: There is some good news concerning foreclosure properties as of the end of January 2015, foreclosure inventory year over year in January fell by 31.4%–as good as that sounds, the foreclosure starts were 5.5% increase month over month. The starts were 94,000 for January which was the highest number since December 2013. The number of nationwide properties in pre-sale inventory for January was 815,000 with the 31.4% decline which amounts to 316,000. The delinquency rate (% of loans 30 days or more past due but not yet in foreclosure) was 5.56% in January which is a decline of 1.4% from December and 11.3% from December 2013. The number of delinquent Mortgages in January was 2.8 million which was a decline of 55,000 from December 2014 and 327,000 from January one year ago. The number of properties that were 90 days or more past due but not in foreclosure was 1.12 million, down by 20,000 month over month and 177,000 year over year. In another article from Brian, he states that JWB Real Estate Capital (Florida) has published an online investment property short sale guide which provides information for property owners on foreclosure prevention. Although the legal process varies state by state this guide may be used by property owners who are behind on their payments to help them understand the options and hopefully prevent a foreclosure on their own home. http://www.jwbrealestatecapital.com/can-you-short-sale-an-investment-property/ Thank you Brian for sharing your information with us. Teresa...

Demystifying Property Taxes

As a Realtor, the subject I hear most about seems to be property taxes. No one likes them and everyone thinks they are too high, but they arenít going away. From talking with clients about property taxes I have discovered that there are many people that donít understand how property taxes are calculated. I canít tell you how many times I have heard ì I donít want to look at houses in that neighborhood because taxes are too high thereî. Please pay close attention to this: THE TAX RATE IN FREEPORT IS THE SAME ALL OVER FREEPORT!! Shocking isnít it? Property taxes are based on the assessed value of the property. A $100,000 house in the City of Freeport will have the same tax amount no matter where it is located within the city. Once the market value has been established on January 1 of each year, the assessed value will be 1/3 or 33.33% of the market value for that year. The assessed value is multiplied by that yearís tax rate and that is how your property tax amount is calculated. If the property owner is eligible for certain exemptions ( Owner Occupied, Senior Freeze or Disabled Veteran for example) those exemptions are subtracted from the assessed value. As a result, the property taxes are reduced. Obviously, there are areas in Freeport where the assessed value of properties will be higher than in other areas, but the assessment determines the amount of the tax. The actual tax rate does not vary from neighborhood to neighborhood. As long as it is in the city, the tax rate is the...

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