However, according to RealtyTrac most major lenders are accelerating their foreclosure actions this year to the tune of about 25%. This more aggressive foreclosure activity is expected to result in a 60% increase in short sales.

While this may not necessarily bode well for property values in the near term, the market cannot fully recover until the distressed and shadow real estate inventory is absorbed.

For more on this topic, visit www.DestinFloridaRealEstate.com or email us at smith@realtor.com

The agreement, worth an estimated $25 billion is also said to include a provision that would pay approximately $2,000 each to about 750,000 homeowners who may have been improperly foreclosed upon, particularly during the “robo-signing” period in which foreclosing lenders were accused of falsely and improperly executing foreclosure documents.

$10 billion is supposed to be earmarked for mortgage principal reduction. This may sound like a big number, that is, until you divide it by the number of homeowners affected. At 1 million targeted homeowners, this only equates to a reduction of about $10,000 per mortgage. As it is extremely rare to see a mortgage that is underwater by anything less than $50,000, this is an incidental gesture.

At least $3 billion is supposed to be earmarked for “refinancing”.  Again, if we do the math, this would only equate to 15,000 mortgages at $200,000 each.

According to the AG’s statement today, this settlement is “to ensure justice, and to recover losses, for victims of reckless and abusive mortgage practices”.  This agreement does none of those things. It certainly does nothing to ensure justice. It simply puts to rest a slew of politically motivated lawsuits in 49 of the 50 states. Oklahoma is the sole hold-out.

With 2.2 million mortgages said to be in some stage of foreclosure, today’s announcements look like little more than window dressing.  When the AG says “recover losses”,  the question becomes, recover losses for whom?  And who are these “victims of reckless and abusive mortgage practices”? No one put a gun to anyone’s head to force them to borrow money. No one forced anyone to take out a second mortgage or a cash-out refinance on their primary residence and then spend the money on condos, cars, boats, vacations  and bobbles.

This position on the part of our government serves to distract from the needs of the many responsible individuals who have become un or under-employed in this economic cycle.   Homeowners who are in need of mortgage assistance through no direct fault of their own. These responsible individuals are now being lumped into the same hamper as the so-called predatory buyers and mortgage abusers.  Is this just another way to reward those who abuse our system while punishing their responsible counter-parts?

In retrospect, it is clear that many banks were reckless and many borrowers were reckless.  The only difference between them? The banks can’t register to vote!

An unfortunate event, but we still have American, Continental, Delta and US Airways servicing NWFRA. Additionally, great connections and fares are available in both Pensacola and Panama City. Will Vision be back? Maybe. Both if they do return, we hope that they will inject a little prudence into their business plan and take a more reasoned and methodical approach.

According the SOA website, Sandestin CEO  Tom Becnel will present his ideas to the homeowners.  Ideas with regard to opening a “small entertainment-based gaming facility” just west of the Marriott Courtyard on Highway 98.

This may all be moot as Florida Senate president Don Gaetz has stated in no uncertain terms that he does not support the bill in the Florida Legislature that would create a State Gaming Commission.  The bill is structured in such a manner so as to possibly/eventually  license up to five gambling casinos in Florida but again, passage seems unlikely.

The foreclosing lender will often pay up to a point, but we have seen many cases in which the back HOA fees exceed $50,000. We are working on one now with a $65,000 HOA lien on it!

Congress may very well choose to reject this latest Senate proposal, in which case the payroll tax cut may be allowed to expire. If so, expect a cut in your take-home pay come January 1st.

Northwest Florida counties posted large gains in bed tax receipts for October. Okaloosa, Santa Rosa and Walton counties reported collection increases  of 14.7, 10.9 and 42.7  percent respectively.  According to the Okaloosa County Tourist Development Council,  Okaloosa had the best October ever. Bed taxes for Okaloosa County are primarily generated through hotel and condo short term rentals in Destin and Okaloosa Island.

So what is behind the surge in ticket sales? Some say it is a sign that the economy is recovering. Others contend that consumers are simply feeling more desperate. One thing is certain … With retailer-giant Wal-Mart jumping on the Florida Lottery bandwagon, Lottery officials must be giddy. 

You would be hard-pressed to find a convenience store in Florida that does not sell Lottery tickets today. Supermarket chains in Destin, Ft. Walton Beach and South Walton like Winn-Dixie and Publix have long been on board, and most independents have jumped into the fray as well. The sale of a winning ticket can mean huge rewards for the vendors. In fiscal year 2008-09 Florida retailers earning a staggering $220 million in Lottery sales commissions.

The Lottery is not likely to go away any time soon. With states around the nation scrambling for dollars, shortfalls abound. Florida Lottery officials claim that the Lottery generates a whopping $1 billion per year toward education and college scholarships. That equates to 5% of Florida’s $20 billion annual education budget.

According to PMI, they now wish to “raise additional capital from new investors in order to allow a third subsidiary, PMI Mortgage Assurance Company, to serve as a platform to write new mortgage insurance nationwide”.

The Arizona Department of Insurance said that PMI will be making claim payments “at 50 percent”. Presumably, that means that the unpaid balance of the claim will become part of the bankruptcy creditor claims. It is interesting that none of PMI’s subsidiaries themselves filed bankruptcy, only the parent company. While PMI states that they will continue to operate in the ordinary course of business, as a debtor-in-possession, their operations will be under the scrutiny of a Federal Bankruptcy Court.

Sitting on approximately $735 million in unsecured notes that are now due and payable, it is yet unclear as to how PMI’s move will impact the many lenders around the nation who are presently seeking claims reimbursements. Also in question is how this may impact the many tens of thousands of short sales that PMI has insured. If bankruptcy court approval will now be required for claims authorization, the short sale process nationwide and along the Emerald Coast as well could be dealt yet another unwanted setback. Time will tell.