Tag Archives: equialt tampa

Helping Homeless Veterans in Tampa Bay, EquiAlt Donates Three Homes To Potter’s House Community Development.
When the real estate bubble burst and the subprime, mortgage, credit and hedge fund markets collapsed in 2008, Brian Davison, now CEO of Tampa-based EquiAlt, was one of the guys who got knocked down. In evaluating what was really important to him moving forward, Davison implemented a philanthropic mission to give back or assist others not as fortunate as he or his company has been. In carrying out his mission to his new home base in Tampa Bay, Davison announces that EquiAlt has donated three single-family homes to Potter’s House Community Development (PHCD). Two of the homes are located in Tampa and the third in Clearwater. The total donation is worth approximately $120,000. PHCD is commissioned to empower the people in our community though several ministries that target health awareness, illiteracy and strengthening the family. Their focus is to educate families in...
Boomerang Buyers Returning After Foreclosures
Chances are if you asked the estimated 5.3 million people who lost their homes during the real estate crisis if they thought they would ever be able to own a home again, their answer would probably be no. Seven years later, however, with their credit rebuilt or on the mend, some of these same former homeowners are re-entering the market. The comeback being staged by this category, also known as the boomerang buyer, is being driven by rising rents and a desire to own a home again now that the economy seems to be stabilizing. Experts see this growing trend happening in various markets across the country, with the most popular being Riverside-San Bernardino, California (4.1%), Los Angeles, California (3.7%) and Phoenix, Arizona (3.6%). Since California is one of the biggest indicators and predictors of what will happen in the housing market, this is good news...
Foreclosure Rates Still High in Some Florida Cities
The real estate market might be on the rebound for most of the United States, but in some cities foreclosure rates are still on the rise. According to the January 2014 U.S. Foreclosure Market Report™ recently released by RealtyTrac®, default notices, scheduled auctions and bank repossessions were up by 8 percent. While this is an increase from December 2013, it is still lower than it was in January 2013. It is no surprise that foreclosure activity would rebound in January, since things tend to become quiet over the holidays. However, RealtyTrac reported that the 8 percent increase seen in January is the largest since May 2012. Even with this increase, the foreclosure rates for the entire country is still on the decline and has been for the past 40 months. Florida One of Top States for Foreclosures While the population in Florida may be growing, so are its...
Foreclosures are Still Selling in Tampa
Conventional housing prices might be on the rise, but according to RealtyTrac’s Year-End 2013 U.S. Residential & Foreclosure Sales Report, foreclosed or distressed homes still account for more than one in four of all home sales. One of the states where this definitely holds true is in Florida and more specifically in the Tampa/St. Petersburg/Clearwater area. In fact, Florida still leads the nation in foreclosures. In the Tampa area this means that about 30% of all homes for sale are priced 40% less than traditional properties. Since the process to sell a foreclosed home in Florida also involves the court system, the selling process is delayed, which has become a growing concern among the lenders and banks who possess these homes, especially as the housing market recovers and the number of foreclosures in other parts of the country decreases. The good new is that like most other cities...
The Myth of the Shadow Inventory
One of the biggest myths floating around the real estate sphere is that of the “shadow inventory.” Proponents of this myth believe there is a large inventory of homes, either empty or repossessed, waiting to enter the market. This idea is especially false in markets that are functioning as they should be, i.e. markets where homes that are for sale are for sale. What is perpetuating the idea of the shadow inventory? Some experts in the real estate industry believe that banks and mortgage companies are holding up the foreclosure of a large number of homes. As a result of this so-called hold-up, there are hundreds or maybe thousands of distressed homes waiting to flood the market. However, banks, such as Wells Fargo, and investment firms, such as Barclays Capital, have denied and debunked the existence of the shadow inventory. In fact, in the third quarter of...
There Goes the Neighborhood?
“We’ve seen the shift from the time we first moved in here from 2009 to now. The neighborhood is already declining.” 30-something mom and homeowner’s board member, Brooklyn, New York They block school buses and garbage trucks by parking on the narrow streets. Neighbors complain of hearing teenagers outside at all hours of the night. Fast food restaurant trash is seen strewn on the ground. What force could be causing this neighborhood devastation? Renters. “Homeowners are more likely than renters to do neighborhood maintenance, get involved with community groups and vote with greater frequency.” (Research paper, Edward Coulson, economics professor, Pennsylvania State University) Behemoth alternative real estate investment firms own thousands of rental properties in family neighborhoods. They believe that funneling money into properties that would otherwise be left vacant improves communities, boosts the quality of rental homes and affords moderate-to-higher-income families access to better quality schools. But these large landlord...
At the Doorstep of Immense Investment Opportunity
For the most part, Republicans blame Fannie Mae/Freddie Mac and government policies for inflating the housing bubble, while Democrats blame Wall Street for creating exotic investments that funneled subprime mortgages. Regardless, Wall Street’s success in the alternative real estate market depends largely on unparalleled demand for rentals from American families who homes were lost to foreclosure and from renters who want to buy but cannot get mortgages due to restricted credit banking practices following the 2008 real-estate bust. Investors Seek Higher Returns The U.S. homeownership rate today stands at 65.3 percent, the same as 20 years ago. However, because single-family rentals represent 10 percent or more of the housing market, lending and investment opportunities, still in their infancy, are immense. These properties offer 10 percent or higher yearly yields in rental income, and tidy profits when the homes are eventually sold. Funds set up by Blackstone, the...
Where Have All the Homeowners Gone?
We’ve heard it before: “The 2008 real estate crash resulted in more than 7 million foreclosed homes.” But what does this number represent in real terms?  It means 7 million home owners whose creditworthiness has plummeted, leaving them unable to again enjoy homeownership. Where have they all gone? It would seem, to renting. More than 100 million Americans are renters. Never before in history has the business of renting single-family homes been more centralized, thanks to behemoth investors like Blackstone setting the pace. From individual investors purchasing just a few properties to multibillion dollar hedge funds buying thousands, the rental market has become big business. Multiunit landlords are enjoying access to bank financing at the same time that many homeowners – especially blacks, Hispanics and the under-40 crowd - are being denied. Is this a welcome trend? Thomas Lawler, an economist and formerly with Fannie Mae, stated, “Early buying...
Real Estate Bidding Wars Spark Housing Bubbles in Hot Markets
You may have seen the headlines…“Bidding Wars Return to Boston Condo Market”…“National Association of Realtors (NAR) Announces Home Sales Lowest Since 1999”…“Why Real Estate Listings Are So Hot Right Now”… and others. Do these headlines contain typos? No. Home prices are rising in many areas across the United States and investors from Wall Street and other countries are leading the charge.  They took advantage of distressed real estate during the short-sale glory days, purchasing properties at bargain-basement prices and, rather than flipping those homes as might happen in a healthy housing market, renting homes to former homeowners displaced by short sales and foreclosures. Now, with fewer homes for sale and increasing buyer demand, the bidding wars have begun in earnest, producing bubbles in the hottest housing markets like Charlotte, Los Angeles, and San Diego. Are we headed for another housing crash? No, says Zillow’s director of economic research,...
Homeowners Prejudiced Against The Growing League of Renters?
Ask almost any American which type of neighbor is ideal, and the answer can be reduced down to “people like us”. It is the impetus behind Italian neighborhoods, Polish neighborhoods, Jewish neighborhoods, and every other neighborhood defined by ethnicity. And while it’s no secret that people want to live with other people who are like them, it may be surprising to learn that, over the past three decades, “residential segregation” has increased, based on a study conducted by The Pew Center. The study also found that the share of U.S. middle class areas is down to 76% in 2010 from 80% in 1980, while the share of lower-income neighborhoods rose to 28% from 23%, and upper-income areas have doubled to 18% from 9%. The home ownership rate now hovers at 65%, the lowest since 1995, according to the Census Bureau. So what happens when millions of...