Can you imagine having a global catastrophe a tsunami, 5.0 Earthquake on the rickter scale, Tornados and category 5 Hurricanes? These natural forces can destroy life’s and cost millions of dollars of damage in single day. We have no control over mother hearth rarth in occasion our warning to evacuate are sometimes not enough … Today 6.684 billion people occupied the Earth can you imagine having to be part of only 300 thousands survivors left searching for food shelter and help. Phone lines wouldn’t work internet would be absolute food would be scarce police station would be abandon family and friends would be missing. Slowly the great smell of dead corps would filled the atmosphere The world as we know it would be a great big empty waste land. Does it sound like a Dream or a movie you would watch in the Theatre? This Catastrophe is happing today not in a our weather but in our economy and financial institutions. Three of our major financial institution folded in one year it began with Country Wide, Bear sterns, and now Indy Mac. The mortgage meltdown of the 21 century has not yet surpassed and we still don’t know the body counts or the assessed damaged. Many have ruined their credits and many have lost their jobs. Does this sound like you or someone you know? Most of the constructions stop almost immediately many of its employee foreman, architects, developers and illegal immigrants have felt the raft of the great fall of the subprime prime market. In the late 1990s and early 2000 property value would increase every month many were enjoying home equity, bonuses and job security. In today’s market this isn’t the same scenario our nations catastrophe of alarming foreclosures rates and unemployed has been the after math of the great mortgage meltdown.
“Miami Real Estate experienced the highest quarterly foreclosure rate per household. In Miami-Dade County, there were 987 residential auctions in the first quarter, which translates into 127 foreclosures per 1,000 households.”
“The number of jobs lost so far this year is 463,000, bringing the total number of unemployed to 8.8 million in July, up from 7.1 million last year. The jobless rate last July stood at 4.7 percent.”
Most of the programs ( subprime loan)such as No income verification Stated Stated programs are as we call today are ancient history. Many say this is the Reason why the Market is experiencing so much default experts say people borrowed more than they can afford and many mislead the application and documentation they provide to obtaining such loans. The credit crunch gave birth to a new world a world were only the strong will survive .
“The highest ranked Florida metro area was Fort Lauderdale, which ranked No. 6 with one in every 51 households receiving a foreclosure filing during the quarter. Other Florida metro areas in the top 20 were Miami at No. 10, Orlando at No. 13, Sarasota-Bradenton-Venice at No. 14, Tampa-St. Petersburg-Clearwater at No. 17 and Palm Beach at No. 18. “” Read more on How home sellers are taking losses.
This new mortgage world would only finance the great survivors of the Mortgage meltdown. Most of today loans are A paper which mean 100% documentation Full doc as they are better known as which means Tax returns and lender are running the 4506 form verify with the IRS, 2 months of bank statements and credit score of 620 and above. If you are self employed and for tax purposes you right of most of your income this can affect your purchase, If you are a w-2 employee and have high debt ratio this also can also affect your purchase. Most of these requirements were made because of the current market conditions. The mortgage meltdown also goes hand in hand with property value. IF the standards to get a loan keep rising this can affect Miami Real Estate purchases and property value across our Nation. Sign up to our newsletter to receive updates on recent post or you can also sign up to our Home search. IF you also have any questions please fill free to call 305364-0037 or email mdelgado@globalmarketrealty.com
Ready to move to Miami ? What information on public schools?We have several Miami Homes, Miami Foreclosures, Miami Rentals, Miami luxury foreclosures, Miami Condo foreclosures. Search the Local MLS for Hundreds of Miami lakes Rentals.
Is Miami Real Estate a true Catastrophe?
Can you imagine having a global catastrophe a tsunami, 5.0 Earthquake on the rickter scale, Tornados and category 5 Hurricanes? These natural forces can destroy life’s and cost millions of dollars of damage in single day. We have no control over mother hearth rarth in occasion our warning to evacuate are sometimes not enough … Today 6.684 billion people occupied the Earth can you imagine having to be part of only 300 thousands survivors left searching for food shelter and help. Phone lines wouldn’t work internet would be absolute food would be scarce police station would be abandon family and friends would be missing. Slowly the great smell of dead corps would filled the atmosphere The world as we know it would be a great big empty waste land. Does it sound like a Dream or a movie you would watch in the Theatre? This Catastrophe is happing today not in a our weather but in our economy and financial institutions. Three of our major financial institution folded in one year it began with Country Wide, Bear sterns, and now Indy Mac. The mortgage meltdown of the 21 century has not yet surpassed and we still don’t know the body counts or the assessed damaged. Many have ruined their credits and many have lost their jobs. Does this sound like you or someone you know? Most of the constructions stop almost immediately many of its employee foreman, architects, developers and illegal immigrants have felt the raft of the great fall of the subprime prime market. In the late 1990s and early 2000 property value would increase every month many were enjoying home equity, bonuses and job security. In today’s market this isn’t the same scenario our nations catastrophe of alarming foreclosures rates and unemployed has been the after math of the great mortgage meltdown.
“Miami Real Estate experienced the highest quarterly foreclosure rate per household. In Miami-Dade County, there were 987 residential auctions in the first quarter, which translates into 127 foreclosures per 1,000 households.”
“The number of jobs lost so far this year is 463,000, bringing the total number of unemployed to 8.8 million in July, up from 7.1 million last year. The jobless rate last July stood at 4.7 percent.”
Most of the programs ( subprime loan)such as No income verification Stated Stated programs are as we call today are ancient history. Many say this is the Reason why the Market is experiencing so much default experts say people borrowed more than they can afford and many mislead the application and documentation they provide to obtaining such loans. The credit crunch gave birth to a new world a world were only the strong will survive .
“The highest ranked Florida metro area was Fort Lauderdale, which ranked No. 6 with one in every 51 households receiving a foreclosure filing during the quarter. Other Florida metro areas in the top 20 were Miami at No. 10, Orlando at No. 13, Sarasota-Bradenton-Venice at No. 14, Tampa-St. Petersburg-Clearwater at No. 17 and Palm Beach at No. 18. “” Read more on How home sellers are taking losses.
This new mortgage world would only finance the great survivors of the Mortgage meltdown. Most of today loans are A paper which mean 100% documentation Full doc as they are better known as which means Tax returns and lender are running the 4506 form verify with the IRS, 2 months of bank statements and credit score of 620 and above. If you are self employed and for tax purposes you right of most of your income this can affect your purchase, If you are a w-2 employee and have high debt ratio this also can also affect your purchase. Most of these requirements were made because of the current market conditions. The mortgage meltdown also goes hand in hand with property value. IF the standards to get a loan keep rising this can affect Miami Real Estate purchases and property value across our Nation. Sign up to our newsletter to receive updates on recent post or you can also sign up to our Home search. IF you also have any questions please fill free to call 305364-0037 or email mdelgado@globalmarketrealty.com
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Ready to move to Miami ? What information on public schools?We have several Miami Homes, Miami Foreclosures, Miami Rentals, Miami luxury foreclosures, Miami Condo foreclosures. Search the Local MLS for Hundreds of Miami lakes Rentals.