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May 2014 Archives

More cash purchases on homes may not bode well for housing market

More homes are being purchased in South Florida with cash. Amazingly cash purchases are now occurring more often in this region than are mortgages. About 69 percent of homes paid cash in Palm Beach County during the first three months of 2014 as opposed to 42 percent being purchased with cash during the same period in 2013. Similar numbers were reported in Broward County as well.

Royal Palm Beach shopping center facing foreclosure

A shopping center in Royal Palm Beach is facing foreclosure due to a $37.5 million loan. The shopping center is said to be 293,050-square-feet. A foreclosure hearing was filed on April 10 for buildings residing on 30.3 acres. One tenant leased out 86,479 square feet of retail space. A couple of other businesses have taken out space in excess of 30,000 square feet.

Loan modifications under HAMP may soon begin expiring

Homeowners will likely be hit with higher mortgage payments after expiration of loan modifications that were granted during the housing crisis. As the first of the federal Home Affordable Modification Program options were granted in 2009, many of these loan modifications will expire this year.