Benito Realty Group

"...instead of representing a triumph for Mr. Perez, 59, Icon Brickell has become a symbol of the excesses of the building boom in downtown Miami. Since 2003, 83 towers with nearly 23,000 condo units have been added to the downtown skyline, from fancy Brickell Avenue through the more modest Biscayne Corridor, causing an oversupply of epic proportions in this city of 400,000 people.

As of Dec ...

"The CocoWalk retail center in Coconut Grove, FL, is reportedly at least three-months behind on payments to CWCapital.

CWCapital, who services the defaulted $79 million dollar loan, has already rejected two workout proposals. While moving forward toward foreclosure, the loan service company is weighing a third proposal to modify the loan for owner PMAT Real Estate Investments of Mandeville, ...

"Fannie Mae announced Monday the opening of a mortgage help center in Miami to help distressed borrowers in South Florida with loans owned by the GSE."

"The Miami facility is the first in a series of local centers that the mortgage financier plans to open across the country. Fannie Mae says the goal is to accelerate the response time for struggling homeowners and improve the company's resolu ...

"Explains Rick Sharga, senior vice president of RealtyTrac Inc., "Essentially, the 7 million 'shadow inventory' number consists of all the properties currently in foreclosure (about 1.2 million), all the loans that are delinquent (about 5.5 million), and some of the REOs (about 900,000 in our database)." However, he says, "it appears that the analyst is working on the assumption that 100% of ...

"According to a new report from Condo Vultures, a Bal Harbour Florida based real estate consultancy firm, more than 30,000 properties in the tricounty South Florida region were repossessed through foreclosure in 2009, representing a 16 percent year-over-year increase compared to 2008 when 26,000 properties were taken back by lenders."

"Lenders repossessed an average of 83 properties per day ...

For those interested in seeing the statistics of mortgage foreclosures since 2002, here is a good link: click here

"In a move that could speed the sale of massive numbers of distressed properties on the market, Miami-Dade County officially launched online bidding for foreclosures Monday, bringing together bidders from across the globe and launching hopes of an accelerated return to normalcy in the real estate industry."

To continue reading, click here. Benito Realty Group uses the latest online systems t ...

"Miami foreclosures are some of the most popular real estate properties in the city, and the most numerous, too. Over the past couple of years, many homes entered the foreclosure market, mainly due to the increasing numbers of homeowners unable to pay for their properties. This is indeed unfortunate for the owners but quite a boon for real estate investors and even regular homebuyers."

"If y ...

"The Florida Supreme Court on Monday told state judges to assign future foreclosure cases to "managed mediation."

Managed mediation relies on trained negotiators to hear disputes between lenders and home owners. The process requires a single session, lasts less than three hours, and costs $750."

To read the entire article, click here. For more information on how Benito can help you with for ...

"Bank foreclosures listings continue to batter the commercial property sector in South Florida. The crisis that started in the residential sector is now engulfing commercial properties in many cities of the country. Every week, news on commercial foreclosures continues to appear in business journals."

This is another good read about Florida bank foreclosures. Click here for the entire articl ...