Beach at Cape Coral's Four Freedoms Park open to the public

Beach at Cape Coral's Four Freedoms Park open to the public

Story Created: Mar 08, 2012 at 8:17 PM America/New_York

CAPE CORAL, Fla -- The newest Cape Coral Beach is finally open to the public.
The beach is located at Four Freedoms Park in the south Cape.
This new park adds about 200 extra feet of beachfront to the Cape. The Community Redevelopment Agency spent $41,000 dollars on the 16,000 square foot beach. Construction started back in the beginning of January.
City officials say they hope this will ease some of the overcrowding at the Yacht Club Beach. Many who live in this area say the new beach is a wonderful addition to the community and they are happy it'll finally be open to the public.

Short Sale Becoming Shorter for Sellers and Buyers

Short Sales Get Shorter: New Deadlines to go into Effect

Daily Real Estate News | Thursday, March 15, 2012

As part of a settlement with state attorneys general, the five largest mortgage servicers are adopting new requirements for short sales, which is expected to speed-up what has been known as a lengthy process.
Here are some of the new requirements for servicers under the settlement:

• Servicers must provide borrowers with a decision within 30 days after receiving a short sale package request. 
• Servicers will be required to notify a borrower, also within 30 days, if any necessary documents are missing to process the short sale request. 
• Servicers must notify a borrower immediately if a deficiency payment is needed to approve the short sale. They also must provide an estimated amount for the deficiency payment needed for the short sale. 
• Servicers are also required to form an internal group to review all short sale requests. 
• Banks will be considered in violation of the settlement requirements if they take longer than 30 days on more than 10 percent of the short sale requests. Violations can carry fines of up to $1 million and $5 million for repeat offenses. 

"If a real estate broker can get a checklist from the bank detailing what documentation is needed, everything can be provided up front, and the bank will be required to give a thumbs-up or a thumbs-down within 30 days,” short sale specialist Chris Hanson with the Hanson Law Firm told HousingWire. “That's not a bad deal.” 

Underwater Mortgages and Homeowners Florida #3

States With the Most Underwater Mortgages

Daily Real Estate News | Thursday, March 15, 2012

About 22 percent of home owners nationwide are considered “underwater,” owing more on their mortgage than their home is currently worth, according to recent CoreLogic data. Some states are seeing a higher number of underwater mortgages than others too.
Many of the states with the highest number of underwater mortgages also had some of the biggest housing booms a few years ago, before prices plunged.
24/7 Wall St., in analyzing CoreLogic’s fourth quarter 2011 data, recently profiled the states with the highest number of underwater home owners.
1. Nevada
Percentage of underwater households: 61.1%
Drop in median home values since housing peak:60%
2. Arizona
Percentage of underwater households: 48.3%
Drop in median home values since housing peak: 47.9%

3. Florida
Percentage of underwater households: 44.2%
Drop in median home values since housing peak: 44.8%

4. Michigan
Percentage of underwater households: 34.7%
Drop in median home values since housing peak: 30.1%

5. Georgia
Percentage of underwater households: 33%
Drop in median home values since housing peak: 26%