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» Florida Adriana M Aleman, MBA Florida Dreams Realty Group aaleman@floridadreamsrealty.com Cell 321 689 6258 www.floridadreamsrealty.com MEMBER IN THE NEWS Bill to Expedite Florida Foreclosures Passes House, Senate A bill introduced in January to speed up Florida's foreclosure process passed both the House and the Senate and made its way to Gov. Rick Scott's desk. As of press time, the governor had not yet signed the bill into law. H.B. 87, introduced by Rep. Kathleen Passidomo (R-Naples), would require lenders to prove they have the appropriate paperwork showing they have the right to foreclose on a property before entering the foreclosure process. The bill reduces the timeline for a lender to pursue a deficiency judgment from five years to one year. The bill also allows condo associations to take certain actions to expedite a foreclosure if they believe a bank is moving too slowly. In cases of wrongful foreclosure, the proposed law allows homeowners to sue for monetary damages but does not allow them to reclaim their home. Supporters of the bill champion its efforts to speed up the state's lengthy judicial foreclosure process, while outspoken opponents claim it infringes on homeowners' rights. Sen. Darren Soto has opposed the bill from the beginning and introduced his own set of bills aimed at solving Florida's housing problems. "So what we're going to see here is, we're going to reduce property rights . . . that have been on the books for generations and it's not even going to work," Soto said, according to Tallahassee.com. However, Passidomo stated on her website that the bill "passed with bipartisan support." According to Tallahassee.com, the bill passed the Senate with a 26–13 vote and the House with an 87–26 vote. With one in every 317 homes receiving a foreclosure filing as of March, Florida continues to rank as one of the highest states for foreclosures, according to RealtyTrac. The online foreclosure marketplace currently ranks the state as No. 2 in the nation for foreclosures. ISGN, TruPoint Offer CFPB Mock Audit ISGN Corporation (ISGN), a Floridabased provider of mortgage technology solutions and services, teamed up with TruPoint Partners, an independent regulatory compliance organization, to offer a comprehensive Consumer Financial Protection Bureau (CFPB) Mock Audit. The CFPB Mock Audit helps financial institutions and mortgage lenders maintain compliance in the changing regulatory environment. ISGN's professional services group—which assesses compliance and operational risk and provides process optimization and cost reduction strategies—developed a risk framework for a simulated CFPB audit. "This approach provides our clients the ability to conduct a 'dry run' to bring out any issues prior to the actual regulatory review," said Lisa Weaver, CMB, SVP of mortgage solutions for ISGN. As part of the audit, ISGN performs a targeted review of potential problem loans identified using TruPoint Analytics, an ondemand system that allows access to relevant compliance, marketing, and management reports including those required under the Home Mortgage Disclosure Act (HMDA) and fair lending laws. "When left unchecked, fair lending and HDMA risk can stall growth, undermine acquisition plans, hinder profitability, and damage an organization's reputation," said Trey Sullivan, CEO of TruPoint. "The collaboration of TruPoint's compliance analytics combined with ISGN's compliance expertise compounds our ability to offer cost-effective solutions in a difficult area where mistakes can have severe consequences." Miami Home Sales, Prices Rise Steadily Supported by Cash Buyers As home sales and home prices in the Miami metro area continue to post gains, VISIT US ONLINE @ DSNEWS.COM absentee buyers and cash purchases make up a sizable portion of the market, according to DataQuick's March report. March was the 11th consecutive month of annual home sale gains in Miami and the 15th consecutive month of annual median price increases in the metro area. Home sales posted an 18.8 percent increase over the month in March and a 7.1 percent annual gain. Prices rose 0.7 percent over the month and 14.1 percent on an annual basis. The median home price—including new and resale homes and condominiums—was $154,000 in March, according to DataQuick. Absentee buyers—investors, vacationhome buyers, and others who will not be immediately residing in the purchased home—contributed to 43.6 percent of home sales in Miami in March. This is up from both last month and last year when buyers in this category contributed to 43.4 percent and 41.8 percent of sales, respectively. Cash buyers also increased their market in March, claiming 66.6 percent of all Miami home purchases, up from 65.5 percent in February but down from 67.5 percent in March 2012. Foreign buyers accounted for 5.3 percent of Miami home purchases in March. They were more active in the condo resale market, where they contributed to 9.1 percent of sales. DataQuick also observed home sales on a quarterly basis, finding a 14.2 percent rise from the first quarter of last year to the first quarter of this year. Single-family resales experienced the greatest growth, rising 19.5 percent from the first quarter of 2012 to the first quarter of 2013. New single-family home sales increased 18.9 percent, and condo sales increased 9.2 percent over the same period. Higher-end home sales are driving most of the improvement in the Miami market, according to DataQuick. Among homes priced between $200,000 and $600,000, sales increased 24.9 percent annually in March. Sales of homes carrying a price tag of more than $800,000 increased by an even greater 27 percent. In March, 124 homes sold for more than $2 million, an increase of 63.2 percent from last March, according to DataQuick. At the other end of the spectrum, sales of homes less than $100,000 declined 11.2 percent yearover-year, and sales of homes below $200,000 declined 3.3 percent. Median prices rose more among singlefamily detached homes (+24.2 percent) than among resale condos (+14 percent) on 85

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