Allan Greenspan, chairman of the Federal Reserve, was on the hotseat today  as the star witness before the House  Oversight and Government Reform Committee.  He will address questions about actions that the government took or didn’t take that contributed to the housing market collapse.  This is taking place against a background of financial turbulence in all financial markets, both here at home and globally.

 If you are interested in obtaining information regarding any real estate matters, short sales and foreclosures, please call Dianne Mattiace, REALTOR, Balistreri Realty, Inc.  954-691-1880   or email me at DMattiace@Balistreri.com

Alan Greenspan, famous for his “irrational exuberance” comments that took the air out of the Internet bubble, now has a new moniker he’ll be known for: “Credit Tsunami.” Greenspan testified before Congress this morning and told lawmakers that he was in a state of “shocked disbelief” over the extent of the credit crisis and the credit tsunami that has ensued.

The former Fed Chairman said that the key to relief will be stabilizing home prices, which he doesn’t foresee happening for “many months in the future.” “Given the financial damage to date, I cannot see how we can avoid a significant rise in layoffs and unemployment,” Greenspan said. “Fearful American households are attempting to adjust, as best they can, to a rapid contraction in credit availability, threats to retirement funds and increased job insecurity.”

In banking news, the venerable Goldman Sachs plans to announce today that it will lay off 3,260 employees, reducing its workforce of 32,500 by 10%.

I am sure this won’t come as a surprise to investors and those of you who watch CNN and read the papers, by it was announced today that foreclosure filings in the United States were up 71% in the third quarter compared to the same period last year.  That equates to over 700,000 homeowners greeting a sheriff at the door with a foreclosure notice in their hand.  Where is it happening?  Six states make up nearly 60% of the list.  They include Florida, Michigan, Ohio, Nevada, and California.  No surprises there!  If you are thinking for a minute that short sales and bank owned foreclosures are a 2008 quick solution—think again.  This situation will continue well into 2010, possibly 2011 as the real estate market strains to absorbs more and more inventory as it comes online.   

If you are interested in obtaining information regarding short sales, loan modifications, foreclosure lists, etc, please contact Dianne Mattiace, Realtor, Balistreri Realty, Inc.  954-691-1880  or DMattiace@Balistreri.com

With approximately 7% of the nation’s homeowners in foreclosure, it is important to know that there are various solutions to this ever increasing problem.  As the adjustable rate mortgages continue to readjust, more and more homeowners are being placed into the predicament of not being able to make their monthly mortgage payment.  Banks and mortgage companies are now becoming increasingly open to the idea of modifying the terms of the existing mortgage, allowing the homeowner to remain in their home.  It is surprising when you speak with people about their problem, and ask whether the problem is the home, or the loan?  Most of the time the answer is the loan.  After the banking industry made $14 trillion ( yes, that is a t) during 2004-2005, isn’t it nice that they will make it possible for people to keep their home.  How generous!  Believe me, I would like to know what happened to all the trillions, and I bet you would too.   To qualify for loan modification, you must have experienced an adjustable rate upwards, and you must have income. 

  If you would like information regarding loan modification,  real estate, short sales, foreclosures, please contact Dianne Mattiace, REALTOR, Balistreri Realty, Inc. 954-691-1880 or email me at DMattiace@Balistreri.com. 

It is important that we provide an opportunity for all Americans to experience the beauty and excitement of home ownership.  In the old days, buyers bought a small home or condo, waited several years for the equity to increase,  then sold it, using the profits to buy their next larger home.  With all of the mortgage issues surfacing in the last twelve months, it is even more frightening for a first time homebuyer.  There are still wonderful opportunities available to those who are looking to buy a property and there are so many choices.  For help, call Dianne Mattiace, REALTOR  Balistreri Realty  954-675-0800

This very spacious condo is located just off A1A in Fort Lauderdale, close to beaches, fine dining and upscale shopping.  This spacious one bedroom/one and a half bath is located on the second floor in a low density building, only 10 units in total.  This condo  has been tastefully and totally updated, with cherry wood kitchen cabinetry, newer appliances, tile floors throughout living areas, and lots of storage and closet space.  Uniquely, this condo has a separate foyer area, enhancing the spacious floorplan.  Enjoy expansive waterway views from the  screened balcony.   Dockage may be available for lease in this building. Available for lease at $1150.      .Dianne Mattiace,   REALTOR     Balistreri Realty, Inc.   954-675-0800  DMattiace@Balitreri.com     

Great news is on the way!   Is it possible that our local real estate market is flattening and/or turning upward??  The Broward County Housing Symposium held on July 18 in Fort Lauderdale gave hints to some relief.  For full information on the symposium, go to http://www.r-world.com/Events/housingsymposium/ for complete information.

 For all your real estate needs, call Dianne Mattiace, REALTOR at 954-675-0800 or email DMattiace@Balistreri.com.

Forever ocean views from this spacious one bedroom condo located in sunny Pompano Beach.   Priced under $200K at only $197,923—-it’s a great buy!  Building has had major upgrades during the past few years and the apartment is in move in condition.  Make it yours today!   Secure building and beach is just across A1A.   If you enjoy sitting on your open 10th floor balcony, sipping your morning coffee, and watching the surf roll in—call Dianne Mattiace, REALTOR at 954-675-0800,    Balistreri Realty, Inc.   DMattiace@Balistreri.com

FHA and VA loans are coming back—-stronger than ever!  We didn’t hear much about them for several years.  That is because the banking industry developed the 100% financing and No Income Verification Loans to compete with them.  As bank loans became easier to obtain, these went into hibernation.  Well, winter is over and you will see lots of FHA loans again.  The limits for purchase are in the low $400s so it is attractive not only for first time homebuyers, but those buyers who may not have a lot down, compromised credit scores,  and limited job history.  This will open up the flood gates for buyers who want to buy in the best market we have had in many years. 

For any  real estate needs, call Dianne Mattiace, REALTOR.  Balistreri Realty, Inc.  If you have a questions, please send to my email below. 

954-675-0800   DMattiace@Balistreri.com

This time of year comes every year to Florida—June 1st through November 30th.  That’s right—hurricane season is just around the corner and we are most likely better prepared than ever!  Since the brutal attack of Wilma back in October 2005, Florida has undergone some significant changes in order to be better prepared for hurricanes.  It’s not all about bottled water and stockpiling food, the actual infrastructure of South Florida has been improved tremendously.  Florida Power and Light and ATT have improved their ability to handle power and telephone outages, have upgraded equipment and have created newer and better strategies.  Landscaping that was overgrown for many years was literally cleared out by Wilma,  and now the entire area has a more manicured appearance.  Stricter building codes, lots more hurrican impact windows, and tile roofs replaced by aluminum sheets—well, we are bracing for another big one, if it ever happens.  If it does, we will be ready. 

For any and all of your real estate needs, call Dianne Mattiace, REALTOR, Balistreri Realty, Inc.  954-675-0800   DMattiace@Balistreri.com

It’s truly a mystery to Realtors, buyers, and sellers alike that banks are not being more aggressive and pro-active in their responses to offers on properties that are heading toward foreclosure.  There are many theories and explanations as to why it might take the bank 3-4 months to give an answer to an offer.  Meanwhile, the buyer gets frustrated and frequently moves onto another property.  It is a lose-lose situation for all involved.  The bank has to proceed with legal foreclosure, the buyer loses a property they really wanted to purchase, and the seller suffers severe credit damage.  If the banks could get their short sale division in place, and I mean immediately, the damage to the real estate market and values could be substantially minimized.  For any real estate needs, contact me at 954-675-0800.

Dianne Mattiace, Realtor.  Balistreri Realty, Inc.   DMattiace@Balistreri.com