Insect-infested food served at the Orange County Jail is an isolated case, jail spokesman says.


Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

ORLANDO – The recent shipment of food to the Orange County Corrections Department that included an unwelcome ingredient — insects — was an isolated incident that shouldn’t happen again, the spokesman for the jail said.

“There was one other minor incident, not exactly the same, in the mid-1990s, and that was it,” said Allen Moore, public information officer for the jail.

Earlier this month, inmates at the jail’s medium-security Whitcomb building found insects in the food being served to them.  The inmates quickly pointed this out to a corrections officer.

The county jail houses not just inmates who have been sentenced to a term of less than two years, but anyone who has been arrested for committing a crime  in Orange County, awaiting a court date.  If that inmate doesn’t have the money for bail or to hire an attorney, they can sit in the jail for weeks or longer waiting to get into court.  In the meantime, they haven’t been convicted of a crime – but they’re still stuck in jail.

“Sixty-six percent of most jail populations are not yet convicted of the crimes for which they were accused,” Moore said.

That’s one of the reasons, he said, why “Our goal is humane treatment.”

That includes providing decent meals to inmates, he said.

“We’re watching everything very closely, and so far everything is going well,” Moore said.

Moore said food is provided to the jail by Trinity Food Service.  The parent company, Trinity Services Group, is a part of Canteen Correctional Services, which provides commissary services to more than 70,000 correctional inmates across the U.S.

Trinity blamed the infests on the trucks they used to transport it to the jail, and Moore said those trucks are no longer in use.

“They’re replacing those trucks being used, and it only reached a small number of inmates that we serve,” he said.  “I don’t know how many trays got into the hands of inmates, but they saw it had insects and pointed it out to an officer, who had the trays removed. It wasn’t a whole slew of bugs, just one or two running here and there — which is bad enough.”

Overall, he added, Trinity has a good record.

“They’re done a very good job,” he said.  “Some jails run their own food service, like Polk County. Ours is a mega jail — we’re roughly the third largest jail in the state.  The jail menus are approved by a nutritionist, and we have to meet Florida Model Jail standards, and we’re inspected by the American Correctional Association, the national accrediting agency for jails. We need to show that we meet national standards of care and control.” 

Trinity has been under contract with the jail since 2001, he added, and “We have no complaints with Trinity. Those trucks are no longer in use. Ironically, that same week that occurred, those trucks were supposed to come off line. It only appeared to be involving that one truck. They cleaned out all the trucks, not just that one, with a bleech solution, and after that meal was served — there was no evening meal – they fumigated the truck.  Just to be sure, they brought in rental trucks for the meals as well.”

Based in Tampa, Trinity notes on its web site that it has “become the predominant correctional foodservice contractor in Florida. By 2000 Trinity was successfully operating every major County Jail foodservice contract that had been awarded in Florida.”

Canteen’s site emphasizes the importance of “quality and nutrition” in their commissary services.

“We understand that mealtime plays a critical role in the overall stability of a secure facility – and we take that responsibility very seriously,” the site notes.  “To help reinforce a sense of order and control within your facility, we make sure that all food is properly prepared and presented.  Canteen is committed to providing food service programs that achieve these objectives three times a day, seven days a week.”

As far as the nutritional requirements, “Canteen’s on-staff registered dietitians meet with clients and medical staff to develop nutritious menus,” the site claims.  “We exceed federal, state and local guidelines, and respect individuals’ dietary and religious requirements.”

The Orange County Corrections Department’s Inmate Handbook states that prisoners have “the right to expect to be treated fairly by all staff members,” and that they have “the right to nutritious meals, proper bedding, clean clothing and a laundry schedule for exchanging county issued clothing, an opportunity to shower regularly, availability of toilet articles, and accessibility of medical treatment.”

As for meals, the handbook notes that three meals are served daily: breakfast at 5:30 a.m., lunch at 11 a.m. and dinner at 4 p.m. 

“There are no extra helpings,” the handbook states.  “Meals will be eaten at meal times.  No food (including condiments) will be taken back to the sleeping area.  No pork products are served. If for medical reasons, you need a special diet, you must be seen by the Health Services Division for an evaluation of dietary needs.”

Inmates at the Orange County Jail found insects in the food served to the Whitcomb building earlier this month.

 The Southern Center for Human Rights, which advocates human rights for prisoners, notes that the United States has the highest incarceration rate in the world, with the highest incarceration rates in southern states.

 Contact us at FreelineOrlando@Gmail.com.

Tea Party chairman says “Republicans have to deliver” — but probably won’t.


Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

ORLANDO – Looking at the huge victories won by the Republican Party last November, when the GOP picked up 63 seats in Congress, the chairman of the Florida Tea Party expects her movement to experience something this year: a golden opportunity.

Peg Dunmire, who is building up the Florida Tea Party to become a legitimate alternative to the Democrats and Republicans, says the GOP victories last November represented a clear repudiation of the performance of President Obama and the Democratic-controlled Congress in managing the economy, reducing our national debt, and controlling spending.

But it doesn’t, she added, represent a clear endorsement of the Republicans, and Dunmire is convinced that the GOP may set expectations too high on what they can accomplish – and ultimate fail.

“I think that the public is very skeptical about whether the Republicans will deliver – and what they will deliver,” Dunmire said. 

Polls so far haven’t been encouraging to the GOP, she noted. A Wall Street Journal poll showed that 24 percent of Americans view the Republican Party positively, compared to a 33 percent who give a positive rating to the Democrats.  Even after Democrats got crushed in the midterm elections, Dunmire said, voters remain skeptical about what the GOP will accomplish.

That skepticism is likely to grow, Dunmire said, since in December’s “lame duck” session, Congress approved a massive spending bill called the Omnibus Appropriations Act.

“They added a trillion dollars to our debt,” Dunmire said, while noting that the Florida Tea Party stands for the exact opposite: no deficit spending and a reduction in the responsibilities of the federal government, with more and more programs turned over to the states.

The 112th Congress recently convened, with U.S. Rep. John Boehner, R-Ohio, taking over as Speaker of the House from liberal Democrat Nancy Pelosi, who now becomes minority leader.  But the U.S. Senate is still controlled by Democrats, and with President Obama in the White House, there’s speculation that Republicans may have to compromise on a lot of their goals, including repealing the health care law and pushing for new spending cuts.

Dunmire said that after such a sweeping victory, the GOP needs to deliver on their pledge to reduce the budget deficit and seriously cut federal spending – or risk alienating the voters who elected them.

“They have to stand for something,” she said.  “It remains to be seen what their attitude will be.  The jury is totally, totally out on them.”

The first big test, she said, will be the vote in the House to kill the national health care reform law passed by Congress in early 2010. The controversial measure, which many political analysts say contributed heavily to the Democrats’ sweeping defeat, nevertheless continues to have strong support from the president, who had pledged to veto any repeal effort.

Dunmire noted that some conservative commentators, like Fox News’ Bill O’Reilly of The O’Reilly Factor, “are saying this is a waste of time because the Democrats control the Senate.  I disagree.  The Republican strategy in the House is to kill Obamacare, and I think it’s very good that the Republicans want to do this.  They need to.  The Republicans have to deliver on this in the House.”

Dunmire ran for Congress last year in Florida’s 8th Congressional District, which includes parts of Orlando and Orange, Lake, Osceola and Marion counties. She and the Democratic incumbent, Alan Grayson, lost to the Republican candidate, former state Sen. Dan Webster.

Dunmire noted that during the election, Republican candidates picked up a lot of support from voters affiliated with the Tea Party movement, which called for a return to a strict interpretation of the U.S. Constitution and limits on the powers of the federal government.

If the GOP can’t control spending and end up returning to the big spending days when they controlled Congress under much of President George W. Bush’s first term, Dunmire said, they could turn off Tea Party voters altogether.

“Are they going to play politics as usual?” she asked.  “This is why we’re not going away. 

Peg Dunmire says the Florida Tea Party is here to stay because Republicans may not follow through on their promises to cut spending and repeal Obamacare.

The Florida Tea Party is here to stay, because we don’t know if the Republicans will deliver.”

 Contact us at FreelineOrlando@Gmail.com.

RealtyTrac says U.S. set a foreclosure record in 2010 — but more bad news may be on the way.


Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: Access denied for user 'freeline'@'localhost' (using password: NO) in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: mysql_real_escape_string() [function.mysql-real-escape-string]: A link to the server could not be established in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 26

Warning: array_key_exists() [function.array-key-exists]: The first argument should be either a string or an integer in /home3/freeline/public_html/wp-content/plugins/wp-simple-contact-form/wp-simple-contact-form.php on line 27

FOUR CORNERS – RealtyTrac’s report today that the number of foreclosures in the U.S. hit a record high in 2010 could led some to assume the housing market has probably hit bottom, and it’s a safe assumption that the worst of the foreclosure crisis is behind us.
But that might not, unfortunately, be the case.
Pete Howlett is a Realtor in the Four Corners area, where he runs Orlando Vacation Realty.  He said there’s good reason to believe the foreclosure crisis could get worse this year and in 2012, even though Central Florida and the rest of the country have already been through three years of record-breaking foreclosure statistics.
“The distressed sales will be with us for a while,” Howlett said. 

A sign in South Lake County indicates just how widespread the home foreclosure crisis has been in Four Corners.


A key reason, he said, is that at the height of the real estate boom in 2005, banks were so eager to sign up new lenders that they came up with attractive mortgage deals for people who couldn’t afford skyrocketing home prices.  That included adjustable loans as low as 3 percent, or in some instances interest only loans, where the buyer paid only the interest on the loan, and made no payments toward the principle.
These deals were attractive because they gave the buyer a low monthly payment they could afford.  But those loans were only for a set number of years, and not for 30 year deals like fixed rate loans are.
“If you got a loan in 2005,” Howlett said, “and if they were five to seven year loans, they haven’t hit the adjustment period yet, where they might go from 3 percent to 9 percent this year,” Howlett said.  “Or they were interest only loans, when they started off at interest only rates.  The banks made a lot of these loans that were five to seven year loans that started off at adjustable rates.”
When the higher rates kick in – and it’s a strong bet that a lot of them will be this year and in 2012 – there’s likely to be another fierce round of foreclosure proceedings, Howlett said, as homeowners find they can no longer keep up with their monthly payments at the higher rate.
“Banks are still proceeding with their inventory of distressed properties,” he said.

Four Corners Realtor Pete Howlett says adjustable loans given at the height of the real estate boom in 2004-2005 will exacerbate the home foreclosure crisis this year.


On Thursday, RealtyTrac, the online marketplace for foreclosure properties, released its Year-End  2010 U.S. Foreclosure Market Report.  It showed that a total of 3,825,637  foreclosure filings — including default notices, scheduled auctions and bank repossessions — were reported last year on a record 2,871,891 U.S. properties. That represented an increase of nearly 2 percent from 2009 and a 23 percent jump from 2008.
Florida remains one of the hardest hit states, having experienced a huge building boom between 2003 and 2006 as demand for new homes outstripped supply. One of those areas was in Four Corners, which takes in parts of Lake, Orange, Osceola and Polk counties where U.S. 192 and U.S. 27.  Close to Orlando, the theme parks and Orlando International Airport, this area experienced a rapid buildup of new residential subdivisions, but when the housing bubble burst in 2008, it left behind a rising number of vacant, unsold homes and a painfully high foreclosure rate.
Florida had the nation’s third highest foreclosure rate, with 5.51 percent of its housing  units – or one in 18 – getting at least one foreclosure filing during the year.  RealtyTrac reported that in Florida, one in every 343 housing units received a foreclosure filing in December 2010. Orange County had 1,695 foreclosure filings, one in every 272 homes, while in Osceola County, there were 767 foreclosure filings last month, one in every 158 homes.

In Orange County, foreclosed homes sell on average for less than $113,000.


The high number of foreclosure homes being sold has brought down prices.  In Orange County, the average sales prices for a home is $157,859, RealtyTrac reports – but buyers who look at a foreclosured home will pay an average price of just $112,908. In Osceola County, the average sales price is lower, at $144,732, but the average foreclosed home price is down to just $96,314.
Kevin Jones, manager and loan officer for Professional Mortgage Center in Davenport, agreed that foreclosed homes remain a large part of the Four Corners housing inventory.
“I do see a lot of foreclosures and I do see a lot of short sales,” Jones said.  Short sales are when the owner of a home has fallen behind on their monthly mortgage payments, and, facing the possibility of a foreclosure, try to sell their home for less than what they owe on it.  The seller’s hope is that the bank will write off the remaining debt on the mortgage rather than repossess the home.
“We get a lot of sales from both of those,” Jones said.  “And I see a lot of people buying these properties, especially short sales.”
Foreclosed home are in many ways less attractive, he added. Sellers of short sales tend to keep the property well maintained in order to attract buyers, but in too many cases where a home has been abandoned and repossessed by the bank, the previous owners trashed it before leaving.
“The problem is when people leave their house, they leave them in disrepair,” Jones said.  “That’s the problem that we get from foreclosures. People steal things from the house and take appliances, and it can be a real mess.  then nobody wants to buy it.”
That brings the prices down to levels that traditional sellers can’t compete with, he said.  Jones also agreed with Howlett that many adjustable loans made during the peak of the market haven’t all switched yet to the higher rates — but many will this year.
“There were a lot of three to five year loans made when everyone was buying things in 2004, 2005, and they’re all coming due around this time,” Jones said.  “People wanted to pay them, but couldn’t, so they just left. They were at 2 or 3 percent, and then the loan shot up to 9 percent, and those are all coming due.”
Another reason the situation may get worse, Howlett said, is that some banks may have held back on putting all their distressed properties on the market at once.
“I’ve heard they did kind of hold off on selling all their distressed properties so there isn’t a total collapse,” Howlett said.  “It probably would have been worse if they had been dumping them all at the same time.”
But it also means banks may have more foreclosed properties to put on the market at deeply discounted prices, further bringing down all home prices, he said.
Howlett said he’s also heard some banks are considering requiring buyers to begin putting down 30 percent before they can secure a mortgage – a plan that would help the banks, he said, but could be devastating for the housing market.
“If you required 30 percent down, the number of buyers who could qualify would be abysmal,” he said. 

It could become harder to get a mortgage if banks start requiring buyers to put a minimum of 30 percent down.


But there is some good news in the RealtyTrac report, which showed that foreclosure filings were reported on 257,747 U.S. properties in December, which marked a 2 percent decrease from November and a 26 percent drop from  December 2009.  It was, the report indicated, “the biggest annual drop in foreclosure activity since RealtyTrac began publishing its foreclosure report in January 2005, and giving December the lowest monthly total since June 2008.”
Likewise, default notices in December were down 4 percent from November and down 35 percent from December 2009, while scheduled foreclosure auctions decreased 3 percent from the previous month and were down 20 percent from December 2009.
Howlett said it’s also encouraging that prices in Four Corners have started to stabilize, even as inventory remains fairly high.
“Obviously, supply and demand will impact prices,” Howlett said. “But I’ve seen a leveling off on sales prices and that suggest the banks are sitting on these properties rather than making this situation worse.”

Contact us at FreelineOrlando@Gmail.com.

Maintaining your property should be one less thing you need to worry about and with Orlando property management this can be possible! Orlando Property Management

Related Posts Plugin for WordPress, Blogger...