July 28, 2009
According to CNNMoney, a 20-city index shows that the value of U.S. homes has grown on a monthly basis in May 2009 for the first time since July of 2006.
Although, this is only a single month’s statistic, it could indeed be a sign that home prices are stabilizing. The Obama Administration has supported the housing market through many different programs and funding, which in turn has improved consumer confidence, which is an important factor for the housing industry. Stabilizing the market has been one of the primary goals of the administration through tax credits, foreclosure relief programs and taking control of Fannie Mae and Freddie Mac.
According to Mark Zandi, chief economist for Moody’s Economy.com, “It feels like the cycle is winding down,” he said. “I think it depends on how well the mortgage modification plan will work and I’m guessing it will work reasonably well.”
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July 24, 2009
Statewide existing home sales rose 28% in June compared to last years housing data, according to the Florida Association of Realtors (FAR). In the Tampa Bay area alone, the existing home sales rose 21% in a year-to-year comparison. This marks the 10th month in a row that sales activity has been on the rise when comparing sales on a yearly basis. When comparing monthly, June’s existing home and condominium sales showed an increase, as well.
As an added bonus, it appears that June is the second month in a row that the statewide median sales price for existing homes is on the rise. The median sales price for existing homes in the state of Florida last month was $148,000, which shows a monthly increase of 2.49%. In the Tampa Bay Area the median sales price is $139,400.
While the large amount of first time home buyers, drawn to the market by the $8,000 tax rate and low home prices, are boosting the sales, the poor appraisals are stalling the transactions, making the amount of home sales lower than was expected, according to Lawrence Yun, National Association of Realtors Chief Economist.
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July 23, 2009
According to a new forecast by the Florida Legislature’s Office of Economic and Demographic Research, the recession in Florida should hit bottom by the summer of 2010; these figures reflect a six month delay of recovery compared to the last forecast. The unemployment rate is predicted to hit 11%, which in turn effected the prediction of recovery. With the unemployment rate and the foreclosure rate on a steady rise, the amount of time it will take to financially recover is growing right along with them.
However, according to Tony Villamil, Dean of the Business school at St. Thomas University, South Florida should recover more quickly than the rest of the state due to the areas diverse economy
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July 22, 2009
In an effort to keep more homes from becoming vacant, a new controversial plan is being considered by the Obama Administration that would allow homeowners to continue to rent their home for at least five years after foreclosure. The program is geared to aid homeowner’s whose mortgages are in trouble, yet, did not qualify for any modification programs that are available.
The plans of the program have not been set, some versions involve lenders selling the home to investors and allowing the troubled homeowners to continue to rent, in other versions; lenders would sell the home to ‘approved professional landlords’. The monthly rent amount would be determined by the local market rate and an appraiser.
The plan is not only attractive to investors as they will receive a steady income source, but also attractive to lenders as the probability of finding a buyer would be greater and faster. Also, the lender would have more of an incentive to work out a modification program with the homeowner, since the home would be worth less.
According to Mike Larson, a real estate analyst with Research in Jupiter, “We don’t yet know fully how the plan would work,” he said. “But if you have a warm body in the house who will keep it from going into disrepair and keep the lawn mowed, that will be at least somewhat helpful.”
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July 21, 2009
The National Association of Realtors (NAR) stood in front of the House Transportation and Infrastructure Subcommittee and expressed its support for energy efficiency tax credits, block grants and weatherization assistance investments last week.
According to Jim Helsel, the NAR treasurer, there have been steps taken to raise public awareness about the benefits to green building, including a green designation program that offers certifications and training for real estate professionals.
“The federal government plays an important role in the green effort, providing public research, as well as capital and economic incentives,” Helsel says, “It is NAR’s belief that the government should continue to have a limited role offering incentives and grants to encourage the movement toward energy efficiency. However, we do believe it is important that the government’s role continue to be incentive-based only versus mandated and overly regulated processes.”
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July 20, 2009
According to mortgage giant Freddie Mac, mortgage rates on a 30-year home loan has dropped yet again! This marks the third week in a row that we have seen a significant decline in mortgage rates. In comparison with last year’s figures, rates have dropped 1.12 percent marking this week’s numbers at 5.14 percent.
In April of this year, the rates were as low as 4.78 percent, however, due to the increasing fear that the government debt could spark inflation, treasury yields spiked. As these yields are closely related to mortgage rates, the rates spiked to 5.6 percent. Although, the rates were not as high as they were this time last year, with the declining home prices, homeowners that wished to refinance found that choice to be counter productive.
The falling mortgage rates have opened the doors for refinancing once again. According to Frank Nothaft, the chief economist of Freddie Mac, these reductions could amount to a monthly savings of $56 on a $200,000 mortgage.
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July 17, 2009
The scam starts at the popular website known as Craigslist and ends with renters being “taken” for thousands of dollars. Listings are being copied from real estate websites and advertised on Craigslist, the contact information is changed to a fraudulent name and phone number. The price for the rental is then lowered to a below market price, in order to become more attractive to potential tenants. The scammers are asking for the first months rent along with a deposit, normally equal to the cost of one months rent. The transaction is completed online and in come cases, the lockbox on the door is drilled into and renters have been placed into homes that they have no legal right to.
The best way to determine if the rental that you are looking at online is not a scam, is to pay attention to a few details that are often overlooked. Be aware of the content of the ad. The Craigslist ad will be a copy of the original ad, including a photo; however the follow-up emails will normally have incorrect spelling. If the price that is being asked is abnormally low for that area, it is probably a scam. The scammers will normally ask for the money to be sent by Western Union or some other method that cannot be tracked.
If you feel that you are in the middle of a possible scam, call your local law enforcement office immediately.
The best way to avoid being scammed is to go through a licensed Real Estate agent, here at CENTURY 21 Allliance Realty, we offer some of the best of the best in the way of informed, professional agents and brokers.
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July 16, 2009
Hernando County Association of REALTORS (HCAR) is celebrating “Welcome Home Week”, July 12-18, 2009. Tonight, Thursday, July 16, 2009, from 6:00 p.m. until 7:00 p.m. a workshop geared towards “Who’s Eligible to Apply – Habitat” will be followed by “Available Down Payment Assistance” information from 7:00 p.m. until 8:00 p.m.
On Saturday, July 18 it’s an all day affair, including an Ice Age and Madagascar Movie Marathon for the children from 10:00 a.m. until 4:00 p.m. Information for both owners and buyers will be available throughout the day. Below is Saturday’s schedule:
11 am – 12 pm Energy & Water Saving Tips for Dollars (for Buyers and Homeowners)
11 am – 12 pm Why Consider Various Inspections at Purchase (for Buyers)
12 pm – 1 pm $8,000 Reasons to Buy Your 1st Home Now (for Buyers)
12 pm – 1 pm Remodeling $ Return on Investment – Builders Assoc. (for
Homeowners)
1 pm – 2 pm Is a Short Sale or Foreclosure Right for You (for Buyers)
1 pm – 2 pm How & When to Apply for a Mortgage (for Buyers)
2 pm – 3 pm Credit Counseling (for Buyers)
2 pm – 3 pm Is Loan Modification Right for You (for Homeowners)
3 pm – 4 pm $8,000 Reasons to Buy Your 1st Home Now (for Buyers)
3 pm – 4 pm Tips & Tricks of Staging Your Home for Sale (for Homeowners)
HCAR is located at 7321 Sunshine Grove Road in Brooksville, Hernando County. For more information feel free to call 352-799-1971. Come on down and join us!
other related articles
Educate yourself through “Welcome Home Week: Making Homes Affordable”
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July 15, 2009
Yesterday, over a dozen locals came forward to have their voice heard in regards to the Little Rock Cannery in Hernando County. Dr. Keely Smith, veterinarian from Spring Hill, came forward with a proposal to lease the facility and improve it with little help from Hernando County.
After hearing the pleas from the residents of the county, commissioners have decided to delay any decision in regards to the fate of the cannery, until further details of the lease with Smith have been researched.
A new vote will be held on July 28, 2009 after the lease has been run by the county attorney’s office and the advisory committee for the cannery.
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July 14, 2009
Jerry Giovaniello, senior VP of government affairs for the Washington D.C. based National Association of Realtors (NAR), is pushing to extend the $8,000 tax credit for first-time homebuyers past the Dec. 1 deadline; in addition, he would like to see the credit raised to $15,000 for ALL homebuyers.
According to Giovaniello, the homebuyer tax credit appears to be working and foresees over a 50-50 chance that the extension could indeed pass, however, raising the credit limit could be a little trickier.
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