December 31, 2009
Inventory in the real estate market is finally starting to move! Although many homeowners refuse to budge on the home prices that they have set forth, many others are accepting offers that they wouldn’t have dreamed of accepting months ago. Sellers are becoming more realistic about the values of their property; the days of inflated home prices are behind us.
This is a buyers market, the bidding wars have begun again and investors are beginning to flood the market once again. Don’t miss out on the deals! Low home prices, tax incentives and low mortgage rates won’t last forever. Start the New Year off by investing in your Florida dream home today, while the prices are right!
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December 30, 2009
According to the South Florida Business Journal and REALTOR (R) Magazine Online, the Florida Supreme Court declared that future foreclosure cases be assigned to “Managed Mediation”. What is managed mediation? It is a process that lasts no more than 3 hours and costs no more than $750 (the homeowner is not responsible for the cost). A trained negotiator listens to the lender and the homeowner. Some cases that have been settled in the past resulted in postponed payments and reduced interest rates. This process should help some of the struggling homeowners keep their homes.
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December 29, 2009
As part of a nationwide program, known as Real ID, receiving a Florida Drivers license or an ID card is about to become more difficult. Starting January 1, 2010, Florida drivers will have to prove their identity with more documents than ever before.
Drivers will not only have to prove their identity with documents such as an original birth certificate or a valid passport, they will also need to provide their Social Security card, pay stub or a W-2 form as well as two forms of proof of residency documentation. Suitable proofs of residency documents are a voter registration card or a utility bill. Anyone whose names have changed will be required to also submit supporting documents such as divorce papers.
Real ID began in 2005 as one of the responses to the 9/11 attacks in an effort to make it more difficult to receive U.S. identification. The deadline for the states to comply to Real ID have been changed repeatedly, as many states continue to refuse compliance, questioning the costs and privacy issues. Florida has been one of the first states to support Real ID, as several of the 9/11 terrorists received their driver’s licenses in Florida.
Although, this may be a bit of hassle to some, others deem it to be a necessity.
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December 28, 2009
Existing home sales may be on the rise, however new home sales in November took an unexpected dive of 11.3% in a monthly comparison, according to a Census Bureau report. Economists believe that the decline in new home sales is due in part to the expansion and extension of the home buyer’s tax credit. Many buyers that were scrambling to take advantage of the tax credit before the initial November 30th deadline, slowed down and starting looking around a bit more once the extension of the program passed in the beginning of November.
The supply of new homes has substantially declined as well as the supply of existing homes on the market. In January of this year there was enough supply of new homes to last over a year at the current sales rate, today there are only enough to last 7.9 months. According to Mike Larson, a real estate analyst at Weiss Research, “We now have fewer new homes on the market than at any time in more than 38 years. There’s still plenty of competition from used homes, especially distressed property. But even that overhang is gradually coming down.”
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December 24, 2009
November 2009 existing home sales rose again, marking the 15th consecutive month that sales have increased in a yearly comparison, according to Florida Realtors (formally known as Florida Association of Realtors). Existing home sales increased 61% across the state of Florida creating a total of 14,026 homes that sold last month.
The extension and expansion of the federal homebuyer tax credit is creating a forward momentum in the amount of existing home sales. According to President of Florida Realtors, Cynthia Shelton, “For 15 months now, statewide sales of existing single-family homes in Florida have increased each month compared to the year-ago figures, the continued, gradual absorption of housing inventory will help stabilize home prices. National research notes that housing affordability is at its peak and the highest on record: Along with still-low mortgage rates, it means that the buying power of a typical family has never been better.”
The median sales price for existing homes in Florida last month was $139,000; this figure shows a 12% decrease from a year ago. Analysts believe that it’s the sale of distressed properties as well as foreclosures that continue to bring down the price of real estate. These prices won’t last forever, get in on the deals now, while they are still available.
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December 23, 2009
Yesterday NAR said that existing home sales increased 7.4% to a seasonally adjusted rate of 6.54 million units in November. In October is was 6.09 million units. This is the fastest increase since February 2007.
NAR also said that the national median existing home prices fell 4.3% in November from a year ago, to $172,600. That is the smallest price drop since November 2007.
Yes, the market is really beginning to turn around and we are certainly ready!!
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December 22, 2009
Many foreclosed homeowners are finding out the hard way that Florida is not the non-recourse state that most believe it to be. A recourse state, such as Florida, has the ability to turn to the foreclosed homeowner for the debt that occurs with the difference between the loan amount and the market value of the house. It is true the some mortgage holders will indeed waive the difference and leave the foreclosed homeowner with just a mark on their credit. However, some lenders can and will dock bank accounts and paychecks for a debt that many believe have been swept under the rug.
There is no Florida law that states that lenders must forgive foreclosed homeowners of the debt occurred on a defaulted mortgage, the law leaves the discretion up to the judges. Florida Consumer Protection laws state that the lender cannot dock a foreclosed homeowner’s pay, if the debt is incurred by a single income family or if the debt is for an investment home. Upon receiving a mortgage, one of the documents signed by the homeowner is a promissory note; it’s this promissory note that is sometimes ignored when a home goes into foreclosure. You may receive a letter from the lender stating that the mortgage has been satisfied; however the lender may say nothing in regards to the promissory note. This is where troubles may arise.
According to Matthew Weidner, a real estate attorney in St. Petersburg, Pinellas County, Florida, “Most Realtors don’t know about this stuff, and most homeowners definitely don’t. But I suspect it’s going to be important.”
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December 21, 2009
For the first three weeks of December, the average fixed rates on a 30-year mortgage have been on a steady incline, according to mortgage giant, Freddie Mac. The first week of the month the rates hit a record low of 4.71%, the following week the rates showed a slight incline to 4.81% and this week they have topped out at 4.94%, if the trend continues the rates may hit 5% by the end of the year.
These low rates have got the attention of homeowners looking to refinance; nearly 3 out of 4 mortgage applications during the first two weeks of the month were for refinancing, according to the Mortgage Bankers Association. Rates change rapidly, as they are closely tied to yields on long-term government debt, therefore rates can change drastically, even within a day!
Although the rates are seeing an incline they are still attractive to potential homebuyers, don’t miss out on these low rates, start your home search today!
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December 18, 2009
‘Tis the season to be jolly…however according to a study by the Centers for Disease Control and Prevention, Florida residents already are! Four years of collected data from 1.3 million people across the nation concluded that the state of Florida ranks number 3 for the happiest Americans. Louisiana ranked # 1 on the happy chart, followed by Hawaii at #2, Florida at #3, Tennessee at #4 and Arizona at #5.
The unhappiest state on the happy chart was New York! Andrew J. Oswald, economist at the University of Warwick, claims that the long commutes, high prices and congestion could account for some of the unhappiness in the New York area. The study suggests that in states where the people are the happiest are places that tend to have a high rating on climate, crime rates, schools and air quality.
Needless to say, now that the real estate prices and the interest rates are both at an all time low; why not purchase your little piece of paradise right here in one of the happiest places across the nation? The Sunshiny state of Florida!
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December 17, 2009
The Angel Tree Program, hosted by the Salvation Army, is a program that allows families in need to sign up for community assistance in an effort to provide gifts to their families. The information regarding the gifts are placed on a paper angel ornament and hung on a tree. Individuals or groups that wish to purchase the item for a family remove the angel from the tree, purchase the item and bring it back unwrapped to the Salvation Army.
Friday, December 18th is the deadline for Angel Tree gifts to be turned in to the Salvation Army of Hernando County. On the first day of winter, December 21, representatives from the Salvation Army will be distributing the gifts to the families. Due to the economic downturn this year many families have been hard pressed, however residents of Hernando County have strived to keep up with the increasing demand.
According to Cathy Southard, social services case worker, “The families who used to give to us in the past are now the ones asking us for help because of the economy,” Southard said. “We have closer to 450 families this year, and they’re still coming.”
Thanks Hernando for pulling together and helping your neighbors this holiday season!
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