February 26, 2010

Mortgage rates have risen this week

Filed under: National Real Estate — Tags: , — Penney @ 12:27 pm

Mortgage rates are collected Monday through Wednesday of each week by mortgage giant, Freddie Mac.  This week’s results show that the interest rates have jumped from 4.93% last week to 5.05% this week.  Although these rates appear high in comparison to the last few months, they are still attractive to potential homebuyers or those looking to refinance.

The FED has been pumping $1.25 trillion into mortgage backed securities in an effort to maintain the mortgage rates at around 5%. This program is scheduled to expire at the end of March, however the FED has mentioned being open to extending the program if the economy begins weakening.

Mortgage rates do not include add-on fees, also known as points, each point is the equivalent of 1% of the total loan amount.

February 23, 2010

Many changes are ahead in the real estate market this year

Filed under: National Real Estate — Tags: , — admin @ 6:55 am

According to RealtyTrac, the number of homes across the nation that are facing foreclosure increased 15% in January, during an annual comparison. Just in the month of January alone, 315,000 homeowners across the nation have received some form of foreclosure notice.

Do keep in mind; this number is down nearly 10% from the end of 2009! Although these numbers appear to be declining, economists still believe that these figures indicate another surge of foreclosures that will be hitting the market by the spring of this year.

One drastic change in the market will be the expiration of The Homebuyer Tax Credit, a program that provides an $8,000 tax credit for qualified first time homebuyers as well as a $6,500 tax credit for qualified repeat homebuyers. Scheduled to expire during the spring of this year, the loss of this program could result in a brief surge in home sales by those looking to take advantage of this government program, but it’s not expected to last.

Mortgage rates have managed to remain around 5% due to the FED purchasing $1.25 trillion in mortgage backed securities from Freddie Mac, Fannie Mae and Ginnie Mae. This program is also expected to be expiring by the end of March.

The sequence of these events will leave the troubled market to fend for itself by the end of this year. Do you think the market will be strong enough by then?  Do you think it’s ready to stand on its own two feet?  With all the money the government has been pumping into the real estate market, will it be ready to function on its own?  These are the very questions that many economists are pondering today.

Locally, Florida was one of the last states to recover from the recession, which puts us in a good news/bad news scenario. The bad news is the length of suffering that we’ve endured over the last few years; the good news is that residents of the other states that have recovered will more than likely be vacationing in Florida.

It is forecasted that many visitors will be looking to get in on the tax credit before it expires. And as spring is Florida’s “real estate buying” season, perhaps many will be looking to purchase homes while they are here.

February 22, 2010

Is the Foreclosure Crisis Looking Better?

Filed under: Florida Real Estate, Hernando County, National Real Estate — Tags: , — Kim McNeal @ 4:41 pm

The answer to that is “Yes”!! Even though the foreclosure situation is still an issue, it appears that less people are faltering on their home loans. According to the Seattle Times, the Mortgage Bankers Association stated the percentage of homeowners missing only one loan payment dropped .2% in the 4th quarter of 2009 from the 3rd quarter.  The Nevada Appeal printed that numbers are down for the first time in 3 years of borrowers that are delinquent on at least one payment but where the foreclosure process has not yet begun.  These are very good indicators that recovery is in sight!

Rates are still dropping!

Filed under: Florida Real Estate — Tags: — admin @ 12:03 pm

Interest rates continue to drop for 30-year fixed rate mortgages!  The record low in December 2009 of 4.71% is still holding firm, however this weeks rates fell to 4.93%, according to mortgage giant, Freddie Mac.

Mortgage rates are collected on Monday through Wednesday from lenders on a weekly basis by Freddie Mac, and can fluctuate drastically even on a daily basis, as they are closely tied in with Treasury bonds.

The FED has pumped $1.25 trillion in buying mortgage backed securities, which has in turn kept the rates around 5%, however that program is scheduled to expire on March 30, 2010, leaving many analysts to believe that the mortgage rates could rise significantly.

Edward DeMarco, Acting Director of the Federal Housing Finance Agency, has a different outlook.  DeMarco believes that private investors will be “stepping in” and that the rate decrease is a positive sign.

February 19, 2010

Open House at the Hernando County Extension Service NEW Location

Filed under: Green News, Hernando County Community Events — Tags: , — admin @ 6:30 am

On Saturday, February 20, 2010, the Hernando County Extension Service is hosting an open house at their new location at 1653 Blaise Drive! From 11:00 a.m. until 2:00 P.M. feel free to stop by and tour the new facility. Discover all the programs available at the County Extension Service, from Small Farms to the 4-H Youth Development Program.

Master Gardeners will be available throughout the day, to answer any and all gardening questions. Refreshments will also be available.

For more information feel free to call the Hernando County Extension Service at 352-754-4433 or visit their website.

February 18, 2010

Ozello Chili Cook off in Citrus County, Florida

Filed under: Citrus County Community Events — Tags: — admin @ 6:11 am

This weekend on Saturday, February 20, 2010, the 5th Annual Ozello Chili Cook-off and Craft Show will commence.
 
The day will kick off with the craft show at 9:00 a.m. and will continue to provide family fun, fantastic chili and music until 4:00 p.m.

For more information feel free to call the Ozello Civic Association at 352-563-5527.  For information on the Chili Contest Rules please visit the website.
 

February 17, 2010

Nearly half the homes sold in Florida Sold at a Loss in December

Filed under: Florida Real Estate — Tags: — admin @ 6:52 am

According to analysts at Zillow.com, during the month of December 28% of the homes that sold nationally, sold at a loss. Here in Florida, 47% of the homes sold at a loss during the same month.

The soaring rate of foreclosures within the state of Florida is leading to lower home prices.  Just in Florida alone, 500,000 homes received some form of foreclosure notice during 2009.  According to Ken Johnson, a real estate economist as well as a professor at the Florida International University, “This is the market clearing, it’s bad medicine and we either swallow it a little at a time or a lot at a time. This is a lot.”

The Zillow.com Home Value Index also showed that by the end of December 2009, nearly 41% of mortgage owners in South Florida were “underwater” on their mortgages, that is to say they owe more than what the home is worth. This shows a small improvement from the third quarter statistics that revealed “underwater” mortgages at 46%.

February 16, 2010

Will the Rise in Home Prices Continue?

Filed under: National Real Estate — Tags: , — admin @ 6:44 am

During the fourth quarter of 2009, home prices rose in over 40% of the cities nationwide! According to the National Association of Realtors (NAR), the median sales price for previously occupied homes was $172,900 by the end of December. 

The surge in home sales is believed to be mostly contributed to the federal tax credit for first time homebuyers.  The $8,000 tax credit was scheduled to expire on November 30, 2009, however the federal government extended and expanded the program to continue until the spring of this year.

Two things are concerning economists:

1.  Will the huge backlog of foreclosures turn the home prices downward once they hit the market?

2.  Will the slightly visible recovery in the real estate market make a U-Turn once the FED pulls back support?

Only time will tell…

February 15, 2010

Mortgage Rates have Dropped Again

Filed under: National Real Estate — Tags: , — admin @ 3:26 pm

Despite all the talk of mortgage rates staying above 5%, they fell slightly this week, bringing the rates on a 30 year fixed rate mortgage to 4.97% according to mortgage giant, Freddie Mac.

Low interest rates are attractive to first time homebuyers as well as those looking to refinance their current mortgage. Due to the FED pumping nearly $1.25 trillion into mortgage backed securities, the current mortgage rates have managed to hover around 5%. The government program is scheduled to expire this spring, causing many economists to believe that the days of low mortgage rates are coming to an end.

Rates are collected from Freddie Mac weekly Monday through Wednesday from lenders nationally. Rates can fluctuate drastically, even in a given day as they are closely tied to treasury bonds.

February 11, 2010

Valentines Day at Crystal River Preserve in Citrus County, Florida

Filed under: Citrus County Community Events — Tags: — admin @ 11:47 am

Crystal River Preserve State Park encompasses 20 miles of the Gulf Coast between Yankeetown and Homosassa in Citrus County.  It’s a place full of natural beauty, inviting hikers, bicyclists and paddlers to take in the scenic wonders of this incredible forest.  The park includes nine miles of trails and opportunities for launching kayaks or canoes into the breathtaking waters of the Crystal River.

On the last Friday of every month, around sunset, the park provides a Sunset Cruise for visitors to depart the docks for a 2 hour cruise onto the Crystal River and out in the beautiful Gulf of Mexico.  Refreshments are provided as well as the many aspects of wildlife that are bound to be visible during your cruise.

This Friday, February 12, 2010 is a special river cruise: Valentines Day! At 5:15 p.m. grab your sweetie by the hand and launch out into the breathtaking waters for a special Valentines Day Sunset Cruise, never to be forgotten!  Tickets are $15.00 for adults and snacks and refreshments will be provided by the park.

For more information feel free to contact the park at 352-563-0450.

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