MORTGAGES
Bank of America has introduced a no-fee mortgage nationwide following a product test in Washington State. It's the first lender to do so; and the change could save Florida borrowers $3,000-plus at closing. Gone are borrower, lender and third-party fees. It won’t work for subprime loans, however, or ones where the buyer makes a downpayment less than 5 percent.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-050807.cfm
FHA REFORM
The U.S. House Financial Services Committee on Thursday passed legislation that would allow FHA to offer borrowers a safer alternative to risky mortgage products and help many homeowners facing foreclosure. NAR supports H.R. 1852, saying the bill will help provide stability to local real estate markets and economies.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-050707.cfm
HURRICANE INSPECTIONS
Florida’s Department of Financial Services announced that the state’s free hurricane inspection program has resumed. Qualified homeowners may sign up for a free home inspection and receive limited matching funds to fortify against storm damage.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-050707.cfm
HOME SALES
Florida’s existing home sales remained at a sustainable pace in March, with buyers continuing to see favorable mortgage rates and a range of housing options available across the state, according to FAR. A total of 13,469 single-family existing homes sold last month for a 28 percent decrease from the March 2006 figure. The statewide existing home median price was $236,000.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-042407.cfm
MORTGAGES
Fannie Mae, one of the nation’s biggest investors in home mortgages, plans to unveil a campaign, called HomeStay, to help property owners on the brink of foreclosure switch their current 30-year ARM to an affordable 40-year FRM.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-041707.cfm
REAL ESTATE FORECAST
NAR’s monthly real estate forecast predicts a healthier home sales market as the subprime mortgage crisis runs its course and fewer homes face foreclosure. But tighter lending standards will also lead to a few short-term stumbles; and, for the first time ever, NAR predicts that year-over-year home prices will decline in 2007.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-041207.cfm
HURRICANE INSPECTIONS
Florida’s CFO Alex Sink announced yesterday that the state’s free hurricane home inspection program would resume within two weeks. Sink also announced the names of companies in the state, by area, that won a competitive bid process to conduct the local inspections.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-041107.cfm
ECONOMY
The U.S. economy – despite a painful housing slump – should not fall into recession this year, according to the International Monetary Fund’s top economist, who said that the “message here is reassuring.”
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-040907.cfm
COMMERCIAL
The U.S. apartment vacancy rate rose to a seven-quarter high of 6 percent during the first three months of 2007, according to Reis Inc. The report cited a growing number of condominium investors renting out their units and developers of condo-conversion projects turning the units back to rentals as the reason for the increase.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-040507.cfm
TRENDS
As South Florida grows northward, there’s a new frontier: Indian River and Brevard counties, where land is plentiful and cheap, and construction approvals relatively easy to get.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-040507.cfm
HOME PRICES
“A market returning to normal” is the way Global Insight, a privately held global information company, describes the current housing market, based on the most recent U.S. Housing Valuation Analysis.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-040207.cfm
HOMEOWNERS
More than three in 10 homeowners (34 percent) do not know what type of mortgage they own, according to a new poll released by Bankrate.com. Furthermore, 28 percent of those surveyed worry about how they will afford their payments.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-032607.cfm
2007 FLORIDA LEGISLATURE
The Florida House continues to tinker with its no-property-tax/higher-sales-tax plan. The latest version: Raise the sales tax only 1 percent but also give each county’s voters the freedom to raise the local sales tax 1.5 percent in exchange for getting rid of property taxes countywide.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-032207.cfm
HOUSING OUTLOOK
Many forecasters now predict that the worst may be over when it comes to the housing market, pointing to sales data that shows the national existing home sales market is on the verge of regaining ground.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-031207.cfm
REAL ESTATE FORECAST
It’s official: Now is the time to buy a house, according to a UF study, noting that the market has probably bottomed out, and “there’s not much to be gained by holding out at this point.”
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-030907.cfm
HOME PRICES
The rate of increase in U.S. home prices remained steady in the fourth quarter of 2006, according to the Office of Federal Housing Enterprise Oversight. Average home prices rose 1.12 percent in the quarter – still faster than the prices of other goods and services, the report noted.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-030207.cfm
MORTGAGE RATES
Rates on 30-year mortgages fell for a second straight week to an average of 6.18 percent, the lowest level since the beginning of the year, according to Freddie Mac’s nationwide weekly survey.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-030207.cfm
PROPERTY INSURANCE
Homeowners’ property insurance rates will go down, according to figures released by the Florida Office of Insurance Regulation, but the amount varies dramatically from county to county – from an average of 10 percent in the Panhandle to as much as 50 percent in South Florida.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-030207.cfm
INTEREST RATES
Analysts weren't surprised that the Federal Reserve held the federal funds rate steady at 5.25 percent this week. But after its meeting, the Fed also released an upbeat statement noting that the housing market appears to be stabilizing.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-020107.cfm
HOUSING STARTS
Home starts are up for December, according to the Census Bureau and HUD; while builders are more optimistic about the future, according to NAHB, in yet another sign that the slow housing market may have turned a corner.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-011807.cfm
HOUSING FORECASTHousing experts, speaking at a recent Real Estate Connect conference, said stabilization or improvement in mortgage rates, residential pricesand household incomes will spark a rebound in the housing market bythe middle of the year.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n3-011607.cfm
SNOWBIRDSFlorida's mild climate and world-class beaches continue to drawNorthern retirees seeking temporary refuge from harsh winter weather,but tourism experts say many of these snowbirds are shortening theirstays. Rental rates have increased to keep up with spiraling propertyinsurance rates from recent hurricanes, pricing some retirees out ofthe market.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-011607.cfm
MARKET WATCH: ORLANDO
Due to strong population growth and relatively low levels of new-home inventory, the Orlando area is Florida’s strongest real estate market as the state heads into 2007, while Fort Myers and Miami are the weakest, according to a new, three-year forecast from Attorney's Title Insurance Fund Inc.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-010807.cfm
NEW HOME MARKET
Many top executives and economists in the new home industry agree: Their segment of the housing industry may be about two-thirds of the way through a slowdown, but sales and prices will resume an upward trend around mid-2007.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-120806.cfm
HOUSING MARKET
Here's a good sign: No one knows if the housing slowdown has turned a corner, but more economists seem to be predicting a rebound soon based on what they see in the economic statistics.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n4-12042006
CONSUMER CONFIDENCE
Are Floridians more optimistic than the national population overall? They are, judging by UF's November consumer confidence survey, which found a three-point index increase to 93 while its national counterpart logged a decrease.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n3-11292006
MORTGAGE RATES
Mortgage rates around the country fell last week, with rates on 30-year mortgages sinking to their lowest level in 10 months -- an average 6.18 percent, according to Freddie Mac's weekly nationwide survey.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n3-11272006
CONSTRUCTION
When it comes to buying a newly built home, mortgage industry experts advise people to be cautious when the builder urges the use of their mortgage affiliate: You may be able to find a better deal on your own.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n5-11092006
HOME IMPROVEMENT
''I can do it'' has become the mantra of modern women in the world of home improvement. Single women made up about 18 percent of homebuyers in 2004, and those proud female homeowners are willing to spend money -- about $11 billion, according to Home Depot -- to improve their residences.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n5-11082006
FORECLOSURES
Foreclosure rates are up 43 percent in third quarter 2006 compared to the same period last year, according to RealtyTrac. Florida and California lead the nation in numbers of foreclosures, followed by Texas, Michigan and Ohio.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n3-11012006
SAVE OUR HOMES
Since it went into effect in 1994, Save Our Homes -- the constitutional amendment that caps yearly property tax increases -- has slowly shifted the property-tax burden onto first-time homeowners, renters, second- home owners and those who add onto their homes.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n2-11012006
DISASTER INSURANCE
Allstate and State Farm, the nation's two biggest insurance firms, are pushing for legislation that would create a national disaster insurance program that covers events such as hurricanes. It would operate like the existing terrorism coverage offered to commercial insurers.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n2-10312006
HOMEBUYERS
Many homebuyers wonder if this is a good time to buy a newly built home, or whether they should wait for prices to fall. But home buyers should realize that they'll never identify the exact moment that prices have bottomed out, and it's currently a great time to negotiate incentives.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n5-10252006
INTERNET HOME VALUES
Zillow.com, an Internet site that provides online home value data, has been sued by a group that claims the property estimates are inaccurate as much as 70 percent of the time, causing “substantial injury to consumers nationwide when they consider selling their home."
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n4-10302006
HOUSING PRICESHave home prices fallen more than reported? As developers and homesellers add incentives to attract buyers, such as paying all closing costs,a home's actual selling price may not appear to change even if a sellermakes less money on the deal.Read the full story:http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n3-10172006
HOMEBUYER COUNSELING
HUD will spend $39.1 million in homeownership counseling, 400 state and local agencies, including 21 in Florida.Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article\u003dn3-09262006
HOMEBUYERSHomeownership is becoming a game for the young, according to arecent article in NAR's Realtor Magazine. The percentage of first-timehomebuyers under age 25 increased from 11 percent in 2001 to14 percent in 2005.Read the full story:http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n5-09252006
HOME SALESMirroring a national pattern, Florida's housing sector continued to showsigns of adjustment in August. A total of 14,736 existing single-familyhomes sold last month, a decrease of 34 percent from the 22,421 homessold during the previous August. The statewide existing-home medianprice remained unchanged at $248,400 last month.Read the full story:http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n1-09252006
DEVELOPMENTUsing Internet-auction sites such as eBay, some buyers seeking Floridaproperty for investment or retirement are paying thousands for landthat's miles from civilization, has no roads or utilities, and sometimesis underwater.Read the full story:http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n3-09052006
MARKET FORECASTIt's the question on everyone's mind: When will the housing market'scurrent slowdown end? Even experts disagree, however, and mostpredictions of a rebound nclude a number of "if" clauses, such as"if more investors jump out of the market" or "if gas prices go higher."Read the full story:http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n1-08072006
INTERNATIONALForeigners, mainly Europeans and Latin Americans, accounted for anestimated 15 percent of home sales in Florida between May 2004 andMay 2005, according to a report conducted for FAR.Read the full story:http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n3-05182006
AMERICA'S BEST BEACHES 2006It's hot, sweaty work, but someone has to do it. Once again, Dr. StephenP. Leatherman, aka Dr. Beach, has combed the beaches -- from thePanhandle to the Hawaiian Isles -- in search of the 10 best in the UnitedStates. Two Florida beach areas made the top 10. Here's the completelist for 2006:Fleming Beach Park, Maui Hawaii (National Winner)Caladesi Island State Park, Dunedin,FloridaOcracoke Island, Outer Banks, North CarolinaCoopers Beach, Southampton, New YorkHanalei Bay, Kauai, HawaiiMain Beach, East Hampton, New YorkCoast Guard Beach, Cape Cod, MassachusettsCoronado Beach, San Diego, CaliforniaHamoa Beach, Maui, HawaiiBarefoot Beach Park, Bonita Springs Park, Florida
ENVIRONMENT
New landscaping not only makes a house more attractive to buyers or upgrades a fixer-upper, it can also help the environment and be low maintenance. Florida's Department of Environmental Protection offers guidelines on a new interactive Web site.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n5-04122006
THE SUNSHINE STATE SIZZLES
Florida still holds the title as the hottest market in the Southeast for home prices, soaring nearly 27 percent last year, according to an analysis report issued by the Federal Deposit Insurance Corp. The median price for a home in Florida rose by a record rate of $56,000 in 2005. Leading the pack was Naples at $113,000 in appreciation last year. The overall report also shows healthy job creation across the region. Florida is generating jobs at the fifth-fastest rate in the nation and tops in the Southeast. Construction, retail and temporary jobs are multiplying the most, creating pockets of worker shortages in southwestern parts of the state. As a result, the state has the third-best unemployment rate in the United States.
Source: The Florida Times-Union, (04/06/2006)
SECOND HOMES
Vacation- and investment-home sales both set records in 2005, NAR says, with the combined total of second home sales accounting for four out of 10 residential transactions. The market share of second homes rose from 36 percent of transactions in 2004 to 39.9 percent in 2005.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n1-04062006
FLORIDA CITIES MAKE TOP 100 LIST
Relocate America has included eight Florida cities in its 2006 list of the 100 best cities to live. The list takes into account such factors as schools, economic health, population and crime rates. Bradenton, Venice, Sarasota, Punta Gorda, St. Petersburg, Clearwater, Jupiter and Mount Dora all made the list. Manatee Chamber of Commerce President Bob Bartz thinks Bradenton's inclusion proves that it has been discovered, and he anticipates new development and redevelopment projects to emerge as a result. "We've been able to maintain much of our small-town feel in the area even while we're part of a major metropolitan area," says Bradenton Ward 4 Councilman Bemis Smith.
Source: Bradenton Herald (FL) (03/30/06) P. 1; Marquez, Melanie
© Copyright 2006 INFORMATION, INC. Bethesda, MD
(301) 215-4688
MORTGAGE RATES
Rates on 30-year mortgages, which had jumped to the highest level in 2 1/2 years, edged down for a second straight week. According to Freddie Mac's weekly nationwide survey, rates on 30-year, fixed-rate mortgages averaged 6.32 percent this week, down from 6.34 percent the previous week.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n4-03242006
REAL ESTATE INVESTING
Buying a home is the smartest investment you can make during your lifetime, according to author David Bach. And while experts warn that the market might be overheated, he says it doesn't matter if prices are up or down. Over time, they will likely go up steadily.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n4-03272006
HOUSING MARKET
The conventional wisdom on Wall Street is that a strong housing market bodes ill for lower interest rates because the Fed will try to counter inflation in that market with higher interest. But with existing home sales strong and new home sales weak, what is the state of the overall housing market? As the Magic 8 Ball says, "Reply hazy. Try again."
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n2-03272006
AN ELECTRONICALLY TAXING ISSUE
Electronic income tax filing is increasingly routine for U.S.businesses,including smaller ones run by real estate professionals. Soon, it may be difficult to say no to e-filing. For tax year 2006, the IRS requires corporations with more than $10 million in assets to file electronically using IRS Form 1120 or 1120S. John Seabrook, a tax partner with Deloitte Tax, says the growing requirement for e-filing "will encompass a very large percentage of the businesses in this country," and state tax authorities increasingly will require e-filing, too. Tax payments may also be made via the Internet. The Electronic Federal Tax Payment System, or EFTPS, a government Web site, allows businesses and individuals to make payments online through a secure browser. You must enroll in the program before making payments, and it takes up to 15 business days to receive your personal identification number,so don't put off enrolling if you've got a tax payment due soon. For some businesses, however, registration isn't necessary -- you may already be enrolled. If you've applied for a new Employee Identification Number since January 2004 and indicated that you had federal tax deposit applications, you were pre-enrolled in the program.
HOUSING MARKET FORECAST
A lower level of home sales expected this year will create a more level playing field for buyers and sellers on the heels of a live-year sellers’ market, according to NAR's latest housing market forecast.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n4-03142006
CREDIT SCORES
All together now: The three major consumer credit reporting agencies announced Tuesday that they have created a new credit score aimed at simplifying the loan process for both lenders and borrowers.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n3-03142006
DEMOGRAPHICS
A new census report highlights changes in how the U.S. population is aging -- demographic information that could have implications for the future housing market, especially as the baby boomer generation grows older. According to the report, Florida ranks as the "oldest" state, with the highest percentage of people age 65 and older at 17.6 percent.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n4-03092006
RURAL LAND VALUES
The fastest-growing commodity in Florida farm country last year?
Land values, which jumped 50 percent to 88 percent, depending on the area. While not quite as dramatic, a similar story has been playing out cross the country, with rural real estate prices soaring 11 percent.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n2-03092006
2006 FLORIDA LEGISLATURE
A state-appointed task force made its final recommendations to the Florida Legislature yesterday, saying that a surplus in sales tax revenue generated by last year's hurricanes should be used to offset losses experienced by Citizens Property Insurance Corp., Florida's insurer of last resort.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n2-03082006
AFFORDABLE HOUSING
More than 1,500 families could soon own a home as a result of $24.8 million in grants announced by HUD through its Self-Help Homeownership Opportunity Program (SHOP).
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n2-02272006
FLORIDA JOBS
Looking for a job? Try Florida. For the second year in a row, Florida metro areas dominate the top rankings of the Milken Institute Best Performing Cities Index, a measurement of where jobs are being created in America. For 2005, Palm Bay-Melbourne-Titusville ranks No. 1,followed by Cape Coral-Fort Myers at No. 2 and Naples-Marco Island in third place.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n2-02232006
THANKS, MOM AND DAD
The number of first-time homebuyers who use monetary gifts from
family or friends to make a downpayment on a house has increased to
25 percent from 20 percent over the past 10 years. The Internal Revenue Service taxes gifts of $12,000 or more, so it might benefit some parents to set up an intra-family mortgage. Children can benefit from below- market interest rates -- though they must pay the applicable federal rate of about 4.5 percent to avoid gift taxes -- flexible payment schedules,the absence of credit checks and lower closing costs. They can also deduct the interest from their income taxes, provided that there is a deed of trust and the mortgage is recorded with the county clerk. While the parents can benefit from steady cash flow during retirement years, it's best to avoid an intra-family loan solely as an investment, however. Most people can earn higher financial returns elsewhere.
CONDO FINANCING
Major commercial lenders are withdrawing from financing condo construction and conversion deals. But it's not only lenders on the
construction end -- the federal government hopes to dampen the sale
of exotic home mortgages, so even if condo developers get financing,
condo buyers may not.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n1-02202006
HOMEOWNERSHIP STRATEGIES
The Federal Reserve is embracing the concept of "microlending" to
help low-income workers amass wealth through homeownership,
entrepreneurship or personal savings. Strategies include o-closing-fee mortgages, financial education and Individual Development Accounts that promote savings through matched government or private sources.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n5-02142006
HOMEBUYERS
In 2005, single and divorced women made up 21 percent of U.S. house buyers, up from 14 percent in 1995, according to NAR's 2005 Profile of Home Buyers & Sellers.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n3-02132006
HOUSING OUTLOOK
Home sales this year should stay below the peak levels of 2005 but will remain historically strong, according to NAR's monthly forecast. NAR Chief Economist David Lereah says that 2006 is "forecast to be the third-strongest year on record."
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n2-02082006
