KEITH BAILEY DESTIN REAL ESTATE BLOG

VACATION HOMES: WHY IT MAY BE TIME TO BUY!

2011-08-02T13:40:00.000-05:00

Vacation homes: Why it might be time to buy

WASHINGTON – Aug. 2, 2011 – Home price declines remain the norm in many areas, but experts say certain luxury markets are picking up steam and attracting affluent vacation-home buyers.

The median second-home price fell 11 percent to $150,000 in 2010 from the prior year, according to the National Association of Realtors® (NAR). And the price dropped 25 percent since 2006, compared to a 22 percent decrease for the overall housing market.

Experts say sales activity depends on geography, with buyers more interested in prime vacation spots. However, financing remains a challenge since banks remain skittish about writing jumbo mortgages.

For many second-home buyers, though, the investment value is not a big concern. NAR says more than 80 percent of second-home buyers made their purchases to simply enjoy the home – not as an investment – with the number of all-cash deals up to 36 percent in 2010 from 29 percent in 2009, enabling buyers to forego a complex mortgage process.

Prices have stabilized or started to rise in Santa Monica, Calif.; Aspen, Colo.; the Hamptons, N.Y.; and Hilton Head, S.C. Meanwhile, Martha’s Vineyard, Mass.; Vail, Colo.; and Miami and Palm Beach remain depressed but offer some bargains.

Source: Wall Street Journal (07/23/11) Silver-Greenberg, Jessica

DESTIN FLORIDA A RENTAL HOT SPOT

2011-03-14T14:21:00.000-05:00

8 vacation rental hot spots

KISSIMMEE, Fla. – March 14, 2011 – TripAdvisor, a travel Web site, recently released a list of America’s top vacation rental hot spots for this year.

“Vacation rentals can offer families and groups of travelers significant savings over other accommodation options,” says Hank Hudepohl, director of vacation rentals at TripAdvisor.

TripAdvisor’s picks, which factored in search data from its site, include:

1. Kissimmee, Fla.

2. Big Bear Lake, Calif.

3. Gatlinburg, Tenn.

4. Kihei, Hawaii

5. Destin, Fla.

6. Palm Springs, Calif.

7. Outer Banks, N.C.

8. Lahaina, Hawaii

DESTIN FLORIDA FORECLOSURE ACTIVITY SLOWS

2011-03-10T13:58:00.000-06:00

Foreclosure activity slows sharply in February

LOS ANGELES – March 10, 2011 – The number of U.S. homes receiving a foreclosure-related notice fell to a 36-month low last month, as lenders delayed taking action against homeowners amid heightened scrutiny over banks’ handling of home repossessions.

Some 255,101 properties received at least one of the notices in February, down 14 percent from January and 27 percent versus the same month last year, foreclosure-listing firm RealtyTrac Inc. said Thursday.

The firm tracks notices for defaults, scheduled home auctions and home repossessions – warnings that can lead up to a home eventually being lost to foreclosure.

While severe winter weather was likely a contributing factor, the sharp drop-off was primarily due to lenders taking a more measured approach to their foreclosure processes since the industry came under fire last year.

State and federal officials launched investigations last fall into foreclosure procedures used by mortgage servicers and lenders after evidence surfaced that some major banks pushed through hundreds of foreclosures a day without giving many borrowers a fair shot at keeping their homes.

Several large banks, including Bank of America, Citigroup and JPMorgan Chase, have been in talks to settle a probe launched by 50 state attorneys general over their handling of foreclosures.

Many lenders temporarily froze foreclosures last October while they reviewed and, in some cases, re-filed foreclosure documents. That process has continued this year, but in less-than-speedy fashion due to backed-up court dockets and other procedural road bumps.

Initial default notices fell 16 percent from January and 41 percent from a year ago, while scheduled foreclosure auctions declined 10 percent versus last month and 21 percent from February last year, RealtyTrac said.

Meanwhile, lenders repossessed 64,643 homes last month, down 17 percent from January and 18 percent from the same month last year. Repossessions declined 35 percent in states where courts play a role in the foreclosures process.

The decline in foreclosure notices has slowed not only the pace of homes lost to foreclosure, but also stemmed the tide of additional properties potentially at risk for repossession.

That’s good news for homeowners in trouble, but it’s unlikely to portend fewer foreclosures in the long run.

“The issue isn’t whether we’ll see the repossessions – it’s when,” says Rick Sharga, a senior vice president at RealtyTrac.

Should the foreclosure process slowdown continue for several months, it’s likely foreclosure notices and bank repossessions will remain artificially low, Sharga says.

That could help stem home price declines and the number of homes taken back by banks, which hit a high of more than 1 million last year.

Such a reprieve would only be temporary, however.

“Even though foreclosure activity would look better, it would take the housing market and the economy longer to recover,” Sharga said. “We might not see the market come back until 2014 or 2015.”

However, if banks’ foreclosure paperwork issues get resolved sooner, rather than later, foreclosure activity is likely to spike again, Sharga added.

Around 5 million borrowers are at least two months behind on their mortgages, and experts say more people will miss payments because of job losses and loans that exceed the value of the homes they are living in.

RealtyTrac’s data captures new foreclosure-related filings on a given property, not repeat filings. As a result, some 70,000 notices that mortgage servicers re-filed on properties in some stage of foreclosure were excluded from February’s data.

Factor in those re-filed notices, and the month’s foreclosure activity comes closer to the monthly rate seen last year before the banks’ foreclosure documentation problems came to light.

At a state level, Nevada posted the nation’s highest foreclosure rate for the 50th consecutive month in February, with one in every 119 households receiving a foreclosure notice.

Arizona had the No. 2 spot, while California held the third-highest rate of foreclosure.

Rounding out the top 10 states with the highest foreclosure rate in February were: Utah, Idaho, Georgia, Michigan, Florida, Colorado and Hawaii.

Copyright © 2011 The Associated Press, Alex Veiga, AP real estate writer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Underwater mortgages rise as home prices fall

2011-03-09T12:41:00.000-06:00

Underwater mortgages rise as home prices fall

WASHINGTON – March 9, 2011 – The number of Americans who owe more on their mortgages than their homes are worth rose at the end of last year, preventing many people from selling their homes in an already weak housing market.

About 11.1 million households, or 23.1 percent of all mortgaged homes, were underwater in the October-December quarter, according to report released Tuesday by housing data firm CoreLogic. That’s up from 22.5 percent, or 10.8 million households, in the July-September quarter.

The number of underwater mortgages had fallen in the previous three quarters. But that was mostly because more homes had fallen into foreclosure.

Underwater mortgages typically rise when home prices fall. Home prices in December hit their lowest point since the housing bust in 11 of 20 major U.S. metro areas. In a healthy housing market, about 5 percent of homeowners are underwater.

Roughly two-thirds of homeowners in Nevada with a mortgage had negative home equity, the worst in the country. Arizona, Florida, Michigan and California were next, with up to 50 percent of homeowners with mortgages in those states underwater.

Oklahoma had the smallest percentage of underwater homeowners in the October-December quarter, at 5.8 percent. Only nine states recorded percentages less than 10 percent.

In addition to the more than 11 million households that are underwater, another 2.4 million homeowners are nearing that point.

When a mortgage is underwater, the homeowner often can’t qualify for mortgage refinancing and has little recourse but to continue making payments in hopes the property eventually regains its value.

The slide in home prices began stabilizing last year. But prices are expected to continue falling in many markets due to still-high levels of foreclosure and unemployment.

That means homes purchased at the height of the real estate boom are unlikely to recover lost value for years.

Underwater mortgages also dampen home sales. Homeowners who might otherwise sell their home refuse to take a loss or can’t get the bank to agree to a short sale – when a lender lets a borrower sell their property for less than the amount owed on the mortgage.

Home sales have been weaker in areas where there are a large number of homeowners with negative equity.

Many banks are also requiring homebuyers to put as much as 20 percent of a home’s value as down payment and the Obama administration is pushing for a 10 percent downpayment requirement on all conventional loans guaranteed by the ailing mortgage giants Fannie Mae and Freddie Mac.

Few homeowners in states hit hard by foreclosures, including Colorado, Georgia and Nevada, have 20 percent or more equity in their homes. Higher downpayments make it increasingly difficult for those people to sell their homes.

The total amount of negative equity increased to $751 billion nationwide, up from $744 billion in the previous quarter.

Copyright © 2011 The Associated Press, Derek Kravitz, AP real estate writer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed

PICKY BUYERS LOSE OUT ON GREAT DEALS

2011-03-08T12:01:00.000-06:00

Picky first-time buyers may lose out on great deals

WASHINGTON – March 7, 2011 – Finding a “move-in ready” home was important to 87 percent of 300 first-time buyers recently polled by Coldwell Banker Real Estate. Some agents say first-timers are being more selective; and some are even turning away from well-priced homes because they do not have granite countertops, need a new carpet or have wall colors not to their liking.

Zillow says higher downpayments and stricter underwriting standards mean today’s buyers want to ensure their homes need few – or at least inexpensive – improvements.

According to real estate agents, HGTV and other cable channels have made today’s buyers more knowledgeable about home design, and some worry that such programming also has given buyers unrealistic expectations.

“You can’t have the big yard, the top-line updates, and all that in a starter home,” says Cindy Westfall of Lake Oswego, Ore.-based Prudential NW Properties. “You’ve got to compromise somewhere or else you’ll never buy anything.”

Source: Washington Post (03/05/11) P. E2; Harney, Kenneth R.

FLORIDA FORECLOSURES CAN TAKE 2 YEARS

2011-01-19T13:49:00.000-06:00

Foreclosure means not leaving home for 673 days

TAMPA – Jan. 19, 2011 – Tampa Bay homeowners can get away with not paying their mortgage payments for about 285 days before lenders even begin to take the house back.

And if you think that’s a long time, get this: it takes about 673 days before the house is sold and the homeowner kicked out, according to data compiled by LPS Applied Analytics, which provides technology and data to the mortgage industry.

That puts the Tampa-St. Petersburg-Clearwater metro area near the top of the list for states that are slow to initiate foreclose. The Bay area is behind Maryland, Massachusetts, New York and California.

It’s no secret that Florida is nowhere near emerging from the real estate downturn. But data like this show just how clogged local courts are. The data also bring up some thorny issues for economists and industry onlookers who say the market won’t recover until a bulk of the distressed homes are sold.

“This data reflects that our system is overwhelmed,” said Mike Larson, a real estate analyst with Weiss Research. “It also reflects the pressure from government and others to come up with foreclosure alternatives. That’s good or bad, depending on your perspective.”

One of the reasons it takes so long to foreclosure on Florida homes is because a judge must sign off on foreclosures in the Sunshine State. Courts are working through a backlog of tens of thousands of pending foreclosures. Some lenders halted or dramatically slowed foreclosure proceedings, amid government programs to keep struggling Americans in their homes.

Some, such as the Florida Bankers Association, have tried in the past to change Florida’s foreclosure process so a judge doesn’t have to sign off on foreclosures. Supporters say it would help improve the economy faster.

However, that could create even more problems, say consumer groups, who point to recent cases involving sloppy practices, even fraud, by lenders. At least with a judge, they say, there is some opportunity for protection for struggling homeowners.

Alex Sanchez, president and chief executive for the Florida Bankers Association, supported a legislative bill last spring that would have allowed lenders to foreclose without judge approval.

“I have Floridians emailing me, asking that we foreclose on their neighbors’ empty home faster,” Sanchez said. “They don’t want to live by the eyesore. Being a non-judicial state would streamline the process.”

There are 30 states that have a non-judicial foreclosure process, allowing lenders to foreclose on properties in as little as a month.

Under Florida law, a lender can take back a home only if it files a foreclosure lawsuit and is granted one from a judge. Because of a backlog of nearly 500,000 foreclosures, the process can take several months to a year or longer.

Last year’s proposed bill, which was sponsored by Tom Grady, R-Naples, would have changed that by allowing lenders to skip legal proceedings unless the borrower requests that the foreclosure go through the courts. Lenders could have foreclosed in as little as 90 days.

The controversial bill, however, hit such resistance from foreclosure defense attorneys and consumer groups that it didn’t get very far.

“The faster we can get these properties rehabilitated and sold to someone who will clean them up, the faster our economy will recover,” Sanchez said.

Lenders foreclosing faster wouldn’t help, said Mark Stopa, a Tampa foreclosure defense attorney. “Banks want to get the judgment so they can write it off their books, but they don’t want to take title and sell the home,” Stopa said. “The LPS data shows how long it takes before they sell homes.

“I’ve seen so many homeowners move out because they lose their case and then the bank cancels the sale, and the home stays empty.”

Copyright © 2011 Tampa Tribune, Fla., Shannon Behnken. Distributed by McClatchy-Tribune Information Services.

FLORIDA DEFICIENCY JUDGEMENT

2011-01-10T14:18:00.000-06:00

Bank can go after other assets in Florida if you default on mortgage

TALLAHASSEE, Fla. – Jan. 10, 2011 – Worried that your bank might go after your other assets if you’re late on the mortgage or lose your home to foreclosure?

It can happen in Florida, especially if a bank sells your foreclosed house and doesn’t recoup the full loan amount and if you’re a big-dollar borrower.

With nearly half of all mortgages under water in South Florida, plenty of residents may wonder if their home lender can garnishee their wages or suddenly lock down their deposit accounts.

Rules on tapping assets vary by state and depend on the terms of specific loans and accounts.

Problems on typical home loans usually don’t crop up before foreclosure. They tend to come after the bank sells the home and ends up short.

In Florida, banks can go to court for a “deficiency judgment” to collect the rest of the money owed on a mortgage after foreclosure, said Anthony di Marco, vice president of the Florida Bankers Association.

Banks can pursue other assets with that judgment. They can file a lien on your boat or car. But “they can’t jump priority on a loan,” so the lender for that boat or car has first dibs to collect, di Marco said.

Florida banks usually don’t target other assets after foreclosure if they don’t see much to tap. “Collecting on judgments is time-consuming and costly,” said real estate attorney Shari Olefson, a partner at Fowler White Boggs in Fort Lauderdale and author of “Foreclosure Nation: Mortgaging the American Dream.”

But banks pay more attention to borrowers with multimillion-dollar homes or businesses that default on big commercial properties. The lender can check if the customer has other accounts with the same bank. Depending on the terms of those savings or checking accounts, they may move to freeze, sweep, garnishee or otherwise tap those accounts to collect money owed, Olefson said.

There’s another risk for smaller borrowers later. Banks may sell their deficiency judgments to a collection agency. The judgments are valid for up to 20 years. That leaves an agency focused on collections ample time to come after you for the balance still due, she said.

“That’s why it’s so important for people to deal with these mortgage problems upfront,” Olefson said. “So if you have the chance to do a short-sale through the bank, or if you have the chance to negotiate with the bank and clear up the loan – rather than have this financial time-bomb ticking over your head for years – you’ll be so much better off working with the bank.”

And be sure to get any settlement reached with the bank in writing, mortgage specialists add.

No matter what, some types of assets are off the table when banks look to collect money due on homes.

Some federal payments cannot be garnisheed at any time to cover a mortgage. Those include Social Security checks, veterans benefits and some railroad retirement payments, among others, according to the American Bankers Association in Washington, D.C.

Some states don’t let banks go after an individual’s assets after a home is seized and sold, said Mark Tenhundfeld, the association’s senior vice president of regulatory policy.

Even with a deficiency judgment, Florida law specifies 11 items that cannot be garnisheed to pay court orders in most cases, including unemployment benefits, disability checks and payments from Supplemental Security Income, a federal anti-poverty program.

Consumers in Florida have complained about what they see as improper garnishments by banks.

The Florida Office of Financial Regulation said concerns often center on Supplemental Security Income payments garnisheed to pay the mortgage loan.

But a consumer can reverse the practice by showing that the law exempts that income from garnishment or by going to court to resolve the issue, said Flora Beal, a spokeswoman for the regulators office.

Banks have sometimes garnisheed funds that are electronically deposited into a customer’s account, not knowing that the money came from exempt sources, according to the Florida Bankers Association.

The borrower’s recourse: Inform your bank that the money is exempt and seek to get it back, said the association’s di Marco.

That’s not always easy, according to South Florida building contractor James Clare III.

Clare said he fell off a roof during a job, was disabled and lost income. He ran late on mortgage payments and other bills. One day, he found that his bank would not allow him access to a disability award electronically deposited into his account at the same bank.

Clare engaged a lawyer, but he said it took weeks for the bank to give him access to the funds and then, only after he agreed to bring some payments up to date.

“I had no choice. It would have cost me more to go to court. My attorney said by the time I’d pay all the fees and all the bills over a year or two, the money’s gone,” said Clare. “It was the most frustrating time.”

Copyright © 2011, Sun Sentinel, Fort Lauderdale, Fla., Doreen Hemlock. Distributed by McClatchy-Tribune Information Services.

FLORIDA FORECLOSURE CHAOS

2011-01-07T11:19:00.000-06:00

State details foreclosure chaos

TALLAHASSEE, Fla. – Jan. 7, 2011 – Sweeping evidence of the case the state attorney general’s office has built in its pursuit of foreclosure justice for Florida homeowners is outlined in a 98-page presentation complete with copies of allegedly forged signatures, false notarizations, bogus witnesses and improper mortgage assignments.

The presentation, titled “Unfair, Deceptive and Unconscionable Acts in Foreclosure Cases,” was given during an early December conference of the Florida Association of Court Clerks and Comptrollers by the attorney general’s economic crimes division.

It is one of the first examples of what the state has compiled in its exploration of foreclosure malpractice, condemning banks, mortgage servicers and law firms for contributing to the crisis by cutting corners.

“What we got from this is the state has had the opportunity to see where the laws have been broken, and frankly, it is in large part thanks to the work of the defense attorneys,” said Palm Beach County Clerk and Comptroller Sharon Bock. “They’ve been bringing these defenses up in foreclosure cases for years now.”

In page after page of copied records, the presentation meticulously documents cases of questionable signatures, notarizations that could not have occurred when they are said to have because of when the notary stamp expires, and foreclosures filed by entities that might not have had legal ability to foreclose.

It also focuses largely on assignments of mortgage, documents that transfer ownership of mortgages from one bank to another.

Mortgage assignments became an issue after the real estate boom, when mortgages were sold and resold, packaged into securitized trusts and otherwise transferred in a labyrinthine fashion that made tracking difficult.

As foreclosures mounted, the banks appointed people to create assignments, “thousands and thousands and thousands” of which were signed weekly by people who may not have known what they were signing.

In one example, a signature by someone named Linda Green is said to appear on hundreds of thousands of mortgage documents from dozens of banks and mortgage companies, but in varying styles.

In another example, the signature of Scott Anderson, an employee of West Palm Beach-based Ocwen Financial Corp., appears in four styles on mortgage assignments.

“No one bothered to take the time and effort to properly execute this stuff,” said Boynton Beach attorney James Bonfiglio, who defends foreclosures. “It matters a great deal who signed the documents because people can be sued twice and three times for the same debt if it wasn’t properly transferred.”

Paul Koches, executive vice president of Ocwen, acknowledged Tuesday that the signatures were not all Anderson’s, but that doesn’t mean they were forged, he said. Certain employees were given authorization to sign for Anderson on mortgage assignments, which Koches noted do not need to be notarized.

Still, Ocwen has since stopped allowing other people to sign for Anderson, Koches said.

The attorney general’s office had no comment Tuesday on the presentation, which was not aimed at a specific case. Four of Florida’s large foreclosure law firms that represent the banks are under investigation by the state, as well as two companies that serve court summonses on homeowners, and a Jacksonville-based servicing company that the presentation said produced 2,000 mortgage assignments per day.

The office is also part of a 50-state coalition of attorneys general trying to work out agreements with the nation’s largest lenders on foreclosure matters.

Copyright © 2011 The Palm Beach Post, Fla., Kimberly Miller. Distributed by McClatchy-Tribune Information Services. Staff writer Christine Stapleton contributed to this story.

5 FORECLOSURE MYTHS

2010-11-16T09:20:00.000-06:00

Four years into the housing crisis, myths about foreclosure still litter the minds of even the smartest of real estate consumers. When it comes to matters as high stakes as your home, confusion can cost you thousands - or even your home. Whether you’re a buyer looking at foreclosures, a homeowner struggling to keep your home or a seller concerned making sure your home can compete with the foreclosed homes on your block, these foreclosure myths are prime for the busting, with no further ado.

Myth #1: Foreclosure happens fast. With unemployment and underemployment still affecting nearly 1 in every 4 Americans, no one is immune from fears that a pink slip might quickly turn into a foreclosure notice. According to NeighborWorks America, nearly 60 percent of families seeking foreclosure counseling cited a lost job or cut wages as the reason they were facing foreclosure.

While the Obama Administration's Home Affordable Programs haven't been nearly as effective as predicted in actually preventing foreclosures, they have had the effect of extending the foreclosure process for many families. Even though the legal process of foreclosure can happen in as few as 6 months in most states, it is currently taking much longer for the average foreclosure to get to completion. Recently, JP Morgan Chase revealed that their average borrower who loses a home to foreclosure has not made any payments in 14 months nationwide; 22 months in FLorida and 26 months in New York.

To be sure, some see this as a good, others view it as unnecessarily dragging out the overall market's recovery. Many insiders will point out that these delays in foreclosure may be calculated to save the banks the costs of owning and maintaining foreclosed homes, not to help homeowners. In any event, the fact that foreclosure does not happen nearly as fast, in many cases, as expected does give families who are temporarily down on their luck some extra time to try to get back on their feet and save their homes.

Myth #2: Buyers can’t get clear title or title insurance on foreclosed homes. When the foreclosure robo-signing scandal first hit, there was widespread concern that buyers would not be able to get clear title on foreclosed homes, because the former foreclosed owners might be able to come get their homes back when the improprieties in the bank's foreclosure documentation processes came fully to light. At the same time, several of the country's largest title insurance companies publicly balked at issuing policies on bank-owned homes until the issue was resolved. At this point, the banks claim they have revamped their processes, and all banks have stated that they have found not a single borrower whose home was repossessed without them having missed the requisite number of mortgage payments. Nevertheless, a number of governmental investigations are still in progress.

The fact is, buyers of bank-owned properties in nearly every jurisdiction are protected from later title attacks by foreclosed homeowners by the bona fide purchaser rule, under which courts would prefer to simply award cash damages to be paid by the culpable bank to a wrongfully foreclosed-on homeowner, rather than reversing the sale or ownership to the new, innocent buyer. Additionally, the title insurers have now changed their tune and restarted issuing insurance policies on bank-owned homes which protect buyers' interests, after working with the banks for them to take responsibility in the event a former homeowner prevails in a wrongful foreclosure suit.

While there are still many intricacies of title to be resolved for foreclosure buyers who purchase homes at trustee sales and auctions, or for cash buyers who often went without title insurance in the past, on the average, bank-owned property purchased with an average mortgage and title insurance, the chances a buyer's title will later be successfully challenged by the foreclosed homeowner on the basis of robo-signing? Exceedingly slim.

Myth #3: Buyers should wait for the shadow inventory to be released. Many a buyer, discouraged with the homes they see on the the form in their price range, has decided to sit still and wait for the banks to release for sale what is called their "shadow inventory" - rumored to be anywhere from 4 to nearly 6 million homes that have already been foreclosed, but not listed for sale, or will be foreclosed in the near future. The fact is, to the extent that the banks have acknowledged the existence of a pool of homes they own but are not selling, they have expressed that their reasoning for holding the homes off the market is to avoid flooding the market and driving home values down any further. For that reason, buyers should not expect to see a massive influx of these shadow homes onto the market anytime soon - if ever.

The banks' current modus operandi is that as they sell a home, the replace it with another home in that market - if they sell 50 homes in a town that month, they'll put another 50 on the next. So, don't hold your breath waiting for a fabulous new flood of homes. Instead, be ready to call your agent and go visit any and every one that looks like it might be a good fit.

Myth #4: If you’re looking for a deal, you’re looking for a foreclosure. Despite what they may say, no buyer’s heart's fondest desire is to buy a foreclosure. But almost every buyer dreams of buying a great home - and getting a great deal on it. Many people think that to get a great value on their home on today's market, it means they must buy a foreclosure. As a result, the value and other advantages of buying an individually-owned home on today's market are frequently overlooked. Individual sellers with homes on the market right now are generally quite motivated, and understand that their homes are competing with discounted short sales and foreclosed homes. Many of these sellers are slashing prices in an effort to get them sold - the most recent Report revealed that 27 percent of homes on the market across the country have had at least one price reduction. Now that's what I call a sale!

Further, individual owners are often much more negotiable on a wide range of contract terms than a bank which owns a foreclosed home. You can work with non-bank owners on things like repairs, closing dates, choice of escrow provider, closing costs and even included personal property much more flexibly than you can when the bank is on the other side of the bargaining table. On top of that, many individually-owned homes are in pristine, move-in condition; that is much rarer with foreclosures. So, don't underestimate the value of the deal you might be able to get on a non-foreclosed home. Just get clear on what you can afford and look at all the homes that are available in that price range, without discriminating against non-foreclosures.

Myth #5: Having a foreclosure on your credit history means it'll take years and years before you can buy again. One of the most Frequently Asked Questions by homeowners who are facing or have just lost a home through foreclosure is how long it will take before they'll be able to buy again. Until recently, the standard wisdom was that 5 years, minimum, would have to have elapsed between the foreclosure and the new home purchase. Now, though, borrowers can obtain an FHA loan with the low, 3.5 minimum down payment requirement as soon as 3 years following a foreclosure. To do so, though, all your other ducks must be in a row.

Post-foreclosure buyers need a credit score of 620-640 to qualify for an FHA loan; higher for a non-FHA loan - given that the foreclosure itself usually dings anywhere from 100-150 points off the credit score (not necessarily counting a full year or more of pre-foreclosure missed payments), former homeowners who want to buy again need to ensure they have no other late payments or credit dings after they lose thier home. You must have clean credit with no derogatory marks like late credit card payments following the foreclosure, and you may also be required to document 12 to 24 months straight of on-time rent payments after the foreclosure.

Further, the bank may impose a lower debt-to-income ratio on post-foreclosure borrowers than on borrowers who have not had a foreclosure, in an effort to keep your mortgage payments low, keep you from overextending yourself and boost the chances you'll be a successful homeowner over the long-term this time around. The bank will also need to see 2 years of continuous employment history in the same field, and documentation that you meet other loan qualification requirements.

Pending Real Estate Home Sales On The Rise!

2010-10-11T14:00:00.000-05:00

Pending Home Sales Show Another Gain

WASHINGTON – Oct. 11, 2010 – Pending home sales have increased for the second consecutive month, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator, rose 4.3 percent to 82.3 based on contracts signed in August from a downwardly revised 78.9 in July, but is 20.1 percent below August 2009 when it was 103.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, says the latest data is consistent with a gradual improvement in home sales in upcoming months. “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he says. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.”

Although Yun expects a continuing steady rise in home sales from favorable affordability conditions and some job creation, he cautions any sudden rise in mortgage rates could slow the recovery.

“Current low consumer price inflation has helped keep mortgage interest rates very attractive this year. However, recent rising trends in producer prices at the intermediate and early stages of production, along with very high commodity prices, are raising concerns about future inflation and future mortgage interest rates,” he says. “Higher inflation would mean higher mortgage interest rates. In the meantime, housing affordability is hovering near record highs.”

The PHSI in the Northeast declined 2.9 percent to 60.6 in August and remains 28.8 percent below August 2009. In the Midwest the index rose 2.1 percent in August to 68.0 but is 26.5 percent below a year ago. Pending home sales in the South increased 6.7 percent to an index of 90.8 but are 13.1 percent below August 2009. In the West the index rose 6.4 percent to 101.1 but remains 19.6 percent below a year ago.

Reprinted with permission. Florida Realtors®. All rights reserved.

Home Buyer Tax Credits Help Young Real Estate Buyers Most

2010-10-11T13:56:00.001-05:00

Housing Tax Credits Benefit Young Most

WASHINGTON – Oct. 11, 2010 – New research from the National Association of Home Builders (NAHB) finds that the benefits of housing-related tax deductions, such as the mortgage interest deduction, generally decline in value as individuals age.

Using Internal Revenue Service Statistics of Income (SOI) data, NAHB studied how housing tax deductions benefit different age groups. The analysis found that pro-housing policies benefit younger households most – homeowners who typically have large mortgages, a small amount of equity and growing families.

“Opponents falsely argue that the (mortgage interest) deduction is only for the wealthy, but it is clear that the mortgage interest deduction is also of great value to younger homeowners,” says Robert Dietz, assistant vice president for Tax and Policy Issues for NAHB. “Any tampering with this deduction would have a disproportionate impact, as a share of household income, on younger homeowners … (and) these are households who have growing demand for homeownership due to marriages and children.”

The average mortgage interest deduction peaks for taxpayers in the 35- to under-45 age group, followed by the 18-to 34-aged taxpayers. The mortgage interest deduction peaks soon after the taxpayer moves from renting to homeownership, and declines over time as homeowners pay down existing mortgage debt and increase homeowner equity.

The largest share of homeowners (59 percent) claiming a tax deduction for mortgage insurance goes to those aged 18 to under-45. Owners who made less than a 20 percent downpayment on a home generally pay mortgage insurance.

The age-related pattern for the smaller tax deduction for local and state real estate taxes, however, differs slightly. Unlike the mortgage interest deduction, which declines in value as taxpayers age, the value of the real estate tax deduction increases as taxpayers age, primarily due to increases in home values as household income and wealth increases.

The report also finds that both housing deductions – for mortgage interest and real estate taxes – falls as a share of household income for older taxpayers. In contrast, the share of other non-housing deductions, such as the medical expenses, charitable contributions and investment interest expense deductions, rises for taxpayers 65 and older.

To read the entire NAHB report, “Housing Tax Incentives: Most Helpful to Younger Households,” go to NAHB’s website: www.nahb.org/TaxIncentivesStudy

Reprinted with permission. Florida Realtors®. All rights reserved.

Florida Real Estate - End Of Oil Spill Crisis Sparks Rise In Consumer Confidence

2010-09-29T22:35:00.000-05:00

Consumer Confidence Inches Up As Worst Of Oil Spill Crisis Ends

GAINESVILLE, Fla. – Sept. 29, 2010 – The sealing of the BP oil well in the Gulf of Mexico put a stop to the hemorrhaging of Florida’s consumer confidence, which rose two points to 68 in September, its highest level since May according to a new University of Florida survey.

“With the Gulf oil spill largely behind us, consumer confidence has begun to recover to pre-spill levels,” said Chris McCarty, director of UF’s Survey Research Center in the Bureau of Economic and Business Research. “This is by no means a return to a state of optimism. Overall confidence is four points lower than it was at this time last year.”

Although this month’s consumer confidence is 10 points below the April reading of 78, all five of the index components posted gains. Rising four points were expectations of U.S. economic conditions over the next year, to 62, and expectations of U.S. economic conditions over the next five years, to 73. Rising one point were perceptions of personal finances now compared with a year ago, to 52, and expectations of personal finances a year from now, to 79. Perceptions of whether it is a good time to buy big-ticket items increased two points to 76.

“It seems increasingly less likely that we will fall into another recession,” McCarty said. “However, there are still a number of drags on the economy and we should expect confidence to oscillate between the upper 60s and lower 70s at least through the end of the year.”

Unemployment in Florida edged up again in August to 11.7 percent, up 0.2 percent from July, McCarty said. Despite that increase, it is still below the record 12.5 percent set in March, he said.

In other disappointing news, prices for existing single-family homes declined in August to a median $134,000, McCarty said. While this is still above the price at the beginning of the year, it is close to 2002 levels, he said.

Prices for food and energy have remained in check, although there are signs that gas and some food prices may go up in the coming months, he said.

Also of concern is that the stock market continues to exhibit volatility, but it appears to be resistant to a major downturn, he said.

On the positive side, job growth is expected, McCarty said. Companies have accumulated enormous amounts of cash and are waiting for some indication about where to invest it for growth, he said.

“Unfortunately, the job losses from this past recession have been so high that it will take many years to return to pre-recession levels,” he said. “Many jobs will not come back. Persistently high levels of unemployment will continue to be an anchor on consumer confidence, which we anticipate to remain near its current level over the next several months.”

The research center conducts the Florida Consumer Attitude Survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for September was 419 responses.

Reprinted with permission. Florida Realtors®. All rights reserved.

Florida Real Estate Market Received Major Boost From Tax Credit

2010-09-26T14:54:00.001-05:00

Almost 65,000 Floridians Claim Tax Credit

WASHINGTON – Sept. 26, 2010 – A report by the Government Accountability Office finds that Florida ranked third in the number of first-time buyers who qualified for one of the three IRS tax credits, with 64,879 buyers making the claim. The study includes all three credits authorized by Congress.

In dollars and cents, that means Florida residents received $455,565,365 offered under the Housing, Recovery and Assistance acts.

Still, the amount pales compared to No. 1 ranked California that had almost 117,000 claims and over $814 million returned to residents. Texas, which ranked No. 2, saw almost 100,000 claims and over $680 million in federal money. Nationwide, Americans collected about $23.5 billion and submitted 3.32 million claims, which is about $1.5 billion higher than original estimates.

Congress had passed three different versions of the credit to help stimulate the housing market.

• The Housing Act version provided a refundable tax credit, equal to 10 percent of the purchase price of a home, up to a maximum of $7,500. Taxpayers must repay the credit.

• The Recovery Act version provided a refundable tax credit equal to 10 percent of the purchase price up to a maximum of $8,000 with a waiver of the repayment provision.

• The Assistance Act version extended the timeframe in which homebuyers could claim the credit to April 30, 2010, and included several modifications, such as allowing certain long-term homeowners purchasing new homes to claim a tax credit up to $6,500.

According to the National Association of Realtors, the tax credit had a strong impact on home sales, and the last version’s expiration led to a significant drop in July home sale numbers.

Reprinted with permission. Florida Realtors®. All rights reserved.

Florida Real Estate Impacted By Population Growth

2010-09-26T14:51:00.000-05:00

Fla. Population Grows Again

GAINESVILLE, Fla. – After declining for the first time since the end of World War II, Florida’s population grew once again last year, a hopeful yet tentative sign that the worst of the recession may have passed, according to the latest preliminary population estimates from the University of Florida (UF).

Stan Smith, director of UF’s Bureau of Economic and Business Research, estimates that Florida added a modest 21,000 residents between 2009 and 2010, but that follows a population decline greater than 56,000 between 2008 and 2009.

“Even though the state turned it around, it still represents the smallest population increase since the 1940s and does not make up for last year’s loss,” Smith said. “Florida’s population growth continues to be very, very slow by historical standards.”

Florida grew by more than 125,000 residents in every year from 1950 to 2008. It’s estimated that Florida added 21,285 residents during the past year, with its total population increasing from 18,750,483 on April 1, 2009, to 18,771,768 on April 1, 2010, Smith says. The previous year it lost an estimated 56,736 residents.

“Two years ago, the economy was deteriorating rapidly, while over the past year there have been some signs that it is leveling off or even improving slightly,” he says. “I think that’s the reason we’re seeing a small increase in population. Although technically the recession has ended, the economy continues to be in bad shape, particularly in terms of its ability to create jobs. There have been some jobs added in the last few months, but unemployment is still very high and job growth is very weak.”

Slightly more counties lost rather than added population, but the split was fairly even. In percentage terms, both increases and decreases in counties’ populations were generally very small, with no dramatic changes.

“At the state level, foreign immigration continues to be relatively strong, and the state also continues to have substantially more births than deaths, which are really the drivers of Florida’s growth in the last year,” Smith says.

The largest population gains were in some of the biggest counties. Miami-Dade led by adding an estimated 8,253 residents, followed by Hillsborough, 6,353, and Broward, 5,834. “Because they’re the largest counties, they have fairly sizeable numbers of births,” Smith says. “They also receive a substantial number of foreign immigrants.”

The county with the biggest percentage increase was Lafayette, which grew by 5.2 percent, but that change was largely attributed to the addition of state prison inmates. There was no pattern to which counties lost population, which were spread throughout the state and include both large urban counties and small rural counties.

The largest population decline was in Seminole County, which lost 3,659 residents, followed by Pinellas, 3,119, and Volusia, 2,055. In percentage terms, the county with the biggest decline was Glades, followed by Jackson and Holmes.

With a quick economic turnaround unlikely at either the state or national level, Smith expects Florida’s population to continue to grow slowly during the next year or two. But within the next 10 to 20 years, the state’s annual population growth could be as high as 250,000.

“From 2003 to 2006, Florida’s population grew by more than 400,000 per year, and in the previous three decades increases averaged about 300,000 per year, although there were certainly ups and downs from year to year,” he says.

Last year’s population decline, a result of the economic slump, was the first since 1946, when military personnel left the state at the end of World War II.

“If the economy recovers sooner than people expect, we would expect faster growth,” Smith says. “If it recovers less rapidly or even slips back into recession, we would expect that growth will continue to be very slow and possibly even be negative again.”

Between 2000 and 2010, the counties that grew the most in absolute numbers were Miami-Dade, Orange and Hillsborough. Flagler had the highest growth rate, 90.4 percent, followed by Sumter, 82.6 percent, Osceola, 59.8 percent, St. Johns, 50.6 percent, and Wakulla, 41.7 percent.

The population figures are interim estimates that will be replaced by numbers from the 2010 census when they become available early next year.

Reprinted with permission. Florida Realtors®. All rights reserved.

Flood Insurance Extension Brings Hope For Florida Real Estate

2010-09-25T23:18:00.001-05:00

A Ray of Hope For Flood Insurance Extension

WASHINGTON – Sept. 23, 2010 – The U.S. Senate passed a one-year extension for the National Flood Insurance Program (NFIP) last evening. The House must now approve the bill and send it to President Obama to avoid a temporary NFIP shutdown after Sept. 30.

If NFIP shuts down, current homeowners cannot renew a policy, and homebuyers cannot secure a policy, which can postpone closings of flood-zone homes that require a mortgage.

Also yesterday, The National Association of Realtors® (NAR) testified to the Senate Committee on Banking, Housing and Urban Affairs on the importance of renewing the flood program, which is set to expire for the ninth time in two years. Congress has already approved eight short-term extensions, essentially punting the issue down the field.

“We are pleased that last night the Senate passed S. 3814 to extend the NFIP for one year until Sept. 30, 2011. We urge the House to immediately do the same,” said Realtor Nick D’Ambrosia, who testified on NAR’s behalf. “However, this month-to-month approach has hindered recovering real estate markets and exacerbated the uncertainty for the more than 5.5 million taxpayers who depend on the NFIP to protect them against floods.”

The House earlier passed H.R. 5114, the Flood Insurance Reform Priorities Act, which would reauthorize the NFIP for a full five years. The Senate held yesterday’s hearing to begin the process of developing a Senate response to the House reform bill.

As part of long-term reauthorization reforms, NAR supports strengthening the NFIP’s solvency through outreach and education programs that would help raise participation beyond the current 50 percent of homeowners in federally designated flood areas. The increase in participants would boost funding for the NFIP, help property owners recover from flood losses and decrease future federal assistance when uninsured properties flood and suffer loss, NAR said.

Adding types of coverage for living expenses, business interruption and replacement cost of contents and updating coverage limits – which haven’t been adjusted since 1994 –would also help increase participation.

NAR also strongly supports extending and fully funding the pilot program to mitigate properties that have repeatedly suffered insured flood losses.

“NAR urges the Senate to consider H.R. 5114 and work to strike a proper balance between the NFIP’s fiscal stability and housing affordability,” D’Ambrosia said in testimony.

Reprinted with permission. Florida Realtors®. All rights reserved.

Florida Real Estate Sales Numbers Up In August

2010-09-25T23:15:00.002-05:00

Florida’s Existing Home, Condo Sales Up In August

ORLANDO, Fla. – Sept. 25, 2010 – Sales of existing homes in Florida rose 1 percent in August, with a total of 13,997 homes sold statewide compared to 13,908 homes sold in August 2009, according to the latest housing data released by Florida Realtors®. Statewide existing home sales in August increased 3 percent over statewide sales activity in July.

Ten of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales last month, while 13 MSAs posted increased existing condo sales. Florida’s median sales price for existing homes last month was $134,000; a year ago, it was $146,500 for a decrease of 9 percent. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in July 2010 was $183,400, up 0.9 percent from a year earlier, according to the National Association of Realtors® (NAR). In Massachusetts, the statewide median resales price was $333,000 in May; in California, it was $314,850; in Maryland, it was $267,489; and in New York, it was $227,000.

In Florida’s year-to-year comparison for condos, 5,706 units sold statewide last month compared to 4,662 units in August 2009 for an increase of 22 percent. Statewide existing condo sales last month increased almost 2.7 percent over July’s condo sales. The statewide existing condo median sales price in August was $81,600; in August 2009 it was $107,200 for a 24 percent decrease. The national median existing condo price was $176,800 in July, according to NAR.

The housing sector faces a long recovery process, due in part to slow job growth and the still-fragile economy, according to NAR’s latest industry outlook. “Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” said NAR Chief Economist Lawrence Yun. The pace of sales has slowed since May, following the expiration of the federal homebuyer tax credit, Yun said, who predicted this “pause period” likely will last through September.

“However, given rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs,” he said.

The interest rate for a 30-year fixed-rate mortgage averaged 4.43 percent in August, down from the 5.19 percent averaged in August 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Reprinted with permission. Florida Realtors®. All rights reserved.

Consumers See Mixed Outlook For Housing

2010-09-22T17:46:00.001-05:00

Consumers See Mixed Outlook For Housing

WASHINGTON – Sept. 22, 2010 – Fannie Mae’s latest national housing survey finds that most Americans believe the housing market has reached bottom, but they are more cautious about owning a home. Respondents to the Fannie Mae National Housing Survey believe that home prices will hold steady (47 percent) or increase (31 percent) over the next year, and that rental prices will stay the same (46 percent) or go up (39 percent). Across the general population, the average expected rise in rental prices is four times that of home prices (3.6 percent versus 0.9 percent).

Seventy percent of Americans think it is a good time to buy a house, compared with 64 percent in a similar survey conducted in January 2010. But 33 percent – up from 30 percent – of all respondents said they would be more likely to rent their next home if they moved.

“These findings indicate a return to a more balanced and realistic approach toward housing,” said Doug Duncan, vice president and chief economist, Fannie Mae. “While this will likely weigh on the housing recovery in the near-term, it should, over time, help to build a stronger and healthier market focused on sustainable homeownership. Homeowners and renters alike continue to be wary of taking on risk, and they are less confident in the long-term outlook for housing.”

A majority of Americans (67 percent) continue to believe that housing is a safe investment; however, that number is down 16 percentage points from a similar survey conducted in 2003 – the largest drop by far among all investment types tracked since then. Delinquent borrowers and renters are notably more discouraged than mortgage borrowers and underwater borrowers about a home’s safety as an investment and the appeal of buying versus renting. More than 70 percent of all respondents believe it will be harder for the next generation to buy a home, up three points from the beginning of the year.

The Fannie Mae National Housing Survey polled homeowners and renters between June 2010 and July 2010. Findings were compared to a similar survey conducted by Fannie Mae from December 2009 to January 2010 and released in April 2010, and a similar survey conducted in 2003.

Overview of key findings

• A large majority of Americans (78 percent) believe that home prices either will remain flat or go up over the next year, up five points from the beginning of the year. Forty-seven percent believe prices will hold steady, while 31 percent think they will go up. This is a notable shift from January 2010, when these numbers were 36 percent and 37 percent, respectively.

• Thirty-nine percent think rental prices will increase over the next 12 months, while 46 percent said they would stay the same.

• Consumers continue to believe it is a buyers’ market; 70 percent said it is a good time to buy a house, up six points from January. However, 83 percent believe it is a bad time to sell a house.

• A majority of Americans (67 percent) continue to believe that buying a home is a safe investment, although this is down three points since January and 16 points since 2003. Housing ranked second behind putting money into a savings or money market account (76 percent).

• Fifty-four percent think it would be very difficult or somewhat difficult to get a home loan today, down six points since January. However, 71 percent of Americans think buying a home will be harder for the next generation, up three points since January.

Consumers continue to be cautious in housing decisions

• The number of respondents who said they would be more likely to rent rather than buy their next home if they were going to move increased from 30 percent in January to 33 percent in July.

• A majority of renters said they would be more likely to rent their next home if they were to move, increasing significantly from 54 percent in January to 60 percent in July, even though 69 percent of renters think it makes more sense to buy a home.

• Twenty-two percent of mortgage borrowers said they have reduced their mortgage debt significantly in the last year, and 27 percent of mortgage borrowers say they have reduced their non-mortgage debt significantly.

Views on homeownership diverge among sub-groups

• Mortgage borrowers (74 percent) and underwater borrowers (69 percent) are more likely to say owning a home is a safe investment than delinquent borrowers (57 percent) and renters (54 percent). However, this measure has fallen among all sub-groups since January, with delinquent borrowers and renters showing the largest declines, down eight and seven points, respectively.

• Mortgage borrowers (83 percent) and underwater borrowers (77 percent) said they are more likely to buy in the future than rent – both groups increased two points from January.

• The number of renters (37 percent) and delinquent borrowers (52 percent) who said they are more likely to buy in the future declined by seven and four points from January, respectively.

Economic and housing attitudes among minority respondents

• Forty-eight percent of African-Americans and 36 percent of Hispanics believe the economy is on the right track, compared to just 30 percent of the general public.

• Seventy-one percent of African-Americans and 58 percent of Hispanics expect their personal finances to get better over the next year, compared to 44 percent of the general public.

• African-Americans (65 percent) and Hispanics (72 percent) believe that obtaining a home mortgage today would be difficult, compared to 54 percent of the general public.

• African-Americans (75 percent) and Hispanics (76 percent) both still believe that owning a home is a good way to build up wealth that can be passed along to their families, compared to 58 percent of the general population.

A fact sheet containing a complete set of the survey’s key findings can be found (PDF format) at: Fannie Mae National Housing Survey Fact Sheet.

Reprinted with permission. Florida Realtors®. All rights reserved.

Property Insurance Discounts For Mitigation?

2010-09-22T17:41:00.000-05:00

Property Insurance Discounts For Mitigation?

TALLAHASSEE, Fla. – Sept. 22, 2010 – The Florida Office of Insurance Regulation is conducting a public workshop to review the form used by inspectors to document eligibility for wind mitigation discounts for personal residential property today in Tallahassee.

During the workshop, the office will concentrate first on required form changes based on a change in Florida law that authorizes only certain licensees to conduct inspections. Regulators will also discuss potential future changes that would clarify the requirements for insurance companies’ wind mitigation discounts.

Applied Research Associates, Inc. (ARA) is scheduled to deliver a presentation regarding wind mitigation discounts. Contractors, engineers, architects, and other professionals who are engaged in the business of conducting wind mitigation inspections are also expected to participate in the workshop.

The Financial Services Commission, which is comprised of the Governor and Cabinet, adopted a new mitigation form earlier this year, which was based on information obtained during a series of hearings. The new mitigation form requires photographs, signatures, and other improvements designed to prevent fraud and document eligibility for discounts as clearly as possible.

Reprinted with permission. Florida Realtors®. All rights reserved.

Florida Real Estate Seeing More International Buyers

2010-09-22T17:35:00.001-05:00

Florida Sees Increase In International Buyers

ORLANDO, Fla. – Sept. 21, 2010 – A number of factors contributed to the decline in home sales nationally and in Florida specifically, but the growing importance of foreign homebuyers has offset some of the damage. Roughly two out of every three Realtors in the state had at least one international transaction within the past year.

While U.S. buyers continue to struggle, foreign buyers generally see U.S. real estate as a desirable, profitable and secure investment. In addition, a weak U.S. dollar has made Florida real estate even more attractive recently.

The National Association of Realtors®, in cooperation with Florida Realtors, conducted a survey of Florida members, asking them about their experience working with international clients. The survey was conducted in July-August 2010. A total of 936 responses were received.

Report highlights

• 65 percent of survey participants – members of Florida Realtors – worked with an international client in the past 12 months. One in five worked with two international clients, and 18 percent working with three or more.

• Half of the respondents said that international clients accounted for 25 percent or less of their business; 15 percent reported that international homebuyers accounted for more than half of their business.

• One in three said that international clients were an increasing share of their customers in the past two years, while just under half (48 percent) noted that their share of international clients stayed about the same.

• Canada had the largest share of buyers, accounting for 36 percent of recent sales. Buyers from the United Kingdom accounted for 15 percent, and the rest of Western Europe accounted for an additional 14 percent. Latin America, defined for the purposes of the report to include Mexico, the Caribbean, Central America and South America, accounted for 16 percent. Other countries with a small but significant share of sales included Germany (5 percent), Venezuela (3 percent), Brazil (3 percent) and France (3 percent).

• 11 percent of foreign buyers bought a new home, while the remaining 89 percent purchased a previously owned home.

• 51 percent purchased a detached single-family home; 37 percent purchased a condo, 11 percent purchased a townhouse and 1 percent purchased some other type of home.

• 38 percent purchased in a suburban area; 30 percent purchased property in a resort area; 25 percent purchased in a central city; and 7 percent purchased in a small town or rural area.

• 15 percent of buyers plan to use their property less than one month per year; 21 percent expect to use it one to two months; and 34 percent three to six months.

• 19 percent bought a home in the Orlando-Kissimmee area; 17 percent chose Miami-Ft. Lauderdale; 13 percent opted for Bradenton-Sarasota; and Tampa, Cape Coral-Fort Myers and Naples rounded out the top six with at least 5 percent of purchases.

To read the complete report, which includes information on why buyers choose Florida as well as why they don’t, visit floridarealtors.org at: https://www.floridarealtors.org/Research/index.cfm

Reprinted with permission. Florida Realtors®. All rights reserved.

FHA Short Refinance Option Now Available

2010-09-17T19:19:00.001-05:00

FHA Short Refinance Option Now Available

WASHINGTON – Sept. 17, 2010 – In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development (HUD) now provides a new refinancing option for underwater borrowers. Originally announced in March, the enhancement of a Federal Housing Administration (FHA) refinance program offers non-FHA borrowers the opportunity to qualify for a new FHA-insured mortgage. To qualify, the homeowner must be current on his existing mortgage and lien holders must agree to write off at least 10 percent of the unpaid principal balance.

The FHA Short Refinance option is targeted to people who owe more on their mortgage than their home is worth because the local market saw large declines in home values. The Obama Administration hopes the change, as well as other programs that have been put in place, will help up to 4 million struggling homeowners through the end of 2012.

Participation in FHA’s short refinance program is voluntary and requires the consent of all lien holders. To be eligible for a new loan, the homeowner must also qualify under standard FHA underwriting requirements. The property must be the homeowner’s primary residence and the borrower’s existing first lien holder must agree to write off at least 10 percent of their unpaid principal balance. In addition, the existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent, and a combined loan-to-value ratio no greater than 115 percent.

To facilitate the refinancing of new FHA-insured loans under this program, the U.S. Department of Treasury will provide incentives to existing second lien holders who agree to full or partial extinguishment of the liens. To be eligible, servicers must execute a Servicer Participation Agreement (SPA) with Fannie Mae, in its capacity as financial agent for the United States, on or before October 3, 2010.

For more information on FHA Short Refinance option, read FHA’s mortgagee letter: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-23ml.pdf

Reprinted with permission. Florida Realtors®. All rights reserved.

Stablizing Florida Neighborhoods: $208 Million Dollars Set Aside!

2010-09-17T19:13:00.001-05:00

Obama Administration: $208.4M To Stabilize Fla. Neighborhoods

TAMPA, Fla. – Sept. 17, 2010 – The U.S. Department of Housing and Urban Development (HUD) awarded an additional $208,437,144 in funding to Florida communities struggling to reverse the effects of the foreclosure crisis, the third round of funding through HUD’s Neighborhood Stabilization Program (NSP).

To kick off the Florida funding – part of a $1 billion package for all states – HUD Deputy Secretary Ron Sims joined Congresswoman Kathy Castor yesterday in Tampa, which will receive $4.7 million for local foreclosure efforts.

“We want to make certain that we target these funds to those places with especially high foreclosure activity so we can help turn the tide in our battle against abandonment and blight,” said Sims. “As a direct result of the leadership provided by Senator Chris Dodd and Congressman Barney Frank, who played key roles in winning approval for these funds, we will be able to make investments that will reduce blight, bolster neighboring home values, create jobs, and produce affordable housing.”

The funding is provided under the Dodd-Frank Wall Street Reform and Consumer Protection Act. To date, there have been two other rounds of NSP funding: the Housing and Economic Recovery Act of 2008 (HERA) provided $3.92 billion, and the American Recovery and Reinvestment Act of 2009 (Recovery Act) appropriated an additional $2 billion. Like those earlier rounds of NSP grants, the new targeted funds will be used to purchase foreclosed homes at a discount and to rehabilitate or redevelop them.

State and local governments can use the grants to acquire land and property; to demolish or rehabilitate abandoned properties; and/or to offer downpayment and closing cost assistance to low- to moderate-income homebuyers (household incomes not exceeding 120 percent of area median income).

In addition, they can create “land banks” to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of urban property. HUD will issue an NSP3 guidance notice in the next few weeks to assist grantees in designing their programs and applying for funds.

In addition to the third round of NSP funding, the Dodd-Frank Wall Street Reform and Consumer Protection Act creates a $1 billion Emergency Homeowners Loan Program to be administered by HUD. The program will provide up to 24 months of mortgage assistance to homeowners who are at risk of foreclosure and have experienced a substantial reduction in income due to involuntary unemployment, underemployment or a medical condition. HUD will announce additional details, including the targeted areas and other program specifics when the program is officially launched in the coming weeks.

In the third round of grants, the following cities and county governments will receive:

Boynton Beach – $1,168,808
Brevard County – $3,032,850
Broward County – $5,457,553
Cape Coral – $3,048,214
Charlotte County – $2,022,962
Citrus County – $1,005,084
Clearwater – $1,385,801
Collier County – $3,884,165
Coral Springs – $1,657,845
Davie – $1,171,166
Daytona Beach – $1,127,616
Deerfield Beach – $1,183,897
Deltona – $1,964,066
Escambia County – $1,210,487
Fort Lauderdale – $2,145,921
Fort Myers – $1,539,941
Hernando County – $1,953,975
Hialeah – $2,198,194
Hillsborough County – $8,083,062
Hollywood – $2,433,001
Indian River County – $1,500,428
Jacksonville-Duval County – $7,102,937
Kissimmee – $1,042,299
Lake County – $3,199,585
Lakeland – $1,303,139
Lauderhill – $1,500,609
Lee County – $6,639,174
Manatee County – $3,321,893
Margate – $1,148,877
Marion County – $4,589,714
Martin County – $1,563,770
Melbourne – $1,257,986
Miami – $4,558,939
Miami Beach – $1,475,088
Miami Gardens City – $1,940,337
Miami-Dade County – $20,036,303
Miramar – $2,321,827
North Miami – $1,173,374
Orange County – $11,551,158
Orlando – $3,095,137
Osceola County – $3,239,646
Palm Bay – $1,764,032
Palm Beach County – $11,264,172
Palm Coast City – $1,375,071
Pasco County – $5,185,778
Pembroke Pines – $2,330,542
Pinellas County – $4,697,519
Plantation – $1,216,427
Polk County – $5,443,116
Pompano Beach – $1,500,572
Port St. Lucie – $3,515,509
Sanford – $1,037,697
Sarasota – $1,037,697
Sarasota County – $3,949,541
Seminole County – $3,995,178
St. Petersburg – $3,709,133
St. Lucie County – $1,947,657
Sunrise – $1,775,162
Tamarac – $1,427,857
Tampa – $4,691,857
Titusville – $1,005,731
Volusia County – $3,670,516
West Palm Beach – $2,147,327

Florida total: $208,437,144

Reprinted with permission. Florida Realtors®. All rights reserved.

Short Sales May Now Happen Faster!

2010-09-17T19:07:00.000-05:00

NAR: Bill Could Speed Up Short Sales

WASHINGTON – Sept. 17, 2010 – Homeowners underwater on their mortgage may find relief through a bill strongly supported by the National Association of Realtors®. The bill, if passed by Congress and signed by President Obama, would force lenders to respond to a short sale request within 45 days.

The legislation, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010,” was filed yesterday in Congress by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.).

“The short sale, which requires lender approval, is an important instrument for homeowners who owe more than their home is worth,” says NAR President Vicki Cox Golder. “While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times. As the leading advocate for homeownership issues, NAR believes that quicker attention to the short sales process is vital to help homeowners … as well as the nation’s economy.”

The number of potential short sale properties is rising across the country. According to NAR data, in the second quarter of 2010, four states have a significant share of properties with short-sale potential: Florida has 27 percent, Nevada 32 percent, California 28 percent, and Arizona 24 percent.

“Unfortunately, homeowners who need to execute a short sale are severely hampered because lenders (loan servicers) are unable to decide whether to approve a short sale within a reasonable amount of time,” Golder said. “Potential homebuyers are walking away from purchasing short sale property because the lender has taken many months and still not responded to their request for an approval of a proposed short sale price. Many consumers have mentioned that the delay in short sale price approval exceeds 90 days, and in many cases never arrives.”

Golder says she commends Reps. Andrews and Rooney for their efforts on the bill and urges Congress to pass the bill quickly.

Reprinted with permission. Florida Realtors®. All rights reserved.

New Law Helps Spouses Of Military Members

2010-09-05T11:32:00.000-05:00

New Law Helps Military Spouses

TALLAHASSEE, Fla. – Sep 05, 2010 – The Department of Business and Professional Regulation issued its first license under a new law that helps military spouses get licensed to work in Florida.

The law, passed during the 2010 Florida Legislature and sponsored by Rep. Ritch Workman (R-Melbourne) and Sen. Mike Fasano (R-New Port Richey), makes it easier for active-duty military spouses to obtain a professional license if they’re transferred to Florida. A military spouse who holds a professional license in another jurisdiction can practice their profession under a six-month, temporary license while they seek full licensure from the state. The recently issued license went to a real estate broker in Central Florida.

“I hope this first military spouse temporary license will be followed by many more licenses,” said DBPR Secretary Charlie Liem. “By helping military spouses get licensed and working as soon as possible after a transfer into Florida, the department supports the men and women who serve our country.”

For more information about temporary licensure for military spouses, please visit www.myfloridalicense.com/dbpr/pro/division/MilitarySpouse.html.

“Considering the great sacrifice that military men and women make for our country, making it easier for their spouses to start working in Florida is one way we can show our appreciation,” said Sen. Fasano.

Reprinted with permission. Florida Realtors®. All rights reserved.

Long-Term Renters Impact Significantly Impact Real Estate Sales

2010-09-05T11:25:00.000-05:00

1 out of 4 Renters Never Plans To Own A Home

SAN FRANCISCO – Aug. 19, 2010 – According to Trulia.com’s American Dream survey on attitudes toward homeownership, 27 percent of renters do not plan to buy a home – ever. Of those renters who do plan to purchase someday, 68 percent said it would be more than two years before they do.

“Large numbers of people delaying their plans to buy a home, or not planning to buy at all, could have an enormous domino delaying effect on economic recovery in the U.S.,” says Pete Flint, CEO of Trulia. “Renters converting into buyers are crucial to turning around the housing slump, but the current economic crisis is causing people to become very hesitant to get off the fence and buy a home.”

According to the study, many Americans still maintain a core belief in the inherent value of owning a home: 72 percent believe homeownership is part of their American Dream. While it’s a decline from 77 percent six months ago, it shows that the American Dream of homeownership is still alive.

Nearly one in five Americans (19 percent) said that their attitude toward homeownership has grown more negative over the last six months; however, more Americans – 23 percent – said that their attitude toward owning a home has grown more positive in the same time frame.

Tipping factors: From renter to buyer in one year

Seventy-nine percent of renters who plan to buy homes one day said something could inspire them to buy a home within the next 12 months. The changes in circumstance most frequently cited as the “tipping factors” were: being able to save enough money for a downpayment, getting a new job, getting a promotion/raise, and interest rates staying low or getting even lower.

The McMansion Era is over

According to the survey, Americans are also veering away from the “McMansions” that grew popular before the recession. Adults who might buy a house displayed a preference for smaller homes, with only 9 percent saying their ideal home size is more than 3,200 square feet – the same number of who said they’d like their home to be between 800 and 1,400 square feet. Fifty-five percent of Americans would prefer a home between 1,401 and 2,600 square feet.

Harris Interactive conducted this July 2010 survey online within the United States via its QuickQuery online omnibus service on behalf of Trulia between July 22-26, 2010, among 2,055 U.S. adults aged 18 years and older. The sample included 1,345 homeowners and 663 renters. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents’ propensity to be online. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.

Reprinted with permission. Florida Realtors®. All rights reserved.

When Hurricanes Get Near Insurers Stop Insuring

2010-09-05T11:19:00.001-05:00

Note: The fact that insurance companies (who issue home policies) get antsy with the approach of Hurricane Season affects much more than the writing of insurance policies. It impacts home buyers, home sellers, realtors, lenders, and on down the line. Certainly, those same insurance companies don't stop accepting PAYMENTS from homeowners.

When Insurers Stop Writing Insurance

MIAMI – Sep. 05, 2010 – When storms like Hurricane Earl flirt with the Florida coast, many property insurers will stop writing new policies. That, in turn, impacts homebuyers who need insurance to finalize their mortgage. Without insurance, they can’t get mortgage money; and without mortgage money, they can’t close.

Insurers have in-house rules about issuing new policies. For example, Florida’s property insurer, Citizens Property Insurance, stops writing policies in a wide area if a hurricane threatens. Some insurers rely on the National Weather Service to issue a storm watch or warning. If that happens, they stop writing policies in the potentially impacted areas.

In all cases, a homebuyer heading to closing while a hurricane threatens should contact his or her property insurance carrier to determine that company’s rules.

Reprinted with permission. Florida Realtors®. All rights reserved.

HUD Awarding $312M In Disaster Recovery Grants

2010-09-04T14:26:00.001-05:00

HUD Awards $312M In Disaster Recovery Grants

WASHINGTON – Aug. 30, 2010 – The U.S. Department of Housing and Urban Development (HUD) awarded nearly $312 million to 13 states to reduce the human, physical and economic toll of future disasters. The grants are provided through HUD’s Disaster Recovery Enhancement Fund (DREF) encourage states to undertake activities and long-term strategies that focus on reducing damages from future natural disasters.

Florida is one of the grant states and will receive $26,616,675.

“An ounce of prevention today can spare communities a world of hurt tomorrow,” says HUD Secretary Shaun Donovan. “We’re making a serious investment in our future by making certain that when disaster strikes, the impacted communities in these states can weather the storm.”

According to an independent study by the National Institute of Building Sciences, every dollar spent on disaster mitigation activities saves taxpayers $4 in future disaster recovery expenses. The 13 states that received funding through the DREF invested nearly $876 million in disaster mitigation, which, according to HUD, translates into a total anticipated return on investment of more than $3.5 billion.

DREF funds can be used toward projects meeting unmet disaster recovery needs, including:

• Buyout payments for homeowners living in high-risk areas
• Optional relocation payments to encourage residents to move to safer locations
• Home improvement grants to reduce damage risks (property elevation, reinforced garage doors and windows, etc.)
• Improving and enforcing building codes
• Developing forward-thinking land-use plans that reduce development in high-risk areas.

Reprinted with permission. Florida Realtors®. All rights reserved.

Florida Index Of Consumer Confidence On The Rise

2010-09-04T14:23:00.004-05:00

Florida Consumer Confidence Up 1 Point

GAINESVILLE, Fla. – Sept. 4, 2010 – With no clear signs that the nation is either recovering or entering another recession, Florida’s consumer confidence remained stagnant, inching up only one point to 67 in August, according to a new University of Florida survey.

“Consumer confidence is entrenched at a relatively low level,” says Chris McCarty, director of UF’s Survey Research Center in the Bureau of Economic and Business Research. “With the exception of a jump in April due almost entirely to the housing and appliance rebate programs, consumer confidence has been stuck in the upper 60s to low 70s for the past year. We are in the economic doldrums.”

Two of the five components of the index increased, while one decreased and two remained unchanged.

Perceptions of personal finances now compared with a year ago rose four points to 52 from a record low in July, while perceptions of personal finances a year from now rose three points to 78.

“On the bright side, the oil spill has been contained and this is probably part of the reason for increased optimism about personal finances,” McCarty says. “Although the long-term effects of the spill are not yet known, there is evidence that tourists now realize that Florida beaches are, for the most part, unaffected.”

Remaining unchanged were perceptions of U.S. economic conditions over the next year at 61 and perceptions of U.S. economic conditions over the next five years at 70. The only component to decline was perceptions about whether it’s a good time to buy big-ticket consumer items, which fell two points to 73.

“While the mix among the five components has changed, overall consumers’ attitudes reflect other economic indicators that don’t show a clear path out of recovery or back to another recession,” McCarty says. Unemployment, the stock market and housing prices all add to the state’s economic uncertainty.

Florida’s unemployment rate still remains high, having risen .1 to 11.5 percent in July, McCarty said. Also last month, the stock market fluctuated wildly, mostly downward, as unexpectedly pessimistic news about existing and new home sales rekindled fears of a double-dip recession, he says.

In other bad news, housing prices fell in July to a median price of $138,000, erasing gains from the spring that were pushed up by the federal rebate program, McCarty says. However, it seems unlikely that housing prices will continue to decline in the short term. Prices over the past year have remained relatively flat, compared with the volatility over the past three years. In addition, unemployment is not rising dramatically, mortgage rates are at record lows and the containment of the oil spill means it will be less likely to affect housing prices on the Gulf. However, if unemployment starts creeping back up, there could be a problem, McCarty adds.

On the positive side, inflation remains in check despite the massive infusions of capital from the stimulus and bailout packages. Taxable sales for June, the latest month for which figures are available, appear on track, and as other news such as the November elections dominates the headlines, the oil spill will become less of a factor for tourists and people who interested in moving to Florida.

Nationally, consumer confidence, as measured by the University of Michigan’s index, which was released on Friday, mirrors Florida, with a one-point increase, although that index is about two points higher overall, he said.

The research center conducts the Florida Consumer Attitude Survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for August was 425 responses.

Reprinted with permission. Florida Realtors®. All rights reserved.

Pending Home Sales On The Rise

2010-09-04T14:20:00.003-05:00

Pending Home Sales Rise

WASHINGTON – Sept. 2, 2010 – Following a sharp drop in the months immediately after expiration of the homebuyer tax credit, pending home sales have modestly risen, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June; it’s 19.1 percent below July 2009 when it was 98.1. Pending sales data reflects contracts and not closings, which normally occur with a lag time of one or two months.

“Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” says Lawrence Yun, NAR chief economist. “But the recovery looks to be a long process. Homebuyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.”

On the other hand, homes have not been this affordable in recent memory. “Affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates, helped partly by the Fed’s very accommodative monetary policy,” says Yun. “The loan underwriting standards are tighter, but homebuyers can improve their chances of getting a loan by staying well within their budget.”

The PHSI in the Northeast rose 6.3 percent to 62.5 in July and is 21.1 percent below a year ago.

In the Midwest the index increased 4.1 percent to 66.7 and is 25.7 percent below July 2009.

Pending home sales in the South rose 1.2 percent to an index of 86.3, and are 15.6 percent lower than a year ago.

In the West, the index jumped 11.6 percent to 95.0 and is 17.6 percent below July 2009.

The national index had fallen 29.9 percent in May and another 2.8 percent in June.

Reprinted with permission. Florida Realtors®. All rights reserved.

MORTAGE RATES LOWEST EVER

2010-08-13T13:24:00.000-05:00

Mortgage rates hit 4.44%

Mortgage Rate Trend Index

Even though rates broke another record, 40% of experts polled by Bankrate.com this week expect new declines, while 47% predict no change over the short term. Only 13% foresee an increase.

WASHINGTON – Aug. 13, 2010 – Growing pessimism over the weak economic recovery pushed mortgage rates to the lowest level in decades for the seventh time in eight weeks.
The average rate on a 30-year fixed mortgage hit 4.44 percent this week, mortgage buyer Freddie Mac said Thursday. And some brokers say homeowners looking to refinance have even managed to do so for as low as 4 percent.

Still, cheap rates have done little to boost the struggling housing market. Instead, they are highlighting investors’ fears that the rebound is stalling and the country could be slipping back into a recession.

Investors are shifting their money away from stocks and into safer Treasury bonds. That is sending Treasury yields lower. Mortgage rates track those yields.

And the Federal Reserve is pushing those yields down even further. The central bank said Tuesday it would buy Treasurys to help aid the recovery, using the proceeds from debt and mortgage-backed securities it bought from Fannie Mae and Freddie Mac.

That move alone is unlikely to push average rates down to 4 percent, said Bob Walters, chief economist at Quicken Loans. But average rates that low are still a possibility if the economic outlook worsens even further.

“The silver lining to a bad economy is that interest rates fall,” Walters said. “If you can lower your debt burden by refinancing, that’s great.”

Up to now, low rates have failed to spark a struggling housing market. Slow job growth, a 9.5 percent unemployment rate and tight credit standards have kept people from buying homes. Applications to refinance have grown but remain well short of a massive boom.

Overall home loan applications rose only 0.6 percent last week from a week earlier, the Mortgage Bankers Association said Wednesday.

For those homeowners with solid finances, the opportunity to refinance below 4 percent is persuading some to consider 15-year fixed loans. Those average rates dropped to 3.92 percent, down from 3.95 percent last week and the lowest in decades.

More homeowners are choosing that option because it allows them to save money in the long run, though it costs more in monthly payments. Freddie Mac says nearly a third of borrowers refinancing 30-year loans in the April-to-June picked loans with 15-year or 20-year terms.

Still, savvy consumers can already find 30-year fixed rates at or near 4 percent if they are willing to pay a little more upfront.

Chik Quintans, assistant sales manager with Atlas Mortgage in Seattle, said he was able to get two clients into mortgages with a 4 percent interest rate and a fee of 1 percent of the total mortgage amount on Wednesday. But rates have inched up since then.

“Every day’s different,” Quintans said. “Sometimes people have to ruminate, and then the opportunity’s gone.”

Refinancing could pick up significantly if rates fall further. An average rate below 4.375 percent could be enough of a drop so that many people who refinanced last year could shave a half of a percentage point of their mortgage rates, said Scott Buchta, chief mortgage strategist with Braver Stern Securities.

Lenders could find themselves in a bind if traffic picks up, Buchta said. Many have laid off thousands of workers over the past three years and don’t have enough staff to handle a crush of new applications.

Mortgage rates often fluctuate significantly, even within a given day. To calculate the national average, Freddie Mac collects mortgage rates on Monday through Wednesday of each week from about 125 banks, thrifts and credit unions around the country in a voluntary survey.

Rate quotes from parts of the country with more lending activity – such as the West and Northeast – are given more weight in creating the average.

Rates on five-year adjustable-rate mortgages averaged 3.56 percent, down from 3.63 percent a week earlier. Rates on one-year adjustable-rate mortgages fell to an average of 3.53 percent from 3.55 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 a point for all loans except for 15-year mortgages, which averaged 0.6 of a point.

DESTIN FLORIDA REAL ESTATE

2010-08-10T15:40:00.000-05:00

South Florida Home Values See Nation’s Biggest Drop In A Year

MIAMI – Aug. 10, 2010 – South Florida home values suffered the worst decline of 25 large metropolitan areas in the second quarter of this year, falling 15 percent compared with 2009, according to a national real estate report.

The data, released Monday by analysts at Zillow, found that the median home value in Palm Beach, Broward and Miami-Dade counties fell to $146,500, down nearly 7 percent from the beginning of this year and a whopping 52 percent from housing’s peak values in 2006.

Nationally, median home value, including townhomes and condominiums, dipped 3.2 percent from the same time in 2009.

Zillow’s chief economist, Stan Humphries, called Monday’s study a “mixed bag,” with several areas in California seeing a continued increase in values.

In Los Angeles, home values jumped 5 percent compared with 2009. San Diego homes saw a 7 percent increase.

“Markets in other parts of the country, like Miami and Phoenix, are not yet showing signs of reaching a bottom in home values,” Humphries said. “High supply continues to be a challenge in states like Florida and Arizona.”

A separate report released Monday by analysts at Miami-based Condo Vultures showed a 4.6 percent increase in housing inventory in South Florida since May, with 68,254 single-family houses, condos and townhomes on the market.

Humphries predicts home values will bottom out nationally during the latter half of this year.

“But we continue to be cautious about the impact of declining home sales,” Humphries said.

The Phoenix area showed a 12 percent decline in median home value compared with last year, while Detroit values plummeted 14 percent.

The Zillow Home Value Index measures the median value of all homes, not just sales.

In Palm Beach County, values for single-family homes showed only a 1 percent decline, while Martin and St. Lucie had declines of 5 percent and 4 percent, respectively.

South Florida’s homes are treading water in one measurement, managing so far this year not to sink further into negative equity.

Zillow found that 44 percent of South Florida single-family homes with mortgages are underwater – real estate slang for owing more on a loan than the home is worth.

That’s about the same percentage as the beginning of the year and just below the second quarter of 2009, when 47 percent of homes were underwater.

In the Treasure Coast, 55 percent of homes with mortgages were underwater during the second quarter of this year, compared with 56 percent earlier in 2010.

Nationally, 21.5 percent of homes with mortgages had negative equity in the second quarter.

Humphries said foreclosures and bank takeovers help clean out the inventory of negative equity homes, but the typically lower sale prices of those homes also continues to weigh down values of neighboring properties.

Peter Zalewski, a principal for Condo Vultures, is more optimistic about Florida’s market turning around even with rising inventories. He believes financing opportunities are increasing, meaning more people will be able to buy.

“I think that 2009 will be the year most people realize was the bottom,” he said. “I would be surprised if there was another big increase in underwater homes.”

Copyright © 2010 The Palm Beach Post, Fla., Kimberly Miller. Distributed by McClatchy-Tribune Information Services.

Real Estate Mortgage Fraud Down 25% since ‘07

2010-07-16T13:53:00.001-05:00

Mortgage Fraud Down 25% since ‘07

SANTA ANA, Calif. – The CoreLogic Fraud Index shows that mortgage industry fraud risk has declined by 25 percent since peaking in the third quarter of 2007. CoreLogic says its latest reports is the first ever predictive and statistical index to look at aggregated risk compared it to other quarters in order to predict future fraud problems.

“Lenders’ aggressive stance against fraud is having an impact. … But with an estimated $14 billion in fraud losses experienced in 2009 alone, fraud is still a major issue for the mortgage industry,” says Tim Grace, senior vice president of Fraud Analytics, CoreLogic. “There is evidence that fraud patterns are changing and becoming increasingly better hidden.”

One finding from the report: There is a high correlation between fraud risk and subsequent default rates. For example, of the top 12 CoreLogic Fraud Index states in 2007, nine were in the top 12 default states in 2009, according to the index.

Other findings:

• Overall mortgage fraud risk, including subprime loans, has been steadily decreasing since 2006 and appears to have leveled off in 2009.

• Recognition of mortgage fraud is up in the industry overall. Lenders acknowledge the existence of fraud in their portfolios and report more fraudulent loans than in the past.

• Short sale volume from first quarter 2008 through fourth quarter 2009 increased by more than 300 percent.

• About one in every 200 short sales were deemed “very suspicious” by lenders, meaning there was a new sale transaction less than 60 days after the short sale for a selling price more than 20 percent higher.

• The most common types of fraud experienced by lenders were:
Income 31%
Identity 12.6%
Internal Fraud 16.8%
Occupancy 11.4%
Property 10.3%
Employment 8.1%
Undisclosed Debt 4%
Third Party 2.8%
Assets 2.7%

CoreLogic also segmented risk by fraud type and geographic region. Lenders who use the data could be less willing to lend in areas deemed high risk, which CoreLogic says it can break down by state, zip code or even street. Nationally, CoreLogic says the riskiest street for mortgage fraud is in Orlando. Miami and Orlando both ranked in the top five for risky zip codes.

Reprinted with permission. Florida Realtors®. All rights reserved.

CNBC Study: Florida Has Top State Workforce

2010-07-16T13:48:00.001-05:00

CNBC Study: Florida Has Top State Workforce

TALLAHASSEE, Fla. – July 16, 2010 – The ranking came in CNBC’s fourth annual America’s Top States for Business rankings – a study of all 50 states that examines 10 different categories, including workforce, to measure each state’s ability to attract businesses. Under “Workforce,” Florida moved up from 2009’s number three spot, reclaiming the number-one rank the state held in 2008.

“The Sunshine State is home to the best talent in the world,” says Governor Charlie Crist. “We are committed to creating a highly skilled, innovative workforce across all industry sectors, and we take great pride in the role our workforce plays in driving Florida’s businesses into the 21st century.”

Overall, however, the survey ranked Florida No. 28 nationally for businesses, the same rank it held in 2008. While many of the 10 measured qualities changed marginally, the economy hit the state hard. In the 2009 survey, Florida ranked No. 23 for economy; in 2010, the state’s ranking for its economy dropped to No. 48.

The No. 1 workforce ranking in CNBC’s annual study was based on several indicators, including the education level of the workforce, the number of available workers, union membership, and the success of worker training programs.

Workforce Florida Inc., the state’s business-led workforce policy and oversight board, is charged with strengthening Florida’s business climate and helping Floridians enter and advance in the workforce. Most employment and training services in Florida are provided at the local level through the state’s 24 regional workforce boards, the backbone of the state workforce system. In 2009, Florida’s workforce system provided services – job search, referrals, placement assistance and training – to more than 1.7 million people.

To find out about the comprehensive workforce services and resources available in Florida, visit www.EmployFlorida.com.

Reprinted with permission. Florida Realtors®. All rights reserved.

Flood Insurance Reform Bill Would Extend Program to 2015

2010-07-16T13:45:00.002-05:00

Flood Insurance Reform Bill Would Extend Program to 2015

WASHINGTON – July 16, 2010 – The U.S. House today approved a flood insurance reform bill yesterday that would reauthorize the National Flood Insurance Program (NFIP) for five years to Sept. 30, 2015, a provision strongly supported by the National Association of Realtors® (NAR).

The bill now heads to the Senate, however, where its prospects of passage are not clear. To become law, the bill needs approval by both the House and Senate followed by the president’s signature.

Passage of H.R. 5114, the Flood Insurance Reform Priorities Act, would strengthen the NFIP and bring certainty to many real estate markets, NAR said, and commended Rep. Maxine Waters (D-Calif.) for marshalling the bill through House passage.

“This longer-term reauthorization of the NFIP is critical to millions of taxpaying American families who rely on the program for flood insurance, which is required to obtain a mortgage in nearly 20,000 communities across the nation,” says Vicki Cox Golder, NAR president. “This would restore flagging confidence in a vital program by ensuring its continuation for several years without further disruption to real estate markets upon which our nation’s economic recovery depends.”

NFIP has been allowed to expire twice in the past two years and Congress approved eight short-term extensions, resulting in multi-week delays or cancellation of thousands of real estate transactions. Such stop-gap measures have caused many hardships and lost sales for property buyers, sellers and their communities, Golder says.

Reprinted with permission. Florida Realtors®. All rights reserved.

NAHB To Sue EPA Over Lead Paint Regulations

2010-07-15T23:27:00.002-05:00

NAHB To Sue EPA Over Lead Paint Regulations

WASHINGTON – July 12, 2010 – A coalition of housing industry groups joined the National Association of Home Builders (NAHB) in announcing plans to file a lawsuit against the federal Environmental Protection Agency (EPA) for removing the “opt-out” provision from its Lead: Renovation, Repair and Painting rule.

The Lead: Renovation, Repair and Painting rule (LRRP) applies to homes constructed before 1978 when lead paint was banned. Its opt-out provision, which expired July 6, let consumers allow contractors to bypass extra preparation, clean-up and recordkeeping requirements in homes where there were no children under 6 or pregnant women, thus avoiding additional costs.

“Removing the opt-out provision more than doubles the number of homes subject to the regulation,” says NAHB Chairman Bob Jones. “About 79 million homes are affected, even though EPA estimates that only 38 million homes contain lead-based paint. Removing the opt-out provision extends the rule to consumers who need no protection.”

The Hearth, Patio & Barbecue Association, the National Lumber and Building Material Dealers Association, and the Window and Door Manufacturers Association joined NAHB in filing the petition for review in the U.S. Court of Appeals for the D.C. Circuit.

The group is challenging EPA’s action on the grounds that the agency substantially amended its LRRP regulation without any new scientific data and before the regulation was even put into place on April 22, 2010.

“Even under the original rule, the opt-out provision was not available in homes where small children or pregnant women live,” Jones says. “That shows that this change provides no additional protection to the people who are most vulnerable to lead-based paint hazards.”

Remodelers’ and other contractors’ estimate of the additional cost associated with the lead-safe work practices average about $2,400, but vary according to the size and type of job. For example, a complete window replacement requires the contractor to install thick vinyl sheeting to surround the work area both inside the home and outdoors – with prep time and material costs adding an estimated $60 to $170 for each window.

“Consumers trying to use rebates and incentive programs to make their homes more energy efficient will likely find those savings eaten up by the costs of the rule’s requirements,” Jones says. “Worse, these costs may drive many consumers – even those with small children - to seek uncertified remodelers and other contractors. Others will likely choose to do the work themselves – or not do it at all – to save money. That does nothing to protect the population this rule was designed to safeguard.”

Reprinted with permission. Florida Realtors®. All rights reserved.

NSP Grantees Get First Chance To Buy HUD Homes at 10 Percent Discount

2010-07-15T23:24:00.002-05:00

NSP Grantees Get First Chance To Buy HUD Homes at 10
Percent Discount

WASHINGTON – July 13, 2010 – The U.S. Department of Housing and Urban Development (HUD) announced a new initiative for state governments, local governments and nonprofit organizations participating in HUD’s Neighborhood Stabilization Program (NSP). Going forward, the groups will be given preference to acquire homes from the Department’s inventory of foreclosed properties, commonly known as “HUD homes.”

The FHA First Look Sales Method, HUD will offer NSP grantees a preference (“First Look”) to acquire available HUD homes within the defined boundaries of NSP-designated areas. Furthermore, First Look will provide NSP purchasers with the opportunity to purchase FHA properties at a discount of 10 percent below their appraised value, less the cost of any applicable listing and sales commissions.

A Notice outlining the temporary initiative will be published this week in the Federal Register, outlining the rules for buying HUD homes, which fall under the Federal Housing Administration’s (FHA’s) First Look Sales Method, before they are marketed to other purchasers.

“This First Look initiative is a marriage of two programs to accelerate our effort to confront property abandonment in communities struggling to overcome the effects of the foreclosure crisis,” says HUD Secretary Shaun Donovan. “By essentially giving our NSP grantees a first bite at the apple, we hope to accelerate the sale of FHA’s foreclosed properties while supporting the Obama Administration’s neighborhood stabilization efforts.”

The FHA-NSP First Look period will last approximately 14 days from the conveyance of a property to FHA. Properties that remain unpurchased at the expiration of the First Look period will be listed and sold according to standard FHA procedures. Eligible NSP grantees may acquire these properties with the assistance of NSP funds for any eligible use under NSP, including rental or homeownership. This sales method becomes effective immediately and continues through May 31, 2013.

Reprinted with permission. Florida Realtors®. All rights reserved.

HUD Expands Anti-Discrimination Protection To Sources Of Income

2010-07-12T13:07:00.003-05:00

HUD’s Announces Another Protection: Sources Of Income

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) will begin requiring applicants seeking grant funding to comply with any state and local laws that protect individuals from being denied housing based on their “lawful source of income.”

The funding requirement is part of a broader effort by HUD to make certain grant applicants meet state and local anti-discrimination laws, including those prohibiting housing discrimination based on a person’s income, such as Section 8 Rental Assistance, Temporary Assistance for Needy Families (TANF), Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI) or earnings from seasonal employment.

Last week, HUD announced new protections based on sexual orientation under its grant programs. These initiatives are not based on new federal laws; instead, HUD will, for the first time, consider any local laws that ban categories of discrimination.

HUD included the new protections in its general funding notice released this week. It details the minimum requirements for Fiscal Year 2010.

“A family’s source of income should never be used as a basis to discriminate against them,” says HUD Secretary Shaun Donovan.

“Prohibiting this form of discrimination provides an essential protection for many Americans, including disabled veterans, seasonal workers, and persons that are using housing choice vouchers to maintain housing for themselves and their children,” says John Trasviña, HUD Assistant Secretary for Fair Housing and Equal Opportunity (FHEO). “Racial discrimination is often perpetrated through denials of housing opportunities to Section 8 voucher holders. It is wrong and HUD will now keep systemic violators from applying for HUD funds.”

Traditionally, HUD requires all applicants for competitive grant funding to comply with all applicable federal fair housing and civil rights requirements including those expressed in Fair Housing Act; Title VI of the Civil Rights Act of 1964; Section 504 of the Rehabilitation Act of 1973; and Title II of the Americans with Disabilities Act.

Reprinted with permission. Florida Realtors®. All rights reserved.

Home Sizes Decline As Buyers Opt For Single Story

2010-07-12T13:04:00.000-05:00

Home Size Declines; Buyers Opt For Single Story

WASHINGTON – The size of new single-family homes declined again in 2009, dropping to a nationwide average of 2,438 square feet, according to information about new home characteristics released recently by the U.S. Census Bureau (http://www.census.gov/const/www/charindex.html).

For nearly 30 years, the average size of new U.S. homes increased, peaking at 2,521 square feet in 2007. It was essentially flat in 2008 and then dropped, so that new single-family homes were almost 100 square feet smaller in 2009 than in 2007.

“We also saw a decline in the size of new homes when the economy lapsed into recession in the early 1980s,” says National Association of Home Builders (NAHB) Chief Economist David Crowe. “The decline of the early 1980s turned out to be temporary, but this time the decline is related to phenomena such as an increased share of first-time home buyers, a desire to keep energy costs down, smaller amounts of equity in existing homes to roll into the next home, tighter credit standards and less focus on the investment component of buying a home. Many of these tendencies are likely to persist and continue affecting the new home market for an extended period.”

In keeping with their slightly smaller size, new single-family homes completed in 2009 had fewer bedrooms than previously. After increasing for almost 20 years, the proportion of single-family homes with four bedrooms or more topped out at 39 percent in 2005; it was 34 percent last year. The proportion of single-family homes with three bedrooms increased from 49 percent to 53 percent between 2005 and 2009.

New single-family homes completed last year also had fewer bathrooms. The proportion of homes with three or more bathrooms was 24 percent last year, a decline from the peak of 28 percent in both 2007 and 2008. The percentage of single-family homes with two bathrooms increased from 35 to 37 percent last year, and the percentage with 2 or 2 ½ bathrooms was at 31 percent for the third consecutive year. The proportion of single-family homes with 1 or 1½ bathrooms has been below 10 percent for more than a decade.

In 1973, the first year for which the Census Bureau reports characteristics of single-family homes completed, most new single-family homes – 67 percent – had only one story. Twenty-three percent had two or more stories, and 10 percent were split-levels.

The proportion of one-story homes declined steadily for more than three decades, dropping to a low of 43 percent in 2006 and 2007. At the same time, the proportion of single-family homes with two or more stories increased, rising from 23 percent in 1973 to a high of 57 percent in 2006 (split level homes currently account for less than one percent of all single-family homes). Since 2006 the trends have been reversed, as the share of single-family homes with one-story increased to 47 percent last year, while the share with two or more stories dropped to 53 percent.

Regional differences in completed single-family homes

• In 1973, less than half of all new single-family homes completed had air conditioning; in 2009, 88 percent were air conditioned nationwide. Regionally, the proportion ranged from a low of 69 percent in the West to a high of 99 percent in the South. The Northeast and Midwest were at 75 percent and 90 percent, respectively.

• Nationwide, 62 percent of new single-family homes completed in 2009 had two-car garages, and 17 percent had garages for three or more cars. However, there were clear regional differences. Three-car garages were found in only about 11 percent of homes in the Northeast and the South. In the Midwest, 30 percent of all homes had three-car garages, and in the West, 26 percent.

• Regional differences were especially pronounced in the selection of exterior wall material. Nationwide, 34 percent of all single-family homes completed in 2009 homes had vinyl siding, 23 percent were brick, 19 percent were stucco, and 13 percent had fiber cement siding.

• Vinyl siding predominates in the Northeast, where it accounted for 74 percent of the market; wood was a distant second with a 12 percent market share. In the Midwest, vinyl siding accounted for 62 percent of the market while wood and brick were at 15 percent and 11 percent, respectively.

• Brick was the leader in the South, where it was found in 40 percent of new single-family homes. Twenty-eight percent of new homes in the South had vinyl siding and 13 percent had stucco.

• The Census Bureau began reporting statistics on fiber cement siding, which is relatively new to the market, in 2005. It already accounts for 24 percent of the market in the West. Stucco and wood account for 52 percent and 15 percent of the market, respectively, in that region.

Reprinted with permission. Florida Realtors®. All rights reserved.

BP Claims: Same System, Different Oversight

2010-07-11T12:48:00.002-05:00

BP Claims: Same System, Different Oversight

WASHINGTON – Businesses harmed by the Gulf of Mexico oil spill will no longer have their damage claims administered by BP. Instead, decisions will be made by a new federal agency, the Independent Claims Facility.

Ken Feinberg, chief of the Independent Claims Facility, promises “quicker payments, faster consideration.” BP used ESIS, a private contractor, to oversee its payment decisions; and the switch to federal oversight may cause a few delays in the short term. Not all details have been worked out yet.

The submission of claims remains the same, however, and claims already submitted remain active. Businesses may also submit more than one claim as the crisis drags on.

Speaking on NBC’s “Meet the Press” on Sunday, Feinberg said the payments would come in two forms. The first, short-term loans to cover immediate problems, will be paid upfront “without conditions.” The goal is to help businesses now.

The second phase will cover long-term losses, which, Feinberg said, are difficult to assess now because oil continues to leak into the Gulf. Until the oil is stopped, the extent of the problem cannot be gauged, and total impact cannot be estimated.

Feinberg, who earlier oversaw payments after the Sept. 11 destruction of the World Trade Center, says he has not yet finalized a system for doling out the long-term payments. One possibility floated by governors of the impacted states: Create categories of claims, such as “shrimpers” and “property managers.” Once that’s done, establish how-to guidelines for estimating losses by category. Should a business disagree with an administrator’s decision, a panel of three judges will hear appeals.

According to Feinberg, the new system does not preclude any businesses’ right to sue simply because they accepted interim help – but he did recommend filing now rather than opting for the legal system. If you litigate, you’ll be in courts for years, Feinberg said. He also reminded viewers that lawyers take a substantial cut of any settlement received.

BP has funded the settlement with $20 billion, a number Feinberg said is not a cap on payouts or a mandatory minimum. He also applauded BP for its willingness to create the fund and cede decision-making to the federal government.

Reprinted with permission. Florida Realtors®. All rights reserved.

National Association Of Realtors Releases 2010 Local Market Reports

2010-07-11T12:46:00.002-05:00

NAR Releases 2010 Local Market Reports

WASHINGTON – Every housing market is unique. The Local Market Reports (LMRs) issued by the National Association of Realtors® (NAR) – which reflect data available through 1st Quarter 2010 – provide insights into the fundamentals and direction of the nation’s largest metropolitan housing markets. Each downloadable report evaluates a number of factors affecting home prices, including:

• The health of the local job market
• Foreclosure rates
• Housing inventory
• Debt-to-income and mortgage-servicing-costs-to-income ratio

Florida areas included in NAR’s report:
Deltona-Daytona Beach Region
Fort Myers Region
Gainesville Region
Jacksonville Region
Miami Region
Ocala Region
Orlando Region
Palm Bay-Melbourne-Titusville Region
Pensacola-Ferry Pass-Bren Area
Sarasota Region
Tallahassee Region
Tampa Region

To read the local reports, visit NAR’s website at: http://www.realtor.org/research/subscription_data/localmarketreports

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Drywall Maker Loses Case, Settles Others

2010-07-11T12:44:00.003-05:00

Drywall Maker Loses Case, Settles Others

MIAMI – A Chinese maker of toxic drywall lost a case in Florida state court and agreed to settle two Louisiana cases before going to trial. The events could impact future drywall cases and settlements.

Florida

A Miami state court awarded a Coconut Grove family over $2.4 million in a case that could set a standard for future lawsuits. Armin Seifart and Lisa Gore sued Banner Supply, a building material supplier in the first trial to be heard by a jury.

In the lawsuit, Seifart and Gore claimed that Banner knew it was selling defective drywall, which smells like sulfur and corrodes appliances, wiring and other metal. During the trial, Banner’s attorneys claimed that the supplier did not realize the extent of the problem, thinking it was limited to a small amount of drywall.

In its ruling, the Miami-Dade Circuit Court jury found Banner negligent and in violation of Florida’s deceptive and unfair trade law. The court found Banner 55 percent liable; Knauf Plasterboard Tianjin Co. Ltd., the manufacturer, 35 percent liable; and the importer and shipper 5 percent liable each.

Louisiana

Knauf, one of several companies responsible for manufacturing defective Chinese drywall and the company involved in the Florida case, agreed to settle two Louisiana cases that were set to go to trial on Monday, June 21, in U.S. District Court.

The cases involved two homes built with Chinese drywall manufactured by Knauf Tianjin. They were pending in federal court before Judge Eldon E. Fallon and part of multi-district litigation involving thousands of similarly situated homeowners.

According to Dan Bryson, a member of the plaintiffs’ trial team, settlement details are still being negotiated, but are expected to include full removal and replacement of the problematic drywall, all corroded metal and HVAC components, and compensation for the owners’ out-of-pocket expenditures during remediation.

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Economic Effects Of Oil Spill Cut Florida’s Consumer Confidence

2010-07-10T22:31:00.002-05:00

Economic Effects Of Oil Spill Cut Florida’s Consumer Confidence

GAINESVILLE, Fla. – June 30, 2010 – The impact of the gulf oil spill combined with lingering overall economic malaise has Floridians feeling worse off than they did a year ago, according to a new University of Florida (UF) survey.

Consumer confidence fell three points in June to 67, but the biggest decline of all components in the survey was in perceptions of personal finances now compared with a year ago. That measure fell nine points to 45. Perceptions of personal finances one year from now fell four points to 75.

“We had expected consumer confidence to decline due to the effects of the oil spill,” says Chris McCarty, survey director of the Bureau of Economic and Business Research. “What we did not expect was the main effect to be in the components measuring perceptions of personal finances both now and in the future. The decline in the personal finance questions suggests that on top of the weak recovery, the oil spill has caused some real economic pain, such as through jobs related to tourism and perceptions of lower property values.”

Perceptions of U.S. economic conditions over the next year fell two points to 64, while perceptions of U.S. economic conditions over the next five years fell two points to 70. Perceptions as to whether it is a good time to buy big-ticket items that often require credit or loans fell one point to 79.

Overall economic news for Floridians has been mixed, McCarty says. Prior to the oil spill, housing sales had been fairly strong and prices for lower-priced homes appeared to have hit a bottom. Home sales, particularly of new homes, slipped dramatically as the tax rebates ended in April.

Unemployment in Florida registered its second straight decline of 0.3 percent and is now 11.7 percent. This is still historically high, and many of the declines may be due to temporary Census hires, which will disappear after June.

“The economic effects of the oil spill are only now starting to show up in the data, although they have been known to residents and businesses along Florida’s west coast for nearly two months,” McCarty says. “It is likely that sales tax revenues, already down from the recession, will decline further as tourists put off trips. This will inevitably translate to a budget deficit in next year’s legislative session, which promises to be more difficult that the one that just ended.”

McCarty predicts that recent losses in consumer confidence are unlikely to regain until the leaking oil is stopped and the spill’s short- and long-term effects are known. “We should expect confidence, and therefore retail sales, to be anemic through the summer and perhaps well into the fall,” he says.

The research center conducts the Florida Consumer Attitude survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for June was collected from 435 responses.

Reprinted with permission. Florida Realtors®. All rights reserved.

Foreclosures: One-Third Of Florida Sales

2010-07-10T22:29:00.002-05:00

Foreclosures: One-Third Of Florida Sales

WASHINGTON – June 30, 2010 – According to a new report from RealtyTrac, foreclosure homes accounted for 31 percent of all residential sales in the first quarter of 2010. Additionally, the average sales price of properties sold while in some stage of foreclosure was nearly 27 percent below the average sales price of properties not in the foreclosure process.

A total of 232,959 U.S. properties in some stage of foreclosure – default, scheduled for auction or bank-owned (REO) – sold to third parties in first quarter 2010, a decrease of 14 percent from the previous quarter and down 33 percent from the peak during the first quarter of 2009, when sales of foreclosure homes accounted for 37 percent of all residential sales.

“First-time homebuyers and investors continue to buy foreclosure properties in large numbers and at substantial discounts,” says James J. Saccacio, chief executive officer of RealtyTrac. “As lenders have begun repossessing homes at record levels over the first half of 2010, it will be interesting to watch how they will manage the inventory levels of distressed properties on the market in order to prevent more dramatic price deterioration.”

The average sales prices on properties in some stage of foreclosure decreased 23 percent from 2006 to 2009, while the average discounts on foreclosure purchases steadily increased from 21 percent in 2006 to 27 percent in the first quarter of 2010. Discounts on REOs are larger than discounts on pre-foreclosures, although discounts on pre-foreclosures appear to be trending higher as short sales become more common.

Also from the RealtyTrac report:

• Foreclosure sales increased 2,500 percent from 2005 to 2009.

• More than 1.2 million U.S. properties in some stage of foreclosure sold to third parties in 2009, an increase of 25 percent from 2008 and an increase of nearly 327 percent from 2007.

• Total foreclosure sales in 2009 were up more than 1,100 percent from 2006.

• Foreclosure sales accounted for 29 percent of all sales in 2009, up from 23 percent in 2008 and up from 6 percent in 2007.

• The average sales price of properties that sold while in some stage of foreclosure in 2009 was 25 percent below the average sales price of properties not in the foreclosure process. That was up from an average discount of 22 percent in 2008 but down from an average discount of 26 percent in 2007.

• The average foreclosure discount in 2005 was 35 percent, driven by a nearly 50 percent discount on REOs; however, the discount on pre-foreclosures trended up slightly over the same five-year period, from nearly 12 percent in 2005 to 15 percent in 2008 and 2009.

• Nevada, California, Arizona posted the highest percentage of foreclosure sales in the first quarter. Foreclosure sales accounted for 64 percent of all sales in Nevada in the first quarter, the highest percentage of any state. California posted the second highest percentage, with foreclosure sales accounting for 51 percent of all sales there in the first quarter – up slightly from 50 percent in the previous quarter but down from 70 percent of all sales in the first quarter of 2009. Foreclosure sales as a percentage of all sales were also down in Arizona from the first quarter of 2009, but the state still posted the third highest percentage in the first quarter, with foreclosure sales accounting for 50 percent of all sales.

• Other states where foreclosure sales accounted for at least one-third of all sales were Massachusetts, Rhode Island, Florida, Michigan, Georgia, Illinois, Idaho and Oregon.

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Pending Home Sales Drop As Expected

2010-07-10T22:25:00.001-05:00

Pending Home Sales Drop As Expected

WASHINGTON – July 1, 2010 – Following a surge driven by the homebuyer tax credit, pending home sales fell, according to the National Association of Realtors® (NAR). To qualify for the credit, homebuyers needed a signed contract by April 30, 2010.

The Pending Home Sales Index (PHSI), a forward-looking indicator, dropped 30.0 percent to 77.6 based on contracts signed in May from a reading of 110.9 in April, and is 15.9 percent below May 2009 when it was 92.3. The falloff comes on the heels of three strong monthly gains as homebuyers rushed to take advantage of the tax credit.

The data reflects contracts and not closings, which normally occur with a lag time of one or two months. However, many closings have been delayed recently from a rush of buyers into the system and slow processing of short sales, in addition to the heavy volume and a more thorough loan underwriting process.

“Consumers are rational and they rushed to meet the (April 30) tax credit eligibility deadline in April,” says NAR chief economist Lawrence Yun. “The sharp decline in contract signings in May is a natural result with similar low levels of sales activity anticipated in June. Surprisingly, though, some local markets such as Portland, Maine, and Jacksonville, Fla., actually experienced an increase in contract signings from a year ago without the tax credit.

“Existing-home sales that close in June will remain elevated, but we’ll then see a notable decline for July and August.”

A lapse in the National Flood Insurance Program also contributed to the decline in new contracts. Many lenders were hesitant to approve mortgages on homes that require flood insurance without congressional action, and numerous sales have been on hold.

Yun noted that the tax credit broadly stabilized home prices. “Without the tax credit, there will be more aggressive price negotiations between buyers and sellers,” he says. “The key test on whether the housing market can stand on its own without stimulus medicine will depend critically on private sector job creation in the second half of the year. We’ll also keep a close eye on market conditions on the Gulf Coast.”

Through May of this year, 495,000 net private sector jobs have been created; NAR’s forecast for employment growth is about 1 million additional net new jobs over the balance of the year and another 2 million in 2011.

“If jobs come back as expected, the pace of home sales should pick up later this year and reach a sustainable level of activity given very favorable affordability conditions,” Yun said.

“In most areas of the country there will be no sharp snap back in home prices in the upcoming years, although some local markets have experienced double-digit gains this year,” Yun said. NAR forecasts the national median home price to rise only 4 percent cumulatively over the next two years.

“One factor that could lead to price acceleration in upcoming years for some markets is if the very low levels of new home construction were to persist for another year or two,” he added.

The PHSI in the Northeast fell 31.6 percent to 67.0 in May and is 14.8 percent lower than May 2009. In the Midwest the index dropped 32.1 percent to 70.8 and is 20.2 percent below a year ago. Pending home sales in the South fell 33.3 percent to an index of 82.5, and are 14.4 percent lower than May 2009. In the West the index declined 20.9 percent to 85.3 and is 15.1 percent below a year ago.

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Mortgage Rates Hit Another Record Low

2010-07-09T15:09:00.000-05:00

Mortgage Rates Hit Another Record Low

McLEAN, Va. – July 9, 2010 — U.S. mortgage rates fell for the second straight week to the lowest level in five decades, as a refinancing boomlet took hold.

Mortgage company Freddie Mac reports that the 30-year fixed-rate mortgage (FRM) average 4.57 percent, down from last week when it averaged 4.58 percent. That’s the lowest level since Freddie Mac began tracking rates in 1971.

Last year at this time, the 30-year FRM averaged 5.20 percent.

“With mortgage rates falling to historic lows, refinance activity has been strong over the past three months,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The Bureau of Economic Analysis reported that the effective mortgage rate of all loans outstanding was just below 6 percent in the first quarter of 2010, the lowest since the series began in 1977. Since the start of the second quarter, two out of three mortgage applications on average were for refinancing, according the Mortgage Bankers Association.

The 15-year FRM this week averaged 4.07 percent, up from last week when it averaged 4.04 percent. That was the lowest on records dating to September 1991. A year ago at this time, the 15-year FRM averaged 4.69 percent.

Average rates on one-year adjustable-rate mortgages fell to 3.75 percent from 3.80 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for all types of loans in Freddie Mac's survey averaged 0.7 a point.

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Florida Realtors Holds Oil Spill Recovery Forum

2010-07-09T15:05:00.000-05:00

Florida Realtors Holds Oil Spill Recovery Forum

FORT WALTON BEACH, Fla. – July 9, 2010 – It was standing room only at the Florida Realtors Oil Spill Recovery Town Hall Meeting hosted today at the Emerald Coast Association of Realtors. More than 130 Realtors, business leaders and area officials voiced concerns over the Gulf oil spill to BP representatives, asking tough questions about the company’s claims process.

“Plug the hole is what we want and need,” said 2010 Florida Realtors President Wendell Davis as he welcomed audience members and Realtors from around the state participating via the webinar. “Until that happens, we need to stand together and work through these difficult times speaking with one voice. It is my hope that these presenters today will make a difference for you. We plan to use our collective strength as the Realtor community to advocate for the right and fair solutions for you, your clients and communities.”

Mike Sole, Secretary of the Florida Department of Environmental Protection (DEP) discussed the ongoing oil spill cleanup and recovery efforts. DEP has been designated as the lead state agency for responding to the Deepwater Horizon oil spill along Florida’s shoreline.

“They’re recovering roughly 25,000 barrels a day through current efforts and that’s 25,000 barrels a day not going into our waters,” he said, noting that another aspect of the recovery is slated to start this weekend. “If all goes well, they’ll be able to recover 40,000 to 50,000 barrels a day, and that hopefully will be about 90 percent oil.”

Sole added that crews are close to the target depth for plugging the well, but the work goes more slowly when it’s that close. BP has stated mid-August is the estimated time frame for plugging the well; however, he thinks the crews are ahead of schedule and could reach the required depth by the end of July.

Representing BP at the meeting were Mary Shafer Malicki, BP deputy incident commander for Florida and Liz Castro, BP governmental and public affairs.

“BP has paid $167 million in claims,” Castro said. “To date, $28.18 million has been paid to Florida, with more than 27,000 claims. No claims have been denied.”

Realtors are being reimbursed canceled contracts and lost income, Castro said, but added that many real estate related claims are on hold. She said BP is working with new claims administrator Ken Feinberg to figure out details regarding the process for those claims, but “it is a complicated process and there is no cookie-cutter answer.”

John Harrell, president-elect of the Bay County Association of Realtors, said he knows 50 people who have filed claims, and none of them have been paid.

“What we’re really looking for is direction from you (BP) and what you want from us,” said Mary Ann Windes, president of the Emerald Coast Association of Realtors.

Florida Realtors Vice President of Public Policy John Sebree told the group that he and President Davis have been talking with Feinberg and plan to meet with him next week, adding, “That’s issue No. 1 – some sort of standardized format for real estate related claims.”

Drawing applause from the crowd, Mike Chesser, a real estate attorney who has been consulting with the Emerald Coast association, said, “We need some clear rules. We need to see what you’re going to do. We need clear direction. Don’t hide behind the statement, ‘All claims are individual, and every claim is different.’”

“The point is that there are people who have been severely injured economically,” said Phil Babiak, broker-owner of Century 21 Island View Realty in Navarre. “They have scratched and researched and gotten all the documentation they need to demonstrate those damages. I believe we need a review panel (for claims) that knows our industry and who will be able to advocate for us.”

On behalf of BP, Castro thanked the Realtors for having the forum. “You guys are doing exactly what is needed,” she said. “You’re coming here, you’re talking to us, you’re explaining what is going on with your business and your companies.”

Reprinted with permission. Florida Realtors®. All rights reserved.

Oil Spill Money Still Funds Lost Rental Income

2010-07-09T15:00:00.000-05:00

Oil Spill Money Still Funds Lost Rental Income

TALLAHASSEE, Fla. – June 23, 2010 – Florida Realtors Vice President of Public Policy John Sebree talked to a BP claims adjuster this week to gain clarity into the oil spill’s claims’ process.

According to Sebree, his contact was “very familiar with real estate agent claims,” and said “claims such as cancelled contracts on rental units are being approved for payment every day.”

However, the adjuster admitted that one type of claim is stalled a bit: lost commissions on sales. According to BP, these claims are not being denied; however, they’re on hold right now as adjusters develop a way to handle commission losses in a consistent manner.

“The adjuster used the example of a commercial building in which the contract was cancelled,” says Sebree. “The building is still there and could sell to a new buyer in a few weeks. ‘How do you monitor that?’ the adjuster asked.”

Currently, the vendor hired by BP to oversee claims, ESIS, continues to handle claims. There’s no indication that system will change in the near future.

“However, if and when the process for filing claims changes, we’ll be on the front lines for our members,” says Sebree.

Sebree also spoke to Gov. Charlie Crist yesterday to emphasize Florida Realtors’ members desire to help. “He was pleased to hear that and asked me to follow-up with his Chief of Staff,” Sebree says. That meeting is scheduled for later this week.

To date, 69,872 claims have been opened, from which more than $118 million has been disbursed. There are 730 claims adjusters on the ground. The White House says no claims have been denied to date. To file a claim, visit www.bp.com/claims or call BP’s helpline at (800) 440-0858.

Those who have already pursued the BP claims process and are not satisfied with BP’s resolution can call the Coast Guard at (800) 280-7118. Additional information about the BP claims process and all available avenues of assistance can be found at www.disasterassistance.gov.

Reprinted with permission. Florida Realtors®. All rights reserved.

New Flood Insurance Program Considered

2010-07-09T14:54:00.000-05:00

New Flood Insurance Program Considered

WASHINGTON – June 23, 2010 – The National Flood Insurance Program (NFIP) went on hiatus May 31. Until today, the best hope for an extension was an amendment that U.S. Senators attached to a much larger bill; however, other items within that larger bill weighed it down.

But the U.S. House approved H.R. 5569, a new bill, this morning. H.R. 5569 extends NFIP through Sept. 30, 2010, and makes it retroactive to May 31, 2010. As a stand-alone bill, H.R. 5569 allows NFIP to be considered on its own merits. It now goes to the Senate for a vote.

“The National Association of Realtors is pushing U.S. Senate leadership to quickly take this up and pass it,” says Florida Realtors Vice President of Public Policy John Sebree.

The House-Senate negotiation process is not always smooth, but once they agree on a version, the bill goes to President Barack Obama to be signed into law. It’s not yet clear whether the Senate will agree to pass H.R. 5569 or continue to consider an NFIP extension through the larger bill’s amendment.

Even if the Senate approves H.R. 5569, Realtors have a continued interest in passage of the larger bill because another amendment extends the homebuyer-tax-credit closing past its current June 30 deadline.

Florida Realtors News will report any NFIP reauthorization updates.

Reprinted with permission. Florida Realtors®. All rights reserved.

Gov. Crist Signs Massive Condo Bill Recently

2010-07-09T14:49:00.000-05:00

Gov. Crist Signs Massive Condo Bill

FORT LAUDERDALE, Fla. – June 24, 2010 – Gov. Charlie Crist traveled to South Florida today to ceremonially sign this year’s massive condo bill, SB 1196. The bill, among other things, exempts some elevators from code requirements, revises voting laws for condo associations, and makes changes to loss assessment coverage.

Crist officially signed the bill into law June 1.

About SB 1196

At the beginning of this year’s session of the Florida Legislature, at least 50 bills addressed condo issues – everything from fire sprinkler retrofits to enticing investors in an effort to move excess condo inventory. At the end, a single 103-page bill encompassed many of the reforms: SB 1196 by Sen. Mike Fasano (R- New Port Richey).

The new law includes Florida Realtors-supported “bulk buyer” language that seeks to reduce inventory levels by encouraging investors to purchase blocks of condo units. It’s accomplished, in part, by protecting bulk buyers from some of the liabilities faced by condo developers.

Other provisions in SB 1196

• Lowers the cost of condo-ownership by repealing a requirement that owners purchase individual unit owner insurance coverage.

• Removes the requirement for mandatory retrofits of sprinkler systems in condos over 75 feet high.

• Requires lenders to pay more in past-due assessments on foreclosed properties.

• Allows associations to deny owners or occupants the use of common areas and recreational amenities when the owner is more than 90 days delinquent in paying financial obligations due to the association.

• Allows associations to divert rent paid by a tenant and use it to pay delinquent assessments owed by that unit’s owner.

Reprinted with permission. Florida Realtors®. All rights reserved.

BP Reimburses Realtors For Oil Spill Related Income Losses

2010-06-12T13:27:00.000-05:00

BP Pays Real Estate Brokers For Lost Income

PENSACOLA, Fla. – June 7, 2010 – BP’s oil spill has impacted businesses all along the Gulf coast, and the company continues to say it will reimburse businesses for lost revenue. At least so far, it has. BP set up claim centers in Florida, Louisiana, Alabama and Mississippi, but only Florida officials have so far released details of the money paid to real estate brokers, commercial fishermen, and others.

According to Florida officials, BP has paid out $75,725 for 446 claims of lost income from rental properties as of Thursday. The company also shelled out $5,000 so far to cover lost real estate sales.

BP says it has paid $40 million so far to cover lost income in all four states, reimbursing 15,000 claims of the 32,000 submitted so far. About $3.9 million of that has gone to Florida firms based on more than 5,000 claims.

According to BP, the claims keep coming in, and thousands more get added each day. The company says it now has 510 claims adjusters dedicated to the crisis, and it has set up 22 claim centers in the four impacted states.

BP continues to say it will shoulder costs for the spill. “We will honor all legitimate claims, and our clean-up efforts will not come at any cost to taxpayers,” BP CEO Tony Hayward says in a commercial.

The long-term cost of the spill may be difficult to estimate, however. Last week, some Louisiana officials wrote to BP and requested $300 million as a start to cover the spill’s long-term effects.

“Impacted communities currently are experiencing significant increases in unemployment, and facing fewer opportunities for short- and long-term employment and the loss of industry-based economies potentially for a long period of time,” the Louisiana officials said in the letter.

BP says it has spent about $990 million so far, but the costs will continue to mount.

For more information on the records a business needs in order to submit a claim for losses, visit floridarealtors.org’s Oil Spill Info Center at: http://www.floridarealtors.org/AboutFar/Oil-Spill-Info-Center.cfm. The site also includes the addresses of local BP claim centers, and other advice.

Reprinted with permission. Florida Realtors®. All rights reserved.

HUD Takes Bold Extra Step To End Housing Discrimination

2010-06-12T13:10:00.000-05:00

HUD Adds Protected Category To Grant Program

WASHINGTON – June 8, 2010 – For the first time in its history, the U.S. Department of Housing and Urban Development (HUD) will require grant applicants seeking HUD funding to comply with state and local anti-discrimination laws that protect lesbian, gay, bi-sexual, and transgender (LGBT) individuals. In HUD’s published notice, it listed general requirements of the new rule that will apply to all of the Department’s competitively awarded grant programs for fiscal year 2010.

“We’re using every avenue to shut the door against discrimination,” said HUD Secretary Shaun Donovan. “Today, we take an important step to insist that those who seek federal funding must demonstrate that they are meeting local and state civil rights laws that prohibit discrimination based on sexual orientation or gender identity.”

HUD requires all applicants for competitive grant funding to comply with applicable federal fair housing and civil rights requirements, including those expressed in Fair Housing Act; Title VI of the Civil Rights Act of 1964; Section 504 of the Rehabilitation Act of 1973; and Title II of the Americans with Disabilities Act. Under the new rule, HUD goes a step further by also expecting applicants to comply with state or local laws banning housing discrimination based on sexual orientation or gender identity.

Florida does not have a statewide ban on housing discrimination based on sexual orientation, but some local governments within the state do, such as the city of Miami. Sexual discrimination in housing is also banned under the National Association of Realtors®’ Code of Ethics.

According to HUD, about 20 states and the District of Columbia do have laws prohibiting discrimination based on sexual orientation. In addition, 12 states and the District of Columbia prohibit discrimination based on gender identity.

In other actions to block discrimination against LGBT individuals, HUD says it will:

• Propose new regulations to clarify that the term “family,” when used to describe eligible beneficiaries of HUD’s programs, includes eligible lesbian, gay, bisexual and transgender (LGBT) individuals and couples.

• Instruct the Federal Housing Administration (FHA) and its lending community to base FHA-insured mortgage loans on the credit-worthiness of borrowers and not on factors such as sexual orientation or gender identity.

• Commission the first-ever national study of discrimination against members of the LGBT community in the rental and sale of housing. The Department is currently seeking online public comment from interested parties on how to design the study.

• Provide enhanced customer services for members of the public who bring fair housing complaints to the Department’s attention based on LGBT status. Specifically, in places where state or local laws already prohibit LGBT-related housing discrimination, HUD staff will direct the complaints to the appropriate state and local anti-discrimination offices. HUD staff will also be trained to identify allegations that come under the Fair Housing Act, such as HIV/AIDS-related discrimination, and consider grounds for enforcement action under current law.

HUD’s new policy is available online (PDF format) at: http://www.hud.gov/offices/adm/grants/nofa10/gensec.pdf

Reprinted with permission. Florida Realtors®. All rights reserved.

Florida Real Estate Sales Rise In April As Keith Bailey Predicted!

2010-06-03T23:28:00.002-05:00

Not tooting my own horn, but in one of my most recent YouTube videos I did let everybody know that this trend was most certainly about to happen and that you should make sure that you don't miss out on opportunities right now (don't keep riding the fence, friends)...

Florida’s Existing Home, Condo Sales Rise In April

ORLANDO, Fla. – May 24, 2010 – Sales of existing homes in Florida rose 27 percent in April, which means that sales activity has increased in the year-to-year comparison for 20 months, according to the latest housing data released by Florida Realtors®. Another positive sign: Last month's statewide existing-home median price of $140,100 was 1 percent higher than the statewide median price in April 2009.

Existing home sales rose 27 percent last month with a total of 16,781 homes sold statewide compared to 13,244 homes sold in April 2009, according to Florida Realtors. Statewide existing home sales last month increased nearly 3 percent over statewide sales activity in March. Meanwhile, April's statewide existing-home median price was 2.3 percent higher than March's statewide existing-home median price of $137,000. It marks the second month in a row that the statewide existing-home median price has increased over the previous month's median.

"Buyers responding to the federal homebuyer tax credit before it expired helped to boost home sales across Florida," said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. "And buying conditions remain favorable, with a variety of housing options available in local markets at attractive and affordable prices. Plus, current mortgage interest rates are at historically low levels, which gives buyers more 'bang' for their buck."

Florida Realtors also reported a 55 percent increase in statewide sales of existing condos in April compared to the previous year's sales figure; statewide existing condo sales last month rose 2 percent over the total units sold in March. Though April's statewide existing-condo median price of $103,600 was down 3 percent compared to the year-ago figure, it was 6.9 percent higher than March's statewide existing-condo median price.

Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in April while all but one MSA had higher condo sales. A majority of the state's MSAs have reported increased sales for 22 consecutive months.

Florida's median sales price for existing homes last month was $140,100; a year ago, it was $138,100 for a 1 percent gain. The median is the midpoint; half the homes sold for more, half for less.

Thenational median sales price for existing single-family homes in March 2010 was $170,700, up 0.6 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $301,790in March; in Massachusetts, it was $280,000; in Maryland, it was $235,785; and in New York, it was $209,900.

According to NAR's latest outlook, two trends are influencing a broader stabilization of home prices in housing markets across the nation: months of increased sales activity and lower levels of inventory. "Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably," said NAR Chief Economist Lawrence Yun. "With home values stabilizing, a revival in homebuying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears."

In Florida's year-to-year comparison for condos, 7,291 units sold statewide last month compared to 4,703 units in April 2009 for an increase of 55 percent. The statewide existing condo median sales price last month was $103,600; in April 2009 it was $107,200 for a 3 percent decrease. The national median existing condo price was $170,600 in March, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.10 percent in April, up from the average rate of 4.81 percent during the same month a year earlier, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state's smaller markets, the Panama City MSA reported a total of 128 homes sold in April compared to 108 homes a year earlier for a 19 percent increase. The market's existing home median sales price last month was $160,000; a year earlier it was $156,800 for an increase of 2 percent. A total of 65 condos sold in the MSA in April compared to 53 units sold the same month a year earlier for an increase of 23 percent. The existing condo median price last month was $187,100; a year earlier, it was $172,900 for an 8 percent gain.

Reprinted with permission. Florida Realtors®. All rights reserved.

Military Phone Card Program Sponsored By Florida Realtors

2010-06-03T23:22:00.001-05:00

Florida Realtors Kicks Off Military Phone Card Program

ORLANDO, Fla. – May 25, 2010 – "To us, home is where we prop our feet up after a rough day," says Wendell Davis, Florida Realtors® president. "If 'home' to our service sons and daughters is a short phone call, then we, as Florida Realtors, should help them find 'home,' just as we help Florida buyers find a home."

To honor our troops, Florida Realtors is donating money for phone calling cards that the USO will distribute to U.S. active duty troops. The USO has set up a dedicated webpage for credit card donations.

"When your son is in Iraq or Afghanistan, he's physically 7,000 miles away, but the distance is much, much farther emotionally," says Patti Fitzgerald, Florida Realtors president-elect. "Comfort is a single phone call home. That's it – a single phone call."

"I was able to talk to my wife and family from Afghanistan, thanks to the phone cards donated by patriotic individuals, such as Realtors," says LCpl Joseph Fitzgerald, U.S. Marine Corps and son of Patti Fitzgerald, Florida Realtors president-elect.

Program details

The USO will customize the calling cards with the Florida Realtors logo, so every soldier knows who paid for the call.
The USO receives and tracks all donations. Checks sent to Florida Realtors headquarters will be forwarded to the USO.
Everyone is encouraged to donate – not just Realtors.
Deadline for donations: Aug. 15, 2010.
Florida Realtors has dedicated a website page for the initiative: http://www.floridarealtors.org/AboutFar/Support-our-Troops.cfm.

It includes:

Downloadable fliers with donation information about the program and how to donate by check.
A graphic that can be added to association, board, broker or Realtors' websites that advertises the program. Website visitors who wish to donate can click on the graphic and be taken to the USO donation page on floridarealtors.org.
A link to the secure webpage for credit card donations.

Reprinted with permission. Florida Realtors®. All rights reserved.

Major Surge In Pending Home Sales Continues!

2010-06-03T23:17:00.001-05:00

Pending Home Sales Surge Continues

WASHINGTON – June 2, 2010 – Pending home sales have risen for three consecutive months, reflecting the impact of the homebuyer tax credit and favorable housing affordability conditions, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator, rose 6.0 percent to 110.9, based on contracts signed in April, from an upwardly revised 104.6 in March. It's 22.4 percent higher than April 2009 when it was 90.6. The April increase follows gains of 7.1 percent in March and 8.3 percent in February.

The PHSI is at its highest level since last October when the index reached 112.4 and first-time buyers were rushing to beat the initial deadline for the tax credit. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, says this second round of surging sales from the tax credit extension looks as strong as the original tax credit. "There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension," Yun says. "But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales. The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs.

NAR expects a net of 1 million additional jobs in the second half of this year and about 2 million in 2011.

"The homebuyer tax credit brought close to 1 million additional buyers into the market, which is now helping the trade-up market and has significantly improved the inventory situation," Yun says. "This stabilized home prices more quickly and has preserved about $900 billion in home equity; in turn, that is keeping additional households from going underwater and risking foreclosure."

The PHSI in the Northeast jumped 29.5 percent to 97.9 in April and is 24.5 percent above a year ago. In the Midwest the index rose 4.1 percent to 104.2 and is 17.9 percent above April 2009. Pending home sales in the South slipped 0.6 percent to an index of 123.9, but is 31.3 percent higher than a year ago. In the West, the index rose 7.5 percent to 107.9 and is 12.0 percent higher than April 2009.

"A big concern surfacing recently is insufficient time to close the deal at the settlement table. Under normal circumstances, two months would be enough time from contract signing to settlement date," Yun says. "However, the recent housing cycle has brought long delays related to the short sales approval process by banks, and from ongoing appraisal issues. There could be a sizable number of homebuyers who responded to tax credit incentives, but may encounter problems meeting the settlement deadline by June 30."

Because of these market challenges, NAR has asked Congress to provide flexibility on the deadline for closing.

Reprinted with permission. Florida Realtors®. All rights reserved.

Two Real Estate Bills Passed, Two Vetoed By Florida Governor

2010-06-03T23:14:00.000-05:00

Governor vetoes 2 real estate bills, signs 2

TALLAHASSEE, Fla. – June 2, 2010 – Out of the blue. That's how Florida Realtors lobbyists describe their reaction to Governor Crist's veto yesterday of HB 545, a Realtor-supported measure that would have repealed an onerous disclosure for coastal property owners.

"We had not heard from one group or individual who was opposed to HB 545, so we are quite surprised the governor would veto the bill and expose hundreds of thousands of property owners to safety issues and higher premiums, and increase legal liability and litigation for sellers and real estate practitioners," says John Sebree, vice president of public policy for the Florida Realtors. "We're talking with the bill sponsor to see if there are enough votes in the Florida House and Senate to override the veto. It's a long shot, but one worth taking considering the damage this bill will cause when it takes effect Jan. 1, 2011."

HB 545 by Rep. Pat Patterson (R-DeLand) sought to repeal the windstorm mitigation disclosure – one of the last remnants of the My Safe Florida Home program, which expired in 2009 due to lack of funding. Effective Jan. 1, 2011, sellers of home located in wind-borne debris regions must provide buyers with the building's hurricane resistance rating and three improvement plans, including costs. Inspectors are not registered with the state and the inspection process has been widely criticized for "widespread, fraudulent and unethical behavior," according to a study by the Florida Commission on Hurricane Loss Projection Methodology.

"The inspection process is rife with fraud and provides buyers with inaccurate information 55-80 percent of the time," says Trey Goldman, Florida Realtors' legislative counsel. "The veto will ultimately result in a less efficient insurance market, higher premiums for everyone and possibly the loss of life if homeowners fail to evacuate during hurricanes because they mistakenly believe their homes are more wind resistant than they really are."

In other news, Gov. Crist signed into law the Distressed Condominium Relief Act (SB 1196) that repeals a requirement that individual unit owners carry hazard insurance and seeks to move excess condo inventory by allowing investors to purchase blocks on condos without getting tagged as a "developer" and taking on a developer's responsibilities and liabilities. It also lets a condo association decide whether or not to retrofit a building with sprinkler systems and removes mandatory retrofits of sprinkler systems in condos over 75 feet.

The governor also signed HB 965, legislation that requires property appraisers to adjust the assessed value of single-family residential properties affected by tainted drywall. If the home cannot be used for its intended purpose without remediation or repair, the value of the property must be assessed at $0. To qualify, a home must have imported drywall that causes a significant impact on the just value of the property. Also, the buyer must not have been aware of the presence of the tainted drywall at the time of purchase.

Finally, as expected, the governor vetoed SB 2044, legislation backed by the insurance industry that, among other things, would have allowed insurance companies to avoid the lengthy process of filing a rate increase with state regulators. Under the failed bill, property insurance rates could have increased up to 10 percent per year.

"I am most concerned about the expansion … that makes it easier to increase Floridians' premiums," Crist said in his veto message. "During these very difficult economic times, Florida's consumers should not have to be concerned with an additional premium increase to their policy. Additionally, the bill makes troubling changes to the way (hurricane) mitigation discounts are applied. Specifically, responsible Floridians who have already made investments to harden their homes could be unfairly penalized."

The bill would have also allowed insurance companies to pay only a part of a claim upfront, withholding the balance of the payment until repairs have been completed.

However, insurers can still raise consumers' rates early in expectation of a rate increase approval from state regulators. If Crist had signed the bill, insurance premiums could not have gone higher until an increase is official.

The bill also attempted to reduce insurance fraud by allowing insurance companies to pay only part of a claim upfront, withholding the balance of the payment until repairs have been completed. Insurers say that policyholders sometimes receive claim monies but fail to make the necessary repairs.

Reprinted with permission. Florida Realtors®. All rights reserved.

A Bailout For FIVE MILLION Homeowners? Maybe!

2010-06-01T23:33:00.002-05:00

Financial legislation could bailout 5M homeowners

WASHINGTON – May 25, 2010 – The Senate version of the Wall Street Reform Act includes a provision to help the 5.5 million homeowners facing foreclosure. The House had a similar provision in its version of the Act, and the two versions must now be reconciled before a final vote. The Obama Administration has also backed the homeowner aid.

The plan, which provides $3 billion in TARP funds to unemployed homeowners, is patterned after the Pennsylvania's Homeowner's Emergency Mortgage Assistance Program (HEMAP), which has provided $236 million to help unemployed workers to stave off the foreclosure process.

Under the Senate-passed bill, homeowners would be able to borrow up to $50,000 to assist them with mortgage payments, providing the homeowner has a reasonable prospect of resuming mortgage payments within 24 months.

"Americans need help, 8 percent of all mortgage holders are currently at risk of losing their homes and that is unacceptable," says Congressman Chaka Fattah (D-Pa.), who introduced HEMA in the House. "I'm encouraged … that families won't be faced with the double blow of being unemployed and homeless.

"The additional funds will certainly be welcomed by the nation's mayors who work daily to prevent mortgage foreclosures that are still ravaging too many families and neighborhoods in our nation," says John Cochran, CEO and executive director of the U.S. Conference of Mayors.

Lawmakers hope to have a final measure to the president for his signature before Congress' July 4 recess.

Reprinted with permission. Florida Realtors®. All rights reserved.

Tax Rebates Needed To Boost Consumer Confidence!

2010-06-01T23:16:00.003-05:00

Florida's Consumer Confidence Falls As Tax Rebates Disappear

GAINESVILLE, Fla. – May 26, 2010 – Florida's consumer confidence dropped seven points to 71 in May as homebuying and energy efficient tax rebates ended, according to a new University of Florida (UF) survey.

"We expected a big decline in consumer confidence as these two major stimulus programs ran out," says Chris McCarty, survey director of the Bureau of Economic and Business Research. The tax rebates helped one component of the measure: People's impression that conditions were right for buying big ticket items.
"Without that stimulus, that particular component fell, although not to pre-April levels," McCarty says. This month, all five of the index components registered declines.

The sharpest drop was in expectations for U.S. economic conditions over the next year, which dropped 14 points to 68, while expectations of U.S. economic conditions over the next five years fell six points to 73. The second largest decline was in perceptions of whether it is a good time to buy big-ticket items, which fell eight points to 79. Expectations of personal finances over the next year dropped four points to 80, while perceptions of personal finances now compared with a year ago fell one point to 56.

The 14-point drop in perceptions of short-term economic conditions "probably reflects declines in the stock market and to some extent interpretations by consumers of the effect of the Gulf oil spill. It is not unusual for major events to make their way into that particular component.

"Many economic pundits have raised the questions as to how much of the increased (single-family home) sales and prices are due to the stimulus," McCarty says. "We may not know this until the fall as the spring homebuying season has largely passed."

The Federal Reserve Board is no longer buying mortgage-backed securities and is debating when to start selling them. This will likely translate into higher interest rates for mortgages over time, McCarty says.

Florida's unemployment rate improved in April to 12 percent, down .3 percent from March, but it remains to be seen how much of that decline is due to the large number of temporary workers for the U.S. Census Bureau. The Census planned to hire about 89,000 workers, most for no more than three months, McCarty says.

McCarty foresees little change in the economy in the near future.

"We expect Florida's consumer confidence to remain in the low 70s for the next several months unless the effects of the oil spill show a direct effect on Florida, the stock market continues to decline or Florida has a bad hurricane season, in which case it would fall lower," he predicts.

The research center conducts the Florida Consumer Attitude survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for May was collected from 402 responses.

Reprinted with permission. Florida Realtors®. All rights reserved.

Some Florida Realtors In Desperate Situations - Can You Help?

2010-06-01T23:02:00.009-05:00

I have been very blessed to have a great family and work in a field (and in an area of the country) where people tend to look out for one another. I'd like to pass that on by letting you know about some folks who are Realtors in Florida who are less fortunate and would definitely be blessed by your kindness...

Can you help a Florida Realtor in need?

ORLANDO – MAY 28, 2010 – Times are difficult. But for some Florida Realtors, life's challenges are greater than anyone could handle alone.

This is when the Florida Realtors Silent Angel Fund can be a lifesaver.

Consider the plight of one such Realtor that recently came to the attention of the Silent Angels, a charitable organization formed in 2002 and composed of Realtors in Florida. Her husband is suffering from congestive heart, kidney and liver failure. In March, her 19-year-old son was involved in a near fatal car accident, suffered massive brain damage, survived brain surgery and now requires constant supervision. Their home is in foreclosure, and they'll soon be forced to give their car back to the lender.

"When times are tough, it's comforting to know that the Realtor family is there to help," says Claudette Bruck, a Coral Springs Realtor who serves as a Trustee of the Silent Angel Fund. "This family desperately needs a reliable used car. But there are so many others who are in need, too. If you have the ability, please consider making a donation to the Silent Angels Fund. Whether or not you are able to assist this family in a material way, we ask that you keep them in your prayers."

Silent Angels is currently seeking a reliable used car, but donations are welcome too. If you have a used car or wish to donate by check (payable to "Silent Angels Fund"), contact Janet Valentine at Florida Realtors, 7025 Augusta National Dr., Orlando, FL 32822.

You can also use a credit card to make a tax-deductible contribution online[https://www.floridarealtors.org/AboutFar/SilentAngels/Contribution.cfm].

Reprinted with permission. Florida Realtors®. All rights reserved.

SANDPIPER COVE COVE DESTIN FLORIDA

2010-05-12T12:02:00.004-05:00

SANDPIPER COVE BOATERS PARADISE

775 GULF SHORES DR #4110, DESTIN, FL 32541

www.sandpipercovecondo.com

Features
»	CANAL FRONT
»	LAND AND WATER STORAGE
»	PRIVATE BEACH
»	3 POOLS
»	MARINA

Remarks

Price :	$ 220,000
Type :	Condominium
Beds :	2
Baths :	2 Baths (2 F)
Size :	1100 square feet

Contact Information

KEITH BAILEY - GRI,SFR

(850) 830-6771 (KEITH)

www.KeithBaileyRealtor.com

VIEW MY LISTINGS

42 Business Ctr. Dr. Ste 112
Miramar Beach, FL 32550

850.830.6771

SL3116770

©2010 http://www.propertiesonline.com/. The above information including square footage is based on data received from the seller and/or from public sources. This information is deemed reliable but has not been independently verified and cannot be guaranteed. Prospective buyers are advised to verify information to their own satisfaction prior to purchase. By providing links to other sites Properties Online, LLC does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to the agent, brokerage, brand or Properties Online, LLC.

Equal Housing Opportunity.

FACING FORECLOSURE: WHAT TO DO RIGHT NOW

2010-05-10T09:13:00.001-05:00

Facing Foreclosure: What to Do Right Now
If you’re facing foreclosure, don’t panic: There are steps you can take right now to save your home or at least lessen the blow of its loss. Read

Visit houselogic.com for more articles like this.

DESTIN FLORIDA HOA INFORMATION

2010-05-06T11:55:00.001-05:00

Delinquent HOA Fees: How to Collect

Cash-strapped homeowners associations have a variety of tactics available to them to collect unpaid fees.

Hiring an HOA Manager: What to Consider
When your homeowners association has more to do than its volunteers can handle, it’s time to call in a professional manager. Here are 10 tips for picking the right one. Readhttp://www.houselogic.com/articles/spread-condo-or-hoa-news-quickly-online-tools">Read>
HOAs: What You Need To Know About Rules

Lobbying for change in your homeowners association’s rules requires procedure, compromise, and perhaps joining the board.

UNDERSTANDING DESTIN FLORIDA SHORT SALES

2010-04-30T08:32:00.004-05:00

Understanding Short Sales

Despite the government's best efforts, Florida remains in the top ten of the most troubled real estate markets in the country, according to a recent report released by First American Corelogic, a housing data firm that tracks 97% of U.S. transactions for the mortgage industry. It is increasingly important for buyers and sellers to understand the ins and outs of short sales.

Short Sale: What is it?

A "short sale" is where the proceeds fall short of the balance owed on the loan. This generally occurs when a borrower cannot make the payments but the lender decides that selling the property at a loss is better than going through foreclosure. This does not necessarily release the borrower from the obligation to pay the remaining balance.

Caveat - Buyer Beware

Various lenders have been accused of engaging in fraudulent activities involving the process. These allegations include junior lienholders seeking to obtain kickbacks from the buyer or agent though not disclosed in closing documents or on the HUD-1 statement. This is a clear violation of RESPA. There should be no outside fees, "deals," "surcharges" or "handling fees." The buyer should do research before making an offer to purchase. The experienced agent will know to check and see who was entitled to the property, whether a foreclosure has been filed and how much is owed. Another major obstacle is the timeframe involved. Often if the sellers have failed to provide even one item that has been requested, the lender won't review the package. Even with all items presented, a decision can take anywhere from a few weeks to several months.

Buyer - Be Prepared

Typically, lenders are not paying for items customarily paid by the seller . These include home protection plans, buyer credits, and inspection reports, and most likely they will require that a buyer agree to purchase the property "as is." This makes it especially important for a buyer to obtain a thorough inspection from reputable inspectors.

Short Sales and the IRS

If a seller transfers title on a home, the home has been "sold." This may subject the seller to taxes. If the lender agrees to the sale, the lender may have the right to issue a 1099 for the deficiency balance. A review of the Mortgage Foreclosure Debt Relief Act of 2007 is often necessary. All parties should consult their tax professionals before entering into the short sale process.

Florida Mortgage Brokerage Act

Florida statutes require that anyone negotiating a modification of a loan be properly licensed as a mortgage broker. Short sales do not always involve modification; when there are second mortgages or equity line loans or other unique mortgage vehicles, a lender may require the borrower to pay a portion of the deficiency by way of a "new" loan. This may require modification of the prior loan.

Buying a Short Sale?

Several things appear to make short sale offers move on an expedited basis. The offer needs a strong earnest money deposit so that the lender sees that you are serious. Don't ask the lender to pay for special reports or make repairs, and provide sufficient time for the loan analysis, closing, and inspections to occur. Don't be afraid to ask for the listing agent's track record in closing on short sales. It is in the best interest of all to have an understanding as to what was previously rejected by the lender . Ask if a seller's package is complete and has been submitted. Also, have a strong pre-approval letter from your lender which specifies that you have actually been pre-approved by underwriting.

Get Help

The wide variety of circumstances make the short sale a relatively complex, highly specialized transaction with a high failure rate. It is important to involve knowledgeable and experienced professionals who understand the process.

NEED SHORT SALE HELP. CONTACT KEITH BAILEY 850-830-6771 OR E-MAIL Keith@KeithBaileyRealtor.com

DESTIN FL LUXURY GULF VIEW HOME 56 TERRA COTTA

2010-04-27T15:35:00.002-05:00

"WELCOME TO PARADISE"

56 Terra Cotta Way, Destin, FL 32541

www.56terracotta.com

Features
»	GULF OF MEXICO VIEW
»	2 CAR GARAGE
»	LARGE OPEN FLOOR PLAN
»	BEACH ACCESS
»	COMMUNITY POOL/TENNIS

Remarks

A SPACIOUS 4,000 SQUARE FOOT DESTIN VACATION HOME WITH GULF, BAY AND LAKE VIEWS AWAITS YOU. THIS HOME FEATURES TRAVERTINE MARBLE FLOORING, GRANITE COUNTER TOPS, AND CROWN MOLDING GIVING THE TRUE MEANING TO THE TERM 'LUXURY'. THE LARGE OPEN LIVING AREA IS PERFECT FOR A LARGE FAMILY GATHERING FOLLOWING A FULL DAY OF FROLICKING ON THE BEACH WHICH IS JUST STEPS AWAY. THIS 5 BEDROOM VACATION GETAWAY HAS THE SAME SPACIOUSNESS OF MANY SIX OR SEVEN BEDROOM HOMES. BE SURE TO SNEAK IN A QUICK NAP IN THE EXTRA LOUNGING AREA JUST OFF THE LIVING AREA. SPEND THE DAY RELAXING ON THE BEACH OR IN THE TERRA COTTA COMMUNITY POOL NEXT TO THE HOME WHICH IS HEATED YEAR AROUND. ENJOY THE NEIGHBORHOOD AMENITIES SUCH AS TENNIS AND SAND VOLLEYBALL. SUN AND SUNSET LOVERS CAN TAKE IN THE MAGNIFICENT 360-DEGREE VIEW FROM THE SPACIOUS FOURTH LEVEL ROOF TOP MARTINI DECK FOR HOURS OF ENTERTAINMENT. THIS IS TRULY A ONE OF KIND HOME. FIRST FLOOR: 2 QUEEN ROOM AND FULL BATH, SECOND FULL BED BEDROOM. SECOND FLOOR: KITCHEN, DINING ROOM, LIVING ROOM WITH HALF HALL BATH. THIRD FLOOR: MASTER WITH KING AND FULL BATH, TWIN WITH TRUNDLE IN ALCOVE OFF MASTER ROOM, 2 QUEEN ROOMS, FULL HALL BATH. FOURTH LEVEL: ROOF TOP MARTINI TERRACE. SLEEPS 15. DON'T FORGET THE THE DOUBLE BUILT-IN GARAGE FOR MAXIMUM STORAGE. 1 YEAR HOME WARRANTY PROVIDED BY THE SELLER. Buyer to verify sq ft, room dimensions and lot size.

Price :	$ 1,050,000
Type :	Single Family
Beds :	5
Baths :	4 Baths (3 F, 1 H)
Size :	4000 square feet
Lot :	4050 square feet

Contact Information

KEITH BAILEY - GRI,SFR

(850) 830-6771 (KEITH)

www.KeithBaileyRealtor.com

VIEW MY LISTINGS

42 Business Ctr. Dr. Ste 112
Miramar Beach, FL 32550

850.830.6771

SL3116770

Equal Housing Opportunity.

DESTIN FL 4 THINGS BUYERS SHOULD KNOW ABOUT HOME INSPECTIONS

2010-04-21T15:20:00.004-05:00

4 Things First-Time Home Buyers Need to Know about Home Inspections

A professional home inspection can not only provide a great education about the home’s systems, but also be a crucial tool in negotiating the most equitable price on the home, according to HouseMaster, one of the first and largest home inspection franchisors in North America.

“Our experience and research shows that approximately 40% of resale homes have at least one defect that can cost a home buyer a minimum of $500 to repair,” said Kathleen Kuhn, President of HouseMaster.“A home inspection by a professional and qualified home inspector is an excellent tool to encourage home sellers to make repairs or make further price adjustments as a result of conditions noted in the inspection report.”

According to the National Association of Realtors (NAR), in 2009, a record 47% of homes sold were purchased by first-time buyers. Tax credit incentives from the federal government of up to $8,000 and historically low mortgage rates continue to attract first-time buyers to the market. A professional home inspection not only educates buyers on the condition of the home but can minimize costly surprises down the road. HouseMaster provides the following tips to ensure that first-time buyers make an educated decision when purchasing a home and get the best price possible.

1. Inspect the Inspector. Only hire a home inspector with an excellent reputation and credentials. Ask how long the company has been in business, ask about specific formal training and ongoing education the inspector has and verify the inspector carries professional liability insurance also known as “Errors & Omissions” (E&O). If the company doesn’t carry this insurance, it could indicate a poor track record or lack of experience.

2. Ask for a sample of a report. The credentials of the inspection company and the quality of the final inspection report will be important. A poorly prepared report without pictures or clear, concise details addressing all the various systems and accessible elements of the home is less likely to be taken seriously by a home seller.

3. Inspect ancillary systems. It’s hard for first-time home buyers to know what they need, so be sure to ask what additional services the company offers. If the home you are considering has a septic system for example, a professional home inspection company may offer septic system inspections or can coordinate that service for you. Generally, the company will offer you a multiple services discount as well as the added convenience of only having to attend one inspection appointment. Other common services offered by home inspectors are termite inspections, mold screening, water testing and radon testing.

4. Go along on the inspection. Ask the inspection company if they encourage buyers to tag along on the inspection. If the inspector discourages you from going along and asking questions, find another inspector. A home inspection is not simply a laundry list of what is wrong with the home. In addition to documenting issues and needed repairs that may exist, a professional home inspector will also show the new buyer how to operate the various systems in the home and provide tips on improving energy efficiency and maintaining the home in general. And being present during the inspection will make the final written report that much more meaningful.

Call Keith Bailey Professional Destin Area Realtor @ 850-830-6771 or e-mail Keith@KeithBaileyRealtor.com for additional info on local home inspectors.

DESTIN, FL COSTLY MISTAKES 1ST TIME BUYERS MAKE

2010-04-20T16:11:00.002-05:00

5 Costly Mistakes First-Time Buyers Make

Buying a first home can be a daunting experience. Here are five common and costly mistakes that novice home buyers make:

1. Ignoring the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.

2. Muddying the waters by shopping for other things before closing. Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan.

3. Scrimping on an inspection. Being surprised by the need for expensive repairs can be financially devastating.

4. Buying without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates.

5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.

Need help purchasing or selling in the Destin, Florida area? Call Keith Bailey @ 850-830-6771 or e-mail keith@keithbaileyrealtor.com

WHY DESTIN FL VACANT HOMES ARE HARD TO SELL

2010-04-13T09:09:00.005-05:00

5 Reasons Vacant Homes are Tough to Sell in Today’s Market

A vacant house is like a vacant stare. Something is just not right.
Trying to sell a vacant house adds obstacles and depresses the sales price, says Showhomes, a nationally franchised home staging company. Showhomes uses live-in home stagers to lower the cost of staging and produce faster home sales. Take a look at their top five reasons why selling a vacant house is often a mistake in today’s market:

1. People don’t simply buy houses; they buy the next chapter of their lives.This is an emotional experience and emotion influences what people buy and how much they will pay. Vacant houses are devoid of life, and the chance to make an emotional connection is lost.

2. Vacancy distracts buyers from looking at the house itself.They wonder: “Is this a divorce? Why did they move out? Are they selling because they have money problems? Is this home hard to sell?” They’ll make a low-ball offer, thinking the owner is desperate.

3. When a house is vacant, buyers focus on flaws.They look at nail holes, carpet wear and gaps in the molding rather than how the space works. In a vacant house, floors, walls and ceilings are all the buyers see. This drives the price down.

4. People can’t visualize how furniture fits.An empty bedroom might appear awkward or a living room might seem cavernous. Some spaces might confuse buyers because a use is not obvious. Buyers are derailed and move on to the next house.

5. Vacant houses don’t show as well as staged and occupied homes.Without people, even the best home quickly looks and smells vacant. Dust settles, leaves scatter, and stale smell spreads. These cues often shorten the showing time, leading to fewer sales.

Home owners don’t realize how much harder a vacant home is to sell. Vacant houses simply underperform staged homes and the increased sales price provides an excellent return on what staging costs. Choosing to stage your home should be an easy decision in today’s market.

Call Keith Bailey for info on listing or selling your Destin area home. 850-830-6771 or e-mail keith@keithbaileyrealtor.com

SEACREST BEACH 2008 & 2009 SALES STATISTICS

2010-01-30T15:42:00.003-06:00

Seacrest Beach is no doubt on of the most sought after neighborhoods in all of the South Walton 30A corridor. Nestled in between Rosemary Beach and Alys Beach Seacrest offers brick paver roads, resort style pool, beach access, transportation to the beach and best of all affordable vacation homes as compared to Rosemary and Alys.

Seacrest Beach has always been a popular destination and will continue to attract second home buyers, investors and vacation renters.

As for the Seacrest real estate market it has not unscathed by the down turn in the real estate industry. Overvalued homes have now after 3 years of declining values made there way back to more realistic values. The Seacrest Beach market has finally bottomed and those that are getting on board and have got on board in the past year are set to ride the next wave of property appreciation. Seacrest Beach is a stable and well established development that will attract buyers well into the future. If I were purchasing a vacation along the 30A corridor there is no doubt that Seacrest Beach would be at the top of my list.

Listed below are some 2008 and 2009 Seacrest Beach statistics that you may find interesting:

In 2008 their were a total 31 homes sales. The average list price was $602,496. The average sale price was $554,661. The average number of days a home stayed on the market was 221. On the average, the % of sold price as compared to the list price was 92.06%. In other words, homes sold at 92% of the asking price. Not bad for a 2008 real estate market.

Now for 2009. Pay close attention as these numbers will decrease in all areas noted above. In 2009 their were a total of 21 home sales. That's a difference of 10 homes. The average list price was $570,972. The average sales price was $519,840. The average days a listing stayed on the market 212 days. Homes sold on the average of 91.04% of the list price.

2010 is going to be a wonderful year for Seacrest Beach real estate. Get on board!

If you need additional Seacrest stats or you are interested in listing or buying, call Keith Bailey @ 850-830-6771 or e-mail me Keith@KeithBaileyRealtor.com

To view all Seacrest properties for sale go to: http://www.keithbaileyrealtor.com/

DESTIN FLORIDA FORECLOSURE STATISTICS

2010-01-29T13:13:00.004-06:00

As the Destin, Florida area real estate market has readjusted to a more realistic value, a mass number of property owners along the Florida panhandle have found there property to be in a upside down position, some by more that 50%. Due to this matter, as well as adjusting loans, these owners are having a difficult time making payments not to mention having to deal with the fact their investment may be worth 50% less than what they paid for it. These folks may never again see the market appreciate to the point where they can get out of the property without having to bring money to the table.

This has resulted in massive defaults which have lead to multiple foreclosures in 2008 and 2009. 2010 and 2011 will double the amount of foreclosures we saw in the proceeding years.

This being said, buyers currently have many foreclosures to choose from in the Destin, Fl area. One of the common misunderstandings that foreclosure buyers have is that the bank is just giving this property away. That is not the case. What foreclosure buyers are getting is a really good buy at market value as compared to 2005 and 2006. Most foreclosures are sold at current market value and some buyers may get a slight discount. So why are foreclosures so popular? Well, there the only game in town. Most sellers are so upside down that are not able to price the properties at market value.

Here are some statistics:

I have accumulated all beachfront condominium sales from Pensacola, Fl to Panama City Beach, Fl from 2008 and 2009. The distance from Pensacola to Panama City is about 100 miles.

In 2008 there were a total of 15 beachfront condo sales. The average list price was $819,960. The average sales price was $713,166. Average days on the market 304. Now the next statistic is what I am trying to relay. The % of sold price as compared to the listing price was 86.97%. Beachfront condos in this area sold for 86.97% of the listing price on the average in 2008.

Now check out the 2009 numbers:

42 beachfront condos in this market sold in 2009. That's a difference of 27 condo units. Expect this number to double in 2010 and maybe even more in 2011. The average list price was $516,004. The average sales price was $466,195. Average days on the market 159. The % of sold price as compared to the listing price in 2009 was 90.34%.

So, if you are in the market for a beachfront condo in the Pensacola to Panama City Beach area be prepared to pay as low as 10% of the listing price. That is of course the property is listed correctly in the first place.

Be sure to associate yourself with a full time experienced REO realtor before going any further. You will be glad you did.

Need help finding and closing a Destin area foreclosure. Do not hesitate to contact me Keith Bailey @ 850-830-6771 or e-mail me keith@keithbaileyrealtor.com

www.KeithBaileyRealtor.com

10 REASONS WHY SHORT SALES DON'T WORK

2010-01-11T09:30:00.005-06:00

Short sales may be the number one niche in the real estate market right now, but many agents loath to handle such transactions. They insist that banks do not want to approve short sales, the process is too time consuming, and it's difficult to get everyone to cooperate.

This statement is true, however short sales are a large part of our market at time and are definitely doable. I can attest to this because I have closed a number of short sale transactions over the past few years.

Listed below are 10 reasons short sale listings do not close.

Part time realtor - Short sales are complicated enough as it is and your transaction will require the help of a full time real estate professional. Do not use a realtor that works in the real estate industry every once in a while.

Inexperienced realtor - Do not use the services of an inexperienced real estate agent. There are many experienced realtors with short sale experience to choose from. You will be glad you did.

Low ball offers - Do not accept low ball offers. Most low ball offers will not be accepted by the lender and will only put you closer to foreclosure. Low balls just take up valuable time and time is not on your side.

Inexperienced title companies - Make sure the sell of your property is going through a tile/escrow company that is used to closing short sales. Believe it or not, a title company can make or break a short sale deal.

Bad BPO's - A bpo is a broker price opinion that is done by real estate agents at the request of the lender. They are much less expensive than an appraisal. Just because your a real estate agent doesn't necessarily mean you know value. Question the bpo is possible.

Lack of communication - This can be the number one fault sometimes. Communication by the seller and the agent is extremely important. No communication, no deal.

Not following up - Follow up is important. Many times the paper work that was submitted did not go through or someone did not do what he or she was supposed to do. Be sure to follow up with every move. This includes the seller also.

Incomplete paperwork - Incomplete paperwork can shut a deal down and close a file before you even know what hit you. Make sure the paperwork is complete just as the lender requested.

Failure to review bank guidelines - If the bank says it wants it that way then give to them that way. Failure to follow guidelines will result in a closed file.

Failure to deliver documents to the right department - Make sure you have the right department and a correct fax number before you start sending papers. Always follow up to make sure that the docs made it to the right area.

Follow these guidelines and you will have much better chance at closing your deal.

Need short sale help in the Destin, Fl area contact Keith Bailey @ 850-830-6771 or visit http://www.keithbaileyrealtor.com/

E-mail Keith @ Keith@KeithBaileyRealtor.com

DESTIN FLORIDA SHORT SALE AN ALTERNATIVE TO FORECLOSURE

2010-01-04T12:05:00.008-06:00

As Foreclosures Rise, More Sellers and Lenders Consider Short-Selling.

The headline news recently was that the number of mortgages entering the foreclosure process rose to a record level. Of the nearly 44 million mortgages, about 0.58 percent — that's 254,590 — or one out of every 172 loans, are now officially in foreclosure.Foreclosure occurs when borrowers have not made two or more payments and lenders respond by filing a legal notice and commencing a legal proceeding to take possession of the home. The record number of foreclosures does not appear to be evenly spread around the country. According to the Mortgage Bankers Association, the rate of mortgages in foreclosure would have fallen if not for big jumps in foreclosures in local markets of California, Florida, Nevada and Arizona, where investors who bought on speculation that values would rise are walking away from property that is now worth less than they owe. Also, in regions of Ohio, Michigan and Indiana, areas marked by large job losses in manufacturing are seeing big increases in foreclosures.

A Foreclosure Alternative. The prospect of foreclosure is difficult for a homeowner, but there is another option.

A little-known alternative, once more commonly used in the real estate downturn of the early '90s, is the "short sale," which works like this: A homeowner falls behind on his or her mortgage payments, usually due to a job loss, rising debt payments, or both. Facing a situation in which the home value has fallen and cannot be sold for the amount of the mortgage owed, the homeowner works out a deal with the lender to sell the home for whatever the market will bear. If the amount of the sale is for less than the amount owed on the mortgage, the lender gets the proceeds and discharges the remaining debt. The homeowner will have to leave the house as soon as it is sold.Alternatively, with a foreclosure, homeowners who can no longer make payments are served with a notice of foreclosure, which essentially informs them to either bring the loan current or face the home being taken over and sold at a public auction, after which the homeowner will face eviction proceedings. While this process is going on, the homeowner can live in the house rent-free for up to a year, depending on that state's foreclosure and eviction laws. But this fact alone does not mean the foreclosure is better; in fact, it may be worse. Lose the House, but Not Your CreditAccording to sources in the mortgage industry, people who agree to a short sale with the lender do far less damage to their credit rating than those who go through foreclosure.

While in both cases, short sale and foreclosure, the delinquent mortgage will negatively affect their credit rating, at least short sellers avoid having a "debt discharged due to foreclosure" on their credit reports. Mortgage and credit experts say that, after bankruptcy, having a foreclosure on your credit report is the worst result and will reduce your credit score by over 250 points. You could also have to wait up to three years to qualify for a mortgage at a reasonable rate. Short sales show up on a credit report as a "pre-foreclosure in redemption" status and can result in a credit score reduction of 100 points or less. After the sale, the mortgage may show up as "discharged." People who successfully complete a short sale may also qualify for a mortgage at a reasonable interest rate in as little as 18 months. So, if buying a home is a future goal, then a short sale is the better option for many.

Homeowners cannot simply decide that they want to unload a home with a short sale; the lender must agree to it. The key to getting a lender to go along is to demonstrate two things: that you have no other financial resources to pay the mortgage, and that the sale price the buyer is willing to pay is the fair price the market will bear. If a lender believes it can get more for the house by taking possession of it and selling it themselves, then they will not go along with a short sale.

To begin the process of a short sale, you first need to call the lender and speak directly with the person in the loan workout or short sale department. At GMAC ResCap, a large residential mortgage lender, there is a "foreclosure prevention department" with people trained to work with homeowners in exactly this situation. Their motivation is summed up by Steve Nelson at that company: "We pretty much know what our loss is going to be if we foreclose. If a short-seller results in a payoff that's better than that number, we're talking all day long with people who want to put a short sale together." Some lenders report a three- to four-times rise in the number of short sales over the past year.

People who want to go this route should contact a local real estate firm and ask to work with a real estate agent who has actual experience with short sales. These specially trained agents will know the process and deliver the documentation that the lender requires to authorize the short sale. The agent can also find a buyer that is qualified to complete the transaction. If all goes as planned, the lender will receive all of the proceeds, typically not enough to pay off the loan. The remaining balance of the loan is discharged. But a homeowner agreeing to a short sale should also get legal advice to protect his or herself from future claims of the lender. In some states, only purchase mortgages are fully discharged. For all other types of debt (equity loans, refinancing, etc), the homeowner can be held personally liable for repayment in the future. For this reason, a lawyer's advice will include getting the lender to agree to fully discharge all mortgage debt involved in the short sale.

Buying a Short Sale. HomeBuyers who can find a short-sale can get a good deal. The advantages of buying a property through a short sale include buying at a discounted price and buying a house where the sellers are still motivated to sell the home and may take care of it until it is sold.Some buyers think they can get a better deal by waiting to buy a house when it goes into foreclosure, but buying a house through foreclosure is risky business and not for first-time buyers or inexperienced real estate investors. You should get advice from an experienced professional. Hire a lawyer to help you with the eviction process if the home is occupied. Sometimes, tenants who are sued for eviction can retaliate. When sellers realize they will lose their home to foreclosure, they often stop caring for it. Many states require buyers to make certain disclosures to the owners, and failure to do so on the proper forms and in the required timeframes can result in fines, lawsuits, and even cancellation of the sale and loss of your money.

It's typically advised to work with a realtor with experience in short sales, because they can help you research the market to find the properties where foreclosure notices have been filed as well as how much is owed by the lender. Typically, this can be done at the county registrar of deeds. They can also approach these homeowners for you to let them know that they are aware that the foreclosure notice has been filed and that, if the owner is interested, there is a buyer who could work with them to complete a short sale. Even if you find a home where the owner is willing to work out a short sale, don't assume the lender will go along with it. Once the seller agrees to your offer, your agent will need to send it to the lender for approval, and you will not have a deal until the lender OKs it.

Expect a lender to negotiate a higher price; they will want to know they are getting paid the most they can get for the house. Since the lender is paying the realtor's commission, it will likely ask your agent to lower his commission, or you to pay some of it. Typically, the lender will not bear the cost of items that are typically paid for by sellers, such as inspections, and the lender will agree only to sell the property if the buyer agrees to buy it in "as is" condition. This makes it all the more important for a buyer of a property through a short sale to make an offer contingent upon approving a through home inspection.

Need short sale help in the Destin, Florida area contact Keith Bailey 850-830-6771.

DESTIN FLORIDA LUXURY GULF CONDO LISTING

2009-12-13T16:08:00.004-06:00

LUXURY BEACH FRONT LIVING

3016 Scenic Gulf Drive #303, Destin, FL 32541

www.villacoyaba303.com

Features
»	Luxury Furnishings
»	Viking Appliances
»	10 Foot Ceilings
»	Spectacular Gulf Front View
»	Quality Fixtures

Remarks

VILLA COYABA IS A LOW DENSITY LUXURY BEACHFRONT CONDOMINIUM DEVELOPMENT LOCATED IN THE HEART OF CRYSTAL BEACH. VILLA COYABA IS A 34 UNIT GULF FRONT LUXURY BUILDING SITUATED ON 300 +/- FEET OF PRISTINE PRIVATE GULF FRONT PROPERTY. CONSTRUCTED IN 2006, THE BUILDING SITS APPROXIMATELY 30 FEET ABOVE SEA LEVEL AND IS CONSTRUCTED OF STEEL REINFORCED POURED CONCRETE. UNIT #303 IS LOCATED ON THE HIGHLY DESIRABLE 3RD LEVEL OF A 4 LEVEL BUILDING. THIS UNIT IS NO DOUBT THE PREMIERE UNIT OF VILLA COYABA AND IS A MUST SEE. THE CONDO HAS BEEN ELEGANTLY FURNISHED WITH TOP OF THE LINE QUALITY FURNISHINGS AND ACCESSORIES. QUALITY FEATURES INCLUDE: IMPACT WINDOW & DOORS, VIKING KITCHEN APPLIANCES, GRANITE COUNTER TOPS THROUGHOUT, CUSTOM CABINETRY, TOP OF THE LINE FIXTURES, TRAVERTINE FLOORS IN THE LIVING AND BATH AREAS, 10 FOOT CEILINGS, RECESSED LIGHTING, TRAVERTINE SHOWERS, LARGE OWNERS CLOSET WITH CUSTOM BUILT-IN SHELVING, LAUNDRY ROOM WITH SHELVING, GULF FRONT MASTER BEDROOM AND OVERSIZED BEACH FRONT BALCONY WHICH FEATURES SPECTACULAR GULF OF MEXICO VIEWS. VILLA COYABA AMENITIES INCLUDE: BEACHFRONT GRILL AREA, LARGE INFINITY POOL, PRIVATE BEACH, EXERCISE ROOM AND MOVIE THEATRE. EACH VILLA COYABA UNIT COMES WITH 2 PRIVATE PARKING SPACES. VILLA COYABA IS NO DOUBT THE PREMIERE BEACH FRONT CONDO DEVELOPMENT IN DESTIN. IF QUALITY CONSTRUCTION AND LUXURY DECOR ARE WHAT YOU ARE LOOKING FOR, THEN MAKE THIS UNIT YOUR HOME TODAY.

Price :	$ 1,250,000
Type :	Condominium
Beds :	4
Baths :	3
Size :	2200 square feet

Contact Information

KEITH BAILEY - GRI,SFR

(850) 830-6771 (KEITH)

www.KeithBaileyRealtor.com

VIEW MY LISTINGS

42 Business Ctr. Dr. Ste 112
Miramar Beach, FL 32550

850.830.6771

SL3116770

© 2009 http://www.propertiesonline.com/. The above information including square footage is based on data received from the seller and/or from public sources. This information is deemed reliable but has not been independently verified and cannot be guaranteed. Prospective buyers are advised to verify information to their own satisfaction prior to purchase. By providing links to other sites Properties Online, LLC does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to the agent, brokerage, brand or Properties Online, LLC.

Equal Housing Opportunity.

DESTIN FLORIDA FORECLOSURE OR SHORT SALE 1099 vs Deficiency Judgement

2009-12-13T10:44:00.007-06:00

Many Florida real estate investors are concerned about personal liability from mortgage foreclosure deficiency judgments. Although they accept loss of equity, if any, in property which is foreclosed by their mortgage lender, people are afraid of a deficiency judgment. A deficiency judgment refers to a mortgage lender’s judgment against the borrower for the difference between the outstanding balance of the mortgage note, plus costs and attorneys fees, and the value of the property foreclosed. The property value is determined on the date of the foreclosure sale. Personal liability from mortgage debt is today a principal reason for asset protection planning.

In Florida, a mortgage foreclosure does not automatically result in a deficiency judgment. Just because you lose a property at foreclosure does not mean you will remain personally liable for money owed to the lende . To obtain a deficiency judgment against the borrower the foreclosure sale the mortgage lender has to file a motion for a deficiency after the foreclosure sale, and the court must hold a separate evidentiary hearing on the lender’s request for deficiency liability. At the evidentiary hearing the mortgage lender has to show the court evidence that the property’s value on the sale date was less than the note balance. The borrower can get his own appraisal or can use the government's tax assessed value as evidence of value. If the property was worth more than note balance on sale date the court will not give the mortgage lender a deficiency judgment against the borrower. The borrower may present evidence of value in the form of a formal appraisal or other less formal opinions of value such as the local government's tax assessed value.

During the recent real estate boom deficiency judgments were uncommon because increasing real estate values brought home values above note balances of defaulting mortgages. Additionally, lenders could take back "upside down" properties and hold them until the rising market made them whole. Deficiency liability is a problem in a declining market. Up to this point in the real estate crash few mortgage service companies with conventional first mortgages have been pursuing deficienty judgments, especially mortgages on owner occupied homes. Second mortgage lenders and private lenders are more likely than first mortgage holders to go after the borrowers by suing for default on the underlying promissory note. There has been a significant increase in second mortgage lawsuits since the beginning of 2009. Banks that made commercial loans to developers or builders almost always file a lawsuit against the individual borrower to enforceand collect upon the promissory note or personal guarantee of a business loan. As the real estate recession worsens more conventional mortgage lenders may pursue deficiency judgments. If a mortgage lender pursues a deficiency judgment you should hire an attorney to defend the deficiency. In many cases, an attorney can use procedural defenses and substantive lending law to defeat a deficiency claim, and the attorney can negotiate an acceptable settlement for much less than the total deficiency liability in most cases.

Another problem with mortgage foreclosure is possible income tax consequences. The general rule is that when a lender forgives or cancels a debt the borrower can incur income tax on the amount of debt forgiveness. When you arrange a discount in your mortgage in order to sell house (a so-called "short sale") the mortgage lender will cancel part of your mortgage debt and you will receive a tax form 1099 telling the IRS that you have imputed income for the amount of debt reduction. You will also incur income tax liability for a deed in lieu of foreclosure. The taxable income will be the difference between the property value and the balance of the mortgage loan on the date you surrender the property to the bank.

A foreclosure may result in cancellation of debt income depending on whether the bank pursues a deficiency judgment. If the mortgage lender gets a deficiency judgment for the difference between the property value on foreclosure sale date and the mortgage balance the lender is not forgiving any part of the loan. If the bank chooses not to pursue a deficiency judgment, or pursues the judgment unsuccessfully, the borrower may incur income tax liability for debt foregiveness.

In December, 2007, Congress acted to protect many debtors from income tax liability associated with foreclosure avoidance. The Mortgage Forgiveness Debt Relief Act of 2007 states that homeowners will not be subject to income tax from release from mortgage liability if and to the extent the mortgage proceeds were used to buy or improve their primary residence. There is no income tax shelter from foregiveness of mortgage debts for investment property, vacation homes, or mortgages used for businesses or to pay off credit card balances. The protection expires in December, 2009. You should speak with an attorney or CPA familiier with the new law to see if you qualify for income tax protection.

For those borrowers who do not qualify for protection of the new Act there is an insolvency exception to imputed income from the cancellation of mortgage debt. If a borrower is financially insolvent when he surrenders the mortgaged property to the lender voluntarily or through foreclosure there will be no imputed income. A borrower who files bankruptcy is presumed to be insolvent, so that a bankruptcy debtor cannot suffer imputed income tax liability because the bankruptcy discharges personal liability under a mortgage note. More information is available from IRS Publication 908 and IRS tax form 982. Both forms can be found at irs.gov.

The tax law permits many real estate investors to offset imputed debt foregiveness income with corresponding tax losses. For example, if a lender forecloses on a prcel of income producing rental property you may be able to report a capital loss to offset all of your imputed income from debt foregiveness in the same year you receive a 1099 from the mortgage lender. When your foreclosed property was not income producing but was held solely for future appreciation, your capital losses may be limited to $3,000 per year so that the total loss will have to be amortized over many future tax years. You should consult your CPA to determine the tax impact of a mortgage foreclosure on your tax situation. The tax impact of foreclosure is not a legal issue.

Contact Keith Bailey if you are need of short sale help 850-830-6771 or view my web site: http://www.keithbaileyrealtor.com/

IS YOUR PROPERTY WORTH KEEPING IN DESTIN FLORIDA?

2009-12-09T13:35:00.004-06:00

Think of yourself at this time as a small business then ask yourself this question. Should I shut the door and go out of business? Millions of people at this time own and pay for real estate that will never be worth what they paid for it. Every month they pay the mortgage on the note, taxes, home owners association dues and maintenance on an upside down investment. In some instances you may as well get in your car, roll down the window and throw it out.

Research shows more and more distressed homeowners are falling behind even after obtaining a mortgage modification but this only presents half the problem. Homeowners become so focused on remaining in their property they forget the long term cost of carrying a mortgage they cannot afford. The result is the loss of financial security for years to come; college savings, retirement accounts and lifestyle are sacrificed for a home they cannot afford. It's imperative for homeowners to ask several important questions to determine if they are making the right decision for their financial future:

1. How much is the home worth today versus how much is owed?

2. How long do you intend to keep the property?

3. How much would you save by downsizing or purchasing a different property?

4. How much are you able to set aside for college, retirement and savings while servicing the mortgage?

5. What can you expect to make on the property if you needed to rent/lease it?

6. How long will it takes you to break even on the property if you were to sell it?

7. How much will be added to the price of the loan after legal fees, overages and other costs?

8. How many additional years will you need to pay the loan if fees/other are capitalized?

9. Is the interest rate, PMI, HOA and escrow subject to change? If so, will you be able to afford the new rates in the future?

10. Is your spouse willing to become financially responsible in the event of a loan modification? Remember, even if the original mortgage was purchased only in one name, most modification programs require both spouses to assume financial responsibility in order to obtain a modification agreement.

11. Will the property need to be repaired or brought up to a certain standard in order to qualify for the mortgage modification - if so, can you afford it?

12. What rights and responsibilities are required should you sell the property at a later date?

Are you going to spend your last dollar maintaining a property that is not worth what you paid for it? Why?

I recommend getting the advise of an attorney that specializes in this field. After you are satisfied and aware of the consequences you will want to consider a short sale. Do not just walk away from the property without first trying to negotiate with your mortgage holder.

Need short sale help in the Destin, Florida and surrounding area? Call Keith Bailey at 850-830-6771 or visit my web site: http://www.keithbaileyrealtor.com/

Destin Florida Real Estate Market FAQ's

2009-12-08T12:52:00.003-06:00

I receive numerous calls on a daily basis consisting of all types and ranges of questions about where real estate is heading here in the Destin, Florida area market. Based on my experience, here are a few informed answers to some of the most frequently asked questions about today's local housing market.

When will housing bottom?

There isn't any single answer to this question. It depends on where you live. Home prices are rising again i the most convenient suburbs of such cities as New York and Washington, D.C. In other places that are in less demand process continue to fall. As for the Destin, Fl market prices have somewhat bottomed out but continue to fall and will continue to fall in the next 1-2 years as a over supply of foreclosures and short sale hit our market. If you not in it for the long haul you may want to consider selling before you find yourself further in the hole. Those that purchased prior to 2005 should be in good shape as long as they anticipate holding on for 5 plus years.

How can I figure out the value of my home?

Talking to a experienced real estate professional and/or hiring an appraiser is the best idea. Keep in mind that the supported opinion may be different 3-6 months after the appraisal due to the declining market. You will want to keep your listing price competitive. Just because you list it at one price does not mean you will not have to change it. When your competition lowers you will most likely need to adjust also. In this market it is sometimes hare to tell what a home will sell for until you put it on the market. An overpriced listing will not sell. No need to waist your time.

Is now a good time for a renter to buy a home?

It could be. Prices in many areas are down significantly from their peak a couple of years ago. Plus congress has extended the tax credit for first-time home buyers and added a $6,500 credit for many previous owners of homes who sign a contract to buy by April 30, 2010.

Should I invest in foreclosed homes?

Only if you know what your doing. If your a first timer be sure you are associated with a well seasoned real estate professional that has plenty of foreclosure experience. A foreclosure can be a risky buy, even for the most experienced real estate investors. Use caution.

Need help with the valuation of your home? Call Keith Bailey 850-830-6771 or visit my web site http://www.keithbaileyrealtor.com/

SHORT SALE & FORECLOSURE SPECIALIST DESTIN FLORIDA

2009-11-20T17:46:00.009-06:00

On November the 9th I had the opportunity of attending the newly offered short sale & foreclosure course offered by the National Association of Realtors. The education was offered at the Emerald Coast Association of Realtor. After completing the class I had to attend 3 webinars also offered by the NAR.

Nearly one-third of all existing homes sold recently were either short sales or foreclosures, according to National Association of Realtors® data. To help Realtors® meet the needs of home buyers and sellers who need these services, NAR has launched a new Short Sales and Foreclosure Certification Program (SFR).

I have been involved with short sale listings since 2007 when they first became prominent to the the Destin, Florida area. Although I had very good first hand experience working with these type sales, I found the newly offered course very beneficial and a great source of information that I now use to educate my sellers and buyers. Short sales are a different breed of real estate transaction. I highly recommend those considering selling or buying a short sale to make sure that you have associated yourself with a qualified and experienced full time realtor. Short sales are time consuming and will require the full attention of your realtor.

I am now a Short Sale & Foreclosure Resource Certified Specialist. When choosing your short sale realtor please request that your realtor has this NAR certification. You will be glad you did.

If you are in the Destin, Miramar Beach, Ft Walton Beach, South Walton, 30A or Panama City Beach area and need short sale advise, do not hesitate to contact me. I can be reached at 850-830-6771 or visit http://www.keithbaileyrealtor.com/

DESTIN FLORIDA SHORT SALE SELLERS & BUYERS NEED PATIENCE

2009-11-19T13:26:00.004-06:00

SAN DIEGO – Nov. 19, 2009 – Not all buyers are suited for a short sale. This was one of the messages delivered at “Short Sales from the Buyer’s Perspective” during the 2009 Realtors® Conference & Expo.

According to the latest Realtors Confidence Index, one out of 10 recent buyers purchased a home through a short sale. The survey also showed that Realtors are concerned about the hurdles buyers face in short sales.

“As short sales become more commonplace, both buyers and sellers need the help of seasoned, experienced professionals to help them navigate the complexities of a short sale transaction,” says National Association of Realtors President Charles McMillan. “As the first, best source for real estate information, Realtors provide valuable insights and experience that can help buyers realize their homeownership goals, whether through a short sale or other means.

”During the session, Realtor Lynn Madison, who co-authored NAR’s new Short Sales and Foreclosure Resource (SFR) Certification Program, detailed the primary reasons that short sales fail. Those include an incomplete short sale package, an offer that is too low and inaccurate appraisals. According to Madison, good short-sale buyer candidates are very patient – it can take some lenders four months or longer to approve a short sale – have their financing in order, and don’t have any contingencies in their purchase offer.

“Short sale buyers need to have the time to be able to wait for the lender’s approval; some lenders get several hundred contacts every day,” said Madison. “Buyers must also be willing to make an offer that has a reasonable chance of closing and take guidance from their agent. If the offered price is too low, there is a good chance the lender won’t approve the contract.”

Need short sale help in the Destin, Miramar Beach, Ft. Walton, 30A or Panama City Beach area? Contact Keith Bailey 850-830-6771.

Keith@KeithBaileyRealtor.com
http://www.keithbaileyrealtor.com/

NEXT WAVE OF DESTIN FLORIDA FORECLOSURES LOOM

2009-11-19T13:04:00.005-06:00

WASHINGTON – Nov. 19, 2009 – A second wave of foreclosures is poised to hit the market, potentially undermining housing recovery efforts as more homes add to the glut of inventory and drive down prices.

These homes largely represent loans that are delinquent but have not yet resulted in foreclosure sales.

About 7 million properties are destined to go into foreclosure, according to a September study by Amherst Securities Group, compared with 1.27 million properties in early 2005.

“There’s a huge supply out there,” says Dean Baker, co-director of the Center for Economic and Policy Research in Washington, D.C. “The foreclosure process can take a long time. When it comes to (the housing recovery), we’re not home free.

”There is often a long lag time between a borrower going delinquent and the bank taking the home. Here’s why:

• Moratoriums. New state laws imposing short-term moratoriums have slowed the timeline from delinquency to foreclosure.

• Overwhelmed lenders. Banks dealing with a surge in refinancing, mortgage modifications and defaults are overwhelmed with demand, so it can take longer to initiate a foreclosure sale.

• Modifications. Many loans now are first examined to see if they might qualify for a modification. This drags out the timeline and means it is taking longer for homes to go into foreclosure.

• Asset write-downs. Banks may in part be waiting to liquidate homes through foreclosure because they don’t want to write down the value of the asset. Lenders can keep homes on the books at a higher value until they are sold at foreclosure.

“There is a lot of foreclosed property in the pipeline that will hit the market and depress prices,” says Mark Zandi at Moody’s Economy.com. Foreclosed homes often sell at prices below those on the market and can therefore drag down overall home values.

The shadow market of foreclosed homes eclipses the number of homes lost this year. Zandi anticipates there will be about 2.4 million homes lost next year through foreclosure, short sales and deeds in lieu of foreclosure. That compares with 2 million homes lost in 2009.

Jumana Bauwens, a spokeswoman at Bank of America, says the bank is projecting an increase in foreclosures in part because customers will not be qualifying for existing loan-modification programs.

Copyright © 2009 USA Today.

Contact Keith Bailey for a free foreclosure list. Need short sale help in the Destin, Miramar Beach, Ft Walton, 30A or Panama City Beach area? Contact Keith Bailey.

http://www.keithbaileyrealtor.com/
Keith@KeithBaileyRealtor.com

850-830-6771

DESTIN FLORIDA REAL ESTATE MARKET SHOWS SIGNS OF IMPROVEMENT

2009-11-18T13:58:00.005-06:00

This market update includes the Destin, Fl and Miramar Beach area. Single family homes, condominiums and townhomes were the only type properties consider in this analysis.

The Destin, Fl market is still considered week for sellers. Buyers are having a hay day buying up under priced foreclosures and short sales. This trend should continue for some time to come. If you are an equity seller you stand little chance of selling unless you are in position to compete with foreclosures and short sales. Values continue to decline but appear to be stabilizing. Some areas actually are showing signs of stabilization with slight property increases.

As of Nov 18, 2009 the Destin market sold profile for 2009 looks like this. 977 single family, condo and townhomes have sold. Compared to the same time last year this is a 20.91% increase in the number of sales. The largest number of sales were in the range of $150,000 to $200,000. The lower amount of sale were in the $1.5+ range.

A large number of listings hit the market every day. There are currently 2,566 residential properties on the market as of Nov 18, 2009. Of these 2,566 properties for sale, 779 are single family homes, 182 are attached townhome dwellings and a staggering 1,605 condominiums are on the market. This same time last year 3,262 residential dwellings were on the market. 35 dwellings are active foreclosures and 386 dwellings are short sale listings.

The status of the Destin, Fl real estate market is positive. This real estate market has come a long ways in the past 3 years and will continue to improve month by month. Foreclosures and short sales will continue to be the main attraction for the next 2-3 years. Buyers will continue to benefit and sellers that are upside down will continue to struggle. Those sellers with positive equity will be able to compete provided they are willing to sell at bottomed out properties. Sellers that are under the impression that values will return to 2005 and 2006 numbers will be deeply disappointed. Overpriced listing that have no chance of selling will continue to stagnate the market.

If you would like a more detailed statistical breakdown the Destin, Ft Walton, South Walton, 30-A, Panama City Beach area do not hesitate to ask.

http://www.keithbaileyrealtor.com/ Keith@KeithBaileyRealtor.com

850-830-6771

Destin Florida Real Estate Market Better Than You Think!

2009-11-10T21:24:00.003-06:00

Signs are most encouraging that the Destin Florida Real Estate Market is definitely on the way up!

For those folks that think the Destin, Florida area real estate market stinks, you may want to re-examine the value of the REAL-TIME data you are looking at. One can look at all the data they wish to, but if you really want to know what is going on, find a full-time Realtor to get the real skinny.

I closed 4 properties in the last week of October. This is not an extra ordinary feat as a lot of hard working full time realtors are able to accomplish the same goal from time to time. What I am saying is that this is a good indication of where the Destin real estate market is heading:

On the way up!

The interest rates are at an all time low.
The over-valued properties have finally readjusted to a more realistic market value.
Investors can now invest in properties that make financial sense.
Primary home buyers can buy a home for their family that they can actually afford.

It's About time!

My four closings consisted of one investor that bought a vacation rental in Seacrest Beach; one buyer that purchased a second home in Santa Rosa Beach; and two primary residence buyers who actually needed a home to live in. These latter two folks purchased in Panama City Beach and Crestview. I do not anticipate this trend ending anytime soon. I look for 2010 to be a peak year. If you're still riding the fence waiting on the right opportunity, you may just miss the window as it is surely closing.

Always remember, buyers never find the bottom, they always find it on the way back up. Get on board or it will cost you in the long run!

FLORIDA HOME & CONDO EXISTING SALES UP IN 3RD QUARTER 2009

2009-11-10T13:36:00.005-06:00

Sales of existing single-family homes in Florida rose 33 percent in third quarter 2009 compared to the same period last year , according to the latest housing statistics from Florida Realtors®. A total of 44,345 existing homes sold statewide in 3Q 2009; during the same period the year before, a total of 33,311 existing homes sold. It marks the fifth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Statewide sales of existing condominiums in the third quarter rose 56 percent compared to the same time last year. This marks the fourth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

Statewide sales activity in 3Q 2009 also increased over 2Q 2009’s sales figure in both the existing home and existing condo markets, Florida Realtors’ records show. For 3Q 2009, statewide sales of existing homes rose 2.82 percent over the 2Q 2009 figure; existing condo sales statewide in 3Q 2009 increased 0.37 percent over the 2Q 2009 level.

To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts.“Most economists think the recession is over, but people are afraid to spend money as unemployment keeps going up, which creates problems for every sector of the real estate market,” said Tim Becker, the center’s director. On the positive side, survey respondents expressed increasing optimism about their own business outlook, and predicted great opportunities for future investment. Becker noted that the euro’s favorable exchange rate against the dollar and the availability of desirable commercial property at low prices is encouraging international investors. “Everybody thinks that Florida will rebound because we have so much going for us – the sun shines every day and there are a lot of advantages to living here,” he said.

“Foreign investors see that too and believe their prospects are good for long-term investments.” All of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the third quarter compared to the same three-month-period a year earlier, while 17 MSAs showed gains in condo sales. The statewide existing-home median sales price was $145,400 in the third quarter; a year earlier, it was $185,600 for a decrease of 22 percent. The 3Q 2009 statewide existing-home median sales price was 1.25 percent higher than 2Q’s statewide existing-home median sales price of $143,600. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less. In the year-to-year quarterly comparison for condo sales, 14,797 units sold statewide for the quarter compared to 9,488 in 3Q 2008 for a 56 percent increase. The statewide existing-condo median sales price was $106,100 for the three-month period; in 3Q 2008, it was $160,100 for a decrease of 34 percent.

Low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.16 percent in 3Q 2009; one year earlier, it averaged 6.32 percent.

How I Landed Another Emerald Coast Real Estate Listing! DESTIN FLORIDA

2009-11-04T08:19:00.008-06:00

I had the good fortune to receive a phone call about a month ago from an out-of-town home-owner who is interested in selling their Destin, Florida vacation home. I was interviewed over the phone, answering very practical questions such as:

"How long have you been a realtor?"

"Are you full time?"

"How many homes have you sold this year?"

"What will you do to market my home?"

In my mind, these are very wise questions that should be asked by anyone seeking to use the services of a Realtor to find buyers for their Emerald Coast real estate property. You would be surprised as to how many listings I accept in which the sellers ask very few questions other than:

"What is your commission?" and...

"How high will you list it?"

Of course, I appreciate the business, but I sincerely believe that the more informed a property owner is, the faster their property will sell and the more value they are able to retain in the process.

Anyway, after a lengthy phone interview with the potential client, I asked I might access the home because I did not want to give a listing price range without first inspecting the property and the neighborhood. Turns out it is a vacation rental property which makes it easy to access. All I had to do was make arrangements with the Management company and sign out for a key. I then proceeded to make my professional assessment of the property and do my pre-listing inspection. My pre-listing inspection consists of a detailed walk-through of the interior as well as careful walk-around of the exterior of the home. During this stage of the process, I ensure to take nice photographs.

Keep in mind that being a vacation rental home on the Emerald Coast, it was of course a VERY nice home, and located just a few blocks from the beach, with an enchanting view of the Gulf of Mexico, 4,000 square feet, convenient beach access, a gorgeous community swimming pool, and great tennis.

After performing a professional inspection, I made my way back to the office to prepare a detailed Comparative Market Analysis (CMA), wherein I investigate the sales trends over the past year for similar properties in the local and surrounding regions in order to assemble an accurate picture for the owner so that we may come to an effective (highlight: EFFECTIVE!) selling price in what is a very competitive marketplace. After providing the research data, I followed up the next day and was told that the owner's wife would be visiting the home in a few weeks and she would call me to set up an appointment. That informed me as to who the REAL BOSS was in that scenario.

At that point, I had done all I could do and the ball was in the owner's court. Oh yeah, I left out a very important detail. I was told that i would be competing with 2 other Brokerages.

A few weeks later i got the call. The owners said they would like to meet with me for a face-to-face interview. I eventually met with them and cheerfully endured grueling questioning for about 1 hour and 10 minutes. The listing presentation went well and after leaving the home I felt that my experience, knowledge and my excellent market package probably got me the job.

Once again, I followed up but this time got no response. I thought the proposal was dead and thought perhaps the owners may have went with one of the other Brokerages. Then, out of the blue 2 weeks later, the phone rang and, happily, I was notified that I got the listing!

I asked, "What separated me from my competitors?"

Their answer was that, compared to everyone else they interviewed, they were impressed most with my straight forward honesty, knowledge, experience, and of course my marketing package was absolutely unbeatable.

The owners took my advice to spruce up the home before putting it on the market. It just goes to show that persistence, knowledge, and a desire to be the best you can be goes a long way!

NICEVILLE FL (CHOCTAW BEACH) NEW LISTING

2009-11-02T11:35:00.008-06:00

I've got to say that I'm VERY EXCITED about my new listing. From the moment I walked into this home and spoke to its current owner, I knew that this is not only a great deal, but that some lucky future owner is going to be patting themselves on the back for years to come...

116 WESTERN STREET, FREEPORT, FL 32439

www.116Western.com

Features
»	2 BLOCKS TO THE BAY
»	HARDWOOD FLOORS
»	QUALITY FEATURES THROUGHOUT
»	SCREENED PORCH
»	STORAGE BUILDING WITH BOAT COVER

Remarks

THIS NICELY CONSTRUCTED HOME IS LOCATED 5-6 MILES EAST OF NICEVILLE AND BLUE WATER BAY OFF OF HWY 20 IN THE CHOCTAW BEACH AREA JUST A FEW BLOCKS FROM THE CHOCTAWHATCHEE BAY. THIS IS A 1 STORY HOME PRICED AT $228,000, BUILT IN 2006, IT HAS 1,379 SQ FT OF HEATED AND COOLED AREA, 4 BEDROOMS AND 2 BATHS. THE HOME IS IN EXCELLENT CONDITION. THIS LOVELY HOMES FEATURES INCLUDE: HARDWOOD FLOORS, TILED BATH AND KITCHEN FLOORS, CROWN MOLDINGS, TREY CEILINGS, 6" BASEBOARDS, WOOD SHUTTERS, RECESSED LIGHTING, CEILING FANS, RAISED VANITIES, TILED SHOWERS AND PAINTED CEILINGS. THE KITCHEN FEATURES CUSTOM CABINETRY, PANTRY AND STAINLESS APPLIANCES. ADDITIONAL UPGRADES INCLUDE: A 9FT PRIVACY FENCE, A 24x12 SCREENED IN BACK PORCH AND A WIRED 12X16 STORAGE FACILITY WITH COVERED BOAT PARKING. MAKE THIS WONDERFUL HOME YOURS TODAY.

Price :	$ 228,000
Type :	Single Family
Beds :	4
Baths :	2
Size :	1379 square feet
Lot :	11250 square feet

Contact Information

KEITH BAILEY, GRI

(850) 830-6771 (KEITH)

www.KeithBaileyRealtor.com

42 Business Ctr. Dr. Ste 112
Miramar Beach, FL 32550

850.830.6771

SL3116770

© 2009 www.PropertiesOnline.com. The above information including square footage is based on data received from the seller and/or from public sources. This information is deemed reliable but has not been independently verified and cannot be guaranteed. Prospective buyers are advised to verify information to their own satisfaction prior to purchase. By providing links to other sites Properties Online, LLC does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to the agent, brokerage, brand or Properties Online, LLC.

Equal Housing Opportunity.

KEITH BAILEY DESTIN REAL ESTATE BLOG

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