Thursday, May 22, 2014
Prices Going Up In Florida in April Reports!
Fla.’s housing market: Prices, listings rise in April
ORLANDO, Fla. – May 22, 2014 – Florida's housing market reported higher median prices, more new listings and a slight rise in inventory in April, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 21,385 last month, up 4.1 percent over the April 2013 figure.
"Florida's strengthening economy and increased jobs outlook are positive signs for continued growth in the state's housing market," said 2014 Florida Realtors®President Sherri Meadows, CEO and team leader, Keller Williams, with market centers in Gainesville, Ocala and The Villages. "Statewide, new listings for single-family homes in April rose 9.2 percent year-over-year, while new townhouse-condo listings rose 1.4 percent. This increase in listings shows many Florida homeowners are continuing to regain equity in their homes. Potential sellers who were on the sidelines now believe the time is right to put their residences on the market.
"And, for the 29th month in row, median sales prices rose year-over-year for both single-family homes and townhome-condo properties."
The statewide median sales price for single-family existing homes last month was $175,000, up 6.1 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis (IDA) department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in April was $140,500, up 9.8 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
According to the National Association of Realtors (NAR), thenational median sales price for existing single-family homes in March 2014 was $198,200, up 7.4 percent from the previous yearthenational median existing condo price was $200,800.In California, the statewide median sales price for single-family existing homes in March was $435,470; in Massachusetts, it was $314,063; in Maryland, it was $245,891; and in New York, it was$217,500.
Looking at Florida's townhome-condo market, statewide closed sales totaled 10,766 last month, down 5.1 percent compared to April 2013. The closed sales data reflected fewer short sales last month compared to the previous year: Short sales for condo-townhome properties declined 57.9 percent while short sales for single-family homes dropped 51.5 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.
"We continue to see the development of a sustainable market here in Florida," said Florida Realtors Chief Economist Dr. John Tuccillo. "The numbers all suggest a balanced market, and the slight uptick in inventory is a correction for the historically low levels we've seen over the past two or three years.
"If there's anything that jumps out of these numbers, it is the rapidly disappearing short sale market. The decline in short sales – a characteristic seen all over the country – is a function of rising prices reducing the number of candidate properties for short sales. We expect this will continue as the market continues to improve."
Inventory was at a 5.7-months' supply last month for single-family homes and at a 6-months' supply for townhouse-condo properties, according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.34 percent in April 2014, up from the 3.45 percent average recorded during the same month a year earlier.
Friday, August 30, 2013
Pros and Cons of Buying Fixer Uppers!
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Monday, August 5, 2013
Check These Rates!
Average rate on 30-year loan up to 4.39%
Mortgage Rate Trend Index
Almost half (42%) the mortgage experts polled this week by Bankrate.com expect rates to decline over the short term. The rest are equally divided: 29% foresee a rate increase while 29% say rates won’t appreciably change.
WASHINGTON – Aug. 2, 2013 – Average rates on U.S. fixed mortgages ticked up this week but are still low by historical standards, a trend that has helped the housing market recover.
Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan rose to 4.39 percent from 4.31 percent last week. Rates are a full percentage point higher than in early May.
The average on the 15-year fixed loan increased to 3.43 percent from 3.39 percent last week.
Rates spiked in June after the Federal Reserve indicated it could slow its bond purchases later this year, which have kept long-term interest rates low.
But on Wednesday the Fed hinted it might hold off because the economy remains sluggish. And it noted for the first time that mortgage rates, which have fueled home sales, “have risen somewhat” from record lows.
Mortgage rates tend to follow the yield on the 10-year Treasury note, which has also jumped on speculation that the Fed could slow its stimulus.
Despite the increases, mortgages are still a bargain for those who can qualify. And low rates are helping boost home sales in most markets and driving home prices up.
Home prices jumped 12.2 percent in May compared with a year earlier, according to the latest Standard & Poor’s/Case-Shiller 20-city index released Tuesday. That’s the biggest annual gain since March 2006.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for a 30-year mortgage was 0.7 point this week, down from 0.8 point last week. The fee for a 15-year loan also declined to 0.7 point from 0.8 point.
The average rate on a one-year adjustable-rate mortgage dipped to 2.64 percent from 2.65 percent. The fee was unchanged at 0.4 point.
The average rate on a five-year adjustable mortgage rose to 3.18 percent from 3.16 percent. The fee declined to 0.6 point from 0.7.
Copyright © 2013 The Associated Press, Marcy Gordon, AP business writer. All rights reserved. This material may not be published, broadcast, rewritten or redis
Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan rose to 4.39 percent from 4.31 percent last week. Rates are a full percentage point higher than in early May.
The average on the 15-year fixed loan increased to 3.43 percent from 3.39 percent last week.
Rates spiked in June after the Federal Reserve indicated it could slow its bond purchases later this year, which have kept long-term interest rates low.
But on Wednesday the Fed hinted it might hold off because the economy remains sluggish. And it noted for the first time that mortgage rates, which have fueled home sales, “have risen somewhat” from record lows.
Mortgage rates tend to follow the yield on the 10-year Treasury note, which has also jumped on speculation that the Fed could slow its stimulus.
Despite the increases, mortgages are still a bargain for those who can qualify. And low rates are helping boost home sales in most markets and driving home prices up.
Home prices jumped 12.2 percent in May compared with a year earlier, according to the latest Standard & Poor’s/Case-Shiller 20-city index released Tuesday. That’s the biggest annual gain since March 2006.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for a 30-year mortgage was 0.7 point this week, down from 0.8 point last week. The fee for a 15-year loan also declined to 0.7 point from 0.8 point.
The average rate on a one-year adjustable-rate mortgage dipped to 2.64 percent from 2.65 percent. The fee was unchanged at 0.4 point.
The average rate on a five-year adjustable mortgage rose to 3.18 percent from 3.16 percent. The fee declined to 0.6 point from 0.7.
Copyright © 2013 The Associated Press, Marcy Gordon, AP business writer. All rights reserved. This material may not be published, broadcast, rewritten or redis
Thursday, August 1, 2013
Sunday, March 31, 2013
Foreclosures Guest Writer Sarah Parr!
Three Notable Foreclosure Proposals
By Sarah Parr
Consumer advocates, real estate professionals and lawmakers are currently debating ways to change Florida’s status as the state with the most foreclosures in the nation. Florida lawmakers recently drafted a handful of legislation that is currently making its round in the Florida House and Senate, creating debate among people from all sides of the issue. The proposed laws could noticeably change the way foreclosures are administered in Florida.
Measures to speed up foreclosure process
A representative from the Florida House of Representatives proposed House Bill 87 as a solution to Florida’s prolonged judicial-foreclosure process. Supporters of the bill say it sticks up for consumers by requiring banks and lenders to prove they own a mortgage in detail before they can file any kind of foreclosure action. Homeowners are given up to 20 days to provide a defense against foreclosure, which some Kissimmee foreclosure attorneys say isn’t enough time.
Under House Bill 87, banks and lenders would only be given one year instead of five years to collect losses from a foreclosure after a final foreclosure judgment is decided. The bill would also allow other lien holders, such as condo or homeowner associations, to ask the court to move foreclosures through an advanced process rather than through a judicial procedure.
Senate Bill 1666 would allow retired justices or judges to agree to temporary duty in order to help decrease the court backlog of foreclosure cases in Florida. Compared with the nationwide average of 13 months, foreclosures in Florida take 29 months to process on average, creating a backlog of cases. Court administrator Lisa Goodner stated Florida has a backlog of more than 360,000 cases in the courts as of the end of January.
Homeowner bill of rights
Another bill aims to give consumers more power. House Bill 1777 proposes establishing a homeowner bill of rights in the event of late mortgage payments, modeled after a few laws created and passed by California’s legislature. The goal of California’s laws is to protect homeowners from predatory lenders and further regulate mortgage servicers. Processes known as “dual-tracking” and “robo-signing” are prohibited, and consumers have better ability to sue for fraudulent practices. California has seen a significant decrease in the amount of foreclosure starts since enacting the bill of rights legislation this year.
Measures for more consumer protection
The “Short Sale Debt Relief Act,” would make deficiency judgments unenforceable on a short sale if the original debt was 20 percent or greater than reasonable market value. Deficiency judgments occur when courts rule in favor of lenders if they can show that borrowers owe more on a mortgage than on the total price of a property. Senate Bills 1226 and 371 would require that lenders only file deficiency judgments up to a year after final foreclosure judgments, and have two years to collect any outstanding debt. Currently, debt collectors can chase after borrowers for up to 20 years.
The foreclosure process in Florida will likely see some changes soon. Regardless of what happens to the foreclosure process, many people want the foreclosure crisis to finally come to an end.
Wednesday, March 6, 2013
Wednesday, February 6, 2013
Tuesday, February 5, 2013
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Wednesday, August 8, 2012
Tuesday, July 17, 2012
Emerald Coast On The Rise
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Thursday, July 12, 2012
Home Ownership
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Wednesday, July 11, 2012
Housing Bust Is Over!
NEW YORK (CNNMoney) -- Mortgage rates fell again this week, smashing previous record lows, according to a regular weekly release from mortgage giant Freddie Mac.
The rate for a 30-year, fixed-rate loan, the most popular mortgage product, dropped to 3.62% from 3.66% last week. The rate has matched or hit a new low for 10 of the past 11 weeks, Freddie Mac said. Meanwhile, the 15-year fixed rate fell to 2.89%, down from 2.94%.
"Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week, and allowed fixed mortgage rates to hit new all-time record lows," said Frank Nothaft, Freddie Mac's chief economist.
The 15-year fixed-rate mortgage is popular among homeowners who are seeking to refinance or to trade-up and minimize their total interest payments. At the current rate, a borrower financing $200,000 would pay $1,370 a month and spend a total of just under $47,000 in interest over the 15-year span of the mortgage.
Buyers who want to minimize their monthly payments by opting for a 30-year loan would have payments of just $911 a month on a $200,000 loan. But they would pay $128,000 in interest over the life of the loan.
Monday, July 9, 2012
Mortgage Market Makeover
Agency plans home mortgage market makeover
WASHINGTON – July 9, 2012 – The Consumer Financial Protection Bureau says it’s planning for some major changes to the home mortgage market in the next six months. Its main goal: to improve the fairness and clarity for borrowers applying for home mortgages.
The newly created agency has made the mortgage market its top agenda item.
“It’s the market where consumers have the most at risk, and they have the most at stake,” Richard Cordray, the bureau’s director, told The New York Times. “I expect that the mortgage market in the fairly near term will look different in the sense that, first of all, it will be a clearer and more straightforward place for consumers; and second, it will be a more reliable market.”
As a first step, the agency says it will propose new lender rules later this summer for revising “good faith estimate” forms, the forms which homebuyers receive before closing that lists borrowers’ costs. The agency wants the forms to clearly state the interest rate on the loan that borrowers will pay, how this rate potentially could change over the term of the loan, and exactly how much cash they’ll need at closing.
The agency says the changes will help make often-confusing forms more understandable and complete for buyers.
The agency also has plans to overhaul how mortgage servicers provide services to borrowers facing foreclosure, requiring clearer information and improved service options.
“If we do all of those things from beginning to end, I think the mortgage process will work better,” Cordray said. “And that’s good for the economy.”
Source: “New Agency Plans to Make Over Mortgage Market,” The New York Times (July 5, 2012)
The newly created agency has made the mortgage market its top agenda item.
“It’s the market where consumers have the most at risk, and they have the most at stake,” Richard Cordray, the bureau’s director, told The New York Times. “I expect that the mortgage market in the fairly near term will look different in the sense that, first of all, it will be a clearer and more straightforward place for consumers; and second, it will be a more reliable market.”
As a first step, the agency says it will propose new lender rules later this summer for revising “good faith estimate” forms, the forms which homebuyers receive before closing that lists borrowers’ costs. The agency wants the forms to clearly state the interest rate on the loan that borrowers will pay, how this rate potentially could change over the term of the loan, and exactly how much cash they’ll need at closing.
The agency says the changes will help make often-confusing forms more understandable and complete for buyers.
The agency also has plans to overhaul how mortgage servicers provide services to borrowers facing foreclosure, requiring clearer information and improved service options.
“If we do all of those things from beginning to end, I think the mortgage process will work better,” Cordray said. “And that’s good for the economy.”
Source: “New Agency Plans to Make Over Mortgage Market,” The New York Times (July 5, 2012)
Friday, July 6, 2012
Tuesday, July 3, 2012
Green Clean!
Green Housecleaning Makes a Healthier Home
Green cleaning is on the rise. Many homeowners and professional housecleaners are trading their bleach, pine-scented and other potentially toxic cleaning chemicals in for more environmentally friendly and all-natural cleaners.
"Spraying potentially toxic chemical-based cleaners into the air, pouring them down the sink or dumping them in landfills has a negative effect on both our health and our environment," says Angie's List founder Angie Hicks. "Your home no longer needs to smell like bleach or other chemicals to be considered clean. There are plenty of all-natural cleaning products that do an equally effective job, are easy on your pocketbook and are better for you and your family's health and for Mother Earth."
Many professional housecleaners are relying on biodegradable, non-toxic cleaners like baking soda, white distilled vinegar and some essential oils with disinfectant qualities (lemon, tea tree oil and eucalyptus, for example) to clean and disinfect. Distilled vinegar, for example, will kill nearly all bacteria with which it comes into contact, while baking soda is great for scrubbing out stains and even freshening up carpets and sink drains. Some cleaning companies make a concerted effort to find other ways to further reduce their environmental impact, like cleaning and reusing towels and rags instead of using and throwing away power towels or sponges.
"As awareness for eco-friendly cleaning increases, many cleaning companies are turning exclusively to non-toxic products or are willing to supply them at a customer's request," Hicks says. "Homeowners interested in hiring an eco-friendly housecleaner should still do their research before they hire and ask what products the housecleaner plans to use. Also check that the housecleaner is licensed, insured and bonded. That protects the company and the homeowner in the event an employee is injured on the job or damages property.
Consumers interested in purchasing eco-friendly cleaning products should always read the ingredient list to determine what the product is really made from. Many over-the-counter cleaning products are touted by the manufacturer as being green but still contain chemicals.
"It's never too late to go green when you clean," Hicks says. "Box up all those chemicals you no longer want and take them to a local hazardous waste center. Replace them with all-natural cleaning products or by using an eco-friendly cleaning service. Your home will still smell and look great."
Professional housecleaners are often a great value for busy homeowners, as they are often able to do the job in a fraction of the time it would take the average homeowner. Some professionals offer one-time cleans or can set you up on a less frequent rotation.
A typical cleaning includes dusting, vacuuming, mopping, cleaning of bathrooms and wiping down of all hard surfaces. There are projects many cleaners won't take on or will charge extra for, like doing dishes, laundry, washing windows; or deeper cleans, like refrigerators, cabinets and stoves.
Always spell out your expectations before you hire and make sure you are clear on how the company bills its customers.
To keep your home cleaner longer, professional housecleaners recommend minimizing clutter and sweeping and vacuuming between cleanings.
Copyright© 2012 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
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