Sherry Armstrong Daytona Beach FL Real Estate

More Americans want a smaller home in the suburbs

Sherry Armstrong — Wed, 08 Dec 2010 13:57:00 GMT

NEW YORK – Dec. 6, 2010 – McMansions are rapidly becoming the housing equivalent of harvest gold appliances as more Americans opt for smaller residential footprints, according to a consumer lifestyle survey. In the Relocation.com lifestyle survey, homeowners and buyers were asked to weigh in on what they considered the ideal home size. Forty-eight percent of the respondents indicated that their ideal home size would range from 1,000 to 1,999 square feet, while 29 percent prefer homes...(read more)

NAR wants FICO credit scoring model revised

Sherry Armstrong — Thu, 25 Nov 2010 01:22:00 GMT

WASHINGTON – Nov. 24, 2010 – The 1.1-million-member National Association of Realtors (NAR) is calling on Fair Isaac Corp., developer of the FICO score, to take immediate action to mitigate the negative impact on consumers when banks suddenly cancel or reduce credit lines to non-delinquent customers. These borrowers may suddenly find themselves unable to qualify for the best interest rates and could have difficulty purchasing a home or selling an existing one. In a bold policy move, NAR...(read more)

Moody’s hopeful on recovery, notes pent-up Florida demand

Sherry Armstrong — Tue, 16 Nov 2010 01:04:00 GMT

The pace of the national recovery is moderating and the lift spurred by nearly $800 billion in federal stimulus spending is fading, but there are several promising signs that growth will continue, including in Florida, a leading national fiscal analyst told reporters Friday morning. Moody’s Analytics economist Chris Lafakis said the Federal Reserve will remain aggressive, with a quantitative easing plan that he equated to “basically flooding the global monetary system.” Lafakis...(read more)

Pending home sales slip - modest recovery in 2011

Sherry Armstrong — Fri, 05 Nov 2010 23:55:00 GMT

Pending home sales slip - modest recovery in 2011 NEW ORLEANS - November 5, 2010 - Pending home sales dropped out after two monthly increases, signaling an uneven recovery entering the year 2011 with few near term disruptions from the foreclosure moratorium, according to the National Association of Realtors ®. The report was published in 2010 Realtors ® Conference Expo in New Orleans. Index of pending home sales The (PASS), an indicator of research before, fell 1.8 percent to 80.9 based on...(read more)

Florida’s existing condo sales up in September 2010

Sherry Armstrong — Thu, 04 Nov 2010 00:37:00 GMT

Sales of existing condominiums in Florida rose 10 percent in September, with a total of 5,675 condos sold statewide compared to 5,140 units sold in September 2009, according to the latest housing data released by Florida Realtors®. Ten of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in September. The statewide existing condo median sales price last month was $83,400; in September 2009 it was $102,300 for an 18 percent decrease. However, September’s...(read more)

Appraisals continue to be low and sink some deals

Sherry Armstrong — Thu, 21 Oct 2010 17:45:00 GMT

With foreclosures a large share of property sales in some areas, appraisers continue to factor in the sale price of foreclosed properties when setting values of regular properties. Appraisers are aware the practice isn’t ideal, but in some markets they’re left with little choice because of the large number of foreclosed properties. Bill Geiger Jr., an appraiser in Cocoa Beach, Fla., told a local magazine that when he has to use a distressed property while doing an appraisal, he contacts...(read more)

Mortgage rates match low of 4.32%

Sherry Armstrong — Tue, 12 Oct 2010 21:14:00 GMT

Mortgage rates for 30 years found the lowest in decades, and prices for 15 years, the loans fell to their lowest point in nearly 20 years. Mortgage buyer Freddie Mac said Thursday the average 30-year fixed loan fell to 4.32 percent, the lowest record for the year 1971. It is up to 4.37 percent the previous week and the same average of four weeks ago. The average rate for 15-year fixed loans fell to 3.75 percent, the lowest in the fiscal year 1991. Prices are at or near the lowest level in decades,...(read more)

Congress has promised to limit nearly $730K

Sherry Armstrong — Wed, 06 Oct 2010 18:17:00 GMT

October 1, 2010 - Congress has extended a policy that allows housing market expensive real estate, mortgages backed by the government to guarantee nearly $ 730,000. The legislators of the Congress voted to maintain the maximum amount of loans guaranteed by Fannie Mae and Freddie Mac and the Federal Housing Administration at its current level until the end of 2011. These limits apply expensive areas like New York and San Francisco. Absolutely, the limit would be reduced to approximately $ 625,000....(read more)

More International Buyers for Florida

Sherry Armstrong — Sun, 26 Sep 2010 22:52:00 GMT

A number of factors have contributed to the decline in home sales nationally and in Florida in particular, but the growing importance of foreign buyers has offset some of the damage. About two of three real estate agents of the state had at least one international operation in the last year. While US buyers continue to struggle, foreign buyers generally consider the US real estate as a desirable investment, cost effective and safe. In addition, the weak dollar has made Florida real estate even more...(read more)

Sinkholes swallowing Citizens

Sherry Armstrong — Wed, 15 Sep 2010 02:11:00 GMT

TALLAHASSEE, Fla. – Sept. 8, 2010 – Citizens Property Insurance Corp. asked state regulators Tuesday for a premium increase, in part because sinkhole costs are swallowing up more and more of the company’s money. The company is asking for premium increases averaging 10.9 percent in 2011 for its riskiest homeowner policies. While much of the attention around property insurance involves hurricane risk, Citizens officials say that the state-run company took in $19 million in premiums...(read more)

FHA short refinance option now available

Sherry Armstrong — Thu, 09 Sep 2010 19:21:00 GMT

WASHINGTON – Sept. 8, 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...(read more)

10 tips for hiring a home remodeling contractor

Sherry Armstrong — Tue, 07 Sep 2010 00:55:00 GMT

YORK, Pa., – Sept. 3, 2010 – An uptick in homeowners are opting to remodel to increase a potential sales price or just upgrade their living space. According to StateofLife.com, remodelers should keep the following in mind: Tip No. 1: Does your contractor have proof of insurance? Ask the contractor to have his insurance company mail or fax a copy of his current contractor insurance card to you. If the contractor can’t do this – stay away. Why? If there is an accident at your...(read more)

Florida population grows again

Sherry Armstrong — Tue, 07 Sep 2010 00:51:00 GMT

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...(read more)

FHA Gives Home Buyers One-Month Window

Sherry Armstrong — Fri, 03 Sep 2010 12:50:00 GMT

September 1, 2010--The Federal Housing Administration (FHA) is giving homeowners and buyers until October 4 to lock in a low monthly insurance premium, according to Gibran Nicholas, chairman of the CMPS Institute, an organization that trains and certifies mortgage bankers and brokers. “After October 4, the monthly insurance premiums on FHA loans will increase by over 63%.” What does this mean for home buyers? A home buyer purchasing a $200,000 home using a $193,000 FHA mortgage before...(read more)

Nearly half of the 1.3 million homeowners leave Obama mortgage-aid program

Sherry Armstrong — Tue, 24 Aug 2010 16:58:00 GMT

“The government program as currently structured is petering out. It is taking in fewer homeowners, more are dropping out and fewer people are ending up in permanent modifications,” said Mark Zandi, chief economist at Moody’s Analytics. The program is intended to help those who are at risk of foreclosure by lowering their monthly mortgage payments. Friday’s report from the Treasury Department suggests the $75 billion government effort is failing to slow the tide of foreclosures...(read more)

Thousands of Rural Home Buyers Aided by Passage of Housing Funding Measure

Sherry Armstrong — Mon, 23 Aug 2010 16:22:00 GMT

Washington, July 28, 2010 The restoration of the single-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate today and is on its way to President Obama. The National Association of Realtors® has vigorously lobbied to restore funding for the rural program since last March, and hailed this development as a great victory for rural home buyers. “This is going to be a great lift for thousands of rural home buyers who need to close on their home...(read more)

Florida Home Sales Enjoy Big Rise in 2nd Quarter 2010

Sherry Armstrong — Sun, 15 Aug 2010 21:54:00 GMT

According to the latest housing statistics from Florida Realtors, sales of existing single-family homes in Florida rose 21% in second quarter 2010 compared to the same period a year earlier. A total of 51,564 existing homes sold statewide in 2Q 2010; during the same period the year before, a total of 42,604 existing homes sold. It marks the eighth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association. Statewide sales of existing condominiums...(read more)

New Fannie Mae site for Struggling Homeowners

Sherry Armstrong — Sat, 07 Aug 2010 00:28:00 GMT

Fannie Mae announced the launch of KnowYourOptions.com , a new consumer education website that outlines the choices available to homeowners who are struggling with their mortgage payments and high mortgage rates, and provides guidance on how they can contact and work with their mortgage company to find solutions. The online resource, which offers reliable and easy-to-understand information in both English and Spanish, expands on Fannie Mae’s ongoing efforts to help struggling borrowers find...(read more)

Price Reduced on 1024 Grand Hickory Circle in Great Oaks, Holly Hill

Sherry Armstrong — Tue, 03 Aug 2010 17:07:00 GMT

Great Oaks, Holly Hill - Announcing a price reduction on 1024 Grand Hickory Circle, a 1,382 sq. ft., 2 bath, 2 bdrm single story. Now MLS® $89,900 - Impeccable condition.

Property information

Mortgage Rates hit another Historic Low

Sherry Armstrong — Sat, 31 Jul 2010 01:50:00 GMT

According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgages reached new record lows this week, again. This week's rate is the lowest since Freddit Mac began recording rates in 1971. Frank Nothaft, vice president and chief economist of Freddie Mac commented, "For the sixth week in a row, interest rates on fixed-rate mortgages eased to all-time record lows during a week of mixed housing data reports." The 30-year fixed-rate mortgage (FRM)...(read more)

Home Sales Nationwide Fall in June

Sherry Armstrong — Sun, 25 Jul 2010 00:11:00 GMT

The National Association of Realtors reported that existing home sales fell last month to a seasonally adjusted annual rate of 5.37 million units, down from 5.66 million in May. Sales year-over-year were up 9.8% but down 5.1% in June. "The housing industry is slogging through a swamp looking for solid ground," said Mitchell Hochberg, a principal at Madden Real Estate Ventures. "With mounting foreclosures, growing consumer pessimism and a rise in inventory, the only path to recovery...(read more)

Florida May Real Estate Sales

Sherry Armstrong — Sat, 17 Jul 2010 17:07:00 GMT

Sales of existing homes in Florida rose 18 percent in May, marking 21 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®. A total of 16,745 single-family existing homes sold statewide last month compared to 14,172 homes sold in May 2009, according to Florida Realtors. The statewide existing-home median price of $140,400 in May was slightly higher – by $300 – than April’s statewide existing-home...(read more)

Home Prices Up in US

Sherry Armstrong — Sat, 10 Jul 2010 23:26:00 GMT

According to Clear Capital's latest Home Data Index (HDI), federal homebuyer tax credits helped springtime price gains, as national quarter-over-quarter price increases reached 5.2%; year-over-year prices were up 8.8%. "Price trends nationwide have a seen a considerable upswing driven in large part by the flurry of recent sales attributed to the tax credit and springtime buying activity," said Dr. Alex Villacorta, Senior Statistician, Clear Capital. "This month's national quarterly...(read more)

Mortgage Rates Hit another Record Low this week

Sherry Armstrong — Sat, 03 Jul 2010 16:39:00 GMT

According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 4.58$ with an average 0.7 point for the week ending July 1, 2010. This is down from last week when it averaged 4.69%. Last year at this time, the 30-year FRM averaged 5.32 percent. "Interest rates on fixed-rate mortgages and the 5-year hybrid ARM fell once again to all-time record lows this week in a period where the economy struggles to gain momentum and inflation remains...(read more)

Home Resales Show small Decrease in May

Sherry Armstrong — Sun, 27 Jun 2010 15:54:00 GMT

According to the National Association of Realtors , existing-home sales remained at elevated levels in May on buyer response to the tax credit, characterized by stabilizing home prices and historically low mortgage interest rates. Gains in the West and South were offset by a decline in the Northeast; the Midwest was steady. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, were at a seasonally adjusted annual rate of 5.66 million...(read more)