Your Key to the Beach

More Americans want a smaller home in the suburbs

2010-12-08T13:57:00Z

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

2010-11-25T01:22:00Z

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

2010-11-16T01:04:00Z

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

2010-11-05T23:55:00Z

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

2010-11-04T00:37:00Z

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

2010-10-21T17:45:00Z

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%

2010-10-12T21:14:00Z

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

2010-10-06T18:17:00Z

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

2010-09-26T22:52:00Z

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

2010-09-15T02:11:00Z

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

2010-09-09T19:21:00Z

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

2010-09-07T00:55:00Z

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

2010-09-07T00:51:00Z

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

2010-09-03T12:50:00Z

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

2010-08-24T16:58:00Z

“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)