EarlyBird News
An information service for members of the Florida Association of Realtors ® http://www.floridarealtors.org
For legislative news visit http://farlegislative.org.
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DAILY BRIEFING
Friday, February 22, 2008
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MORTGAGE RATES
Buyers waiting for lower property prices could lose out even if prices do drop a bit more. Rates on 30-year mortgages rose to the highest level in seven weeks, breaking above the 6 percent level, and heightened worries about inflation could cause further increases.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-022208.cfm
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Saturday, February 23, 2008
Wednesday, February 20, 2008
Stimulus Package FHA Loan Limits
On February 13, 2008, President Bush signed the economic stimulus package into law. The economic stimulus package includes several important housing provisions, including increases in the loan limits for Fannie Mae and Freddie Mac (GSE) and also FHA.
The increase is for FHA loans that are approved on or before 12-31-2008.
$271,050 is the new FHA floor, based on 65% of Freddie Mac current limits. The previous floor was $200,160 based on 48% of Freddie Mac limits.
The new limits will be the lesser of: 125% of the Area Median Price; or
$729,750 which is 175% of 2008 Freddie Mac limits.
HUD has 30 days after enactment to define the Area Median Prices in the Country and publish the new loan limits.
This means that ALL FHA limits will be increased by something! The areas with low median prices will go to $271,050. The areas with high Area Median Prices can go as high as $729,750. But until we know what HUD will use for Area Median Prices, we won't know what any of the exact amounts are.
The increase is for FHA loans that are approved on or before 12-31-2008.
$271,050 is the new FHA floor, based on 65% of Freddie Mac current limits. The previous floor was $200,160 based on 48% of Freddie Mac limits.
The new limits will be the lesser of: 125% of the Area Median Price; or
$729,750 which is 175% of 2008 Freddie Mac limits.
HUD has 30 days after enactment to define the Area Median Prices in the Country and publish the new loan limits.
This means that ALL FHA limits will be increased by something! The areas with low median prices will go to $271,050. The areas with high Area Median Prices can go as high as $729,750. But until we know what HUD will use for Area Median Prices, we won't know what any of the exact amounts are.
Thursday, February 14, 2008
Amendment 1 Challange
This will continue to happen because of the poor job done by our elected officials.
PROPERTY TAXES
As expected, property tax portability is being challenged in the courts. However, there’s a positive side: The case puts pressure on the 2008 Florida Legislature to consider additional property tax cuts for first-time home buyers, non-homestead owners and businesses.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-021408.cfm
© 2008 The Associated Press
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PROPERTY TAXES
As expected, property tax portability is being challenged in the courts. However, there’s a positive side: The case puts pressure on the 2008 Florida Legislature to consider additional property tax cuts for first-time home buyers, non-homestead owners and businesses.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-021408.cfm
© 2008 The Associated Press
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Wednesday, February 06, 2008
Property Tax Twist
For those who have lived in their homes for a long time and are thinking of moving, this could prove to be interesting.....
County property appraisers get requests all the time to have a property value lowered so the owner can save money on taxes, but the passage of Amendment 1 has created a new type of caller – one who wants his property value raised so he has more to port to a new homestead.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-020508.cfm
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County property appraisers get requests all the time to have a property value lowered so the owner can save money on taxes, but the passage of Amendment 1 has created a new type of caller – one who wants his property value raised so he has more to port to a new homestead.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-020508.cfm
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Monday, February 04, 2008
Beazer Homes Suspends Mortgage Origination, Pulls Out Of Markets
ATLANTA - Homebuilder Beazer Homes USA said Friday that it will no longer originate mortgages and will offer its buyers mortgage services through Countrywide Financial Corp.
The Atlanta-based company also released preliminary first-quarter operating data and said it will stop building homes in several communities.
Beazer will pull out of Charlotte, N.C.; areas around Cincinnati, Columbus and Dayton, Ohio; Columbia, S.C.; and Lexington, Ky. A timetable for the exits from those markets was not specified.
As of June 30, roughly 5 percent of the company's home building assets were invested in those markets.
As for its financials, Beazer Homes said it expects its results for the first quarter of fiscal 2008 to include material charges to abandon land option contracts and to recognize inventory impairments. It did not quantify the amounts because of plans to restate results from prior years.
The company also reiterated that home closings for its quarter ended Dec. 31 totaled 2,010, a 24 percent decline from the same period in the prior fiscal year. Net new home orders totaled 1,260, a decline of 29 percent from the prior fiscal year. The company saw a 46 percent cancellation rate in the quarter.
Beazer has been beset by turmoil in the housing industry that has caused its number of home closings to plunge. It cut 650 jobs, or 25 percent of its work force, in October.
By HARRY R. WEBER, The Associated Press
The Atlanta-based company also released preliminary first-quarter operating data and said it will stop building homes in several communities.
Beazer will pull out of Charlotte, N.C.; areas around Cincinnati, Columbus and Dayton, Ohio; Columbia, S.C.; and Lexington, Ky. A timetable for the exits from those markets was not specified.
As of June 30, roughly 5 percent of the company's home building assets were invested in those markets.
As for its financials, Beazer Homes said it expects its results for the first quarter of fiscal 2008 to include material charges to abandon land option contracts and to recognize inventory impairments. It did not quantify the amounts because of plans to restate results from prior years.
The company also reiterated that home closings for its quarter ended Dec. 31 totaled 2,010, a 24 percent decline from the same period in the prior fiscal year. Net new home orders totaled 1,260, a decline of 29 percent from the prior fiscal year. The company saw a 46 percent cancellation rate in the quarter.
Beazer has been beset by turmoil in the housing industry that has caused its number of home closings to plunge. It cut 650 jobs, or 25 percent of its work force, in October.
By HARRY R. WEBER, The Associated Press
Saturday, February 02, 2008
Fed Rate cut & how it affects you
When the Federal Reserve meets and changes rates, we all have questions: What does it mean to me? Will my mortgage rate go up or down? Is this a good time to refinance? Bankrate is here to help. We've looked at five categories -- mortgages, home equity loans, auto loans, credit cards and certificates of deposit -- to determine if the Fed's moves made you a winner or a loser. Here's a look at mortgages:
http://finance.yahoo.com/personal-finance/article/104327/Fed-Move-May-Not-Change-Mortgage-Rates
http://finance.yahoo.com/personal-finance/article/104327/Fed-Move-May-Not-Change-Mortgage-Rates
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