Sales were up over the last 30 days by 533 homes compared to last month. A total of 1,948 homes were sold as reported in the Multiple Listing Service.
The majority were priced under $300,000.
Inventory is up as well, but not by much, and the number of homes in pending status expected to close was up by over 400 homes compared with last months numbers.
Thursday, March 27, 2008
Wednesday, March 26, 2008
Why buy in Florida
Miami – March 25, 2008 – The Sunshine State took four of the top-10 metro slots on the Forbes.com 2008 list of “America’s Cleanest Cities.” According to the magazine, clean water and air result from assertive steps by Florida’s cities as well as “the built-in advantage of weather patterns that blow out smog.”
Miami took the top spot, followed by Jacksonville (No. 3), Orlando (No. 4) and Tampa/St. Petersburg (No. 8).
On another bright note for Florida, air and water cleanliness apparently energizes these metro economies, according to the survey.
© 2008 FLORIDA ASSOCIATION OF REALTORS®
Miami took the top spot, followed by Jacksonville (No. 3), Orlando (No. 4) and Tampa/St. Petersburg (No. 8).
On another bright note for Florida, air and water cleanliness apparently energizes these metro economies, according to the survey.
© 2008 FLORIDA ASSOCIATION OF REALTORS®
Thursday, March 20, 2008
More Tax Reform
2008 FLORIDA LEGISLATURE
The tax cut that voters will be asked to approve in November will do more than save property owners money. It will force lawmakers to do what they have refused to do for nearly 70 years: modernize sales-tax rules.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-032008.cfm
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The tax cut that voters will be asked to approve in November will do more than save property owners money. It will force lawmakers to do what they have refused to do for nearly 70 years: modernize sales-tax rules.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-032008.cfm
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Monday, March 10, 2008
National Home Prices
National home prices fell 8.9% in 2007, according to figures released recently by the Standard & Poors/Case-Shiller Home Price Index. Of the top 20 markets tracked by the Index, 17 of the metro areas reported annual price declines and the remaining three reporting flat or moderate.
Tampa home prices slipped 13.3%.
Tampa home prices slipped 13.3%.
Friday, March 07, 2008
New FHA Loan Limits
The new loan limits for FHA and Fannie Mae and Freddie Mac are now calculated at 125 percent of the HUD published median prices, with a floor of $271,050 and $417,000, respectively, not to exceed $729,750.
Expect the impact of these loan limit increases on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages.
Hillsborough county FHA loan limits are now set at $292,500 up from the previous $223,000 limit.
Expect the impact of these loan limit increases on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages.
Hillsborough county FHA loan limits are now set at $292,500 up from the previous $223,000 limit.
Sunday, March 02, 2008
Monthly Sales
Sales to 5 million dropped over the past 30 days from the previous month. A total of 1,415 homes sold by realtor's reported in the multiple listing service for the tri-county area.
Pending sales are up by over 1000 units and inventory is up as well. There are over 40,000 homes available for sale in Hillsborough, Pinellas, and Pasco counties.
Prices continue to drop, and I recently closed a sale in Westchase at a price that hasn't been seen since 2004.
Pending sales are up by over 1000 units and inventory is up as well. There are over 40,000 homes available for sale in Hillsborough, Pinellas, and Pasco counties.
Prices continue to drop, and I recently closed a sale in Westchase at a price that hasn't been seen since 2004.
Saturday, February 23, 2008
Interest rates
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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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
__________________________
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
Thursday, January 31, 2008
Recession???
GAINESVILLE, Fla. – Jan. 30, 2008 – Florida’s consumer confidence index fell to 70 this month, its lowest level in 16 years, a new University of Florida (UF) study reports.
“Consumer confidence in Florida reflects the same conditions we had during the recession of 1990-91,” says Chris McCarty, director of UF’s Survey Research Center at the Bureau of Economic and Business Research. “Florida is almost certainly in a recession now, and the country is not far behind. Most economists agree that we are in for at least two quarters of very low growth.”
This month’s drop to its lowest level since December 1991 is due to declines in four of the five components that make up the index. The biggest drop was in consumers’ expectations about national economic conditions over the next year, which fell 10 points to 55, its lowest level since August 1992
2008 FLORIDA ASSOCIATION OF REALTORS®
“Consumer confidence in Florida reflects the same conditions we had during the recession of 1990-91,” says Chris McCarty, director of UF’s Survey Research Center at the Bureau of Economic and Business Research. “Florida is almost certainly in a recession now, and the country is not far behind. Most economists agree that we are in for at least two quarters of very low growth.”
This month’s drop to its lowest level since December 1991 is due to declines in four of the five components that make up the index. The biggest drop was in consumers’ expectations about national economic conditions over the next year, which fell 10 points to 55, its lowest level since August 1992
2008 FLORIDA ASSOCIATION OF REALTORS®
Tuesday, January 29, 2008
Foreclosure Rate/Florida #2
According to an AP report, information received through Realtytrac reported foreclosure filings up 79% from last year.
While the numbers can be somewhat skewed due to Homeowner Association's filing actions for past due fee's, the number is still high.
Florida ranks #2 in the country.
While the numbers can be somewhat skewed due to Homeowner Association's filing actions for past due fee's, the number is still high.
Florida ranks #2 in the country.
Monday, January 28, 2008
Florida's growth slows
DEMOGRAPHICS
Census figures show that Florida continues to grow rather than shrink, but the number of incoming residents from other states dropped by about 86 percent in just two years thanks to higher home prices, property taxes and insurance costs.
Copyright 2008 The Associated Press, Matt Sedensky (Associated Press Writer).
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-012308.cfm
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Census figures show that Florida continues to grow rather than shrink, but the number of incoming residents from other states dropped by about 86 percent in just two years thanks to higher home prices, property taxes and insurance costs.
Copyright 2008 The Associated Press, Matt Sedensky (Associated Press Writer).
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-012308.cfm
__________________________
Sunday, January 27, 2008
30 Day Home Sale Report
Sales by Realtors for the tri-county area in the past 30 days dropped over 500 homes compared to the previous month to 1496 properties priced to $5,000,000.00.
Existing inventory was up over 2000 homes, and pending sales jumped by 409 properties.
No comeback yet, though buyer activity appears to be increasing as home prices drop and foreclosure's and short sales become more abundant.
Existing inventory was up over 2000 homes, and pending sales jumped by 409 properties.
No comeback yet, though buyer activity appears to be increasing as home prices drop and foreclosure's and short sales become more abundant.
Thursday, January 24, 2008
Home sales for Florida
HOME SALES
Florida’s housing market followed the national trend in 2007. By year’s end, a total of 130,241 existing single-family homes sold statewide for a 29 percent decrease compared to the 2006 sales figure, according to FAR. The statewide median sales price was $233,600.
© 2008 FLORIDA ASSOCIATION OF REALTORS
Florida’s housing market followed the national trend in 2007. By year’s end, a total of 130,241 existing single-family homes sold statewide for a 29 percent decrease compared to the 2006 sales figure, according to FAR. The statewide median sales price was $233,600.
© 2008 FLORIDA ASSOCIATION OF REALTORS
Thursday, January 17, 2008
Yes on 1???
Gov. Crist says that the "yes" vote on the property tax amendment will "ignite the real estate market".
Based on conversations I have had with potential out of state buyers, homeowners, and others I believe this statement is well......an over statement. While some will benifit, it does nothing for many. People moving from other states hesitate because even with a $50,000 exemption a $250,000 home purchase wil result in a property tax bill of $4,600. It's a $575 difference, save the new home buyer 50 bucks a month, but will this change the current state of our real estate market.
C'mon.
Based on conversations I have had with potential out of state buyers, homeowners, and others I believe this statement is well......an over statement. While some will benifit, it does nothing for many. People moving from other states hesitate because even with a $50,000 exemption a $250,000 home purchase wil result in a property tax bill of $4,600. It's a $575 difference, save the new home buyer 50 bucks a month, but will this change the current state of our real estate market.
C'mon.
Tuesday, January 08, 2008
Property Tax Cut
The TBT reports that Hillsborough county would lose 8% of it's operating funds if the proposed property tax break is approved by voters on January 29th. 39 million dollars.
With a county budget of 871 million dollars will this truly affect the governments ability to function? I think not.
Time to cut the spending on unnecessary projects and programs.
With a county budget of 871 million dollars will this truly affect the governments ability to function? I think not.
Time to cut the spending on unnecessary projects and programs.
Thursday, January 03, 2008
Monthly Sales
Closed transactions for the period from 11/26/07 thru 12/25/07 were up by 376 properties from last month. An unusual trend for the time of year.
A total of 2041 homes closed the majority of which were priced under $300,000.
The inventory of homes dropped for the first time in six months.
Pending sales are also lower.
What does this mean? Next month will paint a clearer picture, but if the trend stays we could be experiencing a more active home buying market.
A total of 2041 homes closed the majority of which were priced under $300,000.
The inventory of homes dropped for the first time in six months.
Pending sales are also lower.
What does this mean? Next month will paint a clearer picture, but if the trend stays we could be experiencing a more active home buying market.
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