May 4th, 2010
Orlando, Fla. - The Orlando Sentinel - "Condominiums are now selling faster in Central Florida than they did at the peak of the real estate market four years ago, when renters, retirees and eager urbanites, seized by condo fever, were snapping them up in Metro Orlando at the rate of 20 a day"... Read the full stary at FloridaRealtors.org
April 19th, 2010
The Palm Beach Post, Fla. - WASHINGTON – Three U.S. Senators have sent letters to Fannie Mae and Freddie Mac asking the home funding providers to offer six months of relief on mortgage payments to its Florida homeowners whose homes were built with defective Chinese drywall. Read the full stary at FloridaRealtors.org
February 17th, 2010
WASHINGTON (Reuters) - Housing starts rebounded more strongly than expected to their highest level in six months in January, while permits fell slightly less than forecast, pointing a mild housing market recovery...."It's a positive surprise on all fronts and shows that overall demand has moved higher. That's an important element to watch as we move through a cycle going from incentive-based to more organic growth," said Craig Peckham, equity trading strategist at Jefferies & Co. in New York. Read the Full Story at Reuters.
February 9th, 2010
SAN DIEGO – Feb. 9, 2010 – In an interview with the San Diego Union-Tribune, Michael Lea, director of the Corky McMillin Center for Real Estate at San Diego State University, says he is encouraging students to study real estate because we are at the bottom of a cycle. By the time these students have graduated, he believes the industry will have recovered. “I don’t think we’ll ever again see the 2005-2007 heyday in real estate. That was an anomaly, and actually, I hope we don’t go back to that. But within real estate, there are a lot of opportunities, such as property management and lending,” he says. Lea sees apartments as a particularly bright spot. “I think as more people realize that homeownership is not quite what it was cracked up to be, we’re not going to have marginal people buying homes any more,” he says. “That’s ultimately going to mean more people going back to the rental sector. We’re growing as a population, and people have to live somewhere, so I think the rental market is in relatively good shape and will strengthen as we go forward.” Lea predicted that this kind of out-of-control real estate cycle might even happen again. “Real estate is an industry that is populated by inveterate optimists, and I think lenders have a herd mentality. If you get lenders seeing good times again, the herd is going to follow them,” Lea said.
Source: San Diego Union-Tribune, Roger Showley (02/08/2010)
February 9th, 2010
ORLANDO, Fla. – Feb. 9, 2010 – Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign:
• Sell low and buy low. Because all property values are down, the loss on the property a homeowner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
• Downpayment help is widely available. While nothing-down loans have disappeared, it’s easy to find downpayment assistance for lower-income and first-time homebuyers. Programs vary all over the country, but one good way to find them is to search online for “downpayment assistance programs” and the name of your region.
• Your Uncle Sam has money to share. Besides the $8,000 first-time homebuyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
• Good help is available. Really talented real estate practitioners, contractors and designers are available and eager for business.
Source: McClatchy Tribune, Kate Forgach (02/07/2010)
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February 9th, 2010
WASHINGTON – Feb. 9, 2010 – The number of homeowners who fear the value of their homes will fall in the next year declined to 15 percent in January, the lowest level since early 2007, according to a Thomson Reuters/University of Michigan survey published last week. That’s a big improvement over the first quarter of 2009, when 26 percent expected the value of their homes to decline. Homeowners were less optimistic about gains in the value of their homes, with the average anticipated annual gain holding steady at 2.7 percent in January. In January, 46 percent said the value of their homes decreased in the past year, while 14 percent said the value had increased.
Source: Reuters News, Julie Haviv (02/05/2010)
© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688
February 3rd, 2010
By DAVID STREITFELD The New York Times. “After three years of plunging real estate values, after the bailouts of the bankers and the revival of their million-dollar bonuses, after the Obama administration's loan-modification plan raised expectations of many but satisfied only a few, a large group of distressed homeowners is wondering the same thing.
New research suggests that when value falls below 75 percent of the amount owed on the mortgage, the owner starts to think hard about walking away, even if he or she has the money to keep paying. In a situation without precedent in the modern era, millions of Americans are in this bleak position. Whether, or how, to help them is one of the biggest questions the administration confronts” (Streitfeld). Read the Full Story at HeraldTribune.
January 26th, 2010
Tampa Tribune, Shannon Behnken. Federal tax credits for homebuyers have certainly boosted the Tampa Bay area real estate market. The incentives have prompted nervous buyers to get off the fence, and that has helped the area shed thousands of homes from the region’s inventory of unsold properties.Full Story
January 26th, 2010
CHICAGO (AP) Americans’ confidence in the economy improved modestly in January for the third straight month, as they begin to feel slightly better about business conditions and the job picture, according to a survey released Tuesday. Read the full article at FloridaRealtors.org
January 20th, 2010
Forecasts for 2010 on home sales and new home construction seem to be fairly modest at best. Will we see an increase in renovation? Reports suggest that homeowners will be more inclined to renovate their homes to meet their ever changing tastes and needs instead of looking for a new property.
January 19th, 2010
Reported by Luke Mullins of US News, even more foreclosures are set to hit the housing market this year. 2009 showed a 21 percent increase in foreclosures from the previous year which accounts for about 2.8 millions properties. As foreclosure and loss mitigation departments become overwhelmed with paperwork and with more and more homeowners walking away, Mullins writes “Simply because they believe it’s best for their finances”, the time for a property to reach settlement can take up to a year. Alex Edmonds, an assistant professor of finance at the University of Pennsylvania says “Defaulting on their loan is a rational decision: while they forfeit their homes, they rid themselves of a mortgage liability of even greater value”. Read the full article at Finance.Yahoo.com
January 14th, 2010
Reported by the Pelican Press, Sarasota/Bradenton airport may begin offering direct flights to and from Frankfurt, Germany this year. The decision is said to come sometime in March. Economic & Community Development Chair Rick Piccolo estimates the new flights, which will run twice a week, will bring about 30,000 visitors to our area. This could mean hundreds of thousands more nights booked in local lodgings.
January 6th, 2010
Reported by Harold Bubil of Herald Tribune, A report compiled by John Lafabregue a RE/MAX Alliance Group associate shows that the number of homes for sale in Sarasota dropped 36% from 2008 and condos dopped by 21%. The drop in for sales signs are said to be due to forclosure sales which range from the 50K to 150K dollar range. Bubil stated that "these figures indicate the market is performaing moderately well".
