The following is information regarding the First-Time Home Buyers Tax Credit- which is not actually for pure first time home buyers- read below for details.
I hope this helps you understand this program. If you have any questions please contact me.
The tax credit currently only applies if you close on the home your purchasing by November 30, 2009.
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Breaking news: Tax Credit Can Be Used on Closing Costs.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--mailto:Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- http://www.robskeel.com/
Saturday, July 11, 2009
Monday, June 22, 2009
Florida Keys Real Estate Statistics & Fishing report
Looking or thinking about buying a home in the Florida Keys? If so, there are indications that the bottom has either been reached or were very close.
Total sales have increase 3%
New listings are down 20%
The months of inventory have shrunk by 17%
The final sales price compared to asking is 83.26%-- which indicates that sellers are still willing to negotiate when they have an offer.
You can get a mortgage at a decent interest rate if you have good credit and the required down payment.
I've seen some bargain listing prices on beautiful canal front homes recently in and around my area, houses that were purchased for a million$$ now listed for under $850,000. There also many closed and pending sales for dry lot homes priced under $350,000.
On a side note the Mahi Mahi are here and great catches are happening daily. I went out a few days ago and caught my limit in about an hour. Yellowtail Snapper are up and down the reef from Key Largo to Key West.
This is also the perfect time to go diving or snorkeling with the seas very calm.
If you need a realtor that will get the job done for you, please contact me.
Rob Skeel -Realtor- e-Pro
Cell --305-393-6300 Email--mailto:Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- http://www.robskeel.com/
Total sales have increase 3%
New listings are down 20%
The months of inventory have shrunk by 17%
The final sales price compared to asking is 83.26%-- which indicates that sellers are still willing to negotiate when they have an offer.
You can get a mortgage at a decent interest rate if you have good credit and the required down payment.
I've seen some bargain listing prices on beautiful canal front homes recently in and around my area, houses that were purchased for a million$$ now listed for under $850,000. There also many closed and pending sales for dry lot homes priced under $350,000.
On a side note the Mahi Mahi are here and great catches are happening daily. I went out a few days ago and caught my limit in about an hour. Yellowtail Snapper are up and down the reef from Key Largo to Key West.
This is also the perfect time to go diving or snorkeling with the seas very calm.
If you need a realtor that will get the job done for you, please contact me.
Rob Skeel -Realtor- e-Pro
Cell --305-393-6300 Email--mailto:Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- http://www.robskeel.com/
Wednesday, May 27, 2009
Fed sees hopeful signs but downgrades ‘09 forecast
The following information may be useful to you if you haven't seen it before.
May 21, 2009 – The Federal Reserve expects the U.S. economy to improve in coming months, even as policymakers downgraded their outlook for all of 2009 and said the unemployment rate could approach 10 percent.Fed Chairman Ben Bernanke and his colleagues continue to believe that business sales and factory production will begin to recover gradually during the second half of this year as President Barack Obama’s stimulus package and the Fed’s aggressive efforts to lift the country out of recession take hold. They also pointed to signs that the recession’s grip was easing in the current quarter, according to documents released Wednesday.
At the Fed’s last meeting on April 28-29, policymakers opted not to take any new steps to shore up the economy after launching a $1.2 trillion effort in March. But some members last month said those plans for buying government debt and mortgage securities may need to be expanded to speed a recovery.“Participants noted some improvement in financial conditions in recent months, signs that consumer spending was leveling out and tentative indications that activity in the housing sector might be nearing its bottom,” the documents said.That’s consistent with observations made earlier this month by Bernanke, who gave his most optimistic prediction about the end of the recession, saying he expected the economy to begin growing again later this year.In fact, the Fed’s staff bumped up its forecast for economic growth for the second half of this year, although a figure wasn’t provided.
Even with those positive signals, the economy’s performance for this year as a whole is expected to be dismal, partly reflecting the 6.1 percent annualized drop in economic activity in the first quarter.Under the Fed’s new projections, the economy will shrink this year between 1.3 and 2 percent. The old forecast said the economy could contract between 0.5 and 1.3 percent.The unemployment rate may rise as high as 9.6 percent, higher than the old forecast of 8.8 percent. The jobless rate bolted to 8.9 percent in April, the highest in a quarter-century.The predictions are based on what the Fed calls its “central tendency,” which excludes the three highest and three lowest forecasts made by Fed officials. The Fed also gives a range of all the forecasts that showed some officials expect the jobless rate to hit 10 percent this year.
To revive the economy, the Fed has cut its key interest rate to a record low near zero and is expected to hold it there well into next year. The Fed also has turned to unconventional tools to lower interest rates and spur spending, which would help bolster economic activity.All members agreed with “waiting to see how the economy and financial conditions respond to the policy actions already in train,” according to separate minutes of the April meeting. However, they held the door open to additional action if needed.
The Fed at its meeting in March launched a bold $1.2 trillion economic-revival effort. It agreed to starting buying up to $300 billion worth of government debt over the next six months and to boost purchases of mortgage securities and debt from Fannie Mae and Freddie Mac.At the April meeting, some Fed policymakers said additional purchases “might well be warranted at some point to spur a more rapid pace of recovery.”The Fed has been battling the worst financial crisis since the 1930s, which has plunged the country into the longest recession since War World II.
With all the shocks to the economy, its recovery will be gradual. That will keep unemployment elevated well into 2011 and it could take time for the economy to get back to a path of full health in the longer term, the Fed documents said. Most Fed policymakers indicated that they expected “the economy to take five or six years” for that to happen, but their estimates for growth over the next few years are more optimistic.
The Fed expects the economy to grow next year between 2 and 3 percent. It should then pick up more speed in 2011, growing between 3.5 and 4.8 percent, according to the “central tendency” projections. The unemployment rate should drop to between 9 and 9.5 percent next year. It should dip to between 7.7 and 8.5 percent in 2011.Private economists consider an unemployment rate around 5 percent to be normal. Some private economists don’t believe that will happen until 2013 and questioned the rosier overall outlook for next year.The Fed projected “very low” inflation for this year, with prices rising only between 0.6 and 0.9 percent. With a gradual recovery expected, prices should only inch up in 2010 and 2011.
On another matter, the Fed policymakers continued to resist calls from lawmakers on Capitol Hill to reveal the identities of banks and other financial institutions that draw emergency loans and participate in other Fed credit programs. Fed policymakers said such disclosure would be viewed “as a sign of financial weakness” and that the “resulting stigma would undermine the effectiveness” of the programs, which are intended to promote financial stability and economic recovery
.Copyright © 2009 The Associated Press, Jeannine Aversa, AP Economics Writer. All rights reserved.
There continues to be some good property deal in the Keys and if you have good credit, loans are available at very low interest rates.. If your a first time home buyer there is the Federal Tax credit of up to $8,000.
On another subject the fishing has been terrific with great Mahi Mahi, Yellow Tail Snapper and Tarpon catches being reported daily. There has also been numerous Sail Fish around and Black Fin Tuna.
Rob Skeel , Realtor
Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
May 21, 2009 – The Federal Reserve expects the U.S. economy to improve in coming months, even as policymakers downgraded their outlook for all of 2009 and said the unemployment rate could approach 10 percent.Fed Chairman Ben Bernanke and his colleagues continue to believe that business sales and factory production will begin to recover gradually during the second half of this year as President Barack Obama’s stimulus package and the Fed’s aggressive efforts to lift the country out of recession take hold. They also pointed to signs that the recession’s grip was easing in the current quarter, according to documents released Wednesday.
At the Fed’s last meeting on April 28-29, policymakers opted not to take any new steps to shore up the economy after launching a $1.2 trillion effort in March. But some members last month said those plans for buying government debt and mortgage securities may need to be expanded to speed a recovery.“Participants noted some improvement in financial conditions in recent months, signs that consumer spending was leveling out and tentative indications that activity in the housing sector might be nearing its bottom,” the documents said.That’s consistent with observations made earlier this month by Bernanke, who gave his most optimistic prediction about the end of the recession, saying he expected the economy to begin growing again later this year.In fact, the Fed’s staff bumped up its forecast for economic growth for the second half of this year, although a figure wasn’t provided.
Even with those positive signals, the economy’s performance for this year as a whole is expected to be dismal, partly reflecting the 6.1 percent annualized drop in economic activity in the first quarter.Under the Fed’s new projections, the economy will shrink this year between 1.3 and 2 percent. The old forecast said the economy could contract between 0.5 and 1.3 percent.The unemployment rate may rise as high as 9.6 percent, higher than the old forecast of 8.8 percent. The jobless rate bolted to 8.9 percent in April, the highest in a quarter-century.The predictions are based on what the Fed calls its “central tendency,” which excludes the three highest and three lowest forecasts made by Fed officials. The Fed also gives a range of all the forecasts that showed some officials expect the jobless rate to hit 10 percent this year.
To revive the economy, the Fed has cut its key interest rate to a record low near zero and is expected to hold it there well into next year. The Fed also has turned to unconventional tools to lower interest rates and spur spending, which would help bolster economic activity.All members agreed with “waiting to see how the economy and financial conditions respond to the policy actions already in train,” according to separate minutes of the April meeting. However, they held the door open to additional action if needed.
The Fed at its meeting in March launched a bold $1.2 trillion economic-revival effort. It agreed to starting buying up to $300 billion worth of government debt over the next six months and to boost purchases of mortgage securities and debt from Fannie Mae and Freddie Mac.At the April meeting, some Fed policymakers said additional purchases “might well be warranted at some point to spur a more rapid pace of recovery.”The Fed has been battling the worst financial crisis since the 1930s, which has plunged the country into the longest recession since War World II.
With all the shocks to the economy, its recovery will be gradual. That will keep unemployment elevated well into 2011 and it could take time for the economy to get back to a path of full health in the longer term, the Fed documents said. Most Fed policymakers indicated that they expected “the economy to take five or six years” for that to happen, but their estimates for growth over the next few years are more optimistic.
The Fed expects the economy to grow next year between 2 and 3 percent. It should then pick up more speed in 2011, growing between 3.5 and 4.8 percent, according to the “central tendency” projections. The unemployment rate should drop to between 9 and 9.5 percent next year. It should dip to between 7.7 and 8.5 percent in 2011.Private economists consider an unemployment rate around 5 percent to be normal. Some private economists don’t believe that will happen until 2013 and questioned the rosier overall outlook for next year.The Fed projected “very low” inflation for this year, with prices rising only between 0.6 and 0.9 percent. With a gradual recovery expected, prices should only inch up in 2010 and 2011.
On another matter, the Fed policymakers continued to resist calls from lawmakers on Capitol Hill to reveal the identities of banks and other financial institutions that draw emergency loans and participate in other Fed credit programs. Fed policymakers said such disclosure would be viewed “as a sign of financial weakness” and that the “resulting stigma would undermine the effectiveness” of the programs, which are intended to promote financial stability and economic recovery
.Copyright © 2009 The Associated Press, Jeannine Aversa, AP Economics Writer. All rights reserved.
There continues to be some good property deal in the Keys and if you have good credit, loans are available at very low interest rates.. If your a first time home buyer there is the Federal Tax credit of up to $8,000.
On another subject the fishing has been terrific with great Mahi Mahi, Yellow Tail Snapper and Tarpon catches being reported daily. There has also been numerous Sail Fish around and Black Fin Tuna.
Rob Skeel , Realtor
Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Wednesday, May 6, 2009
Prospects for Florida’s recovery heat up, economists say
The weather is beautiful and the "Dolphin" fishing is heating up in the Upper Keys.
Additionally, there is good news for home sellers & buyers, the first quarter home sales figures are in and the number of houses sold compared to a year ago are up. But, the prices have went down so it is still a buyers market. Financing is available from numerous sources including FHA and the first time home buyer program is in place with up to an $8,000 tax credit.
The following is a recent article regarding the economic recovery prediction for Florida that may be of interest to you.
– After two long years of recession, economists are beginning to see signs that the economy’s recovery is finally in sight. South Florida home sales are picking up, Wall Street has staged some solid rallies and even consumer confidence is rising.But the road to recovery will be uneven. Economists say that an uptick in business spending will lead the way, followed by federal government stimulus projects that will create some jobs. Consumers, unfortunately, are likely to be the last to see good times return, because widespread unemployment – which is now just a notch below 10 percent – won’t start to go down until after the recovery is well under way.It has been rough, but economists say it’s always that way for Florida.“It performs better in good times, but during bad times, in recessions, it is one of the worst performing states in the nation,” said Moody’s Economy.com economist Chris Lafakis. “And during times of expansion it is one of the best.”Some experts say they already see the early signs of such progress.“The negative numbers just start getting smaller or they stop falling or they fall at a slower rate,” said SunTrust Chief Economist Gregory Miller. It’s like you tumbled out of a boat a while ago and “now we’re at the stage of swimming back to the surface.”Other economists agree that the worst may be over as soon as this summer. Consumers surely have had enough, judging by the strong jump in Floridians’ consumer confidence this month.
Here’s how economists say the state will find its way out of the slump:Business-led recovery Economists say the recovery will begin with an increase in business capital spending, as companies rebuild inventories or upgrade technology or send business travelers back out on the road.At some South Florida companies, capital spending already has increased and begun to pay off. Last year, Stress Free Corporate Housing, which provides temporary living arrangements for executives, says the audio-visual equipment it installed in its new Weston office is helping to bring in new business.The firm wanted to hold employee conferences and save on travel expenses. But it also began using the equipment for Webinars – seminars via the Internet – for its clients.President and Chief Executive Officer Darin Karp said his firm is about to sign a deal with a Fortune 500 company to provide temporary housing for executives from Asia and the Middle East who need to come to Florida for training.“We’re definitely seeing glimmers of hope off the first quarter and the beginning of this quarter,” Karp said. “We have some big stuff on our plate, and it’s attributed to doing the Webinars.
”Stimulus spending" An increase in government spending is expected in the fourth quarter, as states and cities pump out the $787 billion in federal stimulus money to build roads and other projects. That influx of cash will lead to more jobs, at least in construction.Even though the stimulus law was enacted in February, government is still crafting detailed plans and regulations for the federal package, so it’s unclear precisely how many millions will be earmarked for Florida.“We will begin to see some impact of the stimulus legislation in the last quarter of this year,” said economist Antonio Villamil, dean of the School of Business at St. Thomas University.
Confidence rises Consumer confidence – a measure of how willing people are to spend on big-ticket items – is already rising. The University of Florida consumer confidence survey issued earlier this week showed the index jumped to 71 in April, up from 65 in March, which is close to the low reached during the last recession in 1991.The importance of the jump is that consumer confidence is a forward-looking economic indicator, one that is often a sign that consumer spending will rise, too.
Employment to lag- Employment rates aren’t expected to rise until recovery of other sectors is under way. Only after growth returns in the overall economy will businesses be comfortable enough to begin to create jobs again. Employment is key to consumers’ recovery. Don’t look for consumer spending to increase until after employment stabilizes, economists say.“Every business cycle is unique, but they get going in fits and starts,” said economist Manuel Lasaga, president of Strategic Information Analysis in Miami.
“This [recovery] will be weaker than normal.” Strong growth, he said, won’t appear until 2010.And some sectors seem to be hurt so badly, their recovery is not at hand. Surely, housing remains deeply troubled. Manufacturing, too, is waiting for signs of recovery.“We’re not seeing that [any increase in demand] yet frankly,” said Tom Kennedy, a CPA who is chairman of the South Florida Manufacturers Association. Kennedy is controller of R.L. Schreiber in Pompano Beach, which produces food products for the food service industry. The credit crunch, he said, is making the business environment even more difficult.When will it end? The economy should begin to pull out of recession around the end of summer, according to several economists. At the latest, look for it early next year, others say.“We are in the fourth phase of the recession,” said SunTrust’s Miller. That’s the pre-recovery phase, he said. Next is the turnaround.It’s a little early yet, and the signs are still faint.“You really have to look long and hard to find any signs of strength in the economy,” said Mark Vitner, Wachovia’s senior economist. “But it’s not so hard to find areas where the economy had been in a free fall and now is just merely declining.”For those businesses looking forward to the turnaround, they’ve set their sights on year’s end.“People are getting new budgets for purchasing at the end of the third quarter, the fourth quarter. A lot of lights are coming on,” said Joel Ledlow, chief executive officer of ScheduAll, a Hollywood firm that produces management software systems for broadcasters and media. “People are saying they have cut about as much as they can cut. Now they’re ready for some very strategic investments.”Copyright © 2009 Sun Sentinel, Fort Lauderdale, Fla., Harriet Johnson Brackey. Distributed by McClatchy-Tribune Information Services.
Additionally, there is good news for home sellers & buyers, the first quarter home sales figures are in and the number of houses sold compared to a year ago are up. But, the prices have went down so it is still a buyers market. Financing is available from numerous sources including FHA and the first time home buyer program is in place with up to an $8,000 tax credit.
The following is a recent article regarding the economic recovery prediction for Florida that may be of interest to you.
– After two long years of recession, economists are beginning to see signs that the economy’s recovery is finally in sight. South Florida home sales are picking up, Wall Street has staged some solid rallies and even consumer confidence is rising.But the road to recovery will be uneven. Economists say that an uptick in business spending will lead the way, followed by federal government stimulus projects that will create some jobs. Consumers, unfortunately, are likely to be the last to see good times return, because widespread unemployment – which is now just a notch below 10 percent – won’t start to go down until after the recovery is well under way.It has been rough, but economists say it’s always that way for Florida.“It performs better in good times, but during bad times, in recessions, it is one of the worst performing states in the nation,” said Moody’s Economy.com economist Chris Lafakis. “And during times of expansion it is one of the best.”Some experts say they already see the early signs of such progress.“The negative numbers just start getting smaller or they stop falling or they fall at a slower rate,” said SunTrust Chief Economist Gregory Miller. It’s like you tumbled out of a boat a while ago and “now we’re at the stage of swimming back to the surface.”Other economists agree that the worst may be over as soon as this summer. Consumers surely have had enough, judging by the strong jump in Floridians’ consumer confidence this month.
Here’s how economists say the state will find its way out of the slump:Business-led recovery Economists say the recovery will begin with an increase in business capital spending, as companies rebuild inventories or upgrade technology or send business travelers back out on the road.At some South Florida companies, capital spending already has increased and begun to pay off. Last year, Stress Free Corporate Housing, which provides temporary living arrangements for executives, says the audio-visual equipment it installed in its new Weston office is helping to bring in new business.The firm wanted to hold employee conferences and save on travel expenses. But it also began using the equipment for Webinars – seminars via the Internet – for its clients.President and Chief Executive Officer Darin Karp said his firm is about to sign a deal with a Fortune 500 company to provide temporary housing for executives from Asia and the Middle East who need to come to Florida for training.“We’re definitely seeing glimmers of hope off the first quarter and the beginning of this quarter,” Karp said. “We have some big stuff on our plate, and it’s attributed to doing the Webinars.
”Stimulus spending" An increase in government spending is expected in the fourth quarter, as states and cities pump out the $787 billion in federal stimulus money to build roads and other projects. That influx of cash will lead to more jobs, at least in construction.Even though the stimulus law was enacted in February, government is still crafting detailed plans and regulations for the federal package, so it’s unclear precisely how many millions will be earmarked for Florida.“We will begin to see some impact of the stimulus legislation in the last quarter of this year,” said economist Antonio Villamil, dean of the School of Business at St. Thomas University.
Confidence rises Consumer confidence – a measure of how willing people are to spend on big-ticket items – is already rising. The University of Florida consumer confidence survey issued earlier this week showed the index jumped to 71 in April, up from 65 in March, which is close to the low reached during the last recession in 1991.The importance of the jump is that consumer confidence is a forward-looking economic indicator, one that is often a sign that consumer spending will rise, too.
Employment to lag- Employment rates aren’t expected to rise until recovery of other sectors is under way. Only after growth returns in the overall economy will businesses be comfortable enough to begin to create jobs again. Employment is key to consumers’ recovery. Don’t look for consumer spending to increase until after employment stabilizes, economists say.“Every business cycle is unique, but they get going in fits and starts,” said economist Manuel Lasaga, president of Strategic Information Analysis in Miami.
“This [recovery] will be weaker than normal.” Strong growth, he said, won’t appear until 2010.And some sectors seem to be hurt so badly, their recovery is not at hand. Surely, housing remains deeply troubled. Manufacturing, too, is waiting for signs of recovery.“We’re not seeing that [any increase in demand] yet frankly,” said Tom Kennedy, a CPA who is chairman of the South Florida Manufacturers Association. Kennedy is controller of R.L. Schreiber in Pompano Beach, which produces food products for the food service industry. The credit crunch, he said, is making the business environment even more difficult.When will it end? The economy should begin to pull out of recession around the end of summer, according to several economists. At the latest, look for it early next year, others say.“We are in the fourth phase of the recession,” said SunTrust’s Miller. That’s the pre-recovery phase, he said. Next is the turnaround.It’s a little early yet, and the signs are still faint.“You really have to look long and hard to find any signs of strength in the economy,” said Mark Vitner, Wachovia’s senior economist. “But it’s not so hard to find areas where the economy had been in a free fall and now is just merely declining.”For those businesses looking forward to the turnaround, they’ve set their sights on year’s end.“People are getting new budgets for purchasing at the end of the third quarter, the fourth quarter. A lot of lights are coming on,” said Joel Ledlow, chief executive officer of ScheduAll, a Hollywood firm that produces management software systems for broadcasters and media. “People are saying they have cut about as much as they can cut. Now they’re ready for some very strategic investments.”Copyright © 2009 Sun Sentinel, Fort Lauderdale, Fla., Harriet Johnson Brackey. Distributed by McClatchy-Tribune Information Services.
Monday, April 13, 2009
Housing may have hit bottom in February
Some interesting positive real estate news that I thought I would share. If your thinking of buying your home in the Florida Keys, now may be the time to do it. Please let me know what some of your specifics are and the area your interested in and I'll work to find the right property for you.
Housing may have hit bottom in February
CHICAGO – April 7, 2009 – The chief economist of Mesirow Financial, a $31.4 billion asset financial services firm in Chicago founded in 1937, announced that the housing market probably bottomed out in February and is now on the road to recovery. “An unexpected jump in new and existing home sales, a fairly sharp increase in mortgage applications, and a surprise increase in pending home sales prompted many to declare the bottom in housing in the month of February,” says Swonk. “Even home prices, which had been falling like a rock, showed some signs of stabilizing during the month. Moreover, speculators appear to be re-entering the market, picking up properties on the cheap.”“The housing market is still a long way from healthy: home sales are still down substantially from the lows they hit during the turbulence of the fourth quarter; pending sales were at such low levels, there was really nowhere to go but up; and more than 70 percent of the mortgage applications we saw in March were refinances instead of purchases,” notes Swonk.Swonk says a number of housing market shifts suggest a turnaround has started, including: • Starts of single-family home sales, in particular, are already close to zero and cannot fall much further. Multi-family starts are also exceedingly low and off more than 50 percent from their 2005 high. On net, overall starts are expected to decline again in the second quarter and then begin a gradual rebound in the second half of the year.
Regional differences: The West and the South are expected to remain the weakest markets when it comes to construction activity, since they still suffer from the greatest overhang of vacant new properties.
• Home sales are expected to bottom sooner than starts, which may have also hit their turning point in February, although a safer bet is probably May. Swonk says that’s not surprising given the fact that it’s easier to get a mortgage to buy a home than to get funding to build a housing development.Regional differences: The hardest hit areas in the West, which includes California and Nevada, are expected to post the strongest gains, as they currently offer buyers the best deals from short sales and foreclosures. The Midwest is expected to perform close to the national average, while the South and the Northeast remain laggards.• Prices. Home values plummeted as the economy slipped deeper into recession and credit markets seized last fall. By January, most indices were showing double-digit declines from a year ago. The best bet is that prices will end the year lower than during the bulk of 2008, but will come up slightly from the lows of the first quarter.
Regional differences: The Northeast is expected to experience the greatest downward pressure on prices, as it was late into the correction. Declines in New York could be particularly large as the number of foreclosures balloons. The downward pressure on prices in the South, particularly in Florida, is also expected to remain fairly intense, given the overhang of vacant homes.
“Housing is expected to swing from a drag to a push on overall GDP growth in 2009, for the first time in four years,” says Swonk. “That shift, coupled with tax incentives to lower the carbon footprint of individual homes, is expected to provide a boost to spending on everything from furniture and appliances to building materials. Any gains that we do see in housing and housing-related activity, however, will pale when compared against previous recoveries.”© 2009 FLORIDA ASSOCIATION OF REALTORS®
Rob Skeel , Realtor
Cell --305-393-6300
Email--mailto:Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- http://www.robskeel.com/
Green Certified Real Estate Professional, FHA Certified
Find a Home http://robskeel.com/homes_for_sale.shtml
BLOG http://floridakeysrealestatebyrob.blogspot.com/
I really appreciate your referrals!
Housing may have hit bottom in February
CHICAGO – April 7, 2009 – The chief economist of Mesirow Financial, a $31.4 billion asset financial services firm in Chicago founded in 1937, announced that the housing market probably bottomed out in February and is now on the road to recovery. “An unexpected jump in new and existing home sales, a fairly sharp increase in mortgage applications, and a surprise increase in pending home sales prompted many to declare the bottom in housing in the month of February,” says Swonk. “Even home prices, which had been falling like a rock, showed some signs of stabilizing during the month. Moreover, speculators appear to be re-entering the market, picking up properties on the cheap.”“The housing market is still a long way from healthy: home sales are still down substantially from the lows they hit during the turbulence of the fourth quarter; pending sales were at such low levels, there was really nowhere to go but up; and more than 70 percent of the mortgage applications we saw in March were refinances instead of purchases,” notes Swonk.Swonk says a number of housing market shifts suggest a turnaround has started, including: • Starts of single-family home sales, in particular, are already close to zero and cannot fall much further. Multi-family starts are also exceedingly low and off more than 50 percent from their 2005 high. On net, overall starts are expected to decline again in the second quarter and then begin a gradual rebound in the second half of the year.
Regional differences: The West and the South are expected to remain the weakest markets when it comes to construction activity, since they still suffer from the greatest overhang of vacant new properties.
• Home sales are expected to bottom sooner than starts, which may have also hit their turning point in February, although a safer bet is probably May. Swonk says that’s not surprising given the fact that it’s easier to get a mortgage to buy a home than to get funding to build a housing development.Regional differences: The hardest hit areas in the West, which includes California and Nevada, are expected to post the strongest gains, as they currently offer buyers the best deals from short sales and foreclosures. The Midwest is expected to perform close to the national average, while the South and the Northeast remain laggards.• Prices. Home values plummeted as the economy slipped deeper into recession and credit markets seized last fall. By January, most indices were showing double-digit declines from a year ago. The best bet is that prices will end the year lower than during the bulk of 2008, but will come up slightly from the lows of the first quarter.
Regional differences: The Northeast is expected to experience the greatest downward pressure on prices, as it was late into the correction. Declines in New York could be particularly large as the number of foreclosures balloons. The downward pressure on prices in the South, particularly in Florida, is also expected to remain fairly intense, given the overhang of vacant homes.
“Housing is expected to swing from a drag to a push on overall GDP growth in 2009, for the first time in four years,” says Swonk. “That shift, coupled with tax incentives to lower the carbon footprint of individual homes, is expected to provide a boost to spending on everything from furniture and appliances to building materials. Any gains that we do see in housing and housing-related activity, however, will pale when compared against previous recoveries.”© 2009 FLORIDA ASSOCIATION OF REALTORS®
Rob Skeel , Realtor
Cell --305-393-6300
Email--mailto:Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- http://www.robskeel.com/
Green Certified Real Estate Professional, FHA Certified
Find a Home http://robskeel.com/homes_for_sale.shtml
BLOG http://floridakeysrealestatebyrob.blogspot.com/
I really appreciate your referrals!
Monday, April 6, 2009
Six reasons why it’s still a good time to buy
If your on the fence thinking about buying a home or not, here is some food for thought.
NEW YORK – March 31, 2009 – The housing market is looking healthier. Here are six reasons why now is the time to jump into the market.
1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available.
2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.
3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.
4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.
5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.
6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front. The Wall Street Journal, June Fletcher (03/27/2009)© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688
Rob Skeel , Realtor Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- http://www.robskeel.com/
Green Certified Real Estate Professional, FHA Certified
Find a Home http://robskeel.com/homes_for_sale.shtml
BLOG http://floridakeysrealestatebyrob.blogspot.com/
I really appreciate your referrals!
NEW YORK – March 31, 2009 – The housing market is looking healthier. Here are six reasons why now is the time to jump into the market.
1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available.
2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.
3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.
4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.
5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.
6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front. The Wall Street Journal, June Fletcher (03/27/2009)© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688
Rob Skeel , Realtor Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- http://www.robskeel.com/
Green Certified Real Estate Professional, FHA Certified
Find a Home http://robskeel.com/homes_for_sale.shtml
BLOG http://floridakeysrealestatebyrob.blogspot.com/
I really appreciate your referrals!
Wednesday, March 25, 2009
Florida Home Sales Continue to Improve-- Stock Market Irrational Pessimisim
The following are some interesting home sale statistics and comments about the stock market.
If your planning to buy a home in the Keys with the idea of keeping it for a while then this is a great time to buy.
HOME SALES
Florida's existing home sales rose 20 percent in February - the sixth consecutive month that sales activity showed increases in the year-to-year comparison, according to FAR. Statewide sales of existing condos increased 15 percent last month compared to the previous year; and February's statewide sales also were higher than January's figures in both the existing home and existing condo markets.
The Florida Keys real estate sales have also seen an increase over prior year. The low interest rates and reduced home prices have made this a great time to purchase a piece of paradise.
There are many great deals to be had. Just let me know what type of property your looking for and I'll find it for you!
Markets face ‘irrational pessimism’ NEW YORK – March 9, 2009 –
You’ve heard of “irrational exuberance,” right? That’s the expression Alan Greenspan coined more than a decade ago when he warned that investors could be bidding stock prices too high. His worry was that escalating asset values were trumping reality.These days, the opposite seems to be the case. Call it “irrational pessimism,” a fear that stock prices are headed in only one direction – lower and lower – because asset values and profits seem certain to fall.
Caught in the vortex of this new hopelessness are once-pristine blue chip stocks like General Electric Co., whose share price has plunged 45 percent in the last month to below $7 a share. Investors have become increasingly worried that losses at its financing arm could put a crippling dent in the conglomerate’s capital base.But before buying into the notion that all is lost, it’s worth remembering that stock indexes today are almost exactly where they were in 1996 when then-Federal Reserve Chairman Greenspan issued his warning.Investors ignored him then, pushing stocks higher for more than three years until the Internet stock bubble burst in 2000. Now, a growing number of market experts are saying the time may be near when the Cassandras of doom should also be ignored.“You can get to emotional extremes in both directions of the market,” said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors. “Savvy investors think in those terms and they know how to get that to work in their favor.”By that, he points to the short-sellers who are playing a big role in what the market is doing today. They make money betting stocks will drop, and have set the tone in this current decline, which began after the market reached record highs in October 2007.Peter Sorrentino, senior portfolio manager at Huntington Asset Advisors, takes that one step farther. “The shorts are staging raids on our companies,” he said. “For the last two years, the best bet you could make on the market was against it.”Sorrentino knows that because his firm owns 6.4 million shares of GE, and he can’t understand why the stock is trading where it is given that parts of the Fairfield, Connecticut-based company by his count are worth a lot more than where its shares are trading now.He’s convinced the shorts have made it tough for anyone in the market – at GE and beyond – to think positively because they could get burned. Therefore, investors have decided it is easier to follow than fight them, even if a company’s finances say something else.
The negative environment in the overall market is driving away prospective buyers, said Darin Newsom, senior analyst at the Omaha, Nebraska-based market information company DTN. “Right now no one wants to support this market,” he said.That may be driven by fear instead of reason.
Rob Skeel , Realtor
Cell --305-393-6300
Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- http://www.robskeel.com/
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