Thinking of purchasing a home? Good information regarding obtaining a mortgage even with good credit.
WASHINGTON – Dec. 15, 2009 – Five years ago, if your application for a mortgage included a 20 percent downpayment, your bank would have approved your loan by sundown and sponsored a parade in your honor.
But in this new era of tight credit, having a big downpayment no longer guarantees you’ll qualify for a mortgage. Starting this week, mortgage finance giant Fannie Mae will require borrowers with a 20 percent downpayment to have a credit score of at least 620. Previously, the cutoff was 580.
Fannie Mae buys loans, providing an important source of financing for lenders. For that reason, its guidelines are considered the gold standard for mortgage loans. Most banks are expected to adopt the new standards, if they haven’t already.
“Credit scores have never mattered quite as much as they do now,” says Bob Walters, chief economist for Quicken Loans.
In addition, Fannie Mae won’t approve loans for borrowers with a 20 percent downpayment if more than 45 percent of their gross monthly income goes toward debt. Fannie Mae didn’t disclose the previous debt limit, but it was higher than 45 percent, says Fannie Mae spokesman Brian Faith.
The higher standards could frustrate buyers hoping to take advantage of low interest rates, depressed home prices and generous tax breaks that were recently extended until next spring. Even buyers who qualify for a mortgage may find that they’re ineligible for the best rates because lenders have tightened their standards across the board, says Gerri Detweiler, credit adviser for Credit.com.
If you’ve already found a home you’d like to buy, there’s not much you can do to raise your score before you apply for a loan. But if you’re just starting to tour open houses, there are steps you can take to improve your credit profile, including:
• Review your credit reports for errors. Go to AnnualCreditReport.com and order your credit reports from the three main credit-reporting bureaus: Experian, TransUnion and Equifax. You’re entitled to a free credit report once a year from all three of the bureaus, but only if you go through this website.
Once you receive your credit reports, go through them and look for inaccurate information, such as accounts you never opened. All of the credit bureaus provide a process to dispute errors, says Craig Watts, spokesman for Fair Isaac, which created the widely used FICO score.
• Pay off credit cards and other debts. One of the factors used to calculate your credit score is your “credit utilization ratio,” which measures the amount of credit you have outstanding vs. your total available credit. This ratio accounts for 30 percent of your score. Paying off balances will increase the amount of unused credit you have available, which will help your score.
But even if you’ve decided never to use credit cards again, don’t close your accounts. Closing a credit card account won’t help your credit score and could hurt it, Watts says. When you close an account, you reduce the amount of your available credit, which could hurt your credit utilization ratio.
• Avoid opening any new accounts. “Every new account you open is likely to drop your credit score, at least a little,” Watts says.
Checking your score
When you order your free credit reports from AnnualCreditReport.com, your credit scores aren’t included; you’ll have to pay a fee to get them.
In recent months, though, several services, such as Quizzle, Credit Karma and Credit.com have launched programs that provide free credit profiles. These websites can provide a useful snapshot of your credit standing and provide tips on how to improve it, Detweiler says.
If you’re planning to buy a home a year from now, she adds, it doesn’t make sense to spend a lot of money to buy scores that could change by the time you apply for a loan.
But house hunters who plan to apply for a loan in the next few weeks should know their actual FICO scores, because that’s the score most potential lenders use, Detweiler says.
You can buy your FICO score and credit report from TransUnion and Equifax at www.myfico.com for $15.95 each.
Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com
Wednesday, December 16, 2009
Monday, November 30, 2009
Positive Economic News
I hope everyone that reads this had a nice Thanksgiving.
I thought this article does a good job of explaining where the US economy currently stands and some of the positives that are at work. Lets all hope these positive signs continue and we have a much improved 2010.
The glass is half-full: Why the U.S. economy will strengthen in 2010
Joseph Lazzaro
It's been hard times for the U.S. economy. The unemployment rate essentially doubled as the economy contracted, making the recession from 2007 to 2009 the longest and worst since the 1930s.
But while long-term and structural factors are likely to weigh on economic growth in the quarters ahead, the outlook isn't all bad. Investors would be remiss if they didn't consider certain "rays of light," factors that are working in the economy's favor. Here are the major positives heading into 2010:
U.S. unemployment rate is nearing its peak. Nothing symbolizes the nasty 2007-2009 recession more than the nation's high unemployment rate, now at 10.2%. It's just awful, and broader measures of joblessness -- such as those that include part-time workers who want full-time work and discouraged workers -- are above 15%.
The bright side? Unemployment is likely nearing its peak. True, the rate may rise to 10.5% or 10.7%. Historically, it goes up for at least six months after a recovery starts. But the major job-cutting period is likely over. Temporary hiring, which usually telegraphs the start of the hiring cycle, is now trending up.
What's more, the U.S. economy could see a net gain in jobs per month as early as the first quarter of 2010. Yes, we need lots of new jobs -- probably about 13 million to 15 million -- but you have to start somewhere.
Consumer confidence is rising. Although it's meandered much of the second half of 2009, consumer confidence nevertheless appears to have bottomed. As measured by The Conference Board, confidence rose to 49.5 in November, which is hardly spectacular (base year 1985 = 100). But when one considers that the index hit a record low of 25.3 as late as February, it's easy to see how far the nation has come.
In general, consumers understandably have taken a cautious, wait-and-see stance toward the economy. They're encouraged by improving business conditions and the stock market's rise, but they remained concerned about high unemployment and the lack of job creation.
And while a segment of consumers likely have permanently cut back on their spending, another large bloc is most likely just waiting for more signs of economic growth before making a purchase or two. When that occurs, that should help the economy grow at a faster pace.
Lean and mean inventories. You won't read much about "totally unsexy" business inventories in the popular press, but know this: Businesses have cut inventories about as much as they can. In fact, many have pared inventories too much, because they thought they would be left with tons of products and no buyers when it looked like the economy was headed for a second Great Depression during the financial crisis's acute stage.
And inventory declines lead to production declines, which is one reason the unemployment rate has soared. Nevertheless, those same lean inventories will provide an above-normal boost to employment and GDP in 2010, as businesses start to replenish inventories during an economic recovery. Manufacturing is already signaling the start of this cycle: Industrial production has increased for four straight months.
Corporate bond sales soared. Here's another under-the-radar statistic, but it's vital for U.S. economic health: U.S. corporations raised a record $1.171 trillion in bond sales in 2009, compared to just $874 billion in 2008, according to data compiled by Bloomberg News. Corporations took advantage of superlow interest rates to raise the money they need to expand.
The significance for investors? First, credit markets continue to heal. The U.S. Federal Reserve's facilities and guarantees are enabling corporations to get the capital they need and to borrow at reasonable rates. Second, corporations aren't going to raise money to expand if that money isn't going to be deployed. They expect to use that money to expand, start new projects and take other positive steps.
In short, companies are expecting economic growth ahead. That's good news for hiring trends. It's also obviously bullish for GDP because it tends to increase when businesses start to invest, make purchases and expand.
The stimulus is with us. The Obama administration's $786 billion fiscal stimulus package has its share of critics, but know that its aid to states and related support programs prevented a deeper recession. Equally significant: The remainder of stimulus funds will be spent in the first half of 2010, hence the package will continue to boost the economy.
The stimulus is kind of the "Rodney Dangerfield" of policy actions: It gets no respect. Or, as U.S. Rep. Barney Frank (D-Mass.) often says, "Congress gets no credit for averting something." But Americans should understand that the stimulus is helping to fill a very big GDP hole: Who knows how many states would have faced very dire circumstances without the assistance.
Make the best, ship it to the East. During the recent expansion, export-dominant economies in emerging markets came to the fore, and their mantra was "Make the best, and ship it to the West." To be sure, the economies of China, India, Brazil, etc. were too dependent on exports and remain so, and they have inadequate domestic consumption. But now it looks like another country may be joining the export party: the U.S.
We're very early in the global economic recovery cycle, but at least initially, it looks like demand in countries like China, India and Brazil is rising, with higher consumer spending. Combined with a weak dollar, this is boosting U.S. exports. If the trend continues, it will provide another (and unexpected) upward push to U.S. GDP.
Don't ignore the positive side of the ledger. No one should harbor any illusions about the size and seriousness of the economic challenge the U.S. faces as it enters 2010. To paraphrase Irving Black, the track-and-field coach at my high school, "the U.S. economy has a minor problem that nothing short of, oh, 13 million to 15 million new jobs can't solve." The task ahead is enormous.
But neither should investors ignore the positive side of the ledger: Key economic fundamentals have turned or are starting to turn in the U.S. economy's favor, as the housing, inventory, bond market and export statistics attest. Now if the U.S. economy can identify a new sector or engines of growth -- as it has done during past restructurings -- that will do much to get the great American job creation machine rolling again. That would be the final piece of the recovery puzzle.
When you need real estate assistance in the Florida Keys please think of me.
Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com
Green Certified Real Estate Professional, FHA Certified
Find a Home http://robskeel.com/homes_for_sale.shtml
I thought this article does a good job of explaining where the US economy currently stands and some of the positives that are at work. Lets all hope these positive signs continue and we have a much improved 2010.
The glass is half-full: Why the U.S. economy will strengthen in 2010
Joseph Lazzaro
It's been hard times for the U.S. economy. The unemployment rate essentially doubled as the economy contracted, making the recession from 2007 to 2009 the longest and worst since the 1930s.
But while long-term and structural factors are likely to weigh on economic growth in the quarters ahead, the outlook isn't all bad. Investors would be remiss if they didn't consider certain "rays of light," factors that are working in the economy's favor. Here are the major positives heading into 2010:
U.S. unemployment rate is nearing its peak. Nothing symbolizes the nasty 2007-2009 recession more than the nation's high unemployment rate, now at 10.2%. It's just awful, and broader measures of joblessness -- such as those that include part-time workers who want full-time work and discouraged workers -- are above 15%.
The bright side? Unemployment is likely nearing its peak. True, the rate may rise to 10.5% or 10.7%. Historically, it goes up for at least six months after a recovery starts. But the major job-cutting period is likely over. Temporary hiring, which usually telegraphs the start of the hiring cycle, is now trending up.
What's more, the U.S. economy could see a net gain in jobs per month as early as the first quarter of 2010. Yes, we need lots of new jobs -- probably about 13 million to 15 million -- but you have to start somewhere.
Consumer confidence is rising. Although it's meandered much of the second half of 2009, consumer confidence nevertheless appears to have bottomed. As measured by The Conference Board, confidence rose to 49.5 in November, which is hardly spectacular (base year 1985 = 100). But when one considers that the index hit a record low of 25.3 as late as February, it's easy to see how far the nation has come.
In general, consumers understandably have taken a cautious, wait-and-see stance toward the economy. They're encouraged by improving business conditions and the stock market's rise, but they remained concerned about high unemployment and the lack of job creation.
And while a segment of consumers likely have permanently cut back on their spending, another large bloc is most likely just waiting for more signs of economic growth before making a purchase or two. When that occurs, that should help the economy grow at a faster pace.
Lean and mean inventories. You won't read much about "totally unsexy" business inventories in the popular press, but know this: Businesses have cut inventories about as much as they can. In fact, many have pared inventories too much, because they thought they would be left with tons of products and no buyers when it looked like the economy was headed for a second Great Depression during the financial crisis's acute stage.
And inventory declines lead to production declines, which is one reason the unemployment rate has soared. Nevertheless, those same lean inventories will provide an above-normal boost to employment and GDP in 2010, as businesses start to replenish inventories during an economic recovery. Manufacturing is already signaling the start of this cycle: Industrial production has increased for four straight months.
Corporate bond sales soared. Here's another under-the-radar statistic, but it's vital for U.S. economic health: U.S. corporations raised a record $1.171 trillion in bond sales in 2009, compared to just $874 billion in 2008, according to data compiled by Bloomberg News. Corporations took advantage of superlow interest rates to raise the money they need to expand.
The significance for investors? First, credit markets continue to heal. The U.S. Federal Reserve's facilities and guarantees are enabling corporations to get the capital they need and to borrow at reasonable rates. Second, corporations aren't going to raise money to expand if that money isn't going to be deployed. They expect to use that money to expand, start new projects and take other positive steps.
In short, companies are expecting economic growth ahead. That's good news for hiring trends. It's also obviously bullish for GDP because it tends to increase when businesses start to invest, make purchases and expand.
The stimulus is with us. The Obama administration's $786 billion fiscal stimulus package has its share of critics, but know that its aid to states and related support programs prevented a deeper recession. Equally significant: The remainder of stimulus funds will be spent in the first half of 2010, hence the package will continue to boost the economy.
The stimulus is kind of the "Rodney Dangerfield" of policy actions: It gets no respect. Or, as U.S. Rep. Barney Frank (D-Mass.) often says, "Congress gets no credit for averting something." But Americans should understand that the stimulus is helping to fill a very big GDP hole: Who knows how many states would have faced very dire circumstances without the assistance.
Make the best, ship it to the East. During the recent expansion, export-dominant economies in emerging markets came to the fore, and their mantra was "Make the best, and ship it to the West." To be sure, the economies of China, India, Brazil, etc. were too dependent on exports and remain so, and they have inadequate domestic consumption. But now it looks like another country may be joining the export party: the U.S.
We're very early in the global economic recovery cycle, but at least initially, it looks like demand in countries like China, India and Brazil is rising, with higher consumer spending. Combined with a weak dollar, this is boosting U.S. exports. If the trend continues, it will provide another (and unexpected) upward push to U.S. GDP.
Don't ignore the positive side of the ledger. No one should harbor any illusions about the size and seriousness of the economic challenge the U.S. faces as it enters 2010. To paraphrase Irving Black, the track-and-field coach at my high school, "the U.S. economy has a minor problem that nothing short of, oh, 13 million to 15 million new jobs can't solve." The task ahead is enormous.
But neither should investors ignore the positive side of the ledger: Key economic fundamentals have turned or are starting to turn in the U.S. economy's favor, as the housing, inventory, bond market and export statistics attest. Now if the U.S. economy can identify a new sector or engines of growth -- as it has done during past restructurings -- that will do much to get the great American job creation machine rolling again. That would be the final piece of the recovery puzzle.
When you need real estate assistance in the Florida Keys please think of me.
Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com
Green Certified Real Estate Professional, FHA Certified
Find a Home http://robskeel.com/homes_for_sale.shtml
Friday, November 20, 2009
Good Real Estate New-Tax Credits Extended- Interest Rates Stay Low
Good news for first time homebuyers and primary home buyers.
WASHINGTON –
The $8,000 tax credit for first-time home buyers was extended.
Lawmakers in Washington also added a $6,500 tax credit for other primary-home purchasers and raised the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers.
Buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement.
Other News.
Sales of homes continue to increase in the Keys as well as the rest of Florida. Asking prices are at levels we haven't seen in a number of years and interest rates remain near record lows. When your ready to start looking or buying please keep me in mind.
Please contact me if I can be of assistance with your home search.
Thanks
Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com
WASHINGTON –
The $8,000 tax credit for first-time home buyers was extended.
Lawmakers in Washington also added a $6,500 tax credit for other primary-home purchasers and raised the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers.
Buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement.
Other News.
Sales of homes continue to increase in the Keys as well as the rest of Florida. Asking prices are at levels we haven't seen in a number of years and interest rates remain near record lows. When your ready to start looking or buying please keep me in mind.
Please contact me if I can be of assistance with your home search.
Thanks
Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com
Thursday, November 5, 2009
Mortgage Loan Limits & Home Buyer Credits
FYI--Extensions pending for programs which will assist you with purchasing your dream home in the Florida Keys.
Congress extends higher mortgage loan limits
WASHINGTON – Nov. 2, 2009 – On Thursday, the U.S. Congress passed a congressional resolution to extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present, higher loan limits expire at the end of 2009 and revert to previous lower limits. The move still needs to be signed by President Obama, which is expected shortly.
The National Association of Realtors® (NAR) thanked Congress for speedy action.
“NAR commends both houses of Congress for their quick action in continuing these higher limits during a time for recovery in the housing market and national economy,” says NAR President Charles McMillan. “The higher limits, along with the homebuyer tax credit extension, are necessary to keep the markets moving at this critical time.
“Home sales have shown significant movement upwards in the past six months, and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified homebuyers to purchase in those markets,” McMillan said.
The resolution would extend the present loan limits for FHA, Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The floor for FHA is $271,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.
© 2009 Florida Realtors®
Senate panel OKs extension for home buyers’ credit
WASHINGTON – Oct. 29, 2009 – Senators reached a compromise to extend the $8,000 tax credit for first-time home buyers, a boost the housing industry expects will help it pull out of its two-year-old downturn.
Lawmakers in Washington also added a $6,500 tax credit for other primary-home purchasers and raised the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, housing-industry sources said.
Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, the sources said. The measure still faces votes in the full Senate and the House.
Please contact me if I can be of assistance with your home search.
Thanks
Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com
Congress extends higher mortgage loan limits
WASHINGTON – Nov. 2, 2009 – On Thursday, the U.S. Congress passed a congressional resolution to extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present, higher loan limits expire at the end of 2009 and revert to previous lower limits. The move still needs to be signed by President Obama, which is expected shortly.
The National Association of Realtors® (NAR) thanked Congress for speedy action.
“NAR commends both houses of Congress for their quick action in continuing these higher limits during a time for recovery in the housing market and national economy,” says NAR President Charles McMillan. “The higher limits, along with the homebuyer tax credit extension, are necessary to keep the markets moving at this critical time.
“Home sales have shown significant movement upwards in the past six months, and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified homebuyers to purchase in those markets,” McMillan said.
The resolution would extend the present loan limits for FHA, Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The floor for FHA is $271,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.
© 2009 Florida Realtors®
Senate panel OKs extension for home buyers’ credit
WASHINGTON – Oct. 29, 2009 – Senators reached a compromise to extend the $8,000 tax credit for first-time home buyers, a boost the housing industry expects will help it pull out of its two-year-old downturn.
Lawmakers in Washington also added a $6,500 tax credit for other primary-home purchasers and raised the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, housing-industry sources said.
Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, the sources said. The measure still faces votes in the full Senate and the House.
Please contact me if I can be of assistance with your home search.
Thanks
Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com
Thursday, October 1, 2009
It is a very quiet time in the Florida Keys but continues to be buyers here looking to purchase a home in Paradise.
September set a record for rain but we didn't have any storms and we are more than half way through hurricane season. In a few weeks we should start to feel a change to less humidity and the rainy season will come to an end.
Fishing continues to be good, just the other day a boat went out just past the reef and came back with 14 (Dolphin) Ma hi Ma hi.
One of the years biggest festivals is set to start towards the end of October-Fantasy Fest in Key West. It will run for about 2 weeks concluding with a great parade on the last Saturday of the month. Its a lot of fun and the people watching is great.
On the real estate side there continues to be plenty of inventory and sellers ready to negotiate a fair price. Interest rates remain low but there are signs they will be going up so if your thinking of buying this could be the right time to make your move.
As always, I'm here to assist you in your home search. just contact me via email or phone and I'll do my beat to assist you to find the right home at the right price.
Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com
September set a record for rain but we didn't have any storms and we are more than half way through hurricane season. In a few weeks we should start to feel a change to less humidity and the rainy season will come to an end.
Fishing continues to be good, just the other day a boat went out just past the reef and came back with 14 (Dolphin) Ma hi Ma hi.
One of the years biggest festivals is set to start towards the end of October-Fantasy Fest in Key West. It will run for about 2 weeks concluding with a great parade on the last Saturday of the month. Its a lot of fun and the people watching is great.
On the real estate side there continues to be plenty of inventory and sellers ready to negotiate a fair price. Interest rates remain low but there are signs they will be going up so if your thinking of buying this could be the right time to make your move.
As always, I'm here to assist you in your home search. just contact me via email or phone and I'll do my beat to assist you to find the right home at the right price.
Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com
Tuesday, September 1, 2009
Fishing is like purchasing Real Estate
When you go out fishing you never really know what your going to catch. If you go out unprepared chances are you won't catch anything.
Real Estate buying is very similar. If you don't know what you can afford and you see a great house you really like but can't make the down payment you wasted your time.
Going out to catch tuna, mahi mahi, yellowtail or sailfish takes planning and preparation. If you don't have the right bait or don't know where to fish for a specific species it will take luck to try and land one and chances are you'll come home empty handed.
I'm here to help you, I can point you in the right direction to get you pre qualified for a loan so you know what you can afford. I can show you listings in your price range in the areas you want to live in and I can assist you with landing the deal by negotiated on your behalf.
Timing is good for purchasing your dream home in the Keys. There still is plenty of inventory for you to choose from, very low interest rates and sellers looking for a decent offer.
Its a good time for fishing for Tuna or finding a home which ever you plan to do. Be prepared and take advantage of current opportunities.
Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- www.RobSkeel.com
Real Estate buying is very similar. If you don't know what you can afford and you see a great house you really like but can't make the down payment you wasted your time.
Going out to catch tuna, mahi mahi, yellowtail or sailfish takes planning and preparation. If you don't have the right bait or don't know where to fish for a specific species it will take luck to try and land one and chances are you'll come home empty handed.
I'm here to help you, I can point you in the right direction to get you pre qualified for a loan so you know what you can afford. I can show you listings in your price range in the areas you want to live in and I can assist you with landing the deal by negotiated on your behalf.
Timing is good for purchasing your dream home in the Keys. There still is plenty of inventory for you to choose from, very low interest rates and sellers looking for a decent offer.
Its a good time for fishing for Tuna or finding a home which ever you plan to do. Be prepared and take advantage of current opportunities.
Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- www.RobSkeel.com
Thursday, August 27, 2009
Home prices increase from 1Q to 2Q
Thinking about purchasing your Dream Home in the Florida Keys?? The time is right-- low interest rates, low home prices and plenty of homes to choose from!
Index shows home prices increase from 1Q to 2Q
NEW YORK (AP) – Aug. 26, 2009 – Home prices across most of the country have started to rise from the depths of the housing slump, a critical trend that will help stabilize the broader U.S. economy, according to new figures released Tuesday.
Nationally, prices in the second quarter posted their first quarterly increase in three years, according to the widely watched Standard & Poor’s/Case-Shiller’s U.S. National Home Price Index.
While home prices are still 30 percent below the mid-2006 peak, their new direction should bring relief to both lenders and homeowners. Falling property values have wiped out $4 trillion in homeowner equity, and thousands have walked away from homes that are worth far less than their mortgage balance. Lenders have written off billions of dollars in bad loans and to sell foreclosed homes at a fraction of their former cost.
“People are much more inclined to stay where they are and work something out,” if they have equity in their homes, said Sanjiv Das, chief executive of Citigroup’s mortgage unit.
And as consumers feel more confident in the value of their residences, they will feel safer about spending again. Consumer spending makes up about 70 percent of U.S. economic activity. In August, consumer confidence rose to the highest level since the recession began, the New York-based Conference Board said Tuesday.
Case-Shiller’s monthly index of 20 major cities also rose from May to June, with Dallas and Denver clocking their fourth-straight increase. Only Detroit and Las Vegas saw prices fall in June.
There are concerns, however, that the momentum behind home prices will stall at the end of November with the expiration of a federal tax credit for first-time homebuyers. These newbie buyers are snapping up one in every three homes sold.
First-time buyers get a credit of 10 percent of the sales price of a home, up to $8,000. The credit phases out for singles earning more than $75,000 and couples earning more than $150,000. The real estate industry is lobbying to have the credit extended.
“If the tax credit is making a significant impact, then housing will take a big hit when it expires,” said Pat Newport, an economist at IHS Global Insight.
Here’s a look at this month’s Case-Shiller report:
The news: The U.S. National Home Price Index rose 1.4 percent from the first quarter to 133, though was still down almost 15 percent from the second quarter of last year.
Home prices, on a seasonally adjusted basis, are at levels not seen since early 2003.
The monthly index of 20 major cities increased 0.7 percent to 142 from May to June, the second straight month the index didn’t decline. It was still 15.5 percent below June a year ago.
Every metro showed annual declines, with fifteen reporting double-digit drops.
The report: The Case-Shiller indexes measure home price increases and decreases relative to prices in January 2000. The base reading is 100; so a reading of 150 would mean that home prices increased 50 percent since the beginning of the index.
What it shows: The 20-city index is a three-month moving average of repeat sales of a designated group of single-family homes in each city. By measuring the sales price of the same properties over time, the index prevents the data from being skewed by a change in the types of homes sold. Sales between related parties, such as family members, are excluded because they may not reflect true market values.
The Case-Shiller quarterly index is a composite of home price indexes for the nine U.S. census divisions.
What it doesn’t show: The indexes only measure price data in 20 major metropolitan areas in 15 states and the District of Columbia. So, many areas of the country are not represented.
Why it matters: Investors closely watch the Case-Shiller indexes to gauge the level and direction of home prices. The indexes include a broader mix of properties compared to the index created by the Federal Housing Finance Agency. That index excludes many high-end properties, as well as homes bought with riskier mortgages or all cash.
The quote: “For the second month in a row, we’re seeing some positive signs,” said David M. Blitzer, chairman of the S&P index committee, adding, “There are hints of an upward turn from a bottom.”
Copyright © 2009 The Associated Press, J.W. Elphinstone, AP real estate writer. AP real estate writer Alan Zibel in Washington contributed to this report. All rights reserved.
Rob Skeel , Realtor- e-Pro -
Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- www.RobSkeel.com
Index shows home prices increase from 1Q to 2Q
NEW YORK (AP) – Aug. 26, 2009 – Home prices across most of the country have started to rise from the depths of the housing slump, a critical trend that will help stabilize the broader U.S. economy, according to new figures released Tuesday.
Nationally, prices in the second quarter posted their first quarterly increase in three years, according to the widely watched Standard & Poor’s/Case-Shiller’s U.S. National Home Price Index.
While home prices are still 30 percent below the mid-2006 peak, their new direction should bring relief to both lenders and homeowners. Falling property values have wiped out $4 trillion in homeowner equity, and thousands have walked away from homes that are worth far less than their mortgage balance. Lenders have written off billions of dollars in bad loans and to sell foreclosed homes at a fraction of their former cost.
“People are much more inclined to stay where they are and work something out,” if they have equity in their homes, said Sanjiv Das, chief executive of Citigroup’s mortgage unit.
And as consumers feel more confident in the value of their residences, they will feel safer about spending again. Consumer spending makes up about 70 percent of U.S. economic activity. In August, consumer confidence rose to the highest level since the recession began, the New York-based Conference Board said Tuesday.
Case-Shiller’s monthly index of 20 major cities also rose from May to June, with Dallas and Denver clocking their fourth-straight increase. Only Detroit and Las Vegas saw prices fall in June.
There are concerns, however, that the momentum behind home prices will stall at the end of November with the expiration of a federal tax credit for first-time homebuyers. These newbie buyers are snapping up one in every three homes sold.
First-time buyers get a credit of 10 percent of the sales price of a home, up to $8,000. The credit phases out for singles earning more than $75,000 and couples earning more than $150,000. The real estate industry is lobbying to have the credit extended.
“If the tax credit is making a significant impact, then housing will take a big hit when it expires,” said Pat Newport, an economist at IHS Global Insight.
Here’s a look at this month’s Case-Shiller report:
The news: The U.S. National Home Price Index rose 1.4 percent from the first quarter to 133, though was still down almost 15 percent from the second quarter of last year.
Home prices, on a seasonally adjusted basis, are at levels not seen since early 2003.
The monthly index of 20 major cities increased 0.7 percent to 142 from May to June, the second straight month the index didn’t decline. It was still 15.5 percent below June a year ago.
Every metro showed annual declines, with fifteen reporting double-digit drops.
The report: The Case-Shiller indexes measure home price increases and decreases relative to prices in January 2000. The base reading is 100; so a reading of 150 would mean that home prices increased 50 percent since the beginning of the index.
What it shows: The 20-city index is a three-month moving average of repeat sales of a designated group of single-family homes in each city. By measuring the sales price of the same properties over time, the index prevents the data from being skewed by a change in the types of homes sold. Sales between related parties, such as family members, are excluded because they may not reflect true market values.
The Case-Shiller quarterly index is a composite of home price indexes for the nine U.S. census divisions.
What it doesn’t show: The indexes only measure price data in 20 major metropolitan areas in 15 states and the District of Columbia. So, many areas of the country are not represented.
Why it matters: Investors closely watch the Case-Shiller indexes to gauge the level and direction of home prices. The indexes include a broader mix of properties compared to the index created by the Federal Housing Finance Agency. That index excludes many high-end properties, as well as homes bought with riskier mortgages or all cash.
The quote: “For the second month in a row, we’re seeing some positive signs,” said David M. Blitzer, chairman of the S&P index committee, adding, “There are hints of an upward turn from a bottom.”
Copyright © 2009 The Associated Press, J.W. Elphinstone, AP real estate writer. AP real estate writer Alan Zibel in Washington contributed to this report. All rights reserved.
Rob Skeel , Realtor- e-Pro -
Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- www.RobSkeel.com
Tuesday, August 18, 2009
Good Economic & real estate news
The news is beginning to become positive for both the economy and Florida Keys real estate.
The following are two articles that may be of interest to you if your thinking about purchasing your Dream Home in the Florida Keys.
If your ready to start looking or have real estate related questions, please contact me.
Economists pronounce the recession over
The majority of economists surveyed by the Wall Street Journal say the recession is over and Federal Reserve Chair Ben Bernanke deserves another term.
Of the 47 economists the newspaper surveyed, 27 said the recession has ended and 11 predict another trough this month or next. The rest refused to commit. But they were nearly unanimous in saying that Bernanke should be rehired.
“He deserves a lot of credit for stabilizing the financial markets,” says Joseph Carson of AllianceBernstein. “Confidence in recovery would be damaged if he was not reappointed.”
Poll respondents believe Bernanke has more than a 70 percent chance of being asked by President Barack Obama to remain at the helm of the central bank.
Gross domestic product is expected to grow 2.4 percent in the third quarter at a seasonally adjusted annual rate. Economists were also heartened by a better-than-expected jobless report in July.
Source: The Wall Street Journal, Phil Izzo (08/12/2009)
© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688
Florida’s existing home, condo sales up in 2Q 2009
Related Story
2Q existing-home sales rise in most states, says NAR
ORLANDO, Fla. – Aug. 12, 2009 – Sales of existing single-family homes in Florida rose 23 percent in second quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 43,125 existing homes sold statewide in 2Q 2009; during the same period the year before, a total of 35,008 existing homes sold. It marks the fourth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to FAR.
Sales of existing condominiums statewide in the second quarter rose 29 percent compared to the same time the previous year. This marks the third consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.
Statewide sales activity in 2Q 2009 also increased over 1Q 2009’s sales figure in both the existing home and existing condo markets, FAR records show. For 2Q 2009, statewide sales of existing homes rose 37.2 percent over the 1Q 2009 figure; existing condo sales statewide in 2Q 2009 increased 45.3 percent over the 1Q 2009 level.
“In spite of the challenges with the economy, most people – 83 percent – still believe that buying a home is a good financial decision, according to a recent survey from the National Association of Realtors® (NAR),” says 2009 FAR President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando. (CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). “Many homebuyers are realizing that this is the time to buy – with a good selection of housing inventory, affordable pricing and low mortgage rates.
“In fact, three-fourths of those responding to the 2009 National Housing Pulse Survey said they think now is a good time to purchase a home, a number that has increased steadily the past two years,” she says. “However, providing solid financing options for homebuyers is key to returning stability to the housing market, and buyers also need programs that help with downpayment and closing costs. That’s why the federal $8,000 first-time homebuyer tax credit and other programs enabling eligible buyers to access that tax credit for downpayment or closing costs are so important – programs like the Florida Homebuyer Opportunity Program.”
Sixteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the second quarter compared to the same three-month period a year earlier, while 12 MSAs showed gains in condo sales.
The statewide existing-home median sales price was $143,600 in the second quarter; a year earlier, it was $203,200 for a decrease of 29 percent. The 2Q 2009 statewide existing-home median sales price was 1.8 percent higher than 1Q’s statewide existing-home median sales price of $141,000. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.
In the year-to-year quarterly comparison for condo sales, 14,742 units sold statewide for the quarter compared to 11,459 in 2Q 2008 for a 29 percent increase. The statewide existing-condo median sales price was $111,100 for the three-month period; in 2Q 2008, it was $179,800 for a decrease of 38 percent. The 2Q 2009 statewide existing-condo median sales price was almost 1 percent higher 1Q’s statewide existing-condo median sales price of $110,100.
Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.03 percent in 2Q 2009; one year earlier, it averaged 6.09 percent.
© 2009 FLORIDA ASSOCIATION OF REALTORS
Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- 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/
The following are two articles that may be of interest to you if your thinking about purchasing your Dream Home in the Florida Keys.
If your ready to start looking or have real estate related questions, please contact me.
Economists pronounce the recession over
The majority of economists surveyed by the Wall Street Journal say the recession is over and Federal Reserve Chair Ben Bernanke deserves another term.
Of the 47 economists the newspaper surveyed, 27 said the recession has ended and 11 predict another trough this month or next. The rest refused to commit. But they were nearly unanimous in saying that Bernanke should be rehired.
“He deserves a lot of credit for stabilizing the financial markets,” says Joseph Carson of AllianceBernstein. “Confidence in recovery would be damaged if he was not reappointed.”
Poll respondents believe Bernanke has more than a 70 percent chance of being asked by President Barack Obama to remain at the helm of the central bank.
Gross domestic product is expected to grow 2.4 percent in the third quarter at a seasonally adjusted annual rate. Economists were also heartened by a better-than-expected jobless report in July.
Source: The Wall Street Journal, Phil Izzo (08/12/2009)
© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688
Florida’s existing home, condo sales up in 2Q 2009
Related Story
2Q existing-home sales rise in most states, says NAR
ORLANDO, Fla. – Aug. 12, 2009 – Sales of existing single-family homes in Florida rose 23 percent in second quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 43,125 existing homes sold statewide in 2Q 2009; during the same period the year before, a total of 35,008 existing homes sold. It marks the fourth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to FAR.
Sales of existing condominiums statewide in the second quarter rose 29 percent compared to the same time the previous year. This marks the third consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.
Statewide sales activity in 2Q 2009 also increased over 1Q 2009’s sales figure in both the existing home and existing condo markets, FAR records show. For 2Q 2009, statewide sales of existing homes rose 37.2 percent over the 1Q 2009 figure; existing condo sales statewide in 2Q 2009 increased 45.3 percent over the 1Q 2009 level.
“In spite of the challenges with the economy, most people – 83 percent – still believe that buying a home is a good financial decision, according to a recent survey from the National Association of Realtors® (NAR),” says 2009 FAR President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando. (CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). “Many homebuyers are realizing that this is the time to buy – with a good selection of housing inventory, affordable pricing and low mortgage rates.
“In fact, three-fourths of those responding to the 2009 National Housing Pulse Survey said they think now is a good time to purchase a home, a number that has increased steadily the past two years,” she says. “However, providing solid financing options for homebuyers is key to returning stability to the housing market, and buyers also need programs that help with downpayment and closing costs. That’s why the federal $8,000 first-time homebuyer tax credit and other programs enabling eligible buyers to access that tax credit for downpayment or closing costs are so important – programs like the Florida Homebuyer Opportunity Program.”
Sixteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the second quarter compared to the same three-month period a year earlier, while 12 MSAs showed gains in condo sales.
The statewide existing-home median sales price was $143,600 in the second quarter; a year earlier, it was $203,200 for a decrease of 29 percent. The 2Q 2009 statewide existing-home median sales price was 1.8 percent higher than 1Q’s statewide existing-home median sales price of $141,000. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.
In the year-to-year quarterly comparison for condo sales, 14,742 units sold statewide for the quarter compared to 11,459 in 2Q 2008 for a 29 percent increase. The statewide existing-condo median sales price was $111,100 for the three-month period; in 2Q 2008, it was $179,800 for a decrease of 38 percent. The 2Q 2009 statewide existing-condo median sales price was almost 1 percent higher 1Q’s statewide existing-condo median sales price of $110,100.
Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.03 percent in 2Q 2009; one year earlier, it averaged 6.09 percent.
© 2009 FLORIDA ASSOCIATION OF REALTORS
Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- 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/
Tuesday, August 4, 2009
Welcome to the bottom: market rebound
Here is some good news about the housing market.
WASHINGTON – Aug. 3, 2009 – It was – note the past tense – the worst housing recession anyone but survivors of the Great Depression can remember.From the frenzied peak of the real estate boom in 2005-2006 to the recession’s trough earlier this year, home resales fell 38 percent and sales of new homes tumbled 76 percent. Construction of homes and apartments skidded 79 percent. And for the first time in more than four decades of record keeping, home prices posted consecutive annual declines.A staggering $4 trillion in home equity was wiped out, and millions of Americans lost their homes through foreclosure.
Now take a deep breath and exhale. The worst is over.By every measure, except foreclosures, the housing market has stabilized and many areas are recovering, according to a spate of data released in the past two weeks.
Nationwide, home resales in June are up 9 percent from January, on a seasonally adjusted basis. Sales of new homes have climbed 17 percent during the same period. And construction, while still anemic, has risen almost 20 percent since the beginning of the year.Even home prices, down one third from the top, edged up in May, the first monthly increase since June 2006.“The freefall is over,” says Dean Baker of the Center for Economic and Policy Research.The problem is that, Baker, like many economists, expects the housing market will “be bouncing around the bottom” for the second half of the year.
There are still some potential problems, ie: interest rate may rise, unemployment could continue to increase,
But if your considering a purchase this could be a good time to do it while prices are the lowest in years and mortgage rates are around 5% for a conventional 30 year fixed rate mortgage..
.
WASHINGTON – Aug. 3, 2009 – It was – note the past tense – the worst housing recession anyone but survivors of the Great Depression can remember.From the frenzied peak of the real estate boom in 2005-2006 to the recession’s trough earlier this year, home resales fell 38 percent and sales of new homes tumbled 76 percent. Construction of homes and apartments skidded 79 percent. And for the first time in more than four decades of record keeping, home prices posted consecutive annual declines.A staggering $4 trillion in home equity was wiped out, and millions of Americans lost their homes through foreclosure.
Now take a deep breath and exhale. The worst is over.By every measure, except foreclosures, the housing market has stabilized and many areas are recovering, according to a spate of data released in the past two weeks.
Nationwide, home resales in June are up 9 percent from January, on a seasonally adjusted basis. Sales of new homes have climbed 17 percent during the same period. And construction, while still anemic, has risen almost 20 percent since the beginning of the year.Even home prices, down one third from the top, edged up in May, the first monthly increase since June 2006.“The freefall is over,” says Dean Baker of the Center for Economic and Policy Research.The problem is that, Baker, like many economists, expects the housing market will “be bouncing around the bottom” for the second half of the year.
There are still some potential problems, ie: interest rate may rise, unemployment could continue to increase,
But if your considering a purchase this could be a good time to do it while prices are the lowest in years and mortgage rates are around 5% for a conventional 30 year fixed rate mortgage..
.
Saturday, July 11, 2009
First Time Home Buyers Stimulous Tax Credit
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/
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/
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/
Monday, March 2, 2009
4th Quarter & January 2009 Florida Home Sales Information
HOME SALES
Sales of existing single-family homes in Florida rose 13 percent in fourth quarter 2008 compared to the same period a year earlier, with a total of 30,163 homes sold, according to FAR's latest housing statistics. It marks the second consecutive quarter for increased existing home sales; sales activity rose 5 percent in 3Q 2008 compared to the same period the previous year. Existing condo sales increased 3 percent in the fourth quarter compared to 4Q 2007.
Florida’s existing home, condo sales rise in January 2009
Florida’s existing home sales rose in January, making it the fifth month in a row that sales activity showed increases in the year-to-year comparison. Existing home sales rose 24 percent last month with a total of 8,450 homes sold statewide compared to 6,810 homes sold in January 2008, according to FAR.
@ Florida Association of Realtors Posted: 02/26/09 at 0400 EST
The Keys haven't shown the same percentage increases but that is primarily because there aren't as many foreclosuers and short sales as the rest of the state. We have seen a trend beginning last October of average closed sales prices stabilizing and not falling as had been the case for the past 2 years.
Rob Skeel
Realtor
Century 21 Keysearch Realty
Green Certified Real Estate Professional
FHA Certified
305-393-6300
800-541-5019
www.RobSkeel.com
http://robskeel.com/homes_for_sale.shtml
BLOG http://floridakeysrealestatebyrob.blogspot.com/
I really appreciate your referrals!
Sales of existing single-family homes in Florida rose 13 percent in fourth quarter 2008 compared to the same period a year earlier, with a total of 30,163 homes sold, according to FAR's latest housing statistics. It marks the second consecutive quarter for increased existing home sales; sales activity rose 5 percent in 3Q 2008 compared to the same period the previous year. Existing condo sales increased 3 percent in the fourth quarter compared to 4Q 2007.
Florida’s existing home, condo sales rise in January 2009
Florida’s existing home sales rose in January, making it the fifth month in a row that sales activity showed increases in the year-to-year comparison. Existing home sales rose 24 percent last month with a total of 8,450 homes sold statewide compared to 6,810 homes sold in January 2008, according to FAR.
@ Florida Association of Realtors Posted: 02/26/09 at 0400 EST
The Keys haven't shown the same percentage increases but that is primarily because there aren't as many foreclosuers and short sales as the rest of the state. We have seen a trend beginning last October of average closed sales prices stabilizing and not falling as had been the case for the past 2 years.
Rob Skeel
Realtor
Century 21 Keysearch Realty
Green Certified Real Estate Professional
FHA Certified
305-393-6300
800-541-5019
www.RobSkeel.com
http://robskeel.com/homes_for_sale.shtml
BLOG http://floridakeysrealestatebyrob.blogspot.com/
I really appreciate your referrals!
Friday, February 13, 2009
Can you still buy without a fixed mortgage?
Here are a few ideas regarding different mortgage methods you may want to consider when your thinking of buying a home.
Can you still buy without a fixed mortgage?
ORLANDO, Fla. – Feb. 9, 2009 – Buying a house doesn’t necessarily require getting a 30-year, fixed-rate mortgage. More and more people are exploring alternative financing plans as it gets harder to get a conventional bank loan.Here are some creative ways to pay for a home, according to some financial experts:• Securities-backed loans. The lender gives the borrower 80 percent of the value of his stock portfolio. Then the lender holds the stock for between three and 10 years while charging a 3 percent to 5 percent interest on the loan. At the end, the borrower gets his original shares back. Both win if the stock has increased in value.•
Two-step mortgages. This fixed rate mortgage is amortized over 40 years, but the payment schedule is adjustable.•
Constant-amortization mortgage. Buyers start with a higher payment, but the loan is constantly re-amortized, so principal is reduced faster than with a conventional loan.•
Family loans. In the most successful arrangements, the family puts the agreement in writing and the lender charges the borrower a rate of interest high enough to pass IRS scrutiny, thus avoiding any gift tax.•
Assuming a mortgage. Buyers interested in purchasing a house in the pre-foreclosure stage might ask the lender if they can assume the mortgage. In some circumstances this can be a good deal
.Source: Forbes, Matt Woolsey (01/26/09)© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688
Questions, comments or suggestions on this article?
Can you still buy without a fixed mortgage?
ORLANDO, Fla. – Feb. 9, 2009 – Buying a house doesn’t necessarily require getting a 30-year, fixed-rate mortgage. More and more people are exploring alternative financing plans as it gets harder to get a conventional bank loan.Here are some creative ways to pay for a home, according to some financial experts:• Securities-backed loans. The lender gives the borrower 80 percent of the value of his stock portfolio. Then the lender holds the stock for between three and 10 years while charging a 3 percent to 5 percent interest on the loan. At the end, the borrower gets his original shares back. Both win if the stock has increased in value.•
Two-step mortgages. This fixed rate mortgage is amortized over 40 years, but the payment schedule is adjustable.•
Constant-amortization mortgage. Buyers start with a higher payment, but the loan is constantly re-amortized, so principal is reduced faster than with a conventional loan.•
Family loans. In the most successful arrangements, the family puts the agreement in writing and the lender charges the borrower a rate of interest high enough to pass IRS scrutiny, thus avoiding any gift tax.•
Assuming a mortgage. Buyers interested in purchasing a house in the pre-foreclosure stage might ask the lender if they can assume the mortgage. In some circumstances this can be a good deal
.Source: Forbes, Matt Woolsey (01/26/09)© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688
Questions, comments or suggestions on this article?
Friday, February 6, 2009
Home Prices may be Stabilizing
I'm beginning to see more articles like the following indicating the end of housing price declines is near.
In the Keys there has been a stabilizing of sales prices and an increase in the number of pending sales.
US housing markets from Florida to California have suffered price drops of 50 percent or more from their peak, but now, at long last, a bottom is within sight, likely in the fourth quarter nationally. sales are probably at bottom, stabilized by foreclosure sales, while construction will hit bottom in the first half of this year, although the pace of housing starts will remain very depressed until 2011. From the peak to the trough, total single-family home sales will have declined by 40 percent and housing starts by 70 percent.
@ CNBC Posted: 02/05/09 at 0201 EST
On a side note its been very cold here the past few days but nothing compared to the midwest and northeast parts of the country. The cold weather hasn't hurt the fishing particularly the sail fish which are reported to being boated on a record pace.
The National Association of Realtors has offerd an amendment to the Stimulus Package working its way through Congress to lower interest rate to 4.5% or less and have the first time home buyer credit changed to apply to all sales of primary residences. If these provisions are included it should help you purchase your Florida Keys Dream house.
In the Keys there has been a stabilizing of sales prices and an increase in the number of pending sales.
US housing markets from Florida to California have suffered price drops of 50 percent or more from their peak, but now, at long last, a bottom is within sight, likely in the fourth quarter nationally. sales are probably at bottom, stabilized by foreclosure sales, while construction will hit bottom in the first half of this year, although the pace of housing starts will remain very depressed until 2011. From the peak to the trough, total single-family home sales will have declined by 40 percent and housing starts by 70 percent.
@ CNBC Posted: 02/05/09 at 0201 EST
On a side note its been very cold here the past few days but nothing compared to the midwest and northeast parts of the country. The cold weather hasn't hurt the fishing particularly the sail fish which are reported to being boated on a record pace.
The National Association of Realtors has offerd an amendment to the Stimulus Package working its way through Congress to lower interest rate to 4.5% or less and have the first time home buyer credit changed to apply to all sales of primary residences. If these provisions are included it should help you purchase your Florida Keys Dream house.
Tuesday, January 13, 2009
Is now the time to buy a house in Florida?
Is now the time to buy a house in Florida?
The answer to that question is hardly simple, given the prolonged housing slump and the nationwide recession. It also depends on a complex mix of personal issues and factors, including, of course, “The Fear Factor.”If you own a home and need to sell it before you can afford to buy a better one, you might find that difficult for another year or so – maybe longer – because of the glut of properties still on the market and the state of the U.S. economy.
But if you are a first-time buyer, the situation is different. Do you have enough cash for a down payment – at least 3.5 percent for a Federal Housing Administration loan, as much as 20 percent for a conventional bank loan – plus closing costs? And is your job or career relatively stable?If the answers are yes and yes, then you have options. Still, is this the right time to take the plunge?“Now is a much better time than a year and a half ago,” said Chris Toadvine, a certified financial planner in Orlando and president of the Financial Planning Association of Central Florida. “I think home prices may fall a bit further, but if I were a buyer, I would not be trying to time a bottom.”From a dollars-and-cents perspective, it’s certainly a buyer’s market.
Asking prices for Orlando-area homes have not been so low at any time in the past four or five years, and the number of properties on the market is still at or near record levels.“There’s a substantial amount of inventory still to be sold,” said Hank Fishkind, a private economist who analyzes the Florida and Central Florida real-estate markets for Attorney’s Title Insurance Fund and other industry groups and companies.Foreclosures will continue adding to the volume of homes for sale and keep downward pressure on prices throughout the year, Fishkind predicts, though he notes that the rate of increase in the number of foreclosures is now slowing.The median sales price for existing homes in Central Florida has fallen about 30 percent in the past year, to well below $200,000. Prices are now back to levels last seen in the spring of 2004. New-home prices in the Orlando area have dropped about 20 percent from their 2006 peak, according to some industry surveys, to just more than $300,000, and are still heading down.Others’ pessimism can pay off. As a result, homes are much more affordable now than they were only a year ago. For example, a first-time homebuyer with the median household income of $34,947 in January 2008 had only 75 percent of the income needed to afford the median-priced existing home, which cost $188,275 at the time. But as of two months ago, a first-time buyer making the median of $35,334 had 96 percent of the income needed to afford that median-priced starter home, which by November cost $141,971.Denise Kovach, a certified financial planner with Certified Financial Group Inc. in Altamonte Springs, said that, for first-time homebuyers who do not have to sell an existing house, this is a decent time to consider making a move. “As with the stock market, usually the best time to buy is when everyone is feeling most pessimistic,” she said.Those first-time buyers can take advantage of a relatively new federal tax credit for primary residences purchased by July 1, 2009. The credit reduces your income tax dollar for dollar as much as $7,500, with the size of your credit depending on your home’s purchase price. It’s actually more like an interest-free loan from the government, because the IRS “recaptures” the credit during the next 15 years, or when the home is sold.Most homebuyers during the early years of a mortgage also “itemize” on their federal tax return to take advantage of the deductions they can take for property taxes and home-loan interest. But even those who claim just the standard deduction can use another new tax break to deduct at least part of their property taxes: $1,000 for joint filers, $500 for singles.
Price plunge near bottom, experts say. For potential buyers who have everything they need lined up and are ready to sign on the dotted line – but are holding off for fear the house they buy will keep losing value in the coming year – industry professionals can’t offer any guarantees. But they generally agree that most, if not all, of the historic plunge in values has likely run its course.In coming years, they expect a slow but steady increase in property values, at or slightly above the rate of consumer inflation, without dramatic leaps fueled by lax lending practices and easy money. Those days are long gone.Credit standards are higher now than they were just a couple of years ago, and full documentation of income and good credit scores are required of those seeking the best home-loan deals.“I think that, if someone buys a home today and locks in a low-rate, long-term mortgage, they will be glad they did 10 years from now,” Toadvine said.
Copyright © 2009 The Orlando Sentinel, Fla., Jerry W. Jackson. Distributed by McClatchy-Tribune Information Services.
There are people buying the home of their dreams. I just sold a great ocean front home in the Keys. I'm working with a number of buyers that are seeking their own dream house and I can help you find yours too!
Rob Skeel
Realtor
Century 21 Keysearch Realty
Green Certified Real Estate Professional
FHA Certified
305-393-6300
800-541-5019
http://www.robskeel.com/
http://robskeel.com/homes_for_sale.shtml
The answer to that question is hardly simple, given the prolonged housing slump and the nationwide recession. It also depends on a complex mix of personal issues and factors, including, of course, “The Fear Factor.”If you own a home and need to sell it before you can afford to buy a better one, you might find that difficult for another year or so – maybe longer – because of the glut of properties still on the market and the state of the U.S. economy.
But if you are a first-time buyer, the situation is different. Do you have enough cash for a down payment – at least 3.5 percent for a Federal Housing Administration loan, as much as 20 percent for a conventional bank loan – plus closing costs? And is your job or career relatively stable?If the answers are yes and yes, then you have options. Still, is this the right time to take the plunge?“Now is a much better time than a year and a half ago,” said Chris Toadvine, a certified financial planner in Orlando and president of the Financial Planning Association of Central Florida. “I think home prices may fall a bit further, but if I were a buyer, I would not be trying to time a bottom.”From a dollars-and-cents perspective, it’s certainly a buyer’s market.
Asking prices for Orlando-area homes have not been so low at any time in the past four or five years, and the number of properties on the market is still at or near record levels.“There’s a substantial amount of inventory still to be sold,” said Hank Fishkind, a private economist who analyzes the Florida and Central Florida real-estate markets for Attorney’s Title Insurance Fund and other industry groups and companies.Foreclosures will continue adding to the volume of homes for sale and keep downward pressure on prices throughout the year, Fishkind predicts, though he notes that the rate of increase in the number of foreclosures is now slowing.The median sales price for existing homes in Central Florida has fallen about 30 percent in the past year, to well below $200,000. Prices are now back to levels last seen in the spring of 2004. New-home prices in the Orlando area have dropped about 20 percent from their 2006 peak, according to some industry surveys, to just more than $300,000, and are still heading down.Others’ pessimism can pay off. As a result, homes are much more affordable now than they were only a year ago. For example, a first-time homebuyer with the median household income of $34,947 in January 2008 had only 75 percent of the income needed to afford the median-priced existing home, which cost $188,275 at the time. But as of two months ago, a first-time buyer making the median of $35,334 had 96 percent of the income needed to afford that median-priced starter home, which by November cost $141,971.Denise Kovach, a certified financial planner with Certified Financial Group Inc. in Altamonte Springs, said that, for first-time homebuyers who do not have to sell an existing house, this is a decent time to consider making a move. “As with the stock market, usually the best time to buy is when everyone is feeling most pessimistic,” she said.Those first-time buyers can take advantage of a relatively new federal tax credit for primary residences purchased by July 1, 2009. The credit reduces your income tax dollar for dollar as much as $7,500, with the size of your credit depending on your home’s purchase price. It’s actually more like an interest-free loan from the government, because the IRS “recaptures” the credit during the next 15 years, or when the home is sold.Most homebuyers during the early years of a mortgage also “itemize” on their federal tax return to take advantage of the deductions they can take for property taxes and home-loan interest. But even those who claim just the standard deduction can use another new tax break to deduct at least part of their property taxes: $1,000 for joint filers, $500 for singles.
Price plunge near bottom, experts say. For potential buyers who have everything they need lined up and are ready to sign on the dotted line – but are holding off for fear the house they buy will keep losing value in the coming year – industry professionals can’t offer any guarantees. But they generally agree that most, if not all, of the historic plunge in values has likely run its course.In coming years, they expect a slow but steady increase in property values, at or slightly above the rate of consumer inflation, without dramatic leaps fueled by lax lending practices and easy money. Those days are long gone.Credit standards are higher now than they were just a couple of years ago, and full documentation of income and good credit scores are required of those seeking the best home-loan deals.“I think that, if someone buys a home today and locks in a low-rate, long-term mortgage, they will be glad they did 10 years from now,” Toadvine said.
Copyright © 2009 The Orlando Sentinel, Fla., Jerry W. Jackson. Distributed by McClatchy-Tribune Information Services.
There are people buying the home of their dreams. I just sold a great ocean front home in the Keys. I'm working with a number of buyers that are seeking their own dream house and I can help you find yours too!
Rob Skeel
Realtor
Century 21 Keysearch Realty
Green Certified Real Estate Professional
FHA Certified
305-393-6300
800-541-5019
http://www.robskeel.com/
http://robskeel.com/homes_for_sale.shtml
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