RISMEDIA, December 31, 2009?With a $569,000 Tampa home sitting on the market for a year and a half and no signs of a sale, Tracy Truitt was a disheartened Realtor looking for a new approach that would help her sell her listing.
Truitt, a Realtor with Century 21 Elite in Tampa, discovered Showhomes, a home staging company, with what it calls a unique spin on traditional home staging: the nationally franchised company finds people to live in and help stage vacant homes so that they show better and sell faster. Given the declining real estate market, mansions and just about every other type of home are difficult to sell, the company reports.
Showhomes says it staged Truitt?s home and it sold in eight days. ?I had an almost full price offer within a week of Showhomes? staging, and a 25% higher offer than the two offers that had come in previously to the home being staged,? Truitt says.
Showhomes Tampa owner Linda Saavedra says Truitt?s experience isn?t a fluke.
She says the company?s staged homes are selling in a fraction of the time most homes are taking to sell. So are homes all over the country staged with Showhomes? system, she adds. According to the company, a typical $850,000 home in Florida is taking well over a year to sell in today?s market and the average time it has taken Showhomes to sell these homes is 132 days.
?Recently we?ve had six major success stories with homes that have lingered on the market for over a year,? she says. ?Three homes sold within 35 days and two others were contracted within seven days of staging. The home that sold in 8 days has been on the market for over two years and the sale price was 20% more than the offers they received when the home was vacant.?
?Our approach is working,? says Thomas Scott, VP of operations at the Nashville-based corporate headquarters of Showhomes. ?We are experiencing similar home sales results in southern California, the Midwest and Northeast. Despite the glut of inventory, there are buyers in the market and they are choosing to purchase homes we have staged.?
For more information, visit www.showhomes.com
Thursday, December 31, 2009
Monday, December 28, 2009
4 out of 10 Recent Buyers Used FHA Loans
According to the most recent REALTORS? Confidence Index, 39 percent of recent buyers purchased a home with a Federal Housing Administration-insured loan. REALTORS? who took part in the November survey also reported that the number of first-time home buyers continued to climb to 51 percent.
?FHA helps provide affordable mortgage financing to home owners, particularly first-time home buyers who are so important in drawing down inventory to help stabilize the current housing market,? said NAR President Vicki Cox Golder. ?These recent survey results reaffirm that, despite its current challenges, FHA is a critical part of the American housing fabric.?
Distressed Sales, HVCC Concerns
The RCI results also indicated that distressed sales increased to 33 percent of all home sales last month, and that both investors and first-time home buyers are competing for these properties. The preponderance of distressed properties on the market has also influenced buyers? perceptions of other homes for sale. REALTORS? report that many buyers have pricing expectations that treat every property as if it were in foreclosure.
In addition, REALTORS? expressed ongoing concerns with the impact of the Home Valuation Code of Conduct on recent appraisals. According to some survey respondents, inexperienced or out-of-area appraisers continue to rely heavily on sales prices of distressed properties, even when other comps are available.
?As the first, best source for real estate information, REALTORS? have their finger on the pulse of current housing trends, and their knowledge and experience offer valuable insights into today?s real estate market,? Golder said. ?We know that an economic recovery is not possible without a housing recovery, and we will continue to work with policymakers at all levels to ensure that this happens.?
?NAR
?FHA helps provide affordable mortgage financing to home owners, particularly first-time home buyers who are so important in drawing down inventory to help stabilize the current housing market,? said NAR President Vicki Cox Golder. ?These recent survey results reaffirm that, despite its current challenges, FHA is a critical part of the American housing fabric.?
Distressed Sales, HVCC Concerns
The RCI results also indicated that distressed sales increased to 33 percent of all home sales last month, and that both investors and first-time home buyers are competing for these properties. The preponderance of distressed properties on the market has also influenced buyers? perceptions of other homes for sale. REALTORS? report that many buyers have pricing expectations that treat every property as if it were in foreclosure.
In addition, REALTORS? expressed ongoing concerns with the impact of the Home Valuation Code of Conduct on recent appraisals. According to some survey respondents, inexperienced or out-of-area appraisers continue to rely heavily on sales prices of distressed properties, even when other comps are available.
?As the first, best source for real estate information, REALTORS? have their finger on the pulse of current housing trends, and their knowledge and experience offer valuable insights into today?s real estate market,? Golder said. ?We know that an economic recovery is not possible without a housing recovery, and we will continue to work with policymakers at all levels to ensure that this happens.?
?NAR
Friday, December 18, 2009
Home buyers are downsizing
WASHINGTON ? Dec. 17, 2009 ? Out of the depths of housing?s worst downturn, smaller new homes are turning into a bright spot for some home builders.
The trend toward more compact new homes is being driven partly by the fact that more customers are first-time buyers who have less to spend.
Home builders are responding by offering smaller designs with features such as high ceilings and large windows that create a spacious feel and options that let buyers personalize the model they choose.
KB Home?s smaller model helped it achieve a 62 percent increase in year-over-year net orders in the third quarter.
The trend cuts across the industry. The median square footage of new homes has dropped 9 percent from a peak of 2,300 square feet in the third quarter of 2006 to 2,100 square feet in the July-September period this year, according to data from the National Association of Home Builders (NAHB).
Housing size drops with each recession, but economists expect the current movement toward smaller homes to continue for some time in part because of the severity of the current housing market slump.
First-time buyers are driving the trend toward smaller homes because that is what they can afford, says David Crowe, chief economist at the NAHB.
As the economy improves, move-up buyers generally enter the market and begin buying larger homes. But this time, so many homeowners owe more on their homes than their properties are worth that many potential move-up buyers will be stuck even as the economy strengthens.
That means first-time homebuyers will still be buying smaller homes while larger homes will find fewer buyers.
?This downsizing is more sustainable,? Crowe says. ?The first-time buyer will continue to be a large part of the market because the move-up buyer will not have as much equity. It?s going to take them awhile to climb out.?
The NAHB doesn?t keep data on the percentage of new home sales that are made by first-time home buyers, but about half of all home purchasers were first-time buyers in October, according to the National Association of Realtors.
For builders, smaller, less-expensive homes mean less profit. But the industry is already facing strong competition from a high supply of foreclosed homes selling at comparatively low prices.
A welcome change
Some analysts say the downsizing trend could be good news for builders.
?The appetite for smaller homes may be a welcome change for home builders as new home sales have been challenged in the past few years,? says Tom Lydon, editor of ETF Trends, which educates investors on fund choices and market trends.
Major home builders such as KB Home and Pulte Homes are responding to the shift in demand by offering more of the smaller properties.
At Pulte Homes, its most popular designs today are 100 to 200 square feet less than the most-popular plans in 2005-06.
So the lower-priced homes don?t seem bare-bones to buyers, open floor plans and 9-foot ceilings provide a sense of roominess. Fireplaces are an option.
To hold down costs, Corian ? a surfacing material created by DuPont ? is a standard for kitchen counters instead of granite. Appliances are standard models instead of pricier stainless steel.
?It?s not just making it smaller, it?s maximizing the space in the home,? says Caryn Klebba, a spokeswoman at Pulte Homes. ?It?s a 9- or 10-foot ceiling rather than a cathedral ceiling.? Cathedral ceilings are 14 to 18 feet.
Getaway option
Smaller homes also are appealing as vacation homes.
Nancy Coronado, 55, a retired framer in an art gallery, has a large home in Whitehall, Mich., and bought a second Pulte home in Florence, Ariz., in March. The new home is about 1,400 square feet. ?I have a big home in Michigan and didn?t want another big home,? she says. ?I wasn?t looking for that.?
KB Home also has redesigned its homes to reflect the trend, because nearly 80 percent of its customers are first-time homebuyers.
Toll Bros., which builds luxury homes, says demand is down across the board, and not just for larger homes. Company officials say they, too, see an increased interest in smaller homes but believe that homebuyers will someday return to wanting larger properties.
Smaller homes, they say, reflect a down economy and tighter credit rather than an appetite for less space.
?We see the demand for smaller homes, but it?s not as though there?s huge demand for smaller homes but no demand for larger homes,? says Kira McCarron, a spokeswoman for Toll Bros. ?There is still a demand for luxury homes.?
Copyright ? 2009 USA TODAY
The trend toward more compact new homes is being driven partly by the fact that more customers are first-time buyers who have less to spend.
Home builders are responding by offering smaller designs with features such as high ceilings and large windows that create a spacious feel and options that let buyers personalize the model they choose.
KB Home?s smaller model helped it achieve a 62 percent increase in year-over-year net orders in the third quarter.
The trend cuts across the industry. The median square footage of new homes has dropped 9 percent from a peak of 2,300 square feet in the third quarter of 2006 to 2,100 square feet in the July-September period this year, according to data from the National Association of Home Builders (NAHB).
Housing size drops with each recession, but economists expect the current movement toward smaller homes to continue for some time in part because of the severity of the current housing market slump.
First-time buyers are driving the trend toward smaller homes because that is what they can afford, says David Crowe, chief economist at the NAHB.
As the economy improves, move-up buyers generally enter the market and begin buying larger homes. But this time, so many homeowners owe more on their homes than their properties are worth that many potential move-up buyers will be stuck even as the economy strengthens.
That means first-time homebuyers will still be buying smaller homes while larger homes will find fewer buyers.
?This downsizing is more sustainable,? Crowe says. ?The first-time buyer will continue to be a large part of the market because the move-up buyer will not have as much equity. It?s going to take them awhile to climb out.?
The NAHB doesn?t keep data on the percentage of new home sales that are made by first-time home buyers, but about half of all home purchasers were first-time buyers in October, according to the National Association of Realtors.
For builders, smaller, less-expensive homes mean less profit. But the industry is already facing strong competition from a high supply of foreclosed homes selling at comparatively low prices.
A welcome change
Some analysts say the downsizing trend could be good news for builders.
?The appetite for smaller homes may be a welcome change for home builders as new home sales have been challenged in the past few years,? says Tom Lydon, editor of ETF Trends, which educates investors on fund choices and market trends.
Major home builders such as KB Home and Pulte Homes are responding to the shift in demand by offering more of the smaller properties.
At Pulte Homes, its most popular designs today are 100 to 200 square feet less than the most-popular plans in 2005-06.
So the lower-priced homes don?t seem bare-bones to buyers, open floor plans and 9-foot ceilings provide a sense of roominess. Fireplaces are an option.
To hold down costs, Corian ? a surfacing material created by DuPont ? is a standard for kitchen counters instead of granite. Appliances are standard models instead of pricier stainless steel.
?It?s not just making it smaller, it?s maximizing the space in the home,? says Caryn Klebba, a spokeswoman at Pulte Homes. ?It?s a 9- or 10-foot ceiling rather than a cathedral ceiling.? Cathedral ceilings are 14 to 18 feet.
Getaway option
Smaller homes also are appealing as vacation homes.
Nancy Coronado, 55, a retired framer in an art gallery, has a large home in Whitehall, Mich., and bought a second Pulte home in Florence, Ariz., in March. The new home is about 1,400 square feet. ?I have a big home in Michigan and didn?t want another big home,? she says. ?I wasn?t looking for that.?
KB Home also has redesigned its homes to reflect the trend, because nearly 80 percent of its customers are first-time homebuyers.
Toll Bros., which builds luxury homes, says demand is down across the board, and not just for larger homes. Company officials say they, too, see an increased interest in smaller homes but believe that homebuyers will someday return to wanting larger properties.
Smaller homes, they say, reflect a down economy and tighter credit rather than an appetite for less space.
?We see the demand for smaller homes, but it?s not as though there?s huge demand for smaller homes but no demand for larger homes,? says Kira McCarron, a spokeswoman for Toll Bros. ?There is still a demand for luxury homes.?
Copyright ? 2009 USA TODAY
Thursday, December 17, 2009
HUD updates advice to borrowers?
WASHINGTON ? Dec. 17, 2009 ? The U.S. Department of Housing and Urban Development (HUD) has updated and re-released ?Shopping for Your Home Loan: HUD?s Settlement Cost Booklet.?
A large share of content in the 49-page publication, which helps consumers comparison-shop mortgages, addresses the standardized Good Faith Estimate and HUD-1 settlement statement forms that lenders must start using on Jan. 1, 2010.
HUD estimates that consumers could save almost $700 in costs and fees per loan on average as a result of the new requirement, which is one of several changes to the Real Estate Settlement Procedures Act (RESPA).
In addition to the updated literature, the agency has set up a RESPA ?FAQ? section and other information on a dedicated RESPA page so that consumers, settlement service providers and lenders can gain a better understanding of the new rules.
To download the updated booklet, read the FAQs or get more information about RESPA changes effective Jan. 1, 2010, visit HUD?s dedicated RESPA page at: http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
The National Association of Realtors also maintains an informational webpage to help Realtors understand the upcoming changes at: http://www.realtor.org/government_affairs/respa
Source: Inman News (12/17/09)
? Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688
A large share of content in the 49-page publication, which helps consumers comparison-shop mortgages, addresses the standardized Good Faith Estimate and HUD-1 settlement statement forms that lenders must start using on Jan. 1, 2010.
HUD estimates that consumers could save almost $700 in costs and fees per loan on average as a result of the new requirement, which is one of several changes to the Real Estate Settlement Procedures Act (RESPA).
In addition to the updated literature, the agency has set up a RESPA ?FAQ? section and other information on a dedicated RESPA page so that consumers, settlement service providers and lenders can gain a better understanding of the new rules.
To download the updated booklet, read the FAQs or get more information about RESPA changes effective Jan. 1, 2010, visit HUD?s dedicated RESPA page at: http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
The National Association of Realtors also maintains an informational webpage to help Realtors understand the upcoming changes at: http://www.realtor.org/government_affairs/respa
Source: Inman News (12/17/09)
? Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688
Friday, December 11, 2009
Construction jobs for Palm Coast?
December 10, 2009 ? Developers are currently in the early stages of planning a 7,000-residence project for Palm Coast, Florida, north of Country Road 205. The developers are hoping to get approval for the Neoga Lakes development mid next year and the first house could be built as soon as 2013. This potential project would supply thousands of Palm Coast construction contractors with employment.
The 6,400-acre Neoga Lakes development will also have 1.8 million square-feet of businesses and 1,300 acres of parks as well as its own school system. Local tradesman, including Palm Coast general contractors as well as Palm Coast electricians, are closely watching the progression of this tremendous employment opportunity.
The 6,400-acre Neoga Lakes development will also have 1.8 million square-feet of businesses and 1,300 acres of parks as well as its own school system. Local tradesman, including Palm Coast general contractors as well as Palm Coast electricians, are closely watching the progression of this tremendous employment opportunity.
Friday, December 4, 2009
As Usual: Florida Recovery Lags
ATLANTA ? Dec. 3, 2009 ? The national economy is perking up, even as Florida and the Southeast continue to struggle with a weak job market, depressed lending and a gloomy commercial real estate sector, the government said Wednesday.
The economic snapshot was provided in the Beige Book ? a compilation of economic anecdotes from the nation?s 12 Federal Reserve districts.
While the report found that in eight out of the 12 districts ?economic conditions have generally improved,? four others ? including the Atlanta District, which serves Florida ? reported mixed economic news.
The bright spots in the Southeast: ?The majority of retailers described activity as exceeding their modest expectations,? and new and used home sales were seen as improving, particularly in the lower-priced category.
Otherwise, the report painted a picture of continued weakness.
Manufacturers said orders were down, car sales have slipped since the days of the ?cash for clunkers? program and ?commercial real estate conditions were widely characterized as weak and, in many cases, deteriorating further,? the report found.
Of particular concern for Florida?s business community, banks said they were maintaining tight lending standards as they focus on repairing their balance sheets.
?Some financial contacts commented that increased lending was not anticipated given the current economic environment,? the report found.
The Beige Book is produced eight times a year, usually a few weeks before the Federal Reserve Open Market Committee meets to set monetary policy. Federal Reserve Chairman Ben Bernanke has suggested the government will keep interest rates low to spur the economic recovery.
Copyright ? 2009 The Miami Herald, Jim Wyss. Distributed by McClatchy-Tribune Information Services
The economic snapshot was provided in the Beige Book ? a compilation of economic anecdotes from the nation?s 12 Federal Reserve districts.
While the report found that in eight out of the 12 districts ?economic conditions have generally improved,? four others ? including the Atlanta District, which serves Florida ? reported mixed economic news.
The bright spots in the Southeast: ?The majority of retailers described activity as exceeding their modest expectations,? and new and used home sales were seen as improving, particularly in the lower-priced category.
Otherwise, the report painted a picture of continued weakness.
Manufacturers said orders were down, car sales have slipped since the days of the ?cash for clunkers? program and ?commercial real estate conditions were widely characterized as weak and, in many cases, deteriorating further,? the report found.
Of particular concern for Florida?s business community, banks said they were maintaining tight lending standards as they focus on repairing their balance sheets.
?Some financial contacts commented that increased lending was not anticipated given the current economic environment,? the report found.
The Beige Book is produced eight times a year, usually a few weeks before the Federal Reserve Open Market Committee meets to set monetary policy. Federal Reserve Chairman Ben Bernanke has suggested the government will keep interest rates low to spur the economic recovery.
Copyright ? 2009 The Miami Herald, Jim Wyss. Distributed by McClatchy-Tribune Information Services
Wednesday, December 2, 2009
Nine consecutive gains for pending home sales
Another Month of good news!
WASHINGTON ? Dec. 1, 2009 ? Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors? (NAR).
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.
Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. ?Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the homebuyer tax credit stimulus,? he said. ?This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.?
The PHSI in the Northeast surged 19.9 percent to 100.2 in October and is 44.2 percent above a year ago. In the Midwest the index rose 11.6 percent to 109.6 and is 36.6 percent higher than October 2008. Pending home sales in the South increased 5.4 percent to an index of 115.4, which is 31.6 percent above a year ago. In the West the index fell 11.2 percent to 127.7 but is 21.9 percent above October 2008.
Yun cautioned that home sales could dip in the months ahead.
?The expanded tax credit has only been available for the past three weeks, but the time between when buyers start looking at homes until they close on a sale can take anywhere from three to five months. Given the lag time, we could see a temporary decline in closed existing-home sales from December until early spring when we get another surge, but the weak job market remains a major concern and could slow the recovery process.
?Still, as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010. That would mean broad wealth stabilization for the vast number of middle-class families,? Yun said.
? 2009 Florida Realtors?
WASHINGTON ? Dec. 1, 2009 ? Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors? (NAR).
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.
Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. ?Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the homebuyer tax credit stimulus,? he said. ?This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.?
The PHSI in the Northeast surged 19.9 percent to 100.2 in October and is 44.2 percent above a year ago. In the Midwest the index rose 11.6 percent to 109.6 and is 36.6 percent higher than October 2008. Pending home sales in the South increased 5.4 percent to an index of 115.4, which is 31.6 percent above a year ago. In the West the index fell 11.2 percent to 127.7 but is 21.9 percent above October 2008.
Yun cautioned that home sales could dip in the months ahead.
?The expanded tax credit has only been available for the past three weeks, but the time between when buyers start looking at homes until they close on a sale can take anywhere from three to five months. Given the lag time, we could see a temporary decline in closed existing-home sales from December until early spring when we get another surge, but the weak job market remains a major concern and could slow the recovery process.
?Still, as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010. That would mean broad wealth stabilization for the vast number of middle-class families,? Yun said.
? 2009 Florida Realtors?
Friday, November 27, 2009
Faulty Chinese drywall causes corrosion, federal study says
MIAMI ? Nov. 24, 2009 ? What thousands of homeowners in South Florida and nationwide have believed about Chinese drywall was validated Monday when the Consumer Product Safety Commission said there is a link between the imported material and problems with corrosion in homes that have it. But the agency also said they don?t believe the problems are as widespread as early estimates predicted.
The conclusion followed testing at 51 homes in Florida, Alabama, Louisiana, Mississippi and Virginia that found ?a strong association between the problem drywall, the hydrogen sulfide levels in homes with that drywall and corrosion in those homes.?
Homeowners have been complaining for about a year to federal and state government agencies that their homes smell of sulfur or rotten eggs, the copper in their air-conditioning units and electrical wires in their homes are corroding and that other metals are turning black. They have also reported problems breathing, headaches and nosebleeds.
But until this week, no agency had officially linked corrosion problems with drywall. The safety commission is still investigating the link between wallboard and health concerns. Monday?s report said chemicals found in the homes tested were at levels lower than what might be expected to cause irritation, but the combination of those compounds with other substances could lead to the symptoms families are experiencing.
The agency cautioned that not all Chinese drywall is a source of problems.
?Not all drywall is alike,? said Jack McCarthy, president of Environmental Health & Engineering, which conducted the testing for CPSC. ?Not all Chinese drywall is alike. It depends on what it?s made of -- not the country it came from.?
CPSC spokesman Scott Wolfson said the agency is ?not limited in the scope of our investigation to just Chinese drywall.?
To date, the CPSC has received 2,091 complaints reports from residents in 32 states, the District of Columbia and Puerto Rico who believe their health symptoms or the corrosion of certain metal components are related to Chinese drywall. The majority of those -- more than 1,400 -- are from Florida residents.
While the problem is widespread, Wolfson said previous estimates that as many as 100,000 homes nationwide may be affected are likely incorrect. Complaints reported to state and federal agencies don?t foreshadow that large of a number.
The agency has spent about $3.5 million on its investigation, which it said is the largest in its history. The next phase of the agency?s work is on finding ways to identify problem drywall and come up with ways to treat homes.
Sen. Bill Nelson, D-Fla., was unimpressed with the consumer protection agency?s efforts.
?I?m still disappointed the government is taking too long to establish whether there?s a link between drywall, corrosion and health problems,? he said.
Many homeowners who are either living in their smelly homes or have moved out -- left to juggle mortgage payments and rent -- are still waiting for financial help. Some builders, including Miami-based Lennar and Sunrise-based GL Homes, have offered to repair affected homes. Many homeowners are pursuing lawsuits against foreign manufacturers that could take years to resolve.
Only one company, Knauf Plasterboard Tianjian, has agreed to be served with a federal class-action lawsuit and not force plaintiffs to go through international legal channels.
Warren Friedman of the U.S. Department of Housing and Urban Development said it is too early to discuss specifics of any financial assistance homeowners could get from the federal government. The CPSC sent the IRS a letter Monday informing them of their findings. The IRS could decide to allow homeowners to declare a casualty loss on returns.
Some states, including Louisiana, are using federal Community Development Block Grant money to help homeowners.
Copyright ? 2009, The Miami Herald, Nirvi Shah. Miami Herald staff writer Lesley Clark contributed to this report. All rights reserved.
The conclusion followed testing at 51 homes in Florida, Alabama, Louisiana, Mississippi and Virginia that found ?a strong association between the problem drywall, the hydrogen sulfide levels in homes with that drywall and corrosion in those homes.?
Homeowners have been complaining for about a year to federal and state government agencies that their homes smell of sulfur or rotten eggs, the copper in their air-conditioning units and electrical wires in their homes are corroding and that other metals are turning black. They have also reported problems breathing, headaches and nosebleeds.
But until this week, no agency had officially linked corrosion problems with drywall. The safety commission is still investigating the link between wallboard and health concerns. Monday?s report said chemicals found in the homes tested were at levels lower than what might be expected to cause irritation, but the combination of those compounds with other substances could lead to the symptoms families are experiencing.
The agency cautioned that not all Chinese drywall is a source of problems.
?Not all drywall is alike,? said Jack McCarthy, president of Environmental Health & Engineering, which conducted the testing for CPSC. ?Not all Chinese drywall is alike. It depends on what it?s made of -- not the country it came from.?
CPSC spokesman Scott Wolfson said the agency is ?not limited in the scope of our investigation to just Chinese drywall.?
To date, the CPSC has received 2,091 complaints reports from residents in 32 states, the District of Columbia and Puerto Rico who believe their health symptoms or the corrosion of certain metal components are related to Chinese drywall. The majority of those -- more than 1,400 -- are from Florida residents.
While the problem is widespread, Wolfson said previous estimates that as many as 100,000 homes nationwide may be affected are likely incorrect. Complaints reported to state and federal agencies don?t foreshadow that large of a number.
The agency has spent about $3.5 million on its investigation, which it said is the largest in its history. The next phase of the agency?s work is on finding ways to identify problem drywall and come up with ways to treat homes.
Sen. Bill Nelson, D-Fla., was unimpressed with the consumer protection agency?s efforts.
?I?m still disappointed the government is taking too long to establish whether there?s a link between drywall, corrosion and health problems,? he said.
Many homeowners who are either living in their smelly homes or have moved out -- left to juggle mortgage payments and rent -- are still waiting for financial help. Some builders, including Miami-based Lennar and Sunrise-based GL Homes, have offered to repair affected homes. Many homeowners are pursuing lawsuits against foreign manufacturers that could take years to resolve.
Only one company, Knauf Plasterboard Tianjian, has agreed to be served with a federal class-action lawsuit and not force plaintiffs to go through international legal channels.
Warren Friedman of the U.S. Department of Housing and Urban Development said it is too early to discuss specifics of any financial assistance homeowners could get from the federal government. The CPSC sent the IRS a letter Monday informing them of their findings. The IRS could decide to allow homeowners to declare a casualty loss on returns.
Some states, including Louisiana, are using federal Community Development Block Grant money to help homeowners.
Copyright ? 2009, The Miami Herald, Nirvi Shah. Miami Herald staff writer Lesley Clark contributed to this report. All rights reserved.
Wednesday, November 25, 2009
Real Estate of the Future: Lean, Clean and Green
RISMEDIA, November 25, 2009?There are several changes going on in the real estate industry today, not all of which are due to the economy, but certainly the reverberation from the recession will be felt for some time. As I see it, there are three words that come to mind as we move into the future of real estate:
Lean
In order to be successful in any business, you must find a need you can fill better than anyone else and you also need to fit the demographics of where you are. There are many reasons that being in the business of real estate is paramount for success. If we look at demographics, there are many Baby Boomers and Civics in the industry that want the opportunity to retire. But with the recent financial crisis, several of them have to start from scratch and they find themselves competing with the newest people coming into the industry who are often better educated in business and technology.
Looking from a consumer?s perspective, service is far more important than sizzle?we have a group consciousness about wasting money; we want to see a return on our investment in both time and money. The good businesspeople are going to track results for all their marketing efforts and systems to ensure a good return. The professionals who wish to retire want to save for that opportunity and they also want a good quality of life so they will be selective with their time. The Generation Xs and Ys understand the quadrant of what makes you an employee and what makes you own your future and how important it is to get to the right side of the quadrant to get a long-term return. They want quality of life all the way through.
I believe the real estate industry is going to continue to raise the standards and it will keep the number of people in the industry at a more realistic number. Moving forward, you will have to be a consummate professional. Even better than that is the fact that there will be more of the pie for the true professional that runs their business effectively.
Clean
Technology, Google and social networking has made what we do a matter of public record. Couple that with the most recent mortgage/financial crisis, and the consumer has two things they are concerned with: a way to look up all you do and who you work with along with mistrust due to the ones that made mistakes and the perception in the media. There has never been a more important time to be aware of what is being said about you and who you associate with.
Utilizing technology in order to be aware of what is being said about you on the Internet is crucial. The first thing you should do is get a Gmail account and then sign up for Google alerts to make yourself aware of what is being said about you, the people you work with and everyone real estate related that you do business with. Be proactive in showing what you do for this industry and your community. Get involved and help change the way the real estate industry and its professionals are perceived. Stay on top of local impressions as well?ask on a regular basis what the consumer and industry wants?and provide it.
Green
While conscientious living and the green movement continue to gain momentum across the real estate industry, every consumer we work with demands that everyone they do business with be more conscientious. Each of us has been responsible for using too much paper and not turning the lights off when we leave a room, but there are several ways to utilize e-business and to make your office environmentally friendly. The other reason for going green is that you will put more of it in your pocket by being more efficient. If you want to show consumers you are doing your part to care for the environment, go out and get a green designation and encourage everyone in your office to do the same. In addition, take stock of everything in your office and determine what systems you can put in place and how you can be more efficient in every department.
Commentary by Tami Bonnell read more: http://rismedia.com/2009-11-24/real-estate-of-the-future-lean-clean-and-green/#ixzz0XsDU6dHl
Lean
In order to be successful in any business, you must find a need you can fill better than anyone else and you also need to fit the demographics of where you are. There are many reasons that being in the business of real estate is paramount for success. If we look at demographics, there are many Baby Boomers and Civics in the industry that want the opportunity to retire. But with the recent financial crisis, several of them have to start from scratch and they find themselves competing with the newest people coming into the industry who are often better educated in business and technology.
Looking from a consumer?s perspective, service is far more important than sizzle?we have a group consciousness about wasting money; we want to see a return on our investment in both time and money. The good businesspeople are going to track results for all their marketing efforts and systems to ensure a good return. The professionals who wish to retire want to save for that opportunity and they also want a good quality of life so they will be selective with their time. The Generation Xs and Ys understand the quadrant of what makes you an employee and what makes you own your future and how important it is to get to the right side of the quadrant to get a long-term return. They want quality of life all the way through.
I believe the real estate industry is going to continue to raise the standards and it will keep the number of people in the industry at a more realistic number. Moving forward, you will have to be a consummate professional. Even better than that is the fact that there will be more of the pie for the true professional that runs their business effectively.
Clean
Technology, Google and social networking has made what we do a matter of public record. Couple that with the most recent mortgage/financial crisis, and the consumer has two things they are concerned with: a way to look up all you do and who you work with along with mistrust due to the ones that made mistakes and the perception in the media. There has never been a more important time to be aware of what is being said about you and who you associate with.
Utilizing technology in order to be aware of what is being said about you on the Internet is crucial. The first thing you should do is get a Gmail account and then sign up for Google alerts to make yourself aware of what is being said about you, the people you work with and everyone real estate related that you do business with. Be proactive in showing what you do for this industry and your community. Get involved and help change the way the real estate industry and its professionals are perceived. Stay on top of local impressions as well?ask on a regular basis what the consumer and industry wants?and provide it.
Green
While conscientious living and the green movement continue to gain momentum across the real estate industry, every consumer we work with demands that everyone they do business with be more conscientious. Each of us has been responsible for using too much paper and not turning the lights off when we leave a room, but there are several ways to utilize e-business and to make your office environmentally friendly. The other reason for going green is that you will put more of it in your pocket by being more efficient. If you want to show consumers you are doing your part to care for the environment, go out and get a green designation and encourage everyone in your office to do the same. In addition, take stock of everything in your office and determine what systems you can put in place and how you can be more efficient in every department.
Commentary by Tami Bonnell read more: http://rismedia.com/2009-11-24/real-estate-of-the-future-lean-clean-and-green/#ixzz0XsDU6dHl
Saturday, November 21, 2009
Foreclosure news
WASHINGTON ? Nov. 20, 2009 ? The foreclosure crisis likely will persist well into next year as high unemployment pushes more people out of homes, pulls down housing prices and raises concerns about the broader economic recovery.
The latest evidence was a report Thursday that a rising proportion of fixed-rate home loans made to people with good credit are sinking into foreclosure. That?s a shift from last year, when riskier subprime loans drove the housing crisis.
The report from the Mortgage Bankers Association also found that 14 percent of homeowners with a mortgage were either behind on payments or in foreclosure at the end of September. It was a record-high figure for the ninth straight quarter.
The data suggest the housing market and the broader recovery will remain under pressure from the surge in home-loan defaults, especially as unemployment keeps rising. Lost jobs are the main reason homeowners are falling behind on their mortgages.
After three years of plunging prices, the housing market started to rebound this summer. That lifted hopes for the overall economy. But analysts say there are too many foreclosed homes that have yet to be dumped on the market and expect further price declines.
Among states, the worst damage is still concentrated in the states hardest hit from the start: Florida, Nevada, California and Arizona. Together, they accounted for 43 percent of new foreclosures.
One in four mortgages in Florida were either past due or in foreclosure, the most in the U.S. Nevada was close behind at 23 percent.
?There?s no indication in this data that foreclosures are going to abate anytime soon,? said Mark Zandi, chief economist at Moody?s Economy.com, who projects that nationwide home prices will fall up to 10 percent before bottoming next fall.
Driven by rising unemployment, prime fixed-rate loans to borrowers with good credit accounted for nearly 33 percent of new foreclosures last quarter. That compares with 21 percent a year ago.
Many laid-off homeowners might be able to survive on their savings for a while, but ?the longer the economic situation stays in place, the less likely they are to hold on,? said Jay Brinkmann, chief economist at the Mortgage Bankers Association.
In markets where foreclosures already are high and still rising, prices likely will remain soft. That will cause developers to keep their bulldozers idle and prevent the industry from making a big contribution to the economy?s recovery.
?Builders only start homes when they can make money,? said John Burns, an Irvine, Calif.-based real estate consultant. ?In a lot of areas, until prices go back up, construction doesn?t make any sense.?
The crisis has struck people like Betty Wilson of San Diego. She was laid off a year ago from her job at an insurance company.
Since then, Wilson has managed to pay her $1,090 mortgage bill from collecting unemployment benefits, renting out a room and dipping into savings. But money is running low. She fears she won?t make her payment for December.
Wilson, 56, said she has tried to get her mortgage company, GMAC Mortgage, to lower her 6.25 percent interest rate or give her a temporary break from payments. Many mortgage companies will let a borrower skip up to six months of payments, though they require that the money be paid back eventually.
After The Associated Press inquired about her case, a GMAC spokeswoman said Thursday that the company would offer Wilson reduced payments for four months, ?while we continue to review her financials for a permanent solution.?
After a typical recession, foreclosures peak about six months after the unemployment rate does. But the process could take longer this time, in part because loan-modification programs and new state laws have prolonged the process. Unemployment, now at 10.2 percent, isn?t expected to peak until next spring or summer.
Another unknown is the effectiveness of the Obama administration plan to attack the foreclosure crisis. As of last month, about 20 percent of eligible borrowers, or more than 650,000 people, had signed up. But most of those enrolled have been chosen for trials lasting up to five months.
About 4 million homeowners were either in foreclosure or at least three months behind on their mortgage payments as of September, according to the mortgage bankers group. Even if some of them manage to stay in their homes, the market is likely to absorb a wave of new foreclosures. Those properties are concentrated in states like Florida and other already beleaguered areas.
Subprime loans with adjustable rates have fallen to 16 percent of new foreclosures, from 35 percent a year earlier. Loans backed by the Federal Housing Administration also show rising signs of trouble. More than 18 percent of FHA borrowers are at least one payment behind or in foreclosure.
The Mortgage Bankers Association?s quarterly survey of 44.6 million loans is considered the most authoritative report on mortgage delinquencies. A separate report, issued monthly by foreclosure listing service RealtyTrac Inc., is based on courthouse filings.
Copyright ? 2009 The Associated Press, Alan Zibel, AP real estate writer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The latest evidence was a report Thursday that a rising proportion of fixed-rate home loans made to people with good credit are sinking into foreclosure. That?s a shift from last year, when riskier subprime loans drove the housing crisis.
The report from the Mortgage Bankers Association also found that 14 percent of homeowners with a mortgage were either behind on payments or in foreclosure at the end of September. It was a record-high figure for the ninth straight quarter.
The data suggest the housing market and the broader recovery will remain under pressure from the surge in home-loan defaults, especially as unemployment keeps rising. Lost jobs are the main reason homeowners are falling behind on their mortgages.
After three years of plunging prices, the housing market started to rebound this summer. That lifted hopes for the overall economy. But analysts say there are too many foreclosed homes that have yet to be dumped on the market and expect further price declines.
Among states, the worst damage is still concentrated in the states hardest hit from the start: Florida, Nevada, California and Arizona. Together, they accounted for 43 percent of new foreclosures.
One in four mortgages in Florida were either past due or in foreclosure, the most in the U.S. Nevada was close behind at 23 percent.
?There?s no indication in this data that foreclosures are going to abate anytime soon,? said Mark Zandi, chief economist at Moody?s Economy.com, who projects that nationwide home prices will fall up to 10 percent before bottoming next fall.
Driven by rising unemployment, prime fixed-rate loans to borrowers with good credit accounted for nearly 33 percent of new foreclosures last quarter. That compares with 21 percent a year ago.
Many laid-off homeowners might be able to survive on their savings for a while, but ?the longer the economic situation stays in place, the less likely they are to hold on,? said Jay Brinkmann, chief economist at the Mortgage Bankers Association.
In markets where foreclosures already are high and still rising, prices likely will remain soft. That will cause developers to keep their bulldozers idle and prevent the industry from making a big contribution to the economy?s recovery.
?Builders only start homes when they can make money,? said John Burns, an Irvine, Calif.-based real estate consultant. ?In a lot of areas, until prices go back up, construction doesn?t make any sense.?
The crisis has struck people like Betty Wilson of San Diego. She was laid off a year ago from her job at an insurance company.
Since then, Wilson has managed to pay her $1,090 mortgage bill from collecting unemployment benefits, renting out a room and dipping into savings. But money is running low. She fears she won?t make her payment for December.
Wilson, 56, said she has tried to get her mortgage company, GMAC Mortgage, to lower her 6.25 percent interest rate or give her a temporary break from payments. Many mortgage companies will let a borrower skip up to six months of payments, though they require that the money be paid back eventually.
After The Associated Press inquired about her case, a GMAC spokeswoman said Thursday that the company would offer Wilson reduced payments for four months, ?while we continue to review her financials for a permanent solution.?
After a typical recession, foreclosures peak about six months after the unemployment rate does. But the process could take longer this time, in part because loan-modification programs and new state laws have prolonged the process. Unemployment, now at 10.2 percent, isn?t expected to peak until next spring or summer.
Another unknown is the effectiveness of the Obama administration plan to attack the foreclosure crisis. As of last month, about 20 percent of eligible borrowers, or more than 650,000 people, had signed up. But most of those enrolled have been chosen for trials lasting up to five months.
About 4 million homeowners were either in foreclosure or at least three months behind on their mortgage payments as of September, according to the mortgage bankers group. Even if some of them manage to stay in their homes, the market is likely to absorb a wave of new foreclosures. Those properties are concentrated in states like Florida and other already beleaguered areas.
Subprime loans with adjustable rates have fallen to 16 percent of new foreclosures, from 35 percent a year earlier. Loans backed by the Federal Housing Administration also show rising signs of trouble. More than 18 percent of FHA borrowers are at least one payment behind or in foreclosure.
The Mortgage Bankers Association?s quarterly survey of 44.6 million loans is considered the most authoritative report on mortgage delinquencies. A separate report, issued monthly by foreclosure listing service RealtyTrac Inc., is based on courthouse filings.
Copyright ? 2009 The Associated Press, Alan Zibel, AP real estate writer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Thursday, November 19, 2009
Next wave of foreclosures looms
WASHINGTON ? Nov. 19, 2009 ? A second wave of foreclosures is poised to hit the market, potentially undermining housing recovery efforts as more homes add to the glut of inventory and drive down prices.
These homes largely represent loans that are delinquent but have not yet resulted in foreclosure sales.
About 7 million properties are destined to go into foreclosure, according to a September study by Amherst Securities Group, compared with 1.27 million properties in early 2005.
?There?s a huge supply out there,? says Dean Baker, co-director of the Center for Economic and Policy Research in Washington, D.C. ?The foreclosure process can take a long time. When it comes to (the housing recovery), we?re not home free.?
There is often a long lag time between a borrower going delinquent and the bank taking the home. Here?s why:
? Moratoriums. New state laws imposing short-term moratoriums have slowed the timeline from delinquency to foreclosure.
? Overwhelmed lenders. Banks dealing with a surge in refinancing, mortgage modifications and defaults are overwhelmed with demand, so it can take longer to initiate a foreclosure sale.
? Modifications. Many loans now are first examined to see if they might qualify for a modification. This drags out the timeline and means it is taking longer for homes to go into foreclosure.
? Asset write-downs. Banks may in part be waiting to liquidate homes through foreclosure because they don?t want to write down the value of the asset. Lenders can keep homes on the books at a higher value until they are sold at foreclosure.
?There is a lot of foreclosed property in the pipeline that will hit the market and depress prices,? says Mark Zandi at Moody?s Economy.com. Foreclosed homes often sell at prices below those on the market and can therefore drag down overall home values.
The shadow market of foreclosed homes eclipses the number of homes lost this year. Zandi anticipates there will be about 2.4 million homes lost next year through foreclosure, short sales and deeds in lieu of foreclosure. That compares with 2 million homes lost in 2009.
Jumana Bauwens, a spokeswoman at Bank of America, says the bank is projecting an increase in foreclosures in part because customers will not be qualifying for existing loan-modification programs.
Copyright ? 2009 USA Today.
These homes largely represent loans that are delinquent but have not yet resulted in foreclosure sales.
About 7 million properties are destined to go into foreclosure, according to a September study by Amherst Securities Group, compared with 1.27 million properties in early 2005.
?There?s a huge supply out there,? says Dean Baker, co-director of the Center for Economic and Policy Research in Washington, D.C. ?The foreclosure process can take a long time. When it comes to (the housing recovery), we?re not home free.?
There is often a long lag time between a borrower going delinquent and the bank taking the home. Here?s why:
? Moratoriums. New state laws imposing short-term moratoriums have slowed the timeline from delinquency to foreclosure.
? Overwhelmed lenders. Banks dealing with a surge in refinancing, mortgage modifications and defaults are overwhelmed with demand, so it can take longer to initiate a foreclosure sale.
? Modifications. Many loans now are first examined to see if they might qualify for a modification. This drags out the timeline and means it is taking longer for homes to go into foreclosure.
? Asset write-downs. Banks may in part be waiting to liquidate homes through foreclosure because they don?t want to write down the value of the asset. Lenders can keep homes on the books at a higher value until they are sold at foreclosure.
?There is a lot of foreclosed property in the pipeline that will hit the market and depress prices,? says Mark Zandi at Moody?s Economy.com. Foreclosed homes often sell at prices below those on the market and can therefore drag down overall home values.
The shadow market of foreclosed homes eclipses the number of homes lost this year. Zandi anticipates there will be about 2.4 million homes lost next year through foreclosure, short sales and deeds in lieu of foreclosure. That compares with 2 million homes lost in 2009.
Jumana Bauwens, a spokeswoman at Bank of America, says the bank is projecting an increase in foreclosures in part because customers will not be qualifying for existing loan-modification programs.
Copyright ? 2009 USA Today.
Thursday, October 22, 2009
Housing regs to add protections for gays
WASHINGTON ? Oct. 22, 2009 ? Federal housing officials said Wednesday they?re developing regulations to ensure that gays and lesbians aren?t denied access to federally subsidized housing based on their sexual orientation.
The Department of Housing and Urban Development (HUD) will also commission a first-ever nationwide study to determine the extent of discrimination based on sexual orientation in housing sales and rental programs.
Officials said the Fair Housing Act, which prohibits discrimination in the sale and rental of homes, doesn?t specifically cite gays and lesbians when it comes to the groups protected. The department wants to make sure that gays, lesbians, bisexuals and transgender people are treated the same as everyone else when it comes to eligibility for housing programs.
The extent of such discrimination is unknown, but HUD Secretary Shaun Donovan said it undoubtedly exists.
?The evidence is clear that some are denied the opportunity to make housing choices in our nation based on who they are, and that must end,? said Donovan.
Department officials pointed to a study from Michigan?s Fair Housing Centers that found nearly 30 percent of same-sex couples were treated differently when trying to buy or rent a home.
The department also announced that the regulations concerning HUD?s housing and voucher programs would clarify that the term ?family? also applies to lesbian and gay couples.
Copyright ? 2009 The Associated Press, Kevin Freking, Associated Press writer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The Department of Housing and Urban Development (HUD) will also commission a first-ever nationwide study to determine the extent of discrimination based on sexual orientation in housing sales and rental programs.
Officials said the Fair Housing Act, which prohibits discrimination in the sale and rental of homes, doesn?t specifically cite gays and lesbians when it comes to the groups protected. The department wants to make sure that gays, lesbians, bisexuals and transgender people are treated the same as everyone else when it comes to eligibility for housing programs.
The extent of such discrimination is unknown, but HUD Secretary Shaun Donovan said it undoubtedly exists.
?The evidence is clear that some are denied the opportunity to make housing choices in our nation based on who they are, and that must end,? said Donovan.
Department officials pointed to a study from Michigan?s Fair Housing Centers that found nearly 30 percent of same-sex couples were treated differently when trying to buy or rent a home.
The department also announced that the regulations concerning HUD?s housing and voucher programs would clarify that the term ?family? also applies to lesbian and gay couples.
Copyright ? 2009 The Associated Press, Kevin Freking, Associated Press writer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Monday, October 19, 2009
Homeowners still pricing their homes too high
TALLAHASSEE, Fla. ? Oct. 16, 2009 ? Real estate practitioners in the heart of foreclosure hotspots are talking turkey about pricing to their clients.
?I don?t sugar-coat anything. I don?t tell people what they want to hear. I tell them what they have to hear,? says Mike Aubrey, an associate with RE/MAX Metropolitan Realty in North Potomac, Md.
?[Setting the initial price too high] is not only a waste of time, but you stigmatize your property,? says Joe Manausa, president of Century 21 First Realty in Tallahassee. ?People wonder why nobody bought it, why it?s been on the market so long.?
In fact, setting a price too high is ?downright willful negligence,? Manausa declares.
Source: Inman News, Mary Umberger (10/14/2009)
? Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688
?I don?t sugar-coat anything. I don?t tell people what they want to hear. I tell them what they have to hear,? says Mike Aubrey, an associate with RE/MAX Metropolitan Realty in North Potomac, Md.
?[Setting the initial price too high] is not only a waste of time, but you stigmatize your property,? says Joe Manausa, president of Century 21 First Realty in Tallahassee. ?People wonder why nobody bought it, why it?s been on the market so long.?
In fact, setting a price too high is ?downright willful negligence,? Manausa declares.
Source: Inman News, Mary Umberger (10/14/2009)
? Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688
Saturday, October 17, 2009
Is it ever going to get better?
News Service of Florida - Oct 16th, 2009
Florida?s unemployment inched up in September to 11 percent as the state continues to be dogged by a sluggish economy that shed 360,000 jobs from a year ago.
The rate, the highest since October 1975, was 4.3 percentage points higher than in September 2008 and 0.2 points higher than a revised August figure of 10.8 percent, the Agency for Workforce Innovation reported on Friday.
Florida, which typically lags behind the nation during recovery, is likely to experience higher rates before the worst is over, an AWI economist cautioned Friday. The state?s economic picture overall may be brightening, however, as other state and national economic indicators show a slow recovery may have already begun.
For example, the number of mass layoff notices received by AWI fell from a peak of 36 notices in March to seven notices received in September. Last week, the agency received no major layoff notices, the first time since the week of September 29, 2008.
?The recovery is coming slowly, but it is coming,? said AWI Director Cynthia Lorenzo. ?The latest unemployment figures confirm that the economic downturn continues to impact a significant number of Floridians and businesses. However, a reduction in employers announcing closings or large-scale layoffs is a positive sign of Florida?s growing economic stability.?
Florida?s total non-agricultural workforce fell to 7.2 million in September, a 4.7-percent drop over the past year. Losses in construction, transportation, professional and business services sectors accounted for two-thirds of the loss, which translates into more than 1 million jobless.
Health care remains the only growth sector in the economy, said AWI chief economist Rebecca Rust.
The state rate was 1.2 percentage points higher than the national average of 9.8 percent.
State economists had estimated earlier this year that Florida?s jobless rate would peak somewhere around 11 percent before slowly returning to more moderate levels. Rust said that figure may have to be revised upward when state economists next meet Nov. 3 to update the state?s economic picture.
Don Winstead, who has been coordinating state efforts to spend federal economic stimulus money, said economists have stated that the unemployment trend tends to be a lagging indicator of how the economy is actually doing at present time, but noted that the state needed to continue working to bring Florida out of the hole.
?I think it just underscores how important it is that we stay the course and press on and do everything we can to help people,? Winstead said.
But stimulus funds alone will not pull the state and nation out of its economic stupor, said Sean Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida.
Snaith said the unemployment rate underscores the existing economic challenges, despite news that Wall Street has posted impressive gains in recent months. And though the state is reaching the bottom, it may not have hit it yet.
?The Dow over 10,000 and the ?Cash for Clunkers? surge in spending might be giving us a false hope for a strong recovery,? Snaith said. ?When the celebrations die down, the reality of continuing double-digital unemployment will set in, and things are going to slow down again.?
The highest unemployment rate in the state was in Palm Coast, which is experiencing a 16.2 percent jobless rate. Vero Beach and Port St. Lucie followed at 15.2 percent and 14.1 percent respectively.
Fort Walton Beach, Gainesville and Tallahassee ? regions known for government, education and military employment ? had the lowest unemployment rates, all less than 7.5 percent.
Florida?s unemployment inched up in September to 11 percent as the state continues to be dogged by a sluggish economy that shed 360,000 jobs from a year ago.
The rate, the highest since October 1975, was 4.3 percentage points higher than in September 2008 and 0.2 points higher than a revised August figure of 10.8 percent, the Agency for Workforce Innovation reported on Friday.
Florida, which typically lags behind the nation during recovery, is likely to experience higher rates before the worst is over, an AWI economist cautioned Friday. The state?s economic picture overall may be brightening, however, as other state and national economic indicators show a slow recovery may have already begun.
For example, the number of mass layoff notices received by AWI fell from a peak of 36 notices in March to seven notices received in September. Last week, the agency received no major layoff notices, the first time since the week of September 29, 2008.
?The recovery is coming slowly, but it is coming,? said AWI Director Cynthia Lorenzo. ?The latest unemployment figures confirm that the economic downturn continues to impact a significant number of Floridians and businesses. However, a reduction in employers announcing closings or large-scale layoffs is a positive sign of Florida?s growing economic stability.?
Florida?s total non-agricultural workforce fell to 7.2 million in September, a 4.7-percent drop over the past year. Losses in construction, transportation, professional and business services sectors accounted for two-thirds of the loss, which translates into more than 1 million jobless.
Health care remains the only growth sector in the economy, said AWI chief economist Rebecca Rust.
The state rate was 1.2 percentage points higher than the national average of 9.8 percent.
State economists had estimated earlier this year that Florida?s jobless rate would peak somewhere around 11 percent before slowly returning to more moderate levels. Rust said that figure may have to be revised upward when state economists next meet Nov. 3 to update the state?s economic picture.
Don Winstead, who has been coordinating state efforts to spend federal economic stimulus money, said economists have stated that the unemployment trend tends to be a lagging indicator of how the economy is actually doing at present time, but noted that the state needed to continue working to bring Florida out of the hole.
?I think it just underscores how important it is that we stay the course and press on and do everything we can to help people,? Winstead said.
But stimulus funds alone will not pull the state and nation out of its economic stupor, said Sean Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida.
Snaith said the unemployment rate underscores the existing economic challenges, despite news that Wall Street has posted impressive gains in recent months. And though the state is reaching the bottom, it may not have hit it yet.
?The Dow over 10,000 and the ?Cash for Clunkers? surge in spending might be giving us a false hope for a strong recovery,? Snaith said. ?When the celebrations die down, the reality of continuing double-digital unemployment will set in, and things are going to slow down again.?
The highest unemployment rate in the state was in Palm Coast, which is experiencing a 16.2 percent jobless rate. Vero Beach and Port St. Lucie followed at 15.2 percent and 14.1 percent respectively.
Fort Walton Beach, Gainesville and Tallahassee ? regions known for government, education and military employment ? had the lowest unemployment rates, all less than 7.5 percent.
Friday, October 16, 2009
Something new for Palm Coast
Oaks Development Group Launches Physician Incubator Space in Palm Coast Medical Office Building
Thu Oct 15, 2009 2:58pm EDT
Featured Broker sponsored link
Oaks Development Group Launches Physician Incubator Space in Palm Coast
Medical Office Building
PALM COAST, Fla., Oct. 15 /PRNewswire/ -- Technology companies have been doing
it for years. Why not the medical profession? Incubator space has recently
gathered some thoughtful discussion in hospitals and as a way to generate
interest in the expansion of medical care into secondary markets. One
developer, North Carolina-based Oaks Development Group, believes there's
application in off-campus medical office buildings (MOBs). As such, the
innovative developer is rolling out the concept in its Palm Coast, Florida,
building.
Oaks broke ground on the 20,000-square-foot building over the summer. Located
across from Florida Hospital Flagler on State Road 100, it is expected to be
completed in early 2010.
The incubator space will consist of 2,200 square feet and eight offices. Oaks
is making the space available for as little as two, half days a week with just
a one-year commitment for physicians looking to expand into new markets. Oaks
provides exam tables, chairs, permanent equipment, high-speed internet, phone
system and cleaning services, with no cash outlay for physicians. "It's shared
space, providing opportunities for physicians to open second practices or move
into new markets. It's available to them while they build up their practices,
until they are ready to move into permanent space," said Charlie Barker, Oaks'
director of Florida development.
"In addition, our model for tenanting our office buildings is focused on
nesting practices that serve as natural referral sources for each other,"
added Barker. "This contributes to a start-up practice's ability to attract
new patients."
Such space also provides an option for physicians who are coming in from
competing markets where they may not yet be affiliated with any hospital or
are connected with a competing hospital. "Our workspace gives them an
opportunity to start up in that market, at a fraction of what they'd pay to
rent traditional office space," added Barker.
The rest of the Palm Coast building is reserved for Oaks' unique ownership
model that provides tenants with a piece of the ownership pie without
requiring upfront equity. The architect on the project Thomas Miller &
Associates. M.J. Harris, Inc. is the contractor. Cornelia Manfre, Prudential
Commercial Realty, is exclusive broker.
For leasing and ownership information regarding the Palm Coast medical office
building, please contact Charlie Barker of Oaks Development Group at:
1-866-676-7453 or cbarker@oaksdevelopment.net.
About Oaks Development Group
Oaks Development Group, http://www.oaksdevelopment.net, is a private equity
funded real estate investment group specializing in the acquisition,
construction, conversion, restructuring and management of medical/professional
properties to achieve a consistent long term and stable return for private
investments. The Oaks model involves strategically sharing equity in
transactions with individual tenants and equity partners. Oaks Development
Group is headquartered in Cary, North Carolina, with additional offices in
Wilmington, NC; Savannah, GA; Tampa, FL; and San Antonio, TX. For more
information on Oaks projects, please call 1-866-780-5095 or visit
www.oaksdevelopment.net for more information.
SOURCE Oaks Development Group
Kim Oaks of Oaks Development Group, +1-910-763-5737, ext. 204,
kloaks@oaksdevelopment.net; or Debi Pfitzenmaier of PfitzPR, +1-210-669-6911,
debi@pfitzpr.com, for Oaks Development Group
Thu Oct 15, 2009 2:58pm EDT
Featured Broker sponsored link
Oaks Development Group Launches Physician Incubator Space in Palm Coast
Medical Office Building
PALM COAST, Fla., Oct. 15 /PRNewswire/ -- Technology companies have been doing
it for years. Why not the medical profession? Incubator space has recently
gathered some thoughtful discussion in hospitals and as a way to generate
interest in the expansion of medical care into secondary markets. One
developer, North Carolina-based Oaks Development Group, believes there's
application in off-campus medical office buildings (MOBs). As such, the
innovative developer is rolling out the concept in its Palm Coast, Florida,
building.
Oaks broke ground on the 20,000-square-foot building over the summer. Located
across from Florida Hospital Flagler on State Road 100, it is expected to be
completed in early 2010.
The incubator space will consist of 2,200 square feet and eight offices. Oaks
is making the space available for as little as two, half days a week with just
a one-year commitment for physicians looking to expand into new markets. Oaks
provides exam tables, chairs, permanent equipment, high-speed internet, phone
system and cleaning services, with no cash outlay for physicians. "It's shared
space, providing opportunities for physicians to open second practices or move
into new markets. It's available to them while they build up their practices,
until they are ready to move into permanent space," said Charlie Barker, Oaks'
director of Florida development.
"In addition, our model for tenanting our office buildings is focused on
nesting practices that serve as natural referral sources for each other,"
added Barker. "This contributes to a start-up practice's ability to attract
new patients."
Such space also provides an option for physicians who are coming in from
competing markets where they may not yet be affiliated with any hospital or
are connected with a competing hospital. "Our workspace gives them an
opportunity to start up in that market, at a fraction of what they'd pay to
rent traditional office space," added Barker.
The rest of the Palm Coast building is reserved for Oaks' unique ownership
model that provides tenants with a piece of the ownership pie without
requiring upfront equity. The architect on the project Thomas Miller &
Associates. M.J. Harris, Inc. is the contractor. Cornelia Manfre, Prudential
Commercial Realty, is exclusive broker.
For leasing and ownership information regarding the Palm Coast medical office
building, please contact Charlie Barker of Oaks Development Group at:
1-866-676-7453 or cbarker@oaksdevelopment.net.
About Oaks Development Group
Oaks Development Group, http://www.oaksdevelopment.net, is a private equity
funded real estate investment group specializing in the acquisition,
construction, conversion, restructuring and management of medical/professional
properties to achieve a consistent long term and stable return for private
investments. The Oaks model involves strategically sharing equity in
transactions with individual tenants and equity partners. Oaks Development
Group is headquartered in Cary, North Carolina, with additional offices in
Wilmington, NC; Savannah, GA; Tampa, FL; and San Antonio, TX. For more
information on Oaks projects, please call 1-866-780-5095 or visit
www.oaksdevelopment.net for more information.
SOURCE Oaks Development Group
Kim Oaks of Oaks Development Group, +1-910-763-5737, ext. 204,
kloaks@oaksdevelopment.net; or Debi Pfitzenmaier of PfitzPR, +1-210-669-6911,
debi@pfitzpr.com, for Oaks Development Group
Thursday, October 8, 2009
Another toxic drywall problem: No insurance
TALLAHASSEE, Fla. ? Oct. 8, 2009 ? Homeowners living in houses with suspect Chinese drywall are already in a bind: Their air conditioners stop working, a rotten-egg smell permeates their homes, they suffer a litany of health problems including troubled breathing, nosebleeds and headaches.
Now, some of them could lose their property insurance coverage.
Many homeowners have filed claims with their home insurers to repair the drywall damage. That?s turning out to be a dead end: Most property insurers are denying the claims because homeowners policies don?t cover contamination or building material defects.
But once an insurer knows there is drywall damage in a home, the existing damage could be the trigger for not renewing a policy unless repairs are made.
That?s the dilemma for James and Maria Ivory. The couple retired to Punta Gorda from Colorado in February, buying a home for $109,000 that was built in 2006. The Ivorys had to have the air conditioner replaced right away and noticed metals were corroding shortly after moving into their home, which had never been lived in.
They filed a claim with their insurer, Citizens Property Insurance, to rehabilitate the home, asking for the drywall to be ripped out and corroded items be replaced, among other repairs.
The Ivorys? claim didn?t specify a dollar amount, but some builders have estimated repair work generally can run at least one-third of the original construction costs.
The state-run insurer, the largest in Florida, denied the claim. Then last month, the couple received a notice from Citizens, saying their homeowners policy won?t be renewed in March because it has no proof the damage the Ivorys wanted their insurance money to pay for has been repaired.
?Safety net?
?There?s nothing that?s ever happened to this home other than Chinese drywall,? said David Durkee, a Coral Gables attorney who is representing the couple. ?He needed to go to Citizens because he couldn?t get insurance elsewhere. That was supposed to be the safety net for residents in Florida.?
Durkee, who is handling several lawsuits against builders and drywall suppliers, said this is the first time he has seen an insurer use drywall damage as a reason for dropping a policy.
Durkee has written to Gov. Charlie Crist, U.S. Sen. Bill Nelson and Congressman Robert Wexler of Boca Raton about Citizens.
?We cannot let that safety net have a hole in it, period,? Durkee said.
For its part, Citizens has received about 20 drywall claims so far, and each are handled on a case by case basis, said John Kuczwanski, Citizens? spokesman. Not all the claims are resolved yet.
Thousands of homes in South Florida and tens of thousands nationwide are suspected of having the tainted imported drywall. Large amounts of drywall were imported into Florida to deal with demand from the home-building boom and reconstruction following hurricanes of 2004 and 2005.
So far, there is no scientific proof that the imports are causing the problems, but homeowners with the material have similar complaints of malfunctioning air conditioner metals, a chemical or rotten-egg smell, and breathing trouble and nosebleeds, among other health problems.
The Ivorys aren?t the only Florida residents who have had Chinese drywall claims denied by the homeowners insurance companies.
Many of Miami attorney Jeremy Alters clients have experienced the same thing.
?A shame?
?It?s a shame because it?s an immediate solution for the homeowners,? Alters said. Instead, many are waiting on lawsuits to work their way through the legal system. But if insurers honored the claims, then they could go after the drywall manufacturers, instead of homeowners, he said.
Homeowners insurance policies are designed to cover ?sudden accidental losses? such as the water damage caused by busted pipes or ripped out roof due to a hurricane, explained Dick Luedke, a spokesman for State Farm Insurance. However, homeowners policies generally exclude pollution or contamination damage or problems stemming from defects in building materials.
State Farm has had fewer than two dozen claims with drywall damage. Luedke says no policy so far has been canceled because of a drywall problem. But the company can reevaluate a policy if the risk of insuring a home has increased dramatically.
The giant international reinsurer Swiss Re said in report issued last month that most homeowners insurance companies are using those two exclusions to deny claims from damage stemming from imported drywall.
Durkee says none of the claims he has reviewed have been denied improperly. Homeowners are turning to builders, drywall suppliers and manufacturers to recover remediation costs. Some builders, including Lennar and GL Homes, have taken on the cost of gutting and rebuilding homes and providing temporary living quarters until the repairs are done.
Hearing held
Earlier this week, a state Senate committee held its first hearing in Tallahassee to discuss potential remedies to help affected homeowners. Requiring home insurers to cover drywall claims hasn?t been discussed.
Boca Raton attorney Allison Grant sued American Home Insurance Company in federal district court in March on behalf of Fort Myers residents Keith Baker and Linda Leri after the insurance company denied their insurance claim for damages related to Chinese drywall.
Although they said their 9,200-square-foot home was inspected after they filed their claim, it was denied because of a contamination exemption in their policy, the lawsuit says. American Home Insurance denies even inspecting the couple?s home, in court documents, but says contamination or pollution exemptions would apply anyway.
?The same thing?
?Most of the companies are doing the same thing,? said Grant, who has a list of clients who have been denied help from their insurance companies. Grant said she?s waiting to see what happens with this lawsuit before going after other insurance companies.
?With Chinese drywall, what?s so unique about it, is that when these policies were written, they didn?t know what Chinese drywall was,? Grant said. ?To exclude it, I think it?s wrong.?
Copyright ? 2009 The Miami Herald, Beatrice E. Garcia and Nirvi Shah. Distributed by McClatchy-Tribune Information Services.
Wednesday, September 9, 2009
Flagler school enrollment increase
Flagler school enrollment increase: "Palm Coast, FL – September 8, 2009 – Recent news of Florida's population has been gloomy. The state's population reportedly declined for the first time since 1946. Flagler County unemployment stands at 15.9%, second highest in the state. Today's release of Flagler County School Districts confirmed entering enrollment brings a little light into a dark room. The total current enrollment of 13,249 is 3% above the number ending the last school year.
The rise is good news to local families and taxpayers. State education money is allocated to school districts based on enrollment. This means the district will get more money from the state. The number only became available today because students cannot be dropped from the rolls until they have been absent for 10 days."
The rise is good news to local families and taxpayers. State education money is allocated to school districts based on enrollment. This means the district will get more money from the state. The number only became available today because students cannot be dropped from the rolls until they have been absent for 10 days."
Thursday, September 3, 2009
Nes about home sales
Lawrence Yun, the National Association of Realtors' chief economist is optomistic
Monday, August 24, 2009
A new tool to use for Real Estate
Want to look for real estate from your cell phone? An easy way to do it is to text "cflguy" to 87778 and within minutes, an application will be sent to you. Happy Hunting.
Saturday, August 22, 2009
23% of Florida home loans past due or in foreclosure in second quarter
WASHINGTON – Aug. 21, 2009 – As home prices fell and the job picture worsened, the percentage of Florida home loans either past due or in foreclosure hit 23 percent in the second quarter, outpacing any other state in the nation.The figure represents 807,000 loans, a staggering sum of the roughly 3.5 million mortgages outstanding in Florida.“Florida deserves special mention as the worst state in the country,” said Jay Brinkmann, chief economist of the Mortgage Bankers Association that released the numbers Thursday. “Nevada is a close second, but everyone else is far behind.”Florida, along with California, Arizona and Nevada – states that saw some of the headiest home price increases during the boom – represented 44 percent of the total number of loans in foreclosure nationally.Twelve percent of all Florida loans were in some stage of the foreclosure process as of June 30, with 10.8 percent past due by a month or more.Nationwide, 4.3 percent were in foreclosure and 9.2 percent were 30 or more days delinquent.Barring loan modifications that would help homeowners stay in their properties, the high number of foreclosures will likely result in more homes being put on the market for resale by lenders, potentially contributing to further price declines.Florida’s mortgage hardships swept across all loan categories, with so-called prime borrowers, or those with good credit, showing the biggest increases in delinquencies. This indicates job losses and falling home prices are taking a toll on a new set of homeowners.Between the first and second quarter, the percentage increase in delinquencies and foreclosures among borrowers with fixed loans even outpaced borrowers with subprime loans – or those sold to borrowers with spotty credit histories and staggering default rates.Delinquencies and foreclosures among prime borrowers rose from 10.7 percent to 12.42 percent in the second quarter.Among subprime loans, 52 percent of roughly 536,000 subprime loans tracked by the MBA were past due or in foreclosure in the second quarter, up from 51 percent in the previous three-month period.Delinquencies among prime-fixed borrowers are key because they reflect problems with the underlying economy rather than problems arising from the structure or underwriting of loans.“This is further confirmation of what we have been saying and expecting for the last year or more,” that these problems are being driven by fundamental issues in the economy, Brinkmann said.Falling real estate values often lead borrowers to walk away from their homes rather than continue to pay off loans worth far more than the properties. Until the employment picture improves – sometime in the middle of next year, Brinkmann predicted – delinquencies will continue to rise.Foreclosures should start tapering off about six months after that as the foreclosures cases are worked through the system and the homes are taken back by lenders or sold at auction.
Copyright © 2009 The Miami Herald, Monica Hatcher. Distributed by McClatchy-Tribune Information Services.
Copyright © 2009 The Miami Herald, Monica Hatcher. Distributed by McClatchy-Tribune Information Services.
Tuesday, July 14, 2009
Home buyers' fair
City Of Palm Coast To Participate In The Flagler County Association Of Realtors® Free Home Buyers Fair
13 Jul, 2009 Palm Coast
If you’re interested in buying or selling a home, now or in the future, plan on taking part in the Home Buyers Fair sponsored by the Flagler County Association of REALTORS® on July 18, 2009.
Scheduled from 10:00 AM to 2:30 PM on July 18, 2009 at the Flagler County Association of REALTORS® office at 4101 East Moody Blvd., Bunnell, FL. This free event offers information covering all aspects of the homebuying, selling, and homeownership process. Flagler County residents participating in the Home Buyers Fair also will receive information about financing, affordable housing programs and how to take advantage of the temporary $8,000 federal tax credit for first-time homebuyers. For anyone concerned about their mortgage, experts will be available to discuss options and offer foreclosure prevention tips.
“Buying or selling a home is a major life experience,” says Rus Saboe, 2009 FCAR President, “It can be exhilarating, confusing, exciting and terrifying, all at the same time. The more you know, the better prepared you are for a great experience. And, here at our Home Buying Fair, we have gathered together experts and a wealth of information for you – all at one time, in one location. We encourage everyone to come out and take advantage of the Fair. You’ll be glad you did!”
Participants will include:
Flagler County Association of REALTORS®
City of Palm Coast – Neighborhood Stabilization Program – Beau Falgout
Flagler County – Ship Program – Valerie Bradley
Mid Florida Housing Partnership- Lydia Gregg
FCAR Affiliated Mortgage Professionals
For more information about the Flagler County Association of REALTORS® Home Buyers Fair, go to www.FlaglerCountyRealtors.com (click on Events) or call (386) 437-0095.
For more information about the $8,000 tax credit for first-time homebuyers or guidance on foreclosure prevention, go to the Florida Association of Realtors® website at: http://www.floridarealtors.org. The U.S. Department of Housing and Urban Development (HUD) also offers a helpful resource for Florida homeowners facing foreclosure at: http://www.hud.gov/local/fl/homeownership/foreclosure.cfm.
The Flagler County Association of REALTORS® serves as the voice for real estate in Flagler County and provides programs, services, continuing education, research and legislative representation to its 967 members
13 Jul, 2009 Palm Coast
If you’re interested in buying or selling a home, now or in the future, plan on taking part in the Home Buyers Fair sponsored by the Flagler County Association of REALTORS® on July 18, 2009.
Scheduled from 10:00 AM to 2:30 PM on July 18, 2009 at the Flagler County Association of REALTORS® office at 4101 East Moody Blvd., Bunnell, FL. This free event offers information covering all aspects of the homebuying, selling, and homeownership process. Flagler County residents participating in the Home Buyers Fair also will receive information about financing, affordable housing programs and how to take advantage of the temporary $8,000 federal tax credit for first-time homebuyers. For anyone concerned about their mortgage, experts will be available to discuss options and offer foreclosure prevention tips.
“Buying or selling a home is a major life experience,” says Rus Saboe, 2009 FCAR President, “It can be exhilarating, confusing, exciting and terrifying, all at the same time. The more you know, the better prepared you are for a great experience. And, here at our Home Buying Fair, we have gathered together experts and a wealth of information for you – all at one time, in one location. We encourage everyone to come out and take advantage of the Fair. You’ll be glad you did!”
Participants will include:
Flagler County Association of REALTORS®
City of Palm Coast – Neighborhood Stabilization Program – Beau Falgout
Flagler County – Ship Program – Valerie Bradley
Mid Florida Housing Partnership- Lydia Gregg
FCAR Affiliated Mortgage Professionals
For more information about the Flagler County Association of REALTORS® Home Buyers Fair, go to www.FlaglerCountyRealtors.com (click on Events) or call (386) 437-0095.
For more information about the $8,000 tax credit for first-time homebuyers or guidance on foreclosure prevention, go to the Florida Association of Realtors® website at: http://www.floridarealtors.org. The U.S. Department of Housing and Urban Development (HUD) also offers a helpful resource for Florida homeowners facing foreclosure at: http://www.hud.gov/local/fl/homeownership/foreclosure.cfm.
The Flagler County Association of REALTORS® serves as the voice for real estate in Flagler County and provides programs, services, continuing education, research and legislative representation to its 967 members
Saturday, June 20, 2009
Problems for Palm Coast & Florida ahead?
TALLAHASSEE, Fla. – June 18, 2009 – In a legal victory for Florida Hometown Democracy, the Florida Supreme Court struck down a state law allowing voters to take back their signatures on proposed constitutional amendment petitions, the Associated Press reported late Wednesday. By a 4-2 vote, the high court upheld a lower court ruling in favor of Hometown Democracy, which is seeking a constitutional amendment that requires voters to approve proposed changes to local comprehensive plans. Earlier this month, Hometown Democracy, which challenged the signature revocation law, announced it had enough verified signatures to qualify for the 2010 ballot. The Secretary of State’s office, however, has yet to certify the ballot item as it awaited word from the state’s highest court.“We anticipated that Hometown Democracy would get their signatures, so we have been planning as if the amendment is already on the ballot,” says John Sebree, vice president of public policy for the Florida Association of Realtors® (FAR). “When we explain to Realtors and others how much this amendment would cost their local governments and property owners, they realize it is not what its authors claim it to be.”FAR is part of Floridians for Smart Growth (http://www.florida2010.org), a coalition of 130 business groups and local governments that supports a statewide campaign against the anti-growth Hometown Democracy amendment. © 2009 FLORIDA ASSOCIATION OF REALTORS®
Wednesday, May 20, 2009
Flagler tightening its budget
An article in the Jacksonville Business Journal states that Flagler County, once known as the fastest growing county in the nation during the height of the real estate boom, has since earned the dubious title of highest unemployment rate in the state. After hitting an all-time high of 14.5 percent in January, unemployment in the Palm Coast metropolitan statistical area was at 14.3 percent in March. Only 19 out of 372 MSAs in the nation had higher unemployment rates in March. The unemployment rate in the Jacksonville area, by comparison, stood at 9.3 percent in March.
Wednesday, May 13, 2009
Palm Coast 1st time home buyers get more help
First-time homebuyers will soon have another option if they want to use their $8,000 tax credit toward a downpayment. According to HUD Secretary Shaun Donovan, FHA-approved lenders will soon be able to issue a short-term bridge loan equal to the tax credit. Buyers will then pay back the bridge loan after receiving their tax refund. Donovan hopes to have the details available within a few days. Source: http://Realtor.org
Bottomed out?
According to the latest figures from http://eppraisal.com, Palm Coast did not drop in home values this past month. We stayed at $141,500 as compared to the average Florida price of $145,000 which was down 3.3% and the average national price of $162,00 down 1.8%. So indeed we might have reached bottom and staying steady while the state is still going downward.
Saturday, May 9, 2009
News from the Florida Legislature
2009 FLORIDA LEGISLATURE ADJOURNS
TALLAHASSEE, Fla. - May 8, 2009 - Having approved a $66.5 billion state budget, the 2009 Florida Legislature adjourned. For the Florida real estate industry, the budget includes several gems. Perhaps the shiniest: $30.1 million for downpayment assistance programs. Beginning July 1, those who qualify for the federal first-time homebuyers tax credit will be able to apply for downpayment assistance in advance of closing, and then repay the amount borrowed when they get their tax refund. "What an incredible opportunity for thousands of families," says Cynthia Shelton, 2009 FAR president. "The beauty of this program is that the state will be paid back and, conceivably, more potential homebuyers could take advantage prior to the Dec. 1 expiration of the $8,000 federal first time homebuyer tax credit."The program will operate through local county housing administrators, though details are still being worked out. Stay tuned for more information as it becomes available.
TALLAHASSEE, Fla. - May 8, 2009 - Having approved a $66.5 billion state budget, the 2009 Florida Legislature adjourned. For the Florida real estate industry, the budget includes several gems. Perhaps the shiniest: $30.1 million for downpayment assistance programs. Beginning July 1, those who qualify for the federal first-time homebuyers tax credit will be able to apply for downpayment assistance in advance of closing, and then repay the amount borrowed when they get their tax refund. "What an incredible opportunity for thousands of families," says Cynthia Shelton, 2009 FAR president. "The beauty of this program is that the state will be paid back and, conceivably, more potential homebuyers could take advantage prior to the Dec. 1 expiration of the $8,000 federal first time homebuyer tax credit."The program will operate through local county housing administrators, though details are still being worked out. Stay tuned for more information as it becomes available.
Tuesday, April 21, 2009
Are we out of the woods yet?
Housing Predictor - which monitors over 250 residential property markets nationwide - says Florida appears to be emerging from the realty slump before any other state, including California. The Sunshine State is seeing population growth, and single-family home and condominium sales have been on the rise for more than six months. Foreclosures and short sales presently account for approximately 67 percent of all sales and often are not included in real estate agents' tallies. Additionally, banks in many Florida housing markets are cranking out more home loans, and sellers finance almost 20 percent of all sales.
Source: First EmailWire.com (04/21/09) © Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-
Source: First EmailWire.com (04/21/09) © Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-
The scoop on Chinese drywall
How can you tell if a listing has Chinese drywall? It's a simple question without a simple answer. The Florida Department of Health has a Web site section devoted to the problem, however, and it updates information as it comes in. Since it helps to understand what kind of damage tainted Chinese drywall can cause, one section, "Case Definition with Pictures," includes photos of mirrors, pictures, pipes and other household items impacted by the drywall. The Web site also explains how the state plans to deal with the problem and includes details on how to file a complaint. For more info, visit the site at: http://www.doh.state.fl.us/Environment/community/indoor-air/drywall.html
Friday, April 17, 2009
The Chinese drywall story
I am sure everyone has heard the stories. Here is an article that may clear up some questions. The link below will take you to a USA report. <http://abcnews.go.com/Business/story?id=7098332&page=1>
Wednesday, April 8, 2009
Palm Coast certified as a "Green City"
Last night at the regular City Council meeting, Mr. Terry Jenssen of the Florida Green Building Coalition presented the Silver Certification to Mayor Netts and the Council. The Mayor and City Council all accepted the award. Palm Coast was recognized on a statewide level for their actions to help the environment and to save the taxpayers, the citizens of Palm Coast, dollars. Mr. Jenssen also told the Council that a flag was on the way so they could proudly fly it to acknowledge that the City of Palm Coast is a "Florida green certified city". The Mayor also spoke highly of the Flagler Palm Coast Home Builders Association for doing their part in the construction of more "green" homes.
Monday, March 30, 2009
Yet Another Scam!
The National Association of Realtors issued an advisory Friday about a property rental scam that implies NAR is collecting rental deposits from prospective tenants. "NAR is not involved in this business and has contacted law enforcement officials to request that the matter be investigated," says NAR President Charles McMillan. "We encourage any consumers who may be affected to file a complaint." If you should have any questions, feel free to call or email me and I'll explain further
Saturday, March 28, 2009
A good time to buy
Out of 1,000 potential first-time home buyers, 78 percent say that now is a good time to buy a home, despite widespread concern about the economy. And 68 percent think now is a better time to buy than six months ago. Someone that was renting a home could very well pay less monthly by owning a home providing they are credit worthy. Purchasing a home is still one of the best investment one can make.
Thursday, March 5, 2009
Mortgage fraud alert
More and more people in the Palm Coast/Flagler County area are in trouble with their mortgage rates going up and they are looking for help. The Florida's attorney General Bill McCollum said “Today, homeowners are being bombarded with advertising from companies claiming they can save homes, reduce mortgage payments, and many other offers. Florida homeowners need to be very cautious and should know that Florida law prohibits any company or individual from charging up-front fees for foreclosure rescue or loan modification services.”
If you have questions, contact me either by phone or email and I'll try my best to point you in the right direction.
If you have questions, contact me either by phone or email and I'll try my best to point you in the right direction.
Friday, February 20, 2009
New Homeowner Affordability and Stability
Today, President Barack Obama announced a new U.S. government plan designed to help more Americans who have fallen behind on their mortgage payments or are in imminent danger of missing a payment. Called the Homeowner Affordability and Stability Plan, it includes both a modification program for at-risk borrowers and refinance initiative for Fannie Mae and Freddie Mac borrowers who are current on their mortgage payments.
As stated by Fannie Mae President and CEO Herb Allison in a media statement, "Fannie Mae is committed to working with the Administration, FHFA and our industry partners to rapidly implement the President's Homeowner Affordability and Stability Plan and we will make every possible effort to help eligible borrowers sustain homeownership over the long term."
For More Information
We are still working through the details of program implementation and expect to issue Guide Announcements in the near future.
In the meantime, please refer to the government's new Web site, FinancialStability.gov, which includes an executive summary, fact sheet, case studies, and Q&A.
As stated by Fannie Mae President and CEO Herb Allison in a media statement, "Fannie Mae is committed to working with the Administration, FHFA and our industry partners to rapidly implement the President's Homeowner Affordability and Stability Plan and we will make every possible effort to help eligible borrowers sustain homeownership over the long term."
For More Information
We are still working through the details of program implementation and expect to issue Guide Announcements in the near future.
In the meantime, please refer to the government's new Web site, FinancialStability.gov, which includes an executive summary, fact sheet, case studies, and Q&A.
New Homeowner Affordability and Stability
Today, President Barack Obama announced a new U.S. government plan designed to help more Americans who have fallen behind on their mortgage payments or are in imminent danger of missing a payment. Called the Homeowner Affordability and Stability Plan, it includes both a modification program for at-risk borrowers and refinance initiative for Fannie Mae and Freddie Mac borrowers who are current on their mortgage payments.
As stated by Fannie Mae President and CEO Herb Allison in a media statement, "Fannie Mae is committed to working with the Administration, FHFA and our industry partners to rapidly implement the President's Homeowner Affordability and Stability Plan and we will make every possible effort to help eligible borrowers sustain homeownership over the long term."
For More Information
We are still working through the details of program implementation and expect to issue Guide Announcements in the near future.
In the meantime, please refer to the government's new Web site, FinancialStability.gov, which includes an executive summary, fact sheet, case studies, and Q&A.
As stated by Fannie Mae President and CEO Herb Allison in a media statement, "Fannie Mae is committed to working with the Administration, FHFA and our industry partners to rapidly implement the President's Homeowner Affordability and Stability Plan and we will make every possible effort to help eligible borrowers sustain homeownership over the long term."
For More Information
We are still working through the details of program implementation and expect to issue Guide Announcements in the near future.
In the meantime, please refer to the government's new Web site, FinancialStability.gov, which includes an executive summary, fact sheet, case studies, and Q&A.
Thursday, February 19, 2009
Some stats
The number of out-of-state residents moving to Florida in 2008 was down 30 percent compared to five years ago, according to an AP analysis of driver's license applications.
The number of new residents from New York, Florida's top feeder state, declined 50 percent. I guess it didn't get cold enough for them to make the move.
The number of new residents from New York, Florida's top feeder state, declined 50 percent. I guess it didn't get cold enough for them to make the move.
Tuesday, February 17, 2009
Market Value
Thinking of selling your home? Not sure if you are upside down in today's real estate market? Why not call me if you are in the Palm Coast or Flagler area for a CMA (Comparable Market Analysis) and see what options you have. You might want to hold on to the house and rent it until the real estate market adjusts.
Now on the other hand, if you are looking to buy or invest in real estate, now is the perfect time. The chief economist for the National Association of REALTORS said that this scenario would probably not be duplicated in our lifetime. Meaning the home prices and interest rates are at an all time low.
Now on the other hand, if you are looking to buy or invest in real estate, now is the perfect time. The chief economist for the National Association of REALTORS said that this scenario would probably not be duplicated in our lifetime. Meaning the home prices and interest rates are at an all time low.
Saturday, February 14, 2009
Tax Credits
The current version of the economic stimulus contains a tax credit of up to $8,000 for first-time homebuyers only, though it does not have to be paid back if the house is owned for three years or more. The amount is far less than the $15,000 initially expected, and analysts say it will provide only a modest boost to the U.S. housing market
Friday, February 13, 2009
Did you know?
FSBO homes sell for $36,000 less than agent assisted sales and FSBO market share has been tumbling. The desperate FSBO sales are now listed with deep discounts, which draw some bargain hunters. Because FSBOs often start out at a very low price, they do little to negotiate down from the already low "listed" price.
Saturday, February 7, 2009
Home Buyer Tax Credit
A $15,000 homebuyer tax credit (or 10 percent of a home's selling price, whichever is less) in a stimulus bill passed by the U.S. Senate would apply to all homebuyers of a principle residence. Better yet: The homebuyer would not have to pay it back. The tax credit and its rules could change, however, before final passage in the House.
Wednesday, February 4, 2009
Main Fire Station
The City of Palm Coast opened a brand new Main Fire Station to the public on Monday, February 2nd. Located at 1250 Belle Terre Parkway, the 15,000 square foot facility is now home to 24 firefighters, paramedics and administrators. Designed by Architect Design Group and constructed by Billco Construction, Inc., the station has bunk rooms, four double bays that house eight vehicles and a training room.
The new Main Station belongs to all residents of Palm Coast and citizens are invited to stop by to tour the facility, have their blood pressure checked and meet the fire department staff. The Station is located at the corner of Belle Terre and Royal Palms Parkways. A future community open house is planned. For more information, please contact Fire Chief Mike Beadle at 386-986-2302.
The new Main Station belongs to all residents of Palm Coast and citizens are invited to stop by to tour the facility, have their blood pressure checked and meet the fire department staff. The Station is located at the corner of Belle Terre and Royal Palms Parkways. A future community open house is planned. For more information, please contact Fire Chief Mike Beadle at 386-986-2302.
Thursday, January 29, 2009
In his own words
Lawrence Yun who is the chief economist for the National Association of Realtors made a great presentation at the FAR winter meetings. He described how we got there and how and when we might get out of it. If you have time, click on the link and listen for yourself. There is some good news after all!
http://floridarealtors.org/LegislativeCenter/Research/index.cfm
http://floridarealtors.org/LegislativeCenter/Research/index.cfm
Wednesday, January 28, 2009
The December state of Real Estate
Florida's existing home sales rose 27 percent in December, making it the fourth consecutive month that sales activity demonstrated gains in the year-to-year comparison, according to FAR. Statewide sales of existing condos increased 12 percent last month; and December sales of both existing homes and condos were higher than November's statewide figures. Meanwhile, NAR reports that existing-home sales - all housing types - rose 6.5 percent in December compared to November's pace. Is this the turnaround we have been waiting for?
Tuesday, January 27, 2009
Alter Mortgages?
Most congressional Democrats support a proposal that would give bankruptcy judges the power to alter mortgage terms for primary residences, saying it may the quickest way to halt the housing market's collapse. But lenders and other groups are fighting the bill, saying it's bad public policy that could result in higher interest and bigger downpayments for new homebuyers.
Tuesday, January 13, 2009
A New Year... a New Venture
It certainly was a busy holiday season as far as my own personal career. I have switched Real Estate offices and I am now with Watson Realty Corp in Palm Coast. Here at Watson Realty, I have access to a lot more information and the company also has the biggest market share in Palm Coast as far as Palm Coast/Flagler Real Estate Listings as well as Palm Coast/Flagler Real Estate Sales. Since joining Watson Realty, I have now launched a new program. Soon to be in full swing it will be "Tenant Placement". Falling house prices and a slow market are forcing more homeowners to consider renting their current properties when it's time to buy a new home, so why not get involved in helping both the homeowner as well as the tenant? You can contact me for any additional information on how the program works. My new numbers are as follows: Direct line to my office is 386.246.9239, our toll free number is 800.922.4313 ext.2339. My cell phone and email address is still the same. Stay tuned for more information as it becomes available.
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