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.

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.

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.