Palm Coast Real Estate News

THE GREEN THING

2011-05-02T07:09:00.000-04:00

A story for today

In the line at the store, the cashier told the older woman that she
should bring her own grocery bag because plastic bags weren't good for the
environment. The woman apologized to him and explained, "We didn't have the
green thing back in my day."

The clerk responded, "That's our problem today. The former generation
did not care enough to save our environment."
He was right; that generation didn't have the green thing in its day.

Back then, they returned their milk bottles, soda bottles and beer
bottles to the store. The store sent them back to the plant to be washed and
sterilized and refilled, so it could use the same bottles over and over. So they
really were recycled.
But they didn't have the green thing back in that customer's day.

In her day, they walked up stairs, because they didn't have an
escalator in every store and office building. They walked to the grocery store
and didn't climb into a 300-horsepower machine every time they had to go two
blocks.

But she was right. They didn't have the green thing in her day.

Back then, they washed the baby's diapers because they didn't have the
throw-away kind. They dried clothes on a line, not in an energy gobbling machine
burning up 220 volts - wind and solar power really did dry the clothes. Kids got
hand-me-down clothes from their brothers or sisters, not always brand-new
clothing.

But that old lady is right; they didn't have the green thing back in
her day.

Back then, they had one TV, or radio, in the house - not a TV in every
room. And the TV had a small screen the size of a handkerchief, not a screen the
size of the state of Montana . In the kitchen, they blended and stirred by hand
because they didn't have electric machines to do everything for you. When they
packaged a fragile item to send in the mail, they used a wadded up old newspaper
to cushion it, not styrofoam or plastic bubble wrap.
Back then, they didn't fire up an engine and burn gasoline just to cut
the lawn. They used a push mower that ran on human power. They exercised by
working so they didn't need to go to a health club to run on treadmills that
operate on electricity.

But she's right. They didn't have the green thing back then.

They drank from a fountain when they were thirsty instead of using a
cup or a plastic bottle every time they had a drink of water. They refilled
their writing pens with ink instead of buying a new pen, and they replaced the
razor blades in a razor instead of throwing away the whole razor just because
the blade got dull.

But they didn't have the green thing back then.

Back then, people took the streetcar or a bus and kids rode their
bikes to school or rode the school bus instead of turning their moms into a
24-hour taxi service. They had one electrical outlet in a room, not an entire
bank of sockets to power a dozen appliances. And they didn't need a computerized
gadget to receive a signal beamed from satellites 2,000 miles out in space in
order to find the nearest pizza joint.

But isn't it sad the current generation laments how wasteful the old
folks were just because they didn't have the green thing back then.

Fastest growing U.S. metro area hit hard by recession

2011-04-18T07:03:00.001-04:00

By Colleen Jenkins
(2011-04-16) (Reuters)

PALM COAST, Fla (Reuters) - As snow blanketed the northern United States this winter, city leaders in Palm Coast, Florida, sent postcards to thousands of out-of-state landowners who have not yet built homes on their piece of paradise.
"It's sunny and 76 degrees in Palm Coast," the mailers read. "What's the temperature where you live?"
The postcards highlighted the scenic trails and uncrowded beaches that helped make this coastal community between Daytona Beach and St. Augustine the nation's fastest growing metro area in the past decade, according to new U.S. Census Bureau data.
What they didn't say: Palm Coast needs a boost after getting battered by the housing bust and foreclosure crisis.
"We grew too fast," said City Manager Jim Landon. "We fell very hard, too."
The Palm Coast metro area's population rose 92 percent between 2000 and 2010, far outpacing the second-fastest growing metro area of St. George, Utah, which increased nearly 53 percent, the census showed.
The metro areas of Las Vegas, Nevada; Raleigh, North Carolina; and Cape Coral, Florida, rounded out the top five.
Palm Coast also now ranks highest in unemployment out of Florida's 20 metro areas, according to national labor statistics. Its 14.9 percent unemployment rate in February was five percentage points above the national average.
Distressed property sales dominate the housing market. The city building division that once issued an average of 400 single-family home building permits a month during the construction boom has seen that number dwindle to about 10.
City leaders remain optimistic, in part because of the steady stream of national retailers including Kohl's, Belk and Lowe's that arrived during the economic slowdown.
But residents were surprised to learn of Palm Coast's fastest-growing status after seeing many neighbors move away.
"It's become a real depressed area," said retiree Phyllis Sieling, loading groceries from a Super Target into her car.
GROWTH, WITH EYE ON GREEN
It's hard to feel depressed in Waterfront Park, a 20-acre nature haven along Palm Coast's Intracoastal Waterway.
Opened last fall, the park boasts a fishing pier, playground and some of the city's 100 miles of connected hiking and biking trails. Recycling containers for bottles and fishing lines abound.
City leaders have worked to keep things "green" and to maintain the tranquil, outdoor lifestyle envisioned by developers who carved the planned community out of scrubland in the 1970s.
Back then, residents in northeastern states received Garfield the cat phones as gifts if they checked out Palm Coast for their retirement home.
There is still plenty of golf and tennis played, but good schools and a small-town feel also have drawn in families.
"That's what keeps us here, the schools," said 42-year-old mother Tommie Krawiec, who chose a move to Palm Coast over the more hectic Jacksonville.

On a sunny Saturday, Krawiec and another local couple watched from a shaded picnic table as their young daughters played along Waterfront Park's shoreline.

Ken Hemingway, 50, and his wife relocated from Connecticut in 1998, when the city of Palm Coast had just two stoplights and was a year away from incorporating.
He said the influx of residents -- from 49,832 in 2000 to 95,696 in 2010 -- hasn't hurt the quality of life.
"You couldn't drag me back kicking and screaming," he said. "Everybody says it's busy here. We're like, you have no clue."

Landon, the city manager, proudly notes that the only sign of this swiftly expanding city from I-95 is a blue water tower bearing Palm Coast's logo.
City officials said they have withstood pressure during the stalled economy to compromise on strict architectural standards. They require businesses to design attractive exteriors, plant thick vegetation and install signs that are monument-style rather than on poles.
On a main thoroughfare, a soon-to-open Mobil gas station features stone columns by its pumps, and the new ABC Fine Wine & Spirits store has a tile roof and lush landscaping.
"I defy you to find as attractive an ABC store in the state," said Mayor Jon Netts, a retired educator from New Jersey who drives a towing service tug boat on the side.
He's hoping the city can convince the owners of 18,000 vacant platted lots -- who received those tempting sales-pitch postcards -- to build homes and bring in new dollars.

Officials also expect a mixed commercial and residential development known as Town Center to fuel less frenzied growth. A 14-screen movie theater, Red Lobster and Olive Garden opened in recent months, and Panera Bread is on the way.

"We have great potential," Landon said. But, "I hope we're not the fastest growing community in the next decade."
(Edited by Greg McCune)
© Copyright 2011, Reuters

Good news for the housing matket in Palm Coast

2011-04-14T07:18:00.002-04:00

Bargain prices on housing combined with low interest rates below 5 percent may bring the real estate market its busiest spring season in years, economists say. Distressed sales continue to put downward pressure on home prices, which may lure more buyers off the fence and ready to snag a deal during the typical prime-time buying season. Some builders are ramping up discounts on new homes as well as boosting commissions to brokers to try to spark more transactions. Sellers of existing-homes also are getting more competitive in pricing their homes

Single Family Delinquency Rate Less than 4%

2011-04-08T08:04:00.000-04:00

Freddie Mac Chief Executive Officer Ed Haldeman said less than 4% of the government-sponsored enterprise's single-family home loans are at least three payments behind or heading into foreclosure.

Haldeman made that statement in an article he authored, "Three little-known facts about Freddie Mac delinquencies."

Haldeman said less than 1% of the firm's multifamily portfolio is classified as delinquent.

"It's among the lowest. The seriously delinquent rate for the industry as a whole was about 9% at the end of 2010," Haldeman wrote. "And the rate for subprime mortgages was approximately 27% – seven times higher than Freddie Mac's. On the multifamily side, the delinquency rate for banks and thrifts was slightly more than 4% – about 16 times higher."

Haldeman said the GSE saved 275,000 distressed loans last year, adding that the firm primarily operates as a buyer of 30- and 15-year, fixed-rate mortgages.

Where to Go During an Earthquake

2011-03-30T08:09:00.000-04:00

Remember that stuff about hiding under a table or standing in a doorway? Well, forget it! This is a real eye opener. It could save your life someday.

EXTRACT FROM DOUG COPP'S ARTICLE ON 'THE TRIANGLE OF LIFE'

My name is Doug Copp. I am the Rescue Chief and Disaster Manager of the American Rescue Team International (ARTI ), the world's most experienced rescue team. The information in this article will save lives in an earthquake.

I have crawled inside 875 collapsed buildings, worked with rescue teams from 60 countries, founded rescue teams in several countries, and I am a member of many rescue teams from many countries. I was the United Nations expert in Disaster Mitigation for two years, and have worked at every major disaster in the world since 1985, except for simultaneous disasters.

The first building I ever crawled inside of was a school in Mexico City during the 1985 earthquake. Every child was under its desk. Every child was crushed to the thickness of their bones. They could have survived by lying down next to their desks in the aisles. It was obscene -- unnecessary.

Simply stated, when buildings collapse, the weight of the ceilings falling upon the objects or furniture inside crushes these objects, leaving a space or void next to them - NOT under them. This space is what I call the 'triangle of life'. The larger the object, the stronger, the less it will compact. The less the object compacts, the larger the void, the greater the probability that the person who is using this void for safety will not be injured. The next time you watch collapsed buildings, on television, count the 'triangles' you see formed. They are everywhere. It is the most common shape, you will see, in a collapsed building.
TIPS FOR EARTHQUAKE SAFETY
1) Most everyone who simply 'ducks and covers' when building collapse are crushed to death. People who get under objects, like desks or cars, are crushed.

2) Cats, dogs and babies often naturally curl up in the fetal position. You should too in an earthquake. It is a natural safety/survival instinct. You can survive in a smaller void. Get next to an object, next to a sofa, next to a bed, next to a large bulky object that will compress slightly but leave a void next to it.

3) Wooden buildings are the safest type of construction to be in during an earthquake. Wood is flexible and moves with the force of the earthquake. If the wooden building does collapse, large survival voids are created. Also, the wooden building has less concentrated, crushing weight. Brick buildings will break into individual bricks. Bricks will cause many injuries but less squashed bodies than concrete slabs.

4) If you are in bed during the night and an earthquake occurs, simply roll off the bed. A safe void will exist around the bed. Hotels can achieve a much greater survival rate in earthquakes, simply by posting a sign on the back of the door of every room telling occupants to lie down on the floor, next to the bottom of the bed during an earthquake.

5) If an earthquake happens and you cannot easily escape by getting out the door or window, then lie down and curl up in the fetal position next to a sofa, or large chair.

6) Most everyone who gets under a doorway when buildings collapse is killed. How? If you stand under a doorway and the doorjamb falls forward or backward you will be crushed by the ceiling above. If the door jam falls sideways you will be cut in half by the doorway. In either case, you will be killed!

7) Never go to the stairs. The stairs have a different 'moment of frequency' (they swing separately from the main part of the building). The stairs and remainder of the building continuously bump into each other until structural failure of the stairs takes place. The people who get on stairs before they fail are chopped up by the stair treads - horribly mutilated. Even if the building doesn't collapse, stay away from the stairs. The stairs are a likely part of the building to be damaged. Even if the stairs are not collapsed by the earthquake, they may collapse later when overloaded by fleeing people. They should always be checked for safety, even when the rest of the building is not damaged.

8) Get near the outer walls of buildings or outside of them if possible - It is much better to be near the outside of the building rather than the interior. The farther inside you are from the outside perimeter of the building the greater the probability that your escape route will be blocked.

9) People inside of their vehicles are crushed when the road above falls in an earthquake and crushes their vehicles; which is exactly what happened with the slabs between the decks of the Nimitz Freeway. The victims of the San Francisco earthquake all stayed inside of their vehicles. They were all killed. They could have easily survived by getting out and sitting or lying next to their vehicles. Everyone killed would have survived if they had been able to get out of their cars and sit or lie next to them. All the crushed cars had voids 3 feet high next to them, except for the cars that had columns fall directly across them.

10) I discovered, while crawling inside of collapsed newspaper offices and other offices with a lot of paper, that paper does not compact. Large voids are found surrounding stacks of paper.
Spread the word and save someone's life...

The entire world is experiencing natural calamities so be prepared!

'We are but angels with one wing, it takes two to fly'
In 1996 we made a film, which proved my survival methodology to be correct. The Turkish Federal Government, City of Istanbul , University of Istanbul Case Productions and ARTI cooperated to film this practical, scientific test. We collapsed a school and a home with 20 mannequins inside. Ten mannequins did 'duck and cover,' and ten mannequins I used in my 'triangle of life' survival method. After the simulated earthquake collapse we crawled through the rubble and entered the building to film and document the results. The film, in which I practiced my survival techniques under directly observable, scientific conditions , relevant to building collapse, showed there would have been zero percent survival for those doing duck and cover.

There would likely have been 100 percent survivability for people using my method of the 'triangle of life.' This film has been seen by millions of viewers on television in Turkey and the rest of Europe, and it was seen in the USA , Canada and Latin America on the TV program Real TV.

http://www.amerrescue.org/
American Rescue Team International is said to be the World's most experienced rescue team and disaster management-mitigation organization.

Protests grow against new septic tank law

2010-09-23T14:26:00.000-04:00

TALLAHASSEE, Fla. – Sept. 23, 2010 – A bill passed by the Florida Legislature, SB 550, requires septic tank homeowners to have an inspection every five years. The Florida Department of Health (DOH) is now drafting rules for compliance. The law becomes effective on Jan. 1, 2011, with the inspection component phased in over the following five years.
The Legislature created stricter septic tank rules to protect the environment. Better septic systems are designed to filter out more nitrogen, which feed weeds and algae.

But the rule comes at a significant cost to the state’s 2.6 million homeowners that rely on a septic tank, and Florida lawmakers representing rural counties that rely heavily on septic tanks – Rep. Marti Coley (R-Marianna) and Sen. Evelyn Lynn (R-Ormond Beach) – have promised to introduce legislation next year to repeal the septic tank inspection measure.

“I just simply think that to mandate every five years for every homeowner with a septic tank to have it inspected is unnecessary and big government,” Coley says.
The DOH has heard from a number of counties and homeowners worried about the $100 to $300 cost of a septic inspection, and Gerald Briggs, DOH’s bureau chief for onsite sewage programs, says he’s “very concerned this will cost property owners,” and “we are making sure the cost is as low as we can make.”

State officials believe some septic tanks pollute more than others, and the mandatory inspections will help identify those homes. If an inspection does uncover a major problem, new drain fields could cost homeowners as much as $5,000 or $6,000 to fix, according to Sam Averett, president of Averett Septic Tank in Lakeland.
“Every system needs to be maintained,” Averett said. “You are affecting some water body somewhere – everywhere in the state … If the homeowners were maintaining their systems to begin with this would not be an issue – but they are not.”

Source: Bruce Ritchie, 09/21/2010 © 2010 Florida Realtors®

Florida again #1... but for the wrong reasons.

2010-09-22T14:08:00.000-04:00

MIAMI – Sept. 22, 2010 – Mortgage fraud is responsible for untold trillions of dollars in bad loans currently defaulting across the country, and Florida has played a starring role in the tragedy, a federal commission said during a hearing in Miami on Tuesday.
A panel of national and local experts sat before the federal Financial Crisis Inquiry Commission during a hearing focused on liar’s loans, predatory mortgage practices and shady home appraisals. They concluded that the financial impact of the fraud was more severe than most have estimated, and prosecuting those responsible will be nearly impossible. It was the third of four hearings being carried out nationwide by the commission, which Congress assembled last year to investigate the causes of the global financial meltdown.

‘A central issue’

“Mortgage fraud is not just a side issue – in many ways it’s a central issue of this financial collapse,” former Florida Sen. Bob Graham, a commission member, said after the hearing. “I was stunned at the extent and the dollar impact of mortgage fraud and its contribution to the worst financial meltdown in half a century.”

Five hours of expert testimony painted a picture of a system wrought with regulatory inadequacies and financial incentives for unscrupulous behavior at nearly every level. The result, panelists said, was more than $1 trillion lost by banks, homeowners and, ultimately, the U.S. taxpayer between 2005 and 2007 alone. As many as 70 percent of mortgages now in foreclosure were the result of at least one element of fraud, said Ann Fulmer, vice president at Interthinx, a risk-mitigation firm that does extensive mortgage fraud research.

The hearing also laid out the laundry list of challenges local law enforcement officials face as they try to track down and prosecute the predatory lenders and mortgage fraudsters active in Florida during the housing boom.

Compared to the savings and loan crisis of the 1980s and 1990s, which saw more than 1,000 mid- and high-level executives jailed for white-collar crime, mortgage fraud convictions have been paltry, panelists said. Solving mortgage fraud cases is difficult because the process is time-intensive and proving “intent” can be nearly impossible, said Ellen Wilcox, a special agent with the Florida Department of Law Enforcement.

Another challenge: Florida’s statute of limitations means fraudulent loans issued more than three years ago are no longer subject to prosecution.

“Most mortgage fraud will not be reported until the mortgage goes bad, but the ‘crime’ occurred when the money was lent,” Wilcox said. “If there was mortgage fraud in the granting of a mortgage loan in 2004, it can not longer be criminally charged.”

The average mortgage fraud case takes one to two years to investigate, she added.

Law-enforcement officials are also generally under-equipped to face down Florida’s nation-leading fraud problem – the Mortgage Asset Research Institute has ranked the state No. 1 in the country for mortgage fraud since 2006, with nearly three times the normal amount of reported cases.

Still, some progress has been made, and the general consensus is that many of the individual bad apples involved in mid-decade mortgage fraud have been pushed out by market forces, tougher regulation and law enforcement.

Task force launched

In 2007, Miami-Dade police and Mayor Carlos Alvarez launched the Mortgage Fraud Task Force and lobbied for tougher regulatory laws, said Miami-Dade police Capt. Ed Gallagher. Since then, Miami-Dade police have made 239 arrests for mortgage fraud. The U.S. attorney’s office Mortgage Fraud Strike Force has gotten 401 convictions since 2007, said Wilfredo Ferrer, U.S. attorney for the Southern District of Florida.

The Florida Office of Financial Regulation has put together a task force to curb the latest wave of real estate fraud – mortgage modification schemes, said commissioner J. Thomas Cardwell.

Graham and other FCIC commissioners plan to use Tuesday’s findings as part of a comprehensive financial crisis report, due to the president by Dec. 15. Graham said he hoped that report would help policymakers better understand the regulatory and market forces that led to the costly mortgage fraud crisis.

“The role of government as a regulator had gotten – as it did in so many other areas of finance – fairly soft and flabby during the early part of this century,” he said. “Hopefully, one of the positive outcomes of this terrible experience is that the agencies will be better supported, staffed and given the capability to be a lion and not a toothless tiger.”

Copyright © 2010 The Miami Herald, Toluse Olorunnipa. Distributed by McClatchy-Tribune Information Services.

Tips to help owners spot foreclosure scams

2010-09-16T13:45:00.001-04:00

WASHINGTON – Sept. 15, 2010 – Last year, the U.S. Federal Trade Commission identified 71 companies running suspicious foreclosure rescue ads. This year, the Better Business Bureau named foreclosure rescue rip-offs among its top 10 scams.

Here are just two common scams identified in the September “Foreclosure Resource Guide” now available at the National Association of Realtors® (NAR) Realtor Content Resource:

• A representative of a so-called foreclosure rescue company promises to negotiate a deal with your lender, instructing you not to contact your lender, lawyer or credit counselor during the supposed negotiations. After you pay an up-front fee or a few months of mortgage payments, the scam artist disappears.

• A scam artist promises to fend off foreclosure in exchange for an up-front fee. Instead of getting you legitimate relief, the fraudster pockets the fee and secretly files a bankruptcy case in your name.

Also covered in the “Foreclosure Resource Guide” are free tips on what to do immediately if you’re facing foreclosure, five foreclosure pros you need on your team, what foreclosure counselors can and can’t do, and website resources for foreclosure help.

NAR’s Realtor Content Resource is an exclusive member benefit that entitles Realtors to download free homeownership content from HouseLogic to your consumer website, blog, or e-newsletter. HouseLogic is NAR’s consumer website geared to helping homeowners make smart decisions to enhance, maintain and protect the value of their home.

For more information, go to the Realtor® Content Resource at: http://www.houselogic.com/members/?nicmp=RCRIM&nichn=editorial&niseg=RMONews1_20100905

© 2010 Florida Realtors®

Did you know?

2010-09-16T08:08:00.001-04:00

Florida, California, Arizona and Texas account for 53% of all purchases by international buyers and have remained the top destination for three years in a row, with Florida topping the list?

Florida. economy improves, but fragile

2010-09-15T14:13:00.001-04:00

TALLAHASSEE, Fla. – Sept. 15, 2010 – Florida’s budget picture is improving but remains shaky, with unemployment expected to climb through the autumn and foreclosures still outpacing home sales, a legislative budget panel was told Tuesday.

Analysts reduced next year’s anticipated budget shortfall to $2.5 billion – down from a $5.5 billion gap for 2011-12 that was projected last year. But the red ink will continue to course through Florida’s spending plans for the next three years as federal stimulus dollars dry up, Medicaid costs climb, and the economy remains fragile, analysts said.

“We know the recovery is going to be uneven – with a lot of ups and downs,” the Legislature’s chief economist, Amy Baker, told the Legislative Budget Commission (LBC).

The LBC formally adopted the three-year budget outlook presented by Baker and compiled by analysts and economists from several budget and policy committees. The outlook effectively serves as a guidepost for lawmakers, based on what analysts say are “events that are known or likely to occur.”

Baker conceded, however, that some potential budget factors remain difficult to gauge. The financial impact of the Deepwater Horizon oil spill was not included in Tuesday’s forecast, but Baker counseled that preliminary estimates show that its impact on Florida’s economy is “not going to be some of the huge, frightening numbers that came out after the disaster.”

Other potential high-impact events include the possibility of a spate of commercial real estate defaults triggering bank failures. Thirty-seven Florida banks have collapsed in the past 18 months, Baker said.

Hurricanes and the prospect of a double-dip recession also are on state economists’ watch list.

The downsized budget gap for next year is credited to the role of federal stimulus dollars, years of budget cuts, and the arrival of Indian gambling money. But it also prompted sharp-edged questioning from Rep. Ron Saunders of Key West, designated as the incoming House Democratic leader, aimed at Republican gubernatorial candidate Rick Scott.

Scott opposes the federal stimulus dollars, which poured $2.5 billion into the state’s current, $70.2 billion budget. State spending also was eased by $855 million in enhanced Medicaid spending approved this summer by Congress and distributed Tuesday by the LBC across five major health programs.

Scott also has called for eliminating the state’s corporate income tax, which is on track to bring $1.8 billion into next year’s budget.

“I think it shows Rick Scott’s lack of understanding about how the state budget works,” Saunders said.

Scott’s campaign spokeswoman, Jennifer Baker, has said the Republican candidate is a political outsider with a “proven track record of creating jobs, balancing budgets.”

Democrat Alex Sink has outlined a more sweeping “government reform and accountability plan” that she says would yield $700 million in first-year spending cuts. The reductions, however, may prove inflated since many of the changes she proposes are confined to such steps as reducing state office space, eliminating unneeded layers of management, and bolstering the state’s hand in contracting.

Whoever is elected governor in November is almost assured of facing a still-bleak economic outlook, according to details presented Tuesday by Baker.

Florida’s 11.5 percent unemployment rate – two percentage points above the national average – is expected to tick upward in coming months, analysts said, based on formerly discouraged workers returning to the job markets amid some signs of improvement.

Two regions of the state, Cape Coral/Fort Myers, and greater Orlando, remain in the nation’s top 10 for the number of foreclosure filings – with Florida second in the nation, overall. Median home prices in the state are 22 percent below the national average, a level that has helped spur sales and may eventually contribute to the economic recovery, Baker told lawmakers.

Still, amid the rising home sales there are ominous signs, she warned. Fifty-percent of Florida home sales are currently being conducted by banks on foreclosed properties or on quick, lower-priced “short sales,” Baker said.

Source: News Service of Florida, John Kennedy

Carmen Bongiovanni, e-pro
Watson Realty Corp
386-246-9239
http://CarmenAndGeorge.com

Buy Owner service is in liquidation

2010-08-20T20:20:00.001-04:00

BOCA RATON, Fla. – Aug. 20, 2010 – The Buy Owner broker-free real estate firm, known for its familiar “Thanks, Buy Owner” advertisements, has filed for liquidation as the housing market continues to struggle.

The Deerfield Beach-based company will continue to operate with a reduced staff as a buyer is sought for its assets, which could include the purchase of the firm in its entirety, minus its debt.

“The phones, as far as people interested in the service, remain very active, and we are signing up new clients everyday,” said Philip J. von Kahle, managing director for Michael Moecker & Associates, which is the assignee for Buy Owner. “There is still a very valuable core business here.”

Buy Owner president and CEO Scott A. Eckert lives in Boca Raton.

The company filed last month for an assignment for the benefit of creditors in Broward County, which is similar to a Chapter 7 federal bankruptcy but in state court. As assignee, the Fort Lauderdale-based Michael Moecker & Associates, is responsible for maximizing the assets of the company so creditors can get paid.

Von Kahle said the combination of a down real estate market and a large Bank of America loan that recently required payment led to the liquidation filing. According to court documents, Buy Owner owes about $3.9 million to Bank of America, and $1.2 million in back pay to its executives, including Eckert. It has 33 shareholders.

Buy Owner, founded in 1984, charges fees to sellers based on how much exposure they want on its website, and what features, such as custom fliers or talking yard signs, they choose. It is free to buyers.

The company has franchises in Atlanta, Chicago, Dallas, Jacksonville, New Orleans, Orlando, Philadelphia and Tampa.

“I don’t think the company could scale down quick enough because it got so big,” said von Kahle. “It appears to me the loan from Bank of America was the straw that broke the camel’s back.”

A 2009 Florida Realtors report found about 10 percent of homes sold last year did so without the help of a Realtor.

Leyza Blanco, an attorney with Miami-based GrayRobinson, P.A. who is representing Michael Moecker & Associates, said she has filed a motion to allow for liquidation of the business as a whole, rather than its parts. Because Buy Owner is a service-based company, that could maximize profits, Blanco said.

“There’s not a lot of tangible assets that you can just take apart and sell,” she said.

Creditors have until Nov. 23 to file claims against the company.

Copyright © 2010 The Palm Beach Post, Fla. Distributed by McClatchy-Tribune Information Services

http://homesite.obeo.com/617987

2010-08-16T16:03:00.000-04:00

http://homesite.obeo.com/617987

Early voting begins in primaries

2010-08-11T08:02:00.001-04:00

Early voting begins in primaries

TALLAHASSEE, Fla. – Aug. 10, 2010 – Voters around the state began casting ballots Monday through Florida’s early voting program that continues for the next two weeks leading up to the actual primary Election Day.

Counties across the state reported a steady stream of voters showing up on the first day for an election that will decide highly contested primaries in the Republican governor’s race between former Columbia/HCA executive Rick Scott and Attorney General Bill McCollum, and the Democratic U.S. Senate election between U.S. Rep. Kendrick Meek, South Florida businessman Jeff Greene and former Miami Mayor Maurice Ferre.

“I think you’ve got a lot of turmoil, a lot of political attacks going on,” says Leon County Supervisor of Elections Ion Sancho, who predicts that turnout in Tallahassee will surpass the 31 percent turnout of the 2008 primary. “I think in terms of the primary itself, there’s a lot more attention.”

Heading into the primary, there are 4,601,771 Democrats registered in the state and 3,997,998 Republicans. There are about 2.1 million voters without a party affiliation.

Source: News Service of Florida, Kathleen Haughney

Forecasters maintain call for active hurricane season

2010-08-06T16:55:00.001-04:00

FORT LAUDERDALE, Fla. – Aug. 6, 2010 – Government forecasters slightly reduced their tropical predictions on Thursday yet still call for a highly active season with 14 to 20 named storms, including eight to 12 hurricanes.

With the busiest stretch upcoming, the National Oceanic and Atmospheric Administration predicts four to six of the hurricanes will be major with sustained winds greater than 110 mph.

“The key message is that we can expect well above normal activity for the rest of the season,” said Gerry Bell, NOAA’s lead hurricane forecaster.

Meanwhile, Tropical Storm Colin was resurrected on Thursday and expected to either brush or directly hit Bermuda on Saturday. Then it was expected to curve out to sea without growing into a hurricane. The system briefly grew to tropical storm status on Tuesday and disintegrated into an open wave.

NOAA reduced its forecast a notch because it expected more storms to pop up in June and July, Bell said.

Because three named storms already have emerged, including Hurricane Alex and Tropical Storms Bonnie and Colin, NOAA calls for up to 17 named storms, including up to 11 hurricanes, to develop over the rest of the season, which ends on Nov. 30.

In late May, NOAA released an outlook calling for 14 to 23 named storms, including eight to 14 hurricanes. The average season sees 11 named storms, including six hurricanes.

NOAA cites three main reasons for maintaining a busy forecast: abnormally warm water in the tropics; a decades-long era of Atlantic hurricane intensity and the emergence of La Nina, an atmospheric condition that nurtures tropical systems.

Historically, the busiest stretch of the season is from mid-August through early October.

Copyright © 2010 Sun Sentinel, Ken Kaye. Distributed by McClatchy-Tribune News Service.

Five reasons to buy a home now

2010-08-05T07:55:00.001-04:00

ORLANDO, Fla. – Aug. 4, 2010 – The tax credit expired, but it’s still a great time to buy a home thanks to low mortgage rates and motivated sellers. Here are five reasons why now is a great time to buy:

1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today’s record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains traction.

2. Houses are in move-in condition. Homeowners continue to spend on maintenance and repair, according to the Harvard Joint Center on Housing. As these houses enter the market, they stand in marked contrast to tattered foreclosures.

3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system, and they are being replaced by some very attractive properties.

4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market.

5. Plenty of programs. Many programs that encourage middle-class families to buy homes still exist, despite market downturns. Buyers who qualify can get a big boost by combining one of these programs with today’s low mortgage rates.

Source: ForSaleByOwner.com (07/29/2010)

© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688

Florida justices refuse to hear homeowner tax case

2010-05-25T15:44:00.001-04:00

TALLAHASSEE, Fla. (AP) – May 25, 2010 – A pair of state constitutional amendments that give tax breaks to primary homeowners survived another legal challenge Monday as the Florida Supreme Court refused to hear the case.

That decision, though, may not be the end of the issue.

An appeal to the U.S. Supreme Court is likely, said Florida State University President Emeritus Talbot "Sandy" D'Alemberte, a lawyer for taxpayers who filed the lawsuit.

"The Supreme Court does not take jurisdiction in very many cases, but that's probably where this issue ought to be decided," he said. D'Alemberte said he hadn't yet discussed an appeal with his clients.

The Florida justices' unanimous decision lets stand rulings by a trial judge and appeal court upholding the Save Our Homes Amendment, which took effect in 1995, and Amendment 1, which was effective in 2008.

Save Our Homes limits annual property tax assessment increases to 3 percent for primary homeowners. Amendment 1 has a "portability' provision letting those homeowners take at least part of their accumulated tax break to a new home.

Four recently arrived Florida homeowners – Robert and Katherine Bruner of Tallahassee, Deborah Plitnick of Port Charlotte and Stanley Chamberlin of North Palm Beach – filed the challenge.

They get Save Our Home benefits, but their tax savings are significantly smaller than those of longtime homeowners.

The amendments discriminate against newcomers and those who own other types of property including second homes and businesses, argued D'Alemberte, also a former American Bar Association president.

The lawsuit is one of three that have challenged Save Our Homes, which got on the ballot through a petition drive.

Lee County Property Appraiser Ken Wilkinson, who led the petition campaign, said he was not surprised by the latest ruling.

"I don't think they've had one victory in any of the cases," Wilkinson said. "I think a lot of their arguments have lost wind due to recapture."

Save Our Homes limits tax increases when real estate values go up, but the state's recapture rule has the opposite effect. It raises assessments by up to 3 percent when values drop, which they've been doing in recent years. That's reduced some of the advantage longtime primary homeowners received from Save Our Homes.

Another case that focuses on Save Our Homes and was filed by out-of-state property owners also is awaiting a Florida Supreme Court decision. The third case, attacking both amendments and also filed by out-of-state residents, is back in trial court after the 1st District Court of Appeal ruled it had been improperly dismissed.

Copyright © 2010 The Associated Press, Bill Kaczor, Associated Press writer.

This Summer, Keep Cool and Cut Energy Costs

2010-05-21T07:34:00.000-04:00

This Summer, Keep Cool and Cut Energy Costs

What to watch for when buying a vacant home

2010-05-20T17:04:00.001-04:00

DETROIT – May 20, 2010 – When it comes to the housing market for foreclosures – buyer beware.
"One mistake that we see all the time is buyers going in and assuming all the mechanicals are working," said Brandon T. Johnson, president of GTJ Consulting in Roseville, Mich. "You have to be careful you don't get burned that way."

Johnson's company maintains foreclosed homes for a number of lenders, Realtors and Freddie Mac. He said the term "as is" shouldn't scare buyers off as long as they know what it means. He recommends that buyers get private inspections on houses they want to buy to avoid surprises such as missing plumbing or water damage.

Here's a list of 10 things to watch for in foreclosed or vacant homes from Ross Kollenberg, mitigation and construction manager for On-Site Specialty Cleaning & Restoration in Troy, Mich:

1. Air quality. This tells a lot about the home's condition. Include air and surface testing in your home inspection. It is a few hundred dollars well spent.

2. Black cobwebs, greasy gray residue on walls and/or a strong oily odor. This is soot damage, which requires professional cleaning, and points to a malfunctioning furnace. It also could be a tip-off that the home had a fire.

3. Discolored subflooring. From the basement, check the subflooring above for stains and small holes, both caused by mold.

4. An older home with extensive renovations. Check with the city for permits: You'll get remodeling details. If asbestos or lead paint is present and has been disturbed, be sure it's been remediated by a certified specialist. It the home has four or five major changes, it may not be up to code, and that could mean extensive fixes for the next owner.

5. Peeling, bubbling, and discolored paint; swelling in walls or ceilings (especially around kitchens and bathrooms); a musty odor: All indicate water damage and, potentially, the presence of moisture and mold.

6. Missing sinks, toilets and other fixtures. Sometimes the previous owner will take the fixtures with them, but won't shut off the pipes or will rip fixtures from the wall. If a pipe was cracked during the fixture removal, it could start a slow leak in the wall that isn't easily seen. Make sure those fixtures have been properly removed and not ripped from walls and floors.

7. Fungus growth inside cabinets, behind drawers and built-ins. That could mean there has been water damage. Since water falls down, look for the source above the mold. One trick inspectors use to determine whether there could be hidden water damage is to pull out the kitchen drawers and look inside to see whether the back wall has been rebuilt. If it has, that could mean water damage has been covered up.

8. Excessive painting of every nook, cranny, door and floor. The seller may be covering up mold. "When you go do a home that is 'landlord white' and the trim is flat, we tell people there is a reason the house was painted this way," Kollenberg said. "When we see it is over everything, it is a tip-off that it is just covering something up."

9. Unheated house in winter months. If the home has been properly winterized, there's no need for heat. If not, pipes will burst and cause water damage.

10. Blocked drains or pipes. These will cause future problems and may have already created sewage backups. Check for a telltale water ring in the basement, Kollenberg said.

Copyright © 2010 Detroit Free Press. Distributed by McClatchy-Tribune Information Services.

Palm Coast home sales up

2010-05-12T15:40:00.000-04:00

Palm Coast home sales up

Resales of homes & condos up for 1st quarter

2010-05-11T13:05:00.001-04:00

ORLANDO, Fla. – May 11, 2010 — Sales of existing single-family homes in Florida rose 24 percent in first quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 38,846 existing homes sold statewide in 1Q 2010; during the same period the year before, a total of 31,410 existing homes sold. It marks the seventh consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Statewide sales of existing condominiums in the first quarter rose 67 percent compared to the same time the previous year. This marks the sixth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

"The first quarter data release from the Florida Realtors paints a picture of a housing market continuing down the long road to recovery," said Dr. Sean Snaith, director for the University of Central Florida's Institute for Economic Competitiveness. "Transactions in the single family market have extended quarterly year-over-year gains for nearly two years, and condo sales have also risen sharply. Median prices in most areas of the state continue to fall; however, the rate at which they are falling has diminished significantly and this is indicative of a bottom approaching.

"How long prices stay at the bottom and when price appreciation will reappear will depend in a large part on the improving fundamentals in the economy and credit markets."

The University of Florida's Bergstrom Center for Real Estate Studies' latest quarterly survey of real estate trends also notes positive signs of recovery in the state's real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts.

"Results indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types," said Timothy Becker, the center's director. Private capital – both foreign and domestic – continues to enter the state in search of quality investment deals, he added.

Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased sales of existing homes in 1Q 2010 compared to the same three-month-period a year earlier, while all of the MSAs showed gains in condo sales.

The statewide existing-home median sales price was $133,800 in 1Q 2010; a year earlier, it was $140,900 for a decrease of 5 percent. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.

Inthe year-to-year quarterly comparison for condo sales, 16,897 units sold statewide for the quarter compared to 10,131 in 1Q 2009 for a 67 percent increase. The statewide existing-condo median sales price was $95,800 for the three-month period; in 1Q 2009, it was $110,000 for a decrease of 13 percent.

Low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5 percent in 1Q 2010; one year earlier, it averaged 5.06 percent.

© 2010 Florida Realtors

Official Credit Score Will Cost You, but Fake One Won't

2010-04-05T19:53:00.001-04:00

Official Credit Score Will Cost You, but Fake One Won't
By Gregory Karp

RISMEDIA, April 5, 2010—(MCT)—Savvy consumers know they can get a free copy of their credit reports at AnnualCreditReport.com. But can you get a credit score for free?

No, you generally can't get your FICO credit score free. FICO is the brand name of the three-digit rating between 350 and 850 that most resembles what lenders will use to grant you loans.

But you can get a free "FAKO" score. These fake FICO scores come from credit-score simulators or off-brand scoring models, and they are useful for people who want to keep tabs on their creditworthiness without paying a fee.

—AnnualCreditReport.com: Starting Thursday, companies that try to trick you into paying for a service to see your free report must more clearly direct you to this official site from theirs. The federally mandated disclosure becomes required for all marketing, including TV and radio advertising, in September. Credit scores are based on data in your credit reports, which come from three companies: TransUnion, Equifax and Experian. You can get one free credit report per year from each of them by going to AnnualCreditReport.com.

—CreditKarma.com: You can pull a score daily. It is the TransRisk credit score based on your TransUnion report. The site sells no products but makes money from advertising and recommending products, such as credit cards and mortgages, based on information in your credit report. But it doesn't store or reveal to vendors your personal information, said CEO Ken Lin. Lin said your CreditKarma score should be highly correlated with your FICO score.

"There are literally hundreds of credit scores, and you're not going to be able to monitor all of them. So pick a scale, track it over time and that will give you a very good idea of what's going on in your credit report and your general creditworthiness," he said. CreditKarma.com also offers a score simulator, so you can assess how actions, such as opening a credit card, will affect your credit.

—Quizzle.com: You can access your score once every six months. Based on your Experian report, it provides a score by CE Analytics. Quizzle discarded two previous types of scores in favor of a CE score, which is closer to a FICO score, said Quizzle CEO Todd Albery. You also get your Experian credit report.
Quizzle sells credit-improvement tools, which cost $25 or $75 depending on the product. However, improving your credit mostly involves paying your bills on time, paying off debt and using little of your available credit.

—Credit.com: You can access its Credit Report Card once a month. Based on your TransUnion report, it gives a letter grade like a school report card, and then gives number ranges for how that would rate with five credit-score models, including FICO. The site links to various paid credit products, including credit-monitoring services that might be of questionable value for most people. It also links to credit card and loan offers.

—MyFICO.com: If you're in the market for a loan or will be soon, you should probably pay $15.95 each for one or both of your scores from MyFico.com. You can get the Equifax and TransUnion FICO scores but not the score from Experian, which no longer sells it to the public. Your FICO score is probably the closest to what lenders will see, said spokesman Barry Paperno.

(c) 2010, The Morning Call (Allentown, Pa.)
Distributed by McClatchy-Tribune Information Services.

Watching out for ourselves

2010-04-05T19:41:00.001-04:00

REALTORS® face more on-the-job risks than many other business professionals. NAR is committed to helping you stay safe as you show properties, when you conduct open houses and when you meet prospects for the first time. Discover these safety resources available from NAR.

On these pages, you'll find a wide variety of safety tips, resources, and products from NAR specifically for association executives, brokers, and REALTORS®. Visit REALTOR® Magazine Online for a collection of safety features, an interactive safety quiz, and other information.

REALTOR® Safety Week

NAR’s annual REALTORS® Safety Week will be observed September 13–19, 2009. Resources will be sent to Associations and brokers in July.

Other Resources

View the NAR safety video, "Safety Strategies For You and Your Clients," to see these safety tips in action.

Learn about the online Safety Course from REALTOR® University.

Customizable tips and articles include training instructions and talking points, handouts, graphics, customizable articles, and valuable tips to help members stay safe on the job, on the road, and at home.

USDA program runs out of money

2010-03-31T18:21:00.001-04:00

WASHINGTON – March 31, 2010 – A no-down/low downpayment program for rural areas is running out of operational money, jeopardizing sales in some Fla. areas.

Last week, the United States Department of Agriculture (USDA) announced that funding authority for its popular Rural Housing 502 Single-Family Loan Guarantee program would, according to its notice, “likely be exhausted by the end of April 2010.” Once the funding runs out, the USDA will not issue its conditional commitments to homebuyers “subject to receipt of appropriated funds.”

Officially, new appropriated funds don’t become available until October 2010, but the National Association of Realtors® sent letters to Congressional appropriators urging immediate extension of commitment authority for the program. Other real estate interests, such as the National Association of Builders, have also stepped up pressure on Congress.

In a letter sent to every Florida Congressional lawmaker, Florida Realtors® President Wendell Davis told Senators and Representatives that “worthy homebuyers will be left without access to mortgages” from federal inaction. In the letter, Davis protested the lack of funding for Section 502 rural housing and Congress’ failure to extend the National Flood Insurance Program.

“Homeowners and homebuyers in our state/region are already feeling the impact,” Davis said in his letter. “Given the many challenges financial and real estate markets are facing, now is not the time to create another obstacle to real estate transactions.”

However, Congress is now in recess and does not return until April 12, so additional funding cannot appear until at least then. In addition, an increase in funding is not assured for the rural housing program, and homebuyers counting on the loan could be out of luck – especially those homebuyers hoping to use a USDA loan in time to qualify by the April 30 deadline for the federal tax credit of up to $8,000 for first-time buyers and $6,500 for move-up buyers.

Loans are first-come, first-served. With 1,900 lenders offering the loans, time is of the essence for homebuyers who plan to use the funding. When the money runs out, the program stops operations.

Questions should be directed to USDA’s Single Family Housing Guaranteed Loan Division at (202) 720-1452.

© 2010 Florida Realtors®

Not very good news for Real Estate agents.

2010-03-16T13:34:00.001-04:00

Only 22 percent of homebuyers happy with their agent

SACRAMENTO, Calif. – March 16, 2010 – A study by the California Association of Realtors shows a decrease in the number of consumers who say they would use the same real estate agent again to 22 percent in 2009 from 79 percent in 2004. When asked why they would not retain their previous agent, 64 percent said their homes languished on the market and 51 percent were upset that their house fetched less than they had expected.

The study findings show that sellers with unrealistic expectations blame their agents when a transaction does not go as planned, but agents often are indeed at fault for failing to inform sellers about current market realities when it comes to pricing and financing.

In the short term, agents can expect consumers to prefer working with individual agents, believing that a large brokerage cannot provide the personal response and service they so desire. Agents also need to drum up the courage to turn down overpriced listings that likely will not sell.

Over the long term, Realtors must focus on skill, hard work, and the use of technology to provide personal service and deliver the information of most interest to clients. Moreover, agents should immediately respond to calls and e-mails, listen to their prospect’s wants and needs, and make good on their requests.

Source: RISMedia (03/16/10) Parker, Mike

© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688

House hunting via real estate apps

2010-03-11T13:56:00.001-05:00

NEW YORK – March 11, 2010 – Smart phone apps are becoming increasingly popular among homebuyers, sellers and the real estate professionals who serve them.

Zillow.com, which has a free app, says people are using it to look up 2 million properties a month. In addition to Realtor.com, other popular apps include ones offered by ZipRealty, Coldwell Banker, Better Homes and Gardens, and the Corcoran Group.

The apps provide the same information that Web sites do, but they allow users access without having to lug a computer around. They can make house hunting easier for both practitioners and buyers because the information is so immediately and widely available.

“Within a minute, I had enough information to say it’s not worth driving” 25 miles to inspect the home, says Jon Mirmelli, a buyer who otherwise might have asked his real estate professional to meet him there.

Source: The Wall Street Journal, James R. Hagerty (03/09/2010)

© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688

Locally, you can text the word "CFLGUY" to 87778 and you'll get the Smarter Agent app for this area so you can shop from your GPS enabled cell phone.

Termite swarming season is here

2010-03-03T15:19:00.001-05:00

TALLAHASSEE, Fla. – March 3, 2010 – Termite swarming season gets under way in late February and early March as temperatures begin to warm. Swarming means the termites are leaving their colonies to search for new nesting sites. Florida Agriculture and Consumer Services Commissioner Charles H. Bronson is again warning Floridians to take steps to protect their home. Termites cause about $750 million in property damage in the United States annually.

Termites are most abundant in the southwestern and southern U.S., with the Gulf Coast commonly known as “the termite belt.” Since termites try to avoid light and open air spaces, the insects do their damage behind walls. Many homeowners don’t realize they have a termite problem until swarming season when they see them flying around their homes.

The swarmers are winged, black insects about one-quarter-inch long and look a lot like flying ants. Termites can be categorized into two groups by their nesting sites. The earth-dwelling termites that make tunnels in the ground or build tubes above the earth are called subterranean termites. The second group, the wood-dwelling termites that have no contact with the earth, are called drywood termites.

Florida’s climate makes it especially vulnerable to termites, and they are found throughout the state. Despite this, many homes in the state have no termite protection.

“Prevention is critical in avoiding termite destruction,” Bronson says. “The insects can go undetected for long periods of time while they feed on the wood in a home.” The Florida Department of Agriculture and Consumer Services regulates and licenses pest control companies and conducts regular inspections to ensure the businesses are adhering to the rules and regulations governing pesticides and pest control. Consumers can contact the department to find out whether a pest control company is properly licensed, to find out how many consumer complaints have been filed against a particular business and to learn about the various types of termite control contracts.

Licensed pest management professionals have the expertise to inspect buildings and treat them to prevent an infestation or provide treatment when the insects are found. Termite companies are now required to clearly tell customers if their contract covers both subterranean and drywood termites. Most pest control operations in Florida are licensed but it’s important to check out a business before signing a contract.

Steps that consumers can take to protect their homes from termites include:

• Remove wood piles and other cellulose sources from under and next to homes.
• Have an annual inspection by a licensed professional pest control company.
• Direct water sources, such as air conditioner drip lines and roof downspouts, away from the structure foundation.
• When purchasing a home, carefully check its termite protection history.
• Obtain a termite protection contract and renew it annually.

Bronson said consumers should read a termite protection contract before signing it. Some contracts only require that the company re-treat a home if termites are found. Bronson says it is better to have a re-treat and repair contract that requires the pest control business to repair any damage caused by termites after a home has been inspected and treated.

For information, visit the department’s web site at http://www.FloridaTermiteHelp.org or call (800) 435-7352.

© 2010 Florida Realtors®

Amendment 4 would create huge ballots

2010-02-19T07:57:00.001-05:00

TALLAHASSEE, Fla. – Feb. 18, 2010 – Curious what a ballot would look like should Amendment 4 pass? A sample Orange City one has 47 pages and 488 referendums.

“We knew ballots would be ponderous should Amendment 4 pass, and have made that point many times to Realtors and Floridians,” says Florida Realtors Vice President of Public Policy John Sebree. “This sample ballot, however, is far worse than we imagined. It’s beyond the comprehension of most land use experts, much less the average Floridian.”

The sample ballot looked at a single election, Nov. 8, 2005, in Orange City, Fla., a town in Volusia County. Multiple questions deal with concurrency, water management and technical changes.

Citizens for Lower Taxes and a Stronger Economy Inc. developed the sample ballot for their website, “Vote No on 4.” Florida Realtors and a number of local Realtor associations support the anti-Amendment 4 movement, along with many other groups across the political spectrum.

To find out more about “Vote No on 4” and read the 47-page sample ballot, go to http://florida2010.org/home.php and click on the “Vote on Everything” icon.

© 2010 Florida Realtors®

Some Countrywide customers may get a check

2010-02-17T10:01:00.001-05:00

TALLAHASSEE, Fla. – Feb. 16, 2010 – More than 2,700 people will receive checks from a 2008 settlement Florida negotiated with Countrywide Financial Corporation. As part of the settlement, Countrywide is offering foreclosure relief payments to eligible borrowers who returned valid and timely claim forms and releases under a program administered by the Countrywide settlement administrator.

More than $16.9 million will be distributed this week, and each check will be written for just over $6,000.

In July 2008, Attorney General Bill McCollum filed a lawsuit against Countrywide, one of the nation’s largest mortgage companies, for allegedly engaging in deceptive and unfair trade practices. The lawsuit claimed Countrywide put borrowers into mortgages they couldn’t afford or loans with rates and penalties that were misleading. That lawsuit was resolved in October 2008, and the settlement agreement included a foreclosure relief payment program for Florida homeowners with qualifying Countrywide mortgages.

Eligible homeowners should consider the following:

• Important information: The checks must be cashed on or before May 13, 2010.

• A payment under this settlement may be taxable, and recipients should consult a tax advisor if they have any questions concerning possible tax liabilities.

• Recipients with any questions should contact the settlement administrator, Rust Consulting, toll free at (866) 411‐6987, or http://www.countrywidesettlementinfo.com.

The settlement also includes $4 million to fund a foreclosure defense assistance program. The money will be provided to organizations over the course of two years, and the first funds were distributed in late 2009. The organizations that receive the grants agree to provide free legal assistance to eligible homeowners who face foreclosure but cannot afford an attorney to review their case.

“These resources, both the checks to homeowners and the grants to fund pro bono foreclosure defense assistance, are substantial assets to Floridians,” says Heather Rodriguez of Holland & Knight law firm and president of the Legal Aid Society of the Orange County Bar Association, one of the organizations that received grant funding and has an attorney dedicated to foreclosure defense assistance. “Orange and Osceola counties are both high in foreclosures, and homeowners are struggling.”

Countrywide Chief Executive Angelo Mozilo was also named in the Countrywide lawsuit and the civil case against him is still pending in Broward County Circuit Court. McCollum has also called on Bank of America, the company that acquired Countrywide after the lawsuit was filed, to be more responsive to consumers trying to modify loans and save their home from foreclosure.

© 2010 Florida Realtors®

Walkaway rather than foreclosure?

2010-02-12T07:39:00.001-05:00

NEW YORK – Feb. 11, 2010 – Seeking alternatives to the nation’s struggling foreclosure prevention efforts, federal and mortgage industry officials increasingly are looking for ways to get distressed borrowers to leave their homes voluntarily, without going through the expensive foreclosure process or a messy eviction.

Citigroup, for instance, plans to announce a pilot program on Thursday that would allow delinquent borrowers who don’t qualify for or decline mortgage relief the opportunity to stay in their homes without making payments for up to six months before turning over the keys, in return for keeping the property in good condition. The bank estimates that up to 20,000 borrowers in Texas, Florida, Illinois, Michigan, New Jersey and Ohio could be eligible.

The program is just the latest amid a growing acknowledgment that foreclosure prevention efforts will fail to reach millions of borrowers over the next few years.

“This is a graceful way to move on with their lives instead of being foreclosed on and being evicted from their homes,” said Sanjiv Das, chief executive of CitiMortgage.

The Citigroup plan attempts to address some common industry complaints, including borrowers who leave their homes in disarray after foreclosure, requiring lenders to spend thousands of dollars fixing up the property before putting it on the market. Also, homeowners who owe far more than their homes are worth increasingly are choosing to “strategically default,” even though they can afford to pay their mortgage. The new program gives CitiMortgage more control over when distressed homes are put up for sale, bypassing clogged courthouses that have slowed the foreclosure process in many parts of the country.

By avoiding a glut of foreclosures that could hit the housing market within the next 16 to 18 months, the program – if it is replicated throughout the industry – could help prevent another dip in home prices, Das said.

It would be a more orderly process “than if all of the foreclosed properties came crashing at some point in the cycle,” he said.

Other initiatives have also emerged for borrowers likely to lose their homes. Fannie Mae and Freddie Mac, the mortgage financing companies, developed programs allowing former homeowners to become renters after a foreclosure or other proceedings. As part of its federal foreclosure prevention program, known as Making Home Affordable, the Treasury Department announced late last year that lenders would be eligible for $1,000 in exchange for allowing borrowers to sell their home in a short sale. In such deals, the borrower sells the home for less than the outstanding mortgage, and the lender forgives the difference.

Moody’s Economy.com has forecast that the number of short sales and transactions in which borrowers surrender their deed in lieu of foreclosure will increase more than 50 percent, to about 490,000, this year. That is just a fraction of the 1.9 million homeowners Moody’s has forecast will lose their homes to foreclosure this year, up from 1.7 million last year.

But lenders have struggled to make many of these programs effective. The short sale is often lengthy and cumbersome for homeowners. In some cases, borrowers have second liens on the property, which can hang up the process. And lenders are sometimes suspicious of the potential for fraud if the home is sold cheap to a friend or family member of the borrower.

It’s unclear how rental programs for former homeowners are working. Fannie Mae launched its “Deed for Lease” program in November, offering borrowers a 12-month lease in return for turning over the keys to their former home and maintaining the property. A company spokeswoman said that it was too early to judge the program’s success, but that former homeowners who surrender their deed to avoid foreclosure – numbering nearly 2,000 through the third quarter of last year – would be eligible. Freddie Mac’s year-old program targets former homeowners after their foreclosure, offering them a month-to-month lease. It has not released specific data on how many homeowners have chosen this option.

Citigroup’s program goes further. It targets delinquent homeowners who do not qualify for mortgage relief. During the time the borrower is still in the home, they must continue to pay utilities, but in some cases, the bank may help cover some of the taxes, insurance or homeowner association fees. The borrower would also be eligible for transition counseling to help find a new home, and a minimum of $1,000 to help offset moving costs.

If there is significant demand for the program, Citigroup will expand it, Das said. “There might be complications that we haven’t thought about,” he said. “What happens if they don’t turn over the keys after six months or they don’t maintain their house like we would like them to maintain their house?”

Copyright © 2010 washingtonpost.com

Great time to sell your home

2010-02-09T15:42:00.001-05:00

ORLANDO, Fla. ? Feb. 9, 2010 ? Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign:

? Sell low and buy low. Because all property values are down, the loss on the property a homeowner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he?ll be in better shape.

? Downpayment help is widely available. While nothing-down loans have disappeared, it?s easy to find downpayment assistance for lower-income and first-time homebuyers. Programs vary all over the country, but one good way to find them is to search online for ?downpayment assistance programs? and the name of your region.

? Your Uncle Sam has money to share. Besides the $8,000 first-time homebuyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.

? Good help is available. Really talented real estate practitioners, contractors and designers are available and eager for business.

Source: McClatchy Tribune, Kate Forgach (02/07/2010)

? Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688

What your credit score means to you when buying a home.

2010-02-08T06:57:00.001-05:00

DETROIT ? Feb. 5, 2010 ? Lucas Harrison-Zdenek has tried twice since last summer to get a federal loan to buy a foreclosed home.

His credit score hasn?t been good enough. It was 575 last fall when it needed to be 580, and is now 606 when it needs to be 620. He was denied again earlier this month.

The Ferndale, Mich., massage therapist is hopeful that an update to his credit report to reflect some recently paid debts will push his score up to 620. He?s aiming for a mortgage on a four-bedroom, 1 1/2-bath house in Ferndale that?s priced at $70,000.

A Jan. 1 change in federal lending guidelines has made it harder for people to benefit from Neighborhood Stabilization Programs, which help lower-income buyers purchase foreclosed homes. The rules pushed the minimum credit score to 620 for an FHA loan.

?Every time we get denied, I feel like we are closer to getting approved,? said Harrison-Zdenek, 25.

He?s now renting a house in Berkley for his wife, Genevieve, and 3-month-old son, Lincoln.

Harrison-Zdenek?s experience is pretty common for people who are at or below 50 percent of the local median income, or $31,450, for a family of three.

The programs include mandatory homeowner counseling classes and applicants must be able to qualify for a mortgage. And 25 percent of the federal grant money must go toward helping those at 50 percent of the median local income buy homes.

Officials administering the program say it has been a big challenge to find families who qualify in the low-income category and have the necessary 620 or higher credit score and 24 months of income history. Additionally, the Oakland County, Mich., program doesn?t allow people with a foreclosure or bankruptcy in the past three years to participate.

?It is brutal. It means that they don?t get the house,? said Gordon Lambert, chief of operations for Oakland County?s community and home improvement division. ?This credit crunch is really, really impacting the whole community.?

Marsha Scheer, who coordinates the Neighborhood Stabilization Program for Ferndale, said the city has closed on homes sold to five low-income buyers so far. The city hopes to help 25 to 30 families buy homes in the community.

Ferndale contracted with Home Renewal Systems to implement its program. Home Renewal handles everything from getting potential buyers qualified, finding homes, rehabilitation work and closing on the mortgage.

Cathy Doig, marketing director for the company, said federal lending guidelines have made it harder to get people in homes.

She said that people with lower incomes sometimes have low credit scores because of damaged credit. More often, though, applicants are ineligible because they haven?t established credit. These are people who do not use credit cards or make installment payments on vehicles, but they pay their bills on time.

?In order to have a high credit score in this country, you have to use credit,? Doig said.

She said the company?s staff works with these potential homeowners on getting their credit scores up, but that can take months.

Harrison-Zdenek is hopeful that he will qualify for a mortgage before the minimum credit score is raised again.

?If (the loan officer) didn?t feel Genna and I were worthy of homeownership, they wouldn?t try so hard,? Harrison-Zdenek said.

Copyright ? 2010 Detroit Free Press. Distributed by McClatchy-Tribune News Service, Greta Guest.

Fannie to offer closing cost aid on foreclosures

2010-02-02T08:09:00.001-05:00

WASHINGTON ? Feb. 1, 2010 ? Fannie Mae, the largest provider of residential home funding in the United States, announced on Friday that it would start to pay closing costs for buyers of foreclosed homes in its inventory. Buyers of qualified properties will get up to 3.5 percent in closing costs or an equivalent amount for the purchase of new appliances.

Fannie wants to clear out the nearly 50,000 properties it has in inventory ? listed on HomePath.com, the Web site created by Fannie Mae last year to sell the growing number of foreclosed homes. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010. Applicable properties can be found on HomePath.com, along with property descriptions, photographs, community and school information, and more.

In addition, some Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers qualified homebuyers the ability to purchase with as little as 3 percent down.

?Attracting qualified buyers to the market and reducing inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover,? Terry Edwards, executive vice president for credit portfolio management, said in a statement.

? 2010 Florida Realtors?

Consumer Confidence Index Increases Moderately in January 2010

2010-02-01T07:54:00.001-05:00

RISMEDIA, February 1, 2010?The Conference Board Consumer Confidence Index, which had increased in December 2009, improved further in January 2010. The Index now stands at 55.9 (1985=100), up from 53.6 in December. The Present Situation Index increased to 25.0 from 20.2. The Expectations Index increased to 76.5 from 75.9 last month.

The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS. TNS is one of the world?s largest custom research companies. The cutoff date for January?s preliminary results was January 19th.

?Consumer Confidence rose for the third consecutive month, primarily the result of an improvement in present-day conditions. Consumers? short-term outlook, while moderately more positive, does not suggest any significant pickup in activity in the coming months. Regarding their financial situation, while consumers were less dire about their income prospects than in December, the number of pessimists continues to outnumber the optimists,? said Lynn Franco, director of The Conference Board Consumer Research Center.

Consumers? assessment of present-day conditions was, on the whole, more positive than last month. Those stating business conditions are ?good? increased to 9.0% from 7.5%, however, those stating business conditions are ?bad? increased to 46.1% from 45.7%. Consumers? assessment of the labor market improved moderately. Those claiming jobs are ?hard to get? declined to 47.4% from 48.1%, while those claiming jobs are ?plentiful? increased to 4.3% from 3.1%.

Consumers? short-term outlook, while overall more positive, was somewhat mixed. The percentage of consumers expecting an improvement in business conditions over the next six months decreased to 20.9% from 21.2%, while those anticipating conditions will worsen increased to 12.7% from 11.8%. Regarding the outlook for the labor market, those expecting fewer jobs decreased to 18.9% from 20.6%. However, those expecting more jobs to become available in the months ahead declined to 15.5% from 16.4%. The proportion of consumers anticipating a decrease in their incomes declined to 16.2% from 18.4%.

For more information, visit www.conference-board.org.

Fannie Mae Offers New Closing Cost Assistance and Appliance Incentive for Homebuyers

2010-01-29T06:44:00.001-05:00

Fannie Mae is offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on HomePath.com that are closed within this period may receive up to 3.5% of the final sales price for:

? Closing costs;

? The purchase of new Whirlpool? appliances by Fannie Mae; or

? A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%.

To be eligible for this incentive:

? Offers must be accepted on or after January 28, 2010;

? Property sales must close before May 1, 2010, and;

? Buyers must be owner-occupants (investors are excluded).

The incentive reinforces the organization's commitment to stabilizing communities and assisting buyers. For more information about this incentive, visit www.HomePath.com, read the press release on fanniemae.com, or contact a Fannie Mae listing broker.

HUD takes action to speed resale of foreclosed properties

2010-01-19T10:47:00.001-05:00

WASHINGTON ? Jan. 18, 2010 ? In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan announced a temporary policy that will expand access to FHA mortgage insurance to allow for a quicker resale of foreclosed properties. The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties or properties resold through private sales.

?As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers,? says Donovan. ?FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization.?

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

?This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed,? Donovan says.

Acquiring, rehabilitating and reselling foreclosed properties to prospective homeowners often takes less than 90 days in today?s market; and FHA?s 90-day rule can adversely impact buyers if a seller is unwilling to hold a property 90 days thanks to holding costs and the risk of vandalism.

?FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,? says FHA Commissioner David H. Stevens. ?This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.?

The waiver will take effect on Feb. 1, 2010, and be effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of ?flipping,? the waiver is limited to those sales meeting the following general conditions:

? All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

? In cases in which the sales price of the property is 20 percent or more above the seller?s acquisition cost, the waiver will only apply if the lender meets specific conditions.

? The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

? Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD?s website:
http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

? 2010 Florida Realtors?

Single women outnumber single men when buying a home

2010-01-11T15:49:00.001-05:00

CHAPEL HILL, N.C. ? Jan. 11, 2010 ? For a number of reasons, both financial and personal, a growing number of men are shunning the revered institution of homeownership. The figures behind this phenomenon only hint at possible reasons.

A comprehensive nationwide study by the University of North Carolina at Chapel Hill?s Center for Community Capital found that men and women under age 40 report fairly comparable levels of contentment with homeownership. Yet the attitudes of bachelors and bachelorettes hint at underlying gender attitudes toward homeownership. Married couples comprise the majority of new homebuyers.

According to the National Association of Realtors? (NAR), the next-largest buying group is single women, who in the past year accounted for more than one in five home sales; single men represented just 10 percent.

The gap has widened since the turn of the century, confirms Paul Bishop, NAR?s vice president for research. Bishop?s survey leaves unanswered questions about the roots of the gender divide. Whatever the reasons, a number of men seem to grasp all too well what economists see as an enigma of homeownership: it has an asset, or investment, value, as well as a consumption value.

?Once upon a time, people bought houses to live in,? says UCLA geography professor William Clark, who writes frequently on homeownership. Today, ?with the sudden run-up in foreclosures, you?re starting to see people ask: ?Is housing a good investment??? he explains.

Source: New York Times (01/07/10) P. D1; Tortorello, Michael

? Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688

Fannie Mae Launches Special Approval Designation to Support Florida Condo Market

2010-01-09T07:43:00.001-05:00

WASHINGTON, DC ? Fannie Mae (FNM/NYSE) announced today that it is undertaking a comprehensive review of hundreds of condominium projects in the state of Florida in an effort to allow additional projects to become Fannie Mae-eligible through a new "Special Approval" designation.

A dedicated team of six Fannie Mae professionals based in Florida is conducting a thorough examination of condominium projects across the state that may not currently meet Fannie Mae's standard eligibility criteria and assessing specific criteria more closely, including occupancy, homeownership association dues, financial stability of the project and property condition. Projects deemed to be sufficiently stable following the closer examination are granted a Special Approval designation, meaning lenders can originate and deliver mortgage loans secured by units in these projects to Fannie Mae.

Fannie Mae has been granting exceptions to its condominium eligibility guidelines on a case-by-case basis when requested by lenders. The Special Approval designation streamlines the process for lenders and catalogues projects across the state that are Fannie Mae-eligible. Projects deemed eligible will be listed on www.eFannieMae.com as project reviews are completed, and qualified borrowers wishing to purchase units in these projects will be eligible for financing.

"This new initiative is geared toward providing maximum support for Florida's distressed condo market as we continue to provide liquidity to the housing market more broadly," said Karen Pallotta, Executive Vice President, Single Family Mortgage Business. "The state's condo market has been particularly hard hit by the housing downturn and we're working with the industry and our partners to do all we can to stabilize the market and help spur recovery."

"NAR applauds Fannie Mae for taking this important step to make condo loans more readily available in Florida," said Moe Veissi, National Association of Realtors? First Vice President and broker-owner of Veissi & Associates Inc. in Miami. "Our state is probably the hardest hit as far as the condo market is concerned, and Fannie Mae's new effort to take a closer look at project eligibility could go a long way to putting projects back on a healthy financial track."

Special Approval designations are effective for periods between 9 and 18 months, and lenders are required to confirm the project's Special Approval designation on the date of the loan application. The Special Approval initiative is for established condominium projects only.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

Innovative Home Staging Is Key to Home Sales in Down Market

2009-12-31T10:29:00.001-05:00

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

4 out of 10 Recent Buyers Used FHA Loans

2009-12-28T09:48:00.001-05:00

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

Home buyers are downsizing

2009-12-18T07:19:00.001-05:00

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

HUD updates advice to borrowers?

2009-12-17T17:04:00.001-05:00

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

Construction jobs for Palm Coast?

2009-12-11T07:45:00.001-05:00

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.

As Usual: Florida Recovery Lags

2009-12-04T07:59:00.001-05:00

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

2009-12-02T07:56:00.003-05:00

Nine consecutive gains for pending home sales

2009-12-02T07:56:00.001-05:00

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?

Faulty Chinese drywall causes corrosion, federal study says

2009-11-27T07:48:00.001-05:00

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.

Real Estate of the Future: Lean, Clean and Green

2009-11-25T07:29:00.001-05:00

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

Foreclosure news

2009-11-21T16:44:00.001-05:00

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.

Next wave of foreclosures looms

2009-11-19T17:13:00.001-05:00

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.

Housing regs to add protections for gays

2009-10-22T15:44:00.001-04:00

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.

Homeowners still pricing their homes too high

2009-10-19T07:21:00.001-04:00

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

Is it ever going to get better?

2009-10-17T06:35:00.001-04:00

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.

Something new for Palm Coast

2009-10-16T07:14:00.001-04:00

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

Another toxic drywall problem: No insurance

2009-10-08T15:58:00.001-04:00

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.

Flagler school enrollment increase

2009-09-09T07:28:00.000-04:00

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."

Nes about home sales

2009-09-03T07:23:00.001-04:00

Lawrence Yun, the National Association of Realtors' chief economist is optomistic

A new tool to use for Real Estate

2009-08-24T14:48:00.001-04:00

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.

23% of Florida home loans past due or in foreclosure in second quarter

2009-08-22T06:29:00.000-04:00

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.

Home buyers' fair

2009-07-14T06:59:00.000-04:00

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

Problems for Palm Coast & Florida ahead?

2009-06-20T09:33:00.000-04:00

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®

Flagler tightening its budget

2009-05-20T05:55:00.000-04:00

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

2009-05-13T15:03:00.000-04:00

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?

2009-05-13T13:42:00.000-04:00

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

2009-05-09T07:56:00.000-04:00

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.

Are we out of the woods yet?

2009-04-21T16:27:00.001-04:00

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-

The scoop on Chinese drywall

2009-04-21T06:56:00.000-04:00

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

The Chinese drywall story

2009-04-17T08:17:00.000-04:00

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>

Palm Coast certified as a "Green City"

2009-04-08T09:10:00.000-04:00

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.

Yet Another Scam!

2009-03-30T13:57:00.000-04:00

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

A good time to buy

2009-03-28T07:08:00.000-04:00

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.

Mortgage fraud alert

2009-03-05T07:13:00.000-05:00

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.

New Homeowner Affordability and Stability

2009-02-20T07:05:00.001-05:00

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.

New Homeowner Affordability and Stability

2009-02-20T07:05:00.000-05:00

Some stats

2009-02-19T15:51:00.000-05:00

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.

Market Value

2009-02-17T14:41:00.000-05:00

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.

Tax Credits

2009-02-14T07:46:00.000-05:00

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

Did you know?

2009-02-13T07:26:00.000-05:00

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.

Home Buyer Tax Credit

2009-02-07T05:46:00.000-05:00

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.

Main Fire Station

2009-02-04T07:06:00.000-05:00

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.

In his own words

2009-01-29T07:19:00.000-05:00

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

The December state of Real Estate

2009-01-28T07:11:00.000-05:00

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?

Alter Mortgages?

2009-01-27T16:04:00.000-05:00

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.

A New Year... a New Venture

2009-01-13T16:35:00.000-05:00

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.

Economic Bailout

2008-12-09T07:43:00.000-05:00

An effort by NAR to spur home sales through a mortgage-interest rate buydown appears to be gaining traction, according to reports in major news media like the Washington Post and The Wall Street Journal. "Treasury officials told the Realtors that the [buydown] plan could be a more effective way to help homeowners than focusing solely on borrowers struggling to meet their monthly payments," the Washington Post story says, referring to a November meeting between NAR and Treasury officials.
The interest rates have dropped to where it is very lucrative to purchase a home here in Palm Coast, FL. The prices in Palm Coast and Flagler County are stilll at an affordable rate.

Zillow.com suvey

2008-10-31T07:18:00.000-04:00

America is in one of the worst housing crisis in history, yet 49% of U.S. homeowners believe their home's value has increased or stayed the same over the past year, according to Zillow's Q3 Homeowner Confidence Survey.
In reality, 74% percent of homes have lost value in the past 12 months, according to preliminary findings in Zillow's Q3 Real Estate Market Reports, which will be released Nov. 12.

Other findings from the survey:
Supporters of Republican presidential nominee John McCain have more confidence about their homes' values than supporters of Democratic nominee Barack Obama.

Fewer people expect to buy or sell a home in the near future:

Three percent plan to sell their home in the next six months, down from 5 percent last quarter.

Three percent plan to buy a home, down from 4 percent in the second quarter.

Is this the end of the tunnel for Palm Coast?

2008-10-07T12:00:00.000-04:00

According to http://eppraisal.com/ Palm Coast is ranked 31st out of 188 Metropolitan Areas throughout the country with an 8% increase in the median price for the average home in the city.

Median price for homes in Palm Coast is $175,000.

Freddy & Fannie

2008-09-09T13:29:00.000-04:00

What does the federal government bailout of Fannie Mae and Freddie Mac mean to home buyers and sellers? Generally, it's a good thing, and brings stability to the mortgage market. Most experts even expect mortgage rates to drop some over the short term, though qualifying for a mortgage will remain a challenge unless the feds tinker with fees or rules.

Meanwhile sales in real estate of existing homes in Palm Coast and Flagler County had a slight gain for August as compared to last year. Have we begun to see a the light at the end of the tunnel?

June figures

2008-08-12T16:36:00.000-04:00

According to E-PPRAISALS.com the median sale price for Palm Coast in June was $ 165,000 no change from May whith most sales (about 39%) occuring in the $142K to $205 K range.
Palm Coast ranks 14th out of the 20 metro areas of Florida and that was based on a 2.7% decline in home values. On a national level, Palm Coast ranks 151 out of 195. For more information go to http://eppraisal.com and sign up for their monthly newsletter.

How to get a house sold quicker

2008-07-26T07:00:00.000-04:00

More real estate professionals are suggesting to their home sellers that they consider home staging - a process where a house for sale is de-cluttered, de-personalized and redecorated so it appeals to a wide variety of potential buyers. Staging a home so the house, not the seller's life and tastes, is on display can offen make a difference in selling the home more quickly, the experts say.

Florida Home Sales

2008-07-25T07:21:00.000-04:00

Many Florida Realtors reported positive movement in their local housing markets in June, with the statewide median price for both existing home sales and condo sales up 1 percent over the May 2008 figures, according to FAR's latest housing statistics. The statewide existing-home median price last month was $205,500; the statewide median condo price was $183,700.

Homestead Fraud Alert

2008-06-27T17:06:00.000-04:00

As county budgets shrink, officials are becoming more aggressive seeking out owners who lie about their living status in order to get a homestead exemption. If caught, a tax lien is typically placed on an owner's property. The owner also faces a fine: 50 percent of the unpaid taxes for each year and interest at 15 percent per year.

Facing Real Estate problems in Palm Coast?

2008-06-24T06:58:00.000-04:00

In todays economical troubles, if you are facing mortgage foreclosure, here are some tips to help you through it.

Don't fall for promises like "We'll save your credit"; "We'll buy your house 'as is'"; or "We'll get you a new mortgage with low monthly payments."

Don't sign away ownership of your property (sometimes called a "quit claim deed") to anyone without the advice you trust.

Beware of any home sale contract where you aren't formally released from liability for your mortgage. Also, make sure you know what rights you're giving up and that you agree to giving them up.

Do call your mortgage company or lender if you're in trouble. Ask for the loss mitigation department. Contrary to popular perception, lenders don't want to steal your house.

Don't call for assistance from one of those ubiquitous signs on telephone poles that advertise help. Chances are, that's not where help lies.

On the same note, here is some advice that may affect someone facing foreclosure....

"Proceed with caution, if a company or person:

Describes itself as a "mortgage consultant," "foreclosure service," or "agent" who can help with your current situation;

Collects a fee before giving any services;

Advertises to people whose homes are listed for foreclosure, including anyone who sends fliers or solicits door-to-door offering to assist with avoiding foreclosure."

And there is more.... Advice is cheap. Good advice usually costs money, so pay heed to the following:

Don't sign anything that has any blank spaces. Information could be added later that you didn't agree to. (Yes, it happens.)

Never sign a contract under pressure. Always know exactly what you're signing. Take your time to review the paperwork thoroughly -- ideally with a lawyer or licensed real estate professional who only represents your interests.

Never make a verbal agreement. Get all promises in writing and get full copies of everything.
Deals that sound too good to be true, usually are...

Just remember the free lunch rule:

There isn't one.

Are you pricing your Palm Coast home to sell it?

2008-06-16T14:34:00.000-04:00

Too many sellers in Florida aren't setting the right price for their home. They are asking far too much money and ignoring the list prices of nearby homes, not to mention their real estate agents' advice.
The worst thing to be in this market is one of those homes that's been listed for six, eight, ten months with no consummated deals.

Legend company building facilities in Florida

2008-06-14T07:45:00.000-04:00

Wichita developer Legend Senior Living, which announced in The Eagle last month that it plans to build a $17 million, 115-unit active senior living facility on North Webb Road, also has several Florida facilities under construction this month, the company said today.
The Windsor of Cape Coral and The Windsor of Ocala will open in the summer of 2009.
Construction is scheduled to begin later this year on Venice and Palm Coast residences. The Windsor properties are owned by Windsor Senior Living, an affiliated entity of and operated by Legend Senior Living.
The Windsor Assisted Living and Memory Care Residences in Florida will house 70 private studio and one bedroom apartments for assisted Living and 14 private suites dedicated for memory care.

BY ANDI ATWATER
The Wichita Eagle

Help your community

2008-06-03T06:29:00.000-04:00

Now that hurricane season is upon us, help your community: Volunteer by joining a local Community Emergency Response Team (CERTs). CERT members respond immediately to help their community following a disaster. Volunteers receive training and work under the general direction of the U.S. Department of Homeland Security. For more information call me and I'll get you the details.

April Figures

2008-05-23T17:13:00.000-04:00

Statewide, existing home sales rose 20% in April from the March figures. Condos rose 21.6% statewide for the same period. There is a light at the end of the tunnel!

Imagine Schools have ground breaking ceremony

2008-05-12T06:24:00.000-04:00

PALM COAST, Fla., May 09, 2008 (BUSINESS WIRE) ----Imagine Schools, one of the largest and fastest growing charter school organizations in the nation, will break ground on its new 44 classroom, 43,220 square foot K-8 School in Flagler County on May 14 at 9:00 a.m. At a time when funding cuts in education are limiting public educational resources, the non-profit organization is building this new $8-10 million facility at no cost to the taxpayer. The groundbreaking ceremony will take place in the new Town Center development just west of I-95 on the north side of Highway S. R. 100 at 775 Town Center Blvd., Palm Coast, FL 32164.
Flagler Schools Superintendent Bill Delbrugge will welcome Imagine Schools and Principal Jason LaFrance. Imagine's unique educational environment provides a private school quality education for any student that wishes to attend and gives the parents of Flagler County another choice. The Flagler School Board was instrumental in bringing this option to families, and the Board continues to work in partnership with Imagine Schools every step of the way.

(Source: Business Wire)

Palm Coast is growing

2008-05-02T07:41:00.000-04:00

Palm Coast: 2 groups seek to annex land that would expand city. Read more on this link
http://www.news-journalonline.com/NewsJournalOnline/News/Headlines/frtHEAD06043008.htm

Palm Coast & Flagler County in the Real Estate news

2008-04-24T13:59:00.000-04:00

An article published on Tuesday April 22nd is very encourageable for the real estate market here in Palm Coast. Click on the link below and read the whole article. It basically sells Palm Coast all by itself! http://www.send2press.com/newswire/2008-04-0422-006.shtml

Home ownership

2008-04-24T08:08:00.001-04:00

The American Dream lives. According to a survey from AOL Real Estate and Zogby International, 31 percent of respondents believe their home is worth more than it was a year ago, and 56 percent do not think their home will be worth less in five years; 69 percent consider real estate to be a viable investment.