http://timweisheyer.com/Mortgage_info.asp

30-year fixed-rate mortgage averaged 4.79 percent with an average 0.8 point for the week ending June 3, 2010, up slightly from last week when it averaged 4.78 percent. Last year at this time, the 30-year FRM averaged 5.29 percent.
 
-According to Freddie Mac PMMS -

TALLAHASSEE, Fla. – May 18, 2010 – Florida’s borrowers in trial and permanent loan modification, represent 12.3 percent of the nation’s total.

For the second month in a row, Florida had the second highest number of loan-mortgage modifications among the states under the Obama administration’s Making Home Affordable program in April.

California was No. 1, with 198,382 loans in trial or permanent modifications, the April report from the Treasury Department says. Florida had 114,486.

Much of that activity is concentrated in South and Central Florida. The combined number of loan modifications reported in April for three Florida metro areas – Orlando, Tampa-St. Petersburg and Miami-Fort Lauderdale-Pompano Beach – is 76,861.

By comparison, the nation’s top-ranked metro area, Los Angeles, had 57,758 loan modifications; second-ranked New York had 57,097.

On the other hand, the number of people starting the process has declined.

The Treasury does not report how many Florida residents were eligible for loan modifications, but the national figure is 1.7 million borrowers. Of that, about 17 percent had received a permanent loan modification by April, more than a year after the program began.

Source: Sun Sentinel, Fort Lauderdale, Fla., Harriet Johnson Brackey. Distributed by McClatchy-Tribune Information Services.

The subject of Flood Insurance is a matter all Realtors® should be aware of.  Quite often Buyers will ask questions about which “flood zone” their new home is located within. As you can imagine, a property’s identified flood zone is and should be an important matter to Buyers and property owners alike.

“Flood Zones” directly affect the cost of flood insurance policies homeowners may or may not need to purchase to protect their primary asset.  Recently, Jeff and Kristy Bolin made a presentation to the Osceola County Association of Realtors® on upcoming changes being made to the FEMA Flood Maps.

As the FEMA maps are changed, Buyers, and homeowners alike, should be aware of what these changes could mean for them now and in the future.  For instance, with the upcoming FEMA map changes, a home currently not required to have a flood insurance policy may be required to have one in the near future. These changes could affect the appeal and affordability of a home for current and future owners. 

As a real estate expert, I am happy to serve as a resource for you as you try to navigate these changes and understand the implications any changes may have on you and your property.  For more information on the National Flood Insurance Program (NFIP), visit www.FloodSmart.Gov.

ORLANDO, Fla. – April 22, 2010 – Florida’s existing home sales rose in March, which means that sales activity has increased in the year-to-year comparison for 19 months, according to the latest housing data released by Florida Realtors®.

Existing home sales increased 24 percent last month with a total of 16,294 homes sold statewide compared to 13,090 homes sold in March 2009, according to Florida Realtors. Statewide existing home sales last month increased 37 percent over statewide sales activity in February. Also noteworthy: While March’s statewide existing-home median price of $137,000 was down from the same time a year ago, it was 4.3 percent higher than February’s statewide existing-home median price.

Florida Realtors also reported a 63 percent increase in statewide sales of existing condos in March compared to the previous year’s sales figure; statewide existing condo sales last month rose 40.6 percent over the total units sold in February. Though March’s statewide existing-condo median price of $96,900 was down compared to the year-ago figure, it was 5.1 percent higher than February’s statewide existing-condo median price.

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in March while all MSAs had higher condo sales. A majority of the state’s MSAs have reported increased sales for 21 consecutive months.

Florida’s median sales price for existing homes last month was $137,000; a year ago, it was $141,300 for a 3 percent decrease. Industry analysts with the National Association of Realtors® (NAR) note that 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 the midpoint; half the homes sold for more, half for less.

Thenational median sales price for existing single-family homes in February 2010 was $164,300, down 2.1 percent from a year earlier, according to NAR. In California, the statewide median resales price was $279,840 in February; in Massachusetts, it was $271,950; in Maryland, it was $237,446; and in New York, it was $225,000.

NAR’s latest outlook anticipates a rise in home sales in late spring, which should help to absorb inventory. Increased pending sales is a positive sign for home prices, which are continuing to stabilize, according to NAR Chief Economist Lawrence Yun.

In Florida’s year-to-year comparison for condos, 7,148 units sold statewide last month compared to 4,387 units in March 2009 for an increase of 63 percent. The statewide existing condo median sales price last month was $96,900; in March 2009 it was $108,500 for an 11 percent decrease. The national median existing condo price was $170,200 in February, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 4.97 percent last month, down from the average rate of 5 percent in March 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s larger markets, the Sarasota-Bradenton MSA reported a total of 1,055 homes sold in March compared to 765 homes a year earlier for a 38 percent increase. The market’s existing home median sales price last month was $163,800; a year earlier it was $150,000 for an increase of 9 percent. A total of 382 condos sold in the MSA in March compared to 226 units sold the same month a year earlier for an increase of 69 percent. The existing condo median price last month was $146,400; a year earlier, it was $129,000 for a gain of 13 percent.

Source: Florida Realtors®

I’ve just sold a Rental - Resdential property at 154 Club Villas Lane in Kissimmee. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

Come join me in supporting the Inaugural Shingle Creek Adventure Challenge, which takes place on Saturday, April 17^th from 8.am. to noon at Shingle Creek Regional Park, Kissimmee, FL. Located at 2491 Babb Road.  

The challenge consists of a land and water race for two person teams. The team will run 2 miles through the natural scenery of Babb Property, then reach Shingle Creek and start paddling down and back up the creek for 2 miles each way.

If you are interested in supporting Earth Day by competing in the race you can pre-register online at www.kissimmeeparksandrec.com or even register the day of the race from 8:00am- 8:45am. Registration fees are $20 for adult teams (18yrs. +) and $10 for students (16-18yrs.) Competitors will receive a T-Shirt with the event logo.

During the race family and friends can enjoy the rest of the event with activities for the whole family. There are many fun FREE activities that include a large area for kids to explore and play, as well as booths and exhibits that teach as well as entertain everyone.  The Kiwanis are celebrating their 85^th anniversary by selling combo meals for only $0.85. The combo consists of a hot dog and soda. The proceeds for the meals are going to charity.

Whether “green” means the environment or money to you, this is going to be a great event for citizens to gather in one of Osceola County’s natural habitats and enjoy one another’s company.

 Come join me in supporting this Inaugural Event and see a part of Osceola County you may have never seen before.

As terrible as it is to lose your house to foreclosure, at least it’s a relief to put your biggest financial headache behind you, right? Wrong. Former homeowners may still be on the hook if there’s a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these “deficiency judgments” are ticking time bombs that can explode years after borrowers lose their homes. It can even happen to people who got their bank to approve them selling their home for less tan it is worth.  To read the full article just  Click Here.

By: Les Christie

The inventory of foreclosed homes that banks are sitting on is rising, threatening to push home prices down further in some parts of the country.

Analysts at Barclays Capital estimated that banks and mortgage investors held about 645,800 foreclosed homes in January, up 4.6 percent from December. That is down significantly from the peak of 845,000 in November 2008.

States with the largest number of foreclosures are Florida, Arizona, Nevada, California, and Michigan.

Source: The Wall Street Journal, James R. Hagerty (03/19/201)

For question regarding foreclosure inventory increasing Click Here.

Some of the nation’s top economists believe the housing market has turned and better days are on the way for the housing industry.

Increases in jobs, credit, and affordable homes will overcome impediments such as rising interest rates, and the expiration of the Federal stimulus program to push the housing market toward recovery, says Dean Maki, chief U.S. economist for Barclays Capital.

“I would bet even odds that we’re at a bottom and that we’re going to see improvement in the coming months,” says Karl Case, co-creator of the S&P/Case-Shiller Home Price Index and a professor of economics at Wellesley College.

“The underlying trend is turning positive,” says Bruce Kasman, chief economist at JPMorgan Chase & Co.

Source: Bloomberg, Kathleen M. Howley and Rich Miller (03/15/2010)

After hitting a record high in 2009, US foreclosure filings in January dropped 10% from the previous month, according to the online market place RealtyTrac.

More than 315,000 homes received a foreclosure filing, which include default notices, scheduled foreclosure auction and bank repossessions. Although the numbers improved from December, levels remain 15% above January 2008.

By John Prior February 10, 2010

To find more information on the article click here.