Support emerges for Florida housing trust funds

TALLAHASSEE, Fla. – Jan. 21, 2010 – Florida legislators have given the state’s affordable housing trust funds short shrift in recent years, but a key Senate lawmaker says he’ll support an effort to target money for affordable housing during the upcoming session if it reduces the glut of existing housing stock and puts builders back to work.

Senate Appropriations Committee chairman. J.D. Alexander, R-Lake Wales, told the News Service of Florida he would support efforts to lift the cap on the Sadowski Trust Fund, which has seen its resources diverted in recent years to fill other budget gaps. By using affordable trust fund money for downpayment assistance and upgrades to existing housing – instead of building new buildings – it could get people into homes that are sitting unsold.

During the state’s housing boom, the Sadowski Fund ballooned to more than $600 million as home sales surged. With so much coming into the fund, lawmakers in 2006 imposed a cap on how much of the money in the account could be spent. By limiting spending from the fund to $243 million, it provided lawmakers with a source of money for other areas of the budget. The money that goes into the fund comes from real estate transfer taxes.

Last year, House lawmakers included in a committee bill a provision to abolish the $243 million cap. Senate budget leaders, however, including Alexander, balked because the money was needed elsewhere as the Legislature scrambled to balance the budget.

Last fiscal year, lawmakers took nearly $440 million from trust funds and spent it elsewhere. The remaining $30 million that went into the account was earmarked for the federal first-time homebuyer program. Trust fund coffers likely won’t approach the cap this year even if further raids are avoided.

This time around, Alexander said he’d back the effort to remove the cap, which went into effect in 2007, because it will help the Florida construction industry. “The homebuilding industry needs to have that existing product moved so they can get their people back to work,” Alexander said.

About 400,000 existing housing units are on the market. Builders say the focus on existing housing units – at this time – makes sense.

“Our members recognize that this over-supply must be brought down in order to return to a healthy market,” said David Hart, vice president of legislative affairs for the Florida Home Builders Association. “So, yes, we support using Sadowski funds for downpayment assistance this year rather than on new construction. The sooner the inventory is reduced, the sooner members of the construction industry can get back to work.”

About $174 million in trust fund revenue from doc stamp taxes would be available in the coming year if money were not diverted to other purposes. Jaimie Ross, director of affordable housing for 1,000 Friends of Florida, estimates that using it would create 13,000 jobs and result in a $1.3 billion boost as money circulated throughout the economy.

Advocates hope Gov. Charlie Crist includes full affordable housing funding when he releases his budget request in the next couple weeks. Though no guarantee, Ross said Crist’s support is critical as lawmakers enter what is again expected to be a tight budget year and they try to fill a $3 billion gap in critical services.

“If we don’t have an appropriation of money, we are not going to be able to move housing stock,” Ross said. “As for what the governor will propose or what the Legislature will appropriate, I just don’t know at this point.”

House Democrats worry that housing money may be diverted to other state priorities, as the Legislature strives to fill a budget hole nearing $3 billion.

“My fear is that they’re going to raid trust funds and nickel and dime (the budget) with fees,” said Rep. Ron Saunders, D-Key West, the incoming House Democratic Leader and the sponsor of legislation (HB 95) to lift the cap on spending of the affordable housing money.

Source: News Service of Florida, Michael Peltier

Should I pay my mortgage?

This seems to be THE NUMBER ONE question I get. Unfortunately there are several answers and which is correct for you depends on the Circumstances. I will address the common scenarios in this article.

Policy in my office is to never "tell" - as in "instruct" - our borrower client to pay or not to pay their mortgage. Paying or not paying has a lot of collateral effects and the borrower needs to know what they are before making the decision. We don't make the decision for the borrower (our client) because the effects of paying or not paying are not going to affect me - but they will affect the client, so it is the client that must make the final decision...

Read more about this topic
http://activerain.com/blogsview/1125842/should-i-pay-my-mortgage-

Article by Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - New Website www.Florida-Counsel.com.

New Contracts are strong while prices remain weak

(June 10, 2009 – Orlando, FL) Members of the Orlando Regional REALTOR® Association in May sold nearly 38 percent more homes than in May of last year, contributing to the area’s year-to-date sales increase of 44 percent.

There were 1,854 closings in May, which brings the year’s total to 7,834; a total of 5,462 homes had changed hands by this time last year. Of those May sales, 50.97 percent of the homes were either bank-owned (795) or distressed (150). The remaining (909) “normal” sales made up 49.03 percent.

Bank-owned and distressed home sales have an influence on Orlando’s reported median price. The median price of all Orlando homes sold in May is $130,000 (a 38.51 percent decrease compared to May 2008), but the median price for “normal” sales is $165,000. The median price for bank-owned sales is $82,000 and the median price for distressed sales is $140,000. Read on: http://www.orlrealtor.com/Main/Main.asp?CategoryID=3&

Chinese drywall lawsuits to be heard in New Orleans

NEW ORLEANS – June 17, 2009 – Florida lost the fight for venue, and the U.S. District Court for the Eastern District of Louisiana will consolidate cases from around the nation, according to an order issued Monday by the Judicial Panel on Multidistrict Litigation (JPML). The order applies to pending and future cases.
Read more about the Chinese Drywall related lawsuits at: http://www.floridarealtors.org/NewsAndEvents/n5-061709.cfm

First time homebuyer tax credit

This video will show the homebuyer tax credit and how it works. This video is designed for Real estate professionals but we think it is interesting for buyer as well. The running time is 38 Minutes.

FHA brings some relief for some condos

The resort-style pool, spa and health club along with luxurious 10-foot floor-to-ceiling windows are no longer the key selling points for 101 Eola in Thornton Park. Today the best thing going for the 146-unit condominium tower is that it's the only newly constructed building in downtown Orlando that is FHA approved, a special government sanction that allows buyers to put as little as 3.5 percent down.
Read more at http://www.orlandosentinel.com/business/orl-bizorl-beth-kassab-condo-061909061909jun19,0,7031870.column

The Strauss Team in the News

This Monday (the 11th) and also Tuesday evening Malte Strauss will appear on the Fox35 News channel with two stories about real estate. The interviews will air as part of the 10 o'clock evening news. One story is about properties with a shady past and the other story is how European home buyers take advantage of the Central Florida real estate market. Don't forget to tune in. The scheduling is tentative depending on what else happens next week. On Brighthouse Cable Fox35 is on channel 3. Here is a link to some of the previous news specials Malte Strauss was part of : http://www.luxuryhomesinorlando.com/View-Orlando-area-video.htm

Orlando Home sales are up, prices are low

Orlando area home sales have again experienced an increase in activity, with members of the Orlando Regional REALTOR® Association involved in the sale of 47.59 percent more homes in March of this year than March of last year: 1,653 to 1,120. (More)

Home Sales - some with multiple bids

Multiple bidding for homes has picked up in recent months in Florida and other states hit hard by foreclosures and steep price drops, according to real estate industry experts.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-050609.cfm

Housing Construction Start Numbers Going Up

The U.S. Commerce Department reported that construction of new homes and apartments in February jumped 22.2 percent from January to a seasonally adjusted annual rate of 583,000 units, defying economists' forecasts for a drop in activity. Applications for building permits, considered a reliable sign of future activity, also rose in February by 3 percent.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-031709.cfm

Congress Enacts Bigger and BetterHome Buyer Tax Credit

A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid. See the full information on http://federalhousingtaxcredit.com/

Malte Strauss features in the National Realtor (R) Magazine

The National Association of Realtors (R) featured practitioners Helene and Malte Strauss in their most recent issue with a house swap that took place a few months ago in Orlando/Longwood. Creative solutions to the ongoing challenges in the housing market are a welcome inspiration to fellow Realtors (R) and are thus portrait frequently in the monthly industry Magazine.

Florida Home sales rise

Florida home, condo sales rise in JanuaryFlorida’s existing home sales rose in January, making it the fifth month in a row that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of REALTORS®. REad the whole article at http://www.orlrealtor.com/Main/Main.asp?CategoryID=3&SubCategoryID=909&

Here are the complete Statistics for the Metro Orlando area and the month of January 2009. http://www.orlrealtor.com/Pages/marketpulse/MarketPulse209.pdf

ECONOMIC RECOVERY

The National Association of Realtors supports President Obama's broadened economic focus that stresses housing stability and health care as important components, in addition to "restarting lending" and preventing foreclosures. As NAR President Charles McMillan said, "Housing is the key to revitalizing America, and we pledge to work with (the president) to help jumpstart our economy."Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-022609.cfm

A new Chance

Editorial by Malte Strauss:

Clients and customers often ask us if we reached the bottom of the housing market and if we see and end to the financial crisis. When is the best time to buy and when will we see a more stable market, so that potential sellers have a more level playing field? The truth that no one knows exactly when the market takes a significant upswing. Here is what has transpired in the recent weeks and days:
Lately we have experienced more inquiries from potential buyers locally and from abroad. The Orlando Realtor (R) Association reported a promising increase in sales for December which is traditionally a rather slow month in Central Florida. So there are indicators that more and more buyers are taking advantage of a positive buying climate. The inventory has been stable over the recent months and even started a slight decline while the number of properties under contract rose as well.

Perhaps it is the new administration that inspires confidence in people. The mantra of possibilities "Yes, we can!" seems echoing in peoples minds and the long road of recovery seems in sight. There are winners and losers in every market: buyers market, sellers markets, bull or bear markets, domestic or foreign markets. But one thing is sure: Smart investors are now planning their future wealth. Many see great potential in real estate for long term investment strategies. Aside from the difficulties in the sub prime lending industry, there are conventional loans and government backed programs with interest rates in the mid 5's. Cheap money and low price levels in many markets create affordability for investors and future homeowners alike. We are just started a new year and at the same time enter a historical era of political progress with Americas first African American President. Barack Obama seems to inspire people from all walks of life.

I predict that we continue to see an increase of interest in Real Estate sales while the number of foreclosures in the pipeline will fuel the inventory for a little while. Great deals are out there and Real Estate Professionals like Helene and me will certainly continue to help clients and customers to identify them. Whoever is looking to make a deal has the chance to make the purchase of a lifetime. If your list of new year resolutions include the item "Purchase real estate dirt cheap" don't hesitate to call. The best listings are getting multiple offers at the moment. It is a good time to get back in the game.

Homes sales rise as affordability improves

Homes sales rise as affordability improves
(January 12, 2009 – Orlando, FL) Orlando’s housing marketing for the fourth month experienced a month-over-month increase in the number of home sales as buyers responded to improved affordability, according to statistics released by the Orlando Regional Realtor® Association.
"Lower interest rates and more affordable prices are attracting buyers who have been sitting on the fence about the decision to buy," said ORRA President Les Simmonds, broker of L.G. Simmonds Real Estate Corp.
Members of ORRA were involved in the sale of 21.28 percent more homes in December of this year than last: 1,305 to 1,076. The current number of pending sales (homes that are under contract to purchase but are awaiting completion of the transaction process) dropped slightly from last month, from 3,326 to 3,265. For the past nine months, the number of homes under contract has increased month-over-month, with 109.42 percent more homes under contract in December 2008 than compared to December 2007 (1,559).
December 2008’s median sales price of $169,900 is a 2.35 percent increase over November’s median sale price of $166,000; however it is 24.49 percent below the December 2007 median sales price of $225,000. “With approximately 40 percent of the transactions involving foreclosures or short sales, the median price is being pulled down by homes sold at discounted prices,” explained Simmonds.
First-time homebuyers still have the best conditions since March 2004 to purchase a home in the Orlando area, as the first-time homebuyers affordability index in December pushed up to 101.09 percent. In addition, inventory of houses on the market is stocked with more than 6,961 homes in the average first time buyer’s price range of $145,987 or less.
Even with the increase in median price, the area’s affordability index in December continued its upward march to a record 142.16 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,962 can qualify to purchase one of 11,806 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $241,523 or less.
The area’s average interest rate was 5.40 percent in December 2008, down from 6.00 in November and the lowest for the entire year.
Homes of all types spent an average of 109 days on the market before being sold in December 2008, and the average home sold for 92.69 percent of its listing price (a decrease from November 2008’s 92.74 percent). In December 2007 those numbers were 113 and 92.75 percent, respectively.
The majority of single-family homes (182) that changed hands in December 2008 were sold in the $200,000 - $250,000 price range. On the far ends of the scale, 15 homes were sold for $1 million or more in December while 43 homes sold for less than $50,000 (a price category that saw an increased number of sales nearly every month in 2008).

Read on http://www.orlrealtor.com/Main/Main.asp?CategoryID=3&

HOUSING AID

President-elect Barack Obama's nominee for housing secretary pledged Tuesday to mount a more aggressive response to the foreclosure crisis. "Housing is at the root of the market crisis we are now experiencing, and HUD must be part of the solution," Shaun Donovan said at his Senate confirmation hearing. Read the full story: http://www.floridarealtors.org/NewsAndEvents/n4-011409.cfm

FORECLOSURES

Mortgage finance company Fannie Mae said Tuesday it adopted a policy allowing renters to remain in their homes even if the landlord enters foreclosure. The new policy will also allow some residents to sign new leases while the property is up for sale. Read the full story: http://www.floridarealtors.org/NewsAndEvents/n3-011409.cfm

File for Homestead Exemption

Florida currently offers up to $ 50,000 exemption for residents who own and occupy their homes prior to January 1, 2009, so if you bought your home n 2008, you need to file prior to March 1st to receive the benefit.

Orange County: http://www.ocpa.org/ 407-836-5045
Seminole County http://www.scpafl.org/ 407-665-1130
Volusia County 386-736-5901

You will need the following documents:
1. Copy of your Warranty Deed
2. Property Tax Bil (if you received one)
3. Social Security Card*
4. Copy of your Drivers License*
5. Copy of Vehicle registration*
6. Copy of voters registration (if you are registered)

(*If there is a spouse on the deed the above documents have to be be provided for both individuals)

Orlando Market Update

First time homebuyers have the best conditions since March 2004 to purchase a home in the Orlando area, as a decrease in the median sales price of homes sold in November pushed the first time homebuyer affordability index up to 96.09 percent. In addition, inventory of houses on the market is stocked with more than 6,030 homes in the average first time buyer’s price range of $136,422 or less.

FORECLOSURES

Fannie Mae said Monday it's finalizing a plan to help renters stay in their homes even if their landlord enters foreclosure. The mortgage giant says renters who can make their monthly payments could be offered a new lease or given cash to help move to a new home.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-121608.cfm

Amendment 4

Florida voters soon will decide on the fate of Amendment 4, which would create conservation as a new land-use classification, giving conserved property a lowered tax assessment similar to that of agricultural land. The constitutional amendment has broad support from a coalition of government, environmental and business groups, including FAR.
Read on:

http://www.floridarealtors.org/NewsAndEvents/n3-102908.cfm

Property Insurance

On Monday, State Farm defended its sought-after 47.1 percent increase to its homeowners' insurance policies at a hearing with an administrative law judge. State insurance regulators had rejected the rate hike request in August, citing a lack of evidence the boost was justified and questions about losses as some reasons for the denial.

http://www.floridarealtors.org/NewsAndEvents/n2-102908.cfm

Interest Rates

The Federal Reserve is widely expected to cut a key interest rate by a half-point today, pushing its target for the interest banks charge each other on overnight loans down to a level rarely seen. "The Fed is going to send a very strong signal that they will do whatever it takes to restore stability to the economy," predicted Mark Zandi, chief economist at Moody's Economy.com.

View the full story at http://www.floridarealtors.org/NewsAndEvents/n1-102908.cfm

New Townhouse for less than builder cost

This townhouse in Beautiful Lake Mary is located in walking distance to grocery shops, restaurants, and Seminole Community College. Purchase this spacous end unit for less than builder cost. This is a "Short Sale" – Third party approval is required to close this sale. Beautiful townhome with the spacious Denmark I floor plan. The living area is open over two stories. One will find 3 bedrooms with each its own bath on 2176 sq ft heated living space. This does not include the two car Garage or the covered and screend porch. Upgrade Cabinets and granite counters in the kitchen. One bedroom with a full bath is located downstairs. The Master suite with another secondary bedroom and bath is upstairs. Must sell, make offers. The seller will entertain all offers. The current asking price is $ 219,500

View details http://mfr.mlxchange.com/Pub/EmailView.asp?r=1750826016&s=MFR&t=MFR

Orlando Real Estate Market Update

The August statistics for the Metro Orlando area issued by the Orlando Regional Realtor(R) Association show no improvement compare to the past few months. The inventory is largely stable under twentyfivethousand units. The new listings have actually gone back a few hundred to 4,064 and the closed sales number declined to 1,225. New tighter lending policies might have had an influence on the sales as fewer families are able to secure financing. With the sub prime market virtually no longer in existence more home buyers resort to government backed loans as their financial option. Interest rates were at 6.39% on average for the month of August. We will see what the Government takeover of Fannie Mae and Freddie Mac will do to interest rates and availability in the Florida Market. Fall and Winter has shown a seasonal slowdown over the last years so we do not expect a short term increase of sales activity. Certainly now is the best time to purchase and to take advantage of the buyers market. The continued stream of foreclosures and short sales provide interesting opportunities for investors and first time home buyers alike.

Chairman Frank and HUD Secretary Preston Negotiate Down Payment Assistance Agreement

Chairman of the House Financial Services Committee, Barney Frank, has discussed publicly the fact that he has negotiated an agreement with HUD Secretary Steve Preston that will provide for the continuation of privately funded downpayment assistance.
The agreement allows HUD to impose risk-based pricing on downpayment assistance transactions which provides Secretary Preston the fiscal protection he seeks for the FHA insurance fund.
According to an Inman News article published today, Chairman Frank is quoted as saying "The FHA loved the ban on down-payment assistance (but) hated the ban on risk-based pricing," Frank said at Saturday's hearing. "That seemed to me to offer an opportunity. So (HR 6694) will replace both bans with middle ground -- and it will pass the House, I can guarantee you. What you want to do now obviously is talk to your senators. We think it will go through there -- it has the approval now of the Secretary of HUD."
Thanks to the advocates of downpayment assistance, there is significant momentum in this direction. Nehemiah urges all supporters to continue their campaign to save DPA by contacting their Senators and request a swift passage of pro-DPA legislation.

Read the whole article on http://www.inman.com/news/2008/09/10/congress-weighs-reprieve-seller-funded-gifts

Government Bail out for Freddie Mac and Fannie Mae

NEW YORK – Sept. 8, 2008 – Few outside Washington and Wall Street may understand what Fannie Mae and Freddie Mac do, but the government’s bailout of the two will likely be felt in cities and suburbs across the country.The takeover will be good news for those looking to buy a home or hoping to refinance their mortgages if it leads to lower interest rates, as experts expect.But for homeowners already behind on their mortgage payments, or who owe more than their homes are now worth, the plan unveiled Sunday by Treasury Secretary Henry Paulson offers little in the way of extra relief.

Read on for the full article: http://www.floridarealtors.org/NewsAndEvents/n1-090808.cfm

Latest Market Statistics for Orlando real estate

The Orlando Market has changed little over the last few months. The numbers appear similar throughout the summer. The inventory is slightly lower in July 2008 (24,742 total properties for sale) than it was in July 2007 (26,018 units). The closed sales are still low measured by historical standards with 1,436 in July 2008. The month of June 08 the corrected number turned out to be 1,489 compare to 1,524 a year ago. So little movement there. Prices are still soft with a median sales price of $ 207.500 and an average sales value of $ 263.800 for July. Prices seem to bounce up and down a bit over the last months. The market remains to be a strong buyers market with ample opportunities for the able purchaser. We will see what the market does in the long term and how changes in lending practices will affect the situation later this fall.

New Home demand picking up

HORSHAM, Penn. – Aug. 15, 2008 – Robert Toll, the outspoken CEO of Toll Brothers Inc. luxury home builder, says sales were weak in the latest quarter, but there’s “growing pent-up demand” from people who have delayed buying for the past three years.
“Although the rate of cancellations as a percentage of our backlog remained quite elevated compared to our historical standards, total cancellations during the third quarter … were the lowest quarterly total in over two years,” Toll said. “We believe this reduction in cancellations is a positive sign.”

Read the hole article at http://www.floridarealtors.org/NewsAndEvents/n4-081508.cfm

New Listing

Living along the oak tree nestled streets of Myrtle Lake Hills, this location features great schools, a convenient location to I-4 and shopping and a great established neighborhood of custom homes. The beautiful yard has majestic oak trees on a third of an acre. The kitchen features granite countertops and backsplash accented with glass mosaic tile. All appliances are stainless steel. There is also a dining space with a breakfast bar in the kitchen. The bathrooms have also just been updated with new fixtures. The roof and the drain field had been replaced recently. The living area features newer wood floors and a wood burning fireplace. The 4th bedroom which offers a large walk in closet is currently used as an office and is located directly off the living room. The large covered and screened lanai offers plently of space for your outdoor entertainment and extends the usable space of the house. The porch roof is under the insulated roofline and has a skylight. One might find potential to enclose this to a bonus room. This concrete block built custom home offers a very usable floor plan with plenty of space at an asking price of $ 269,500.

View the details at http://mfr.mlxchange.com/Pub/EmailView.asp?r=628906467&s=MFR&t=MFR

What is a short sale

Many prospective buyers find the term short sale in property descriptions and advertising. But what does the term refer to? Against some public belief this has nothing to do with the time frame of a sale but more with the current lender and the money owed on the property. A short sale occurs when the sale price does not cover the funds needed to pay off the existing mortgage on the property. In some instances a lender will agree to take a loss in order to allow the sale to take place. This is a way for the owner to prevent foreclosure and negotiate a deal with the lender. A buyer can find great deals in short sales but such a transaction can be complicated to facilitate. Sometimes it takes months to get responses from a lender and sometimes the deal falls apart because the bank does not agree to the terms. It is important to be prepared to wait a longer time or to approach multiple property owners at the same time to come to a conclusion. Short sales are certainly not for everybody, but some buyers are able to find a bargain price purchase opportunity among the distressed sales. For more information call us or email us.

Freddie, Fannie shares plummet amid fears of government intervention

WASHINGTON (AP) – July 11, 2008 Shares of Fannie Mae and Freddie Mac plummeted Friday as Wall Street became more convinced that the government is likely to bail out the United States’ key mortgage financiers.Freddie Mac shares fell $2.91, or 36.4 percent, to $5.09 in late-morning trading, while Fannie Mae fell $3.80, or 28.7 percent, to $9.40. Both are at 17-year lows.Treasury Secretary Henry Paulson sought for the second-straight day to calm investors panicked about out the financial state of Fannie Mae and Freddie Mac, saying the agency aims to keep the mortgage finance companies “in their current form” without a government takeover.The financial health of the companies is of critical concern to Washington policymakers because of the crucial role Fannie and Freddie play in the housing market.The pair hold or guarantee more than $5 trillion worth of mortgages. That’s roughly half of the $9.5 trillion debt of the United States. The fear is that a failure of one or both would wreak havoc on the nation’s financial system and the broader economy.

Read the whole story at: http://www.floridarealtors.org/NewsAndEvents/n1-071108.cfm

National Realtor Associations Economist forecast the second half of 2008 as positive

Modest near-term movement is expected in existing-home sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in May, fell 4.7 percent to 84.7 from an upwardly revised reading of 88.9 in April, and remains 14.0 percent below May 2007 when it stood at 98.5.
Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.

Read on the complete articel: http://www.realtor.org/press_room/news_releases/2008/home_sales_vary_then_rise

Orlando market is stabilizing

Good news for the Orlando Real estate market. The latest numbers issued by the Orlando Realtor association show a promising stabilization of sales. The number of new listings is declining and the number of sales contracts has been on a steady rise for the last couple of months. The inventory has shown to be stable, although on a historically high level. Some markets like the Miami Dade market in South Florida has still rising inventories of 80,000 units for sale which amounts to a whole city. Fairly good employment rates and a strong tourism industry helps central Florida to maintain a stable local economy. Low interest rates and corrected pricing make homeownership affordable for entry level home buyers that seek the opportunity to enter or re-enter the housing market. We will monitor the sales as they develop this summer and update you on the recent trends. If you have questions about value or any real estate related topic, please don't hesitate to call.

NAR Says Stimulus Bill Will Help Stabilize Housing And Mortgage Markets

The National Association of Realtors® congratulated House Committee on Financial Services Chairman Barney Frank, D-Mass. on his leadership and the U.S. House of Representatives for voting to pass H.R. 3221, The Foreclosure Prevention Act. Their actions will help bring stability to the housing market and stem the rising rate of foreclosures.
NAR has expressed ongoing support for all the major features in the House housing package. “Our Realtor® members appreciate the House’s hard work and bipartisan effort in bringing forth legislation that will go a long way toward helping people become and remain homeowners,” said NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “We are pleased with the comprehensive nature of this bill.” ...

Read the whole story at
http://www.realtor.org/press_room/news_releases/2008/stimulus_bill_help_stabilize_mortgage_market

Watch a video interview with NAR Chief Economist

Straight from NAR's Midyear Meetings, 2008 NAR President-Elect Charles McMillan and Chief Economist Lawrence Yun provide REALTORS with the latest news on the housing market and when we can expect to see a recovery. See the whole video to learn which market factors will help Southern States and especially Florida to a recovery of the housing market...

Watch the video on your computer at
http://easylink.playstream.com/gvimedia/NAR/NAR_Midyear_Mkt_Update.wvx

Housing construction picks up

WASHINGTON - Construction of new homes increased by the biggest percentage in more than two years in April. Analysts, however, played down the increase, noting that all the strength came from the volatile apartment sector. They said the painful housing slump is far from over as a record flood of foreclosures continues to add to the sizable stockpile of unsold homes.The Commerce Department reported Friday that housing construction rose by 8.2 percent in April to a seasonally adjusted annual rate of 1.03 million units. While apartment construction rose by 36 percent, building in the much larger single-family sector of the market fell by 1.7 percent, the 12th consecutive monthly decline, pushing single-family activity down to a 16-year low."It is definitely too early to uncork the champagne on the long and winding road to more healthy housing-market conditions," said Brian Bethune, an economist at Global Insight. He said he did not expect housing activity to stabilize until the end of this year...

Read on the whole story at
http://www.orlandosentinel.com/business/orl-econ1708may17,0,2228151.story

Orlando area actually lost jobs in late '07, but housing might not be so bad

Statistics can stump even the best experts, and this year the professional number crunchers are feeling the heat of faulty forecasts and shaky surveys as the economy slumps in Orlando and across the nation.Florida was losing jobs month after month during the second half of 2007 -- not gaining them, as the state's labor office kept reporting at the time. The wholesale revision of those numbers earlier this year sent public and private economists scrambling to ratchet back their growth forecasts for the balance of this year.

Read on fr the full article http://www.orlandosentinel.com/classified/realestate/orl-stats0708may07,0,4930463.story

Volusia County Building Permits are up

DAYTONA BEACH -- It's too soon to say Volusia County's economy is on the mend, but a recent uptick in building permits offers a glimmer of hope, the county's lead business recruiter said Wednesday.
On the negative side, a growing exodus of young families leaving the county means fewer people left behind to buy the next batch of new homes coming onto the market.
Rick Michael, director of the county's Department of Economic Development, touched on both trends as he gave a slide presentation to about 80 company owners and municipal officials.

Read on the full story at http://www.news-journalonline.com/NewsJournalOnline/Business/Headlines/bizBIZ02050808.htm

St. Joe sees bottom of housing market

JACKSONVILLE, Fla. – May 7, 2008 – Florida’s biggest landowner, the St. Joe Co., believes the housing market may have reached the bottom, pointing to stabilization in the residential inventory.St. Joe Co. CEO Peter Rummell says buyers must be “retrained” to recognize the importance of making home purchases now. He notes, “We have trained people to expect that prices are going to be lower tomorrow than today if they just wait. So now people are going to have to learn that they’ve gotten to that point.”Though the company posted a $32 million profit for the first quarter, only $9.8 million can be attributed to its residential operations. Much of the firm’s profits can be tied to the sale of “nonstrategic” land parcels in the Florida Panhandle, including 57,435 acres it recently sold to a group of buyers including sportsmen, investors and conservationists for $91 million.Source: St. Petersburg Times (05/06/08) Thorner, James

Second-Home Sales Accounted For One-Third of Transactions in 2007

The combined total of vacation- and investment-home sales declined with the overall market in 2007, but still accounted for 33 percent of all existing- and new-home sales, which is close to historic norms, according to the National Association of Realtors®.
The market share of homes purchased for investment last year was 21 percent, down from 22 percent in 2006, while another 12 percent were vacation homes, compared with a 14 percent market share in 2006. The total share of second homes declined from 36 percent of transactions in 2006.
NAR’s annual Investment and Vacation Home Buyers Survey shows vacation-home sales dropped 30.6 percent to 740,000 in 2007 from a record 1.07 million in 2006, while investment-home sales fell 18.1 percent to 1.35 million last year from 1.65 million in 2006. At the same time, primary residence sales declined 10.0 percent to 4.34 million in 2007 from 4.82 million in 2006.

Read on the full article at http://www.realtor.org/press_room/news_releases/2008/second_home_sales_accounted_for_one_third.html?&WT.mc_t=LS040208&WT.mc_n=Resort

Humorist Garrison Keillor is selling his home in St. Paul

Garrison Keillor, well known as the host of Public radio"s "A Prairie Home Companion" is on the move. He just put his house on the market and is asking $ 1.65 Million for his seven bedroom historic home.

Read on the whole story ...

http://www.nbc10.com/entertainment/15501695/detail.html?rss=phi&psp=entertainment

Real estate expert Malte Strauss on the evening news

Malte Strauss was interviewed for the evening news. View the video showcasing some good deals that are found in the Orlando market. The downturn in the current real estate market creates opportunity for home buyers and makes your new dream home more affordable.

Is now the time to buy a $1 million home?

MIAMI – Feb. 22, 2008 – The Karsentis are jumping into South Florida real estate at a risky time: Home prices are down, foreclosures are up, and for-sale signs are as common as palm trees.But entrepreneur Arnaud Karsenti and his wife, Rebecca, a doctor now pregnant with their first child, are confident that the $1.15 million home they have a contract to buy in the wealthy Miami suburb of Pinecrest, Fla., will prove to be a good investment.“I see the real estate market declining, so it’s very difficult to stick a fork in the ground and take a position on something that could be overvalued six months down the road,” said Karsenti, a recent graduate of Harvard Business School. “Our decision is long term.”

Read the whole story at http://www.floridarealtors.org/NewsAndEvents/n2-022208.cfm

Commercial development boom in Orlando area is beginning to fizzle

The long bull run appears to be slowing and pulling in its horns across much of Central Florida.Home building has plunged in Central Florida and nationwide. But Liberty Property Trust is pouring on the concrete and steel in the Orlando area, building offices and warehouses at a steady clip.Liberty, based in Malvern, Pa., is also preparing to break ground this spring on a seven-story office complex in Maitland with 210,000 square feet of rentable space. That will most likely be the largest office building constructed in the Orlando area this year -- and maybe the last of its kind for awhile, said Stephen Whitley, Liberty's senior vice president/city manager.Read on the Orlando sentinel article: http://www.orlandosentinel.com/community/news/winterpark/orl-cover2508feb25,0,5122455.story

Orlando's investment potential ranks # 3 in the nation

Two of the top 10 areas ripe for investment are in Florida, according to Forbes magazine. In Orlando (No. 3) and Jacksonville (No. 8), editors say, buyers can find profitable deals as employment growth burns off an over-abundance of inventory. Read on for the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-021208.cfm#

Amendment one - important information for Florida homeowners

Amendment one passed so Florida homeowners have new homestead exemption rule that will change their property taxes and make it possible to take existing homestead exemption from their existing residence to a new home. Here are more detail that you need to know:

http://dor.myflorida.com/dor/property/sb4d.html