Ericka Dreyer - Sunset Lakes Real Estate, Miramar, Florida 33029

FAR - News & Events - Florida’s existing home sales soft, median price edges down in March 2007

2007-04-24T12:07:00.000-07:00

FAR - News & Events - Florida’s existing home sales soft, median price edges down in March 2007: "ORLANDO, Fla. – April 24, 2007 – Sales of existing homes in Florida remained at a sustainable pace in March, with buyers continuing to see favorable mortgage rates and a range of housing options available across the state, according to the Florida Association of Realtors® (FAR). Statewide, sales of single-family existing homes totaled 13,469 last month compared to 18,751 homes sold in March 2006 for a 28 percent decrease.

Florida’s median sales price for existing single-family homes in March was $236,000; a year ago, it was $244,600 for a 4 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In March 2002, the statewide median sales price for single-family homes was $134,100, for an increase of 75.9 percent over the five-year-period, according to FAR records."

FAR - News & Events - The new geography of luxury real estate

2007-04-10T12:56:00.000-07:00

FAR - News & Events - The new geography of luxury real estate: "The new geography of luxury real estate

NEW YORK – April 10, 2007 – If you could spend a few million on a modest Manhattan condo and a cozy [read: tiny] Hamptons shack, or put the same amount toward a penthouse in Minneapolis and a lakeside mansion in nearby Wayzata, Minn., which would you choose?

People continue to sacrifice size and quality for location and salary. That’s why states such as New York and California still have the hottest markets for luxury homes. And the top addresses on Fifth Avenue and in Bel-Air just keep on rising in value despite the spreading malaise at the lower end of the housing food chain. But that doesn’t mean that luxury real estate isn’t continuing to appreciate in other areas as well."

FAR - News & Events - Study determines lifespan of new home components

2007-03-13T14:16:00.000-07:00

FAR - News & Events - Study determines lifespan of new home components: "WASHINGTON – March 13, 2007 – How long will a home improvement actually remain an improvement? How long do new wood floors last? New stoves? A new countertop?

A study sponsored by Bank of America Home Equity and conducted by the National Association of Home Builders (NAHB) attempts to quantify lifespan, with a nod to the fact that many factors – use, maintenance, climate, advances in technology and simple consumer preferences – can have a dramatic effect on product longevity. The National Association of Home Builders/Bank of America Home Equity Study of the Life Expectancies of Home Components was conducted in the summer of 2006."

FAR - News & Events - Residents who lost trees get trial dates

2007-02-12T14:26:00.000-08:00

FAR - News & Events - Residents who lost trees get trial dates: "MIAMI – Feb. 12, 2007 – Two lawsuits set for trial in the fall could bring money to thousands of homeowners whose citrus trees were ripped from their back yards in the controversial canker eradication program that was shut down in failure last year.

Judges in Broward and Palm Beach counties have set court dates for September and October for the start of two South Florida class-action suits seeking compensation from the state. Similar suits in Miami-Dade, Orange and Lee counties are awaiting a trial date.

Although he won’t yet say how much he plans to ask jurors to award homeowners, attorney Robert Gilbert of Miami said the final amount will be “staggering.”

There are some citrus trees destroyed by the state that were worth $55 because they were seedlings and others worth $5,000, Gilbert said."

FAR - News & Events - Majority of economists think housing crunch isn’t over yet

2007-02-08T09:47:00.000-08:00

FAR - News & Events - Majority of economists think housing crunch isn’t over yet: "NEW YORK – Feb. 6, 2007 – Economists are undecided as to whether housing is on the verge of rebounding or whether the situation will worsen, according to a recent poll of 55 analysts by USA Today. The survey reveals that 9 percent of economists believe the housing slump ended last year, 42 percent believe it will bottom out sometime in the first six months of the year, and 45 percent predict it will end in the second half of 2007.

Recent reports, such as the National Association of Realtors®’ data on pending home sales and unsold properties on the market, suggest that housing may be getting better; but economist Tucker Hart Adams believes foreclosures and unsold homes will continue to rise as adjustable-rate mortgages reset and as payments on nontraditional mortgages and other debt become too much to handle for homeowners."

FAR - News & Events - Tallahassee targets property taxes

2007-02-05T14:58:00.000-08:00

FAR - News & Events - Tallahassee targets property taxes: "Tallahassee targets property taxes

TALLAHASSEE, Fla. – Feb. 5, 2007 – The first crisis – unaffordable and unavailable homeowners insurance – has been addressed at the state Capitol. But there is more heavy lifting to be done.

The spotlight now shines on the second fist of what Gov. Charlie Crist called “the one-two punch” hitting Floridians’ checkbooks: property taxes.

Lawmakers will gather in Tallahassee on March 6, and reforming the way cities, counties and special districts hit up homeowners is now their top priority.

Although personal incomes have increased steadily, property taxes have dramatically outstripped homeowners’ spending power."

Metrostudy: Housing fundamentals remain strong - South Florida Business Journal:

2007-02-04T05:42:00.000-08:00

Metrostudy: Housing fundamentals remain strong - South Florida Business Journal:

Metrostudy said its fourth quarter housing data show early signs of hope for the South Florida housing market, which it considers to be Palm Beach, Broward, Miami-Dade, Martin, St. Lucie and Indian River counties. 'The annual pace of new home starts in the six-county region fell to a level that can allow inventory to decline - a milestone on the path to equilibrium,' said Bradley F. Hunter, director of Metrostudy's South Florida division.

Metrostudy, which bases its South Florida division in downtown West Palm Beach, said regional starts have fallen to 17,525, which it said is significantly below the level of demand for marketwide move-ins, which numbered 19,417.

'The reduction in starts was the first step,' Hunter said. 'Soon, inventory of both unsold homes and homes that have been sold but are still vacant will diminish.'
The housing information firm counts home starts and move-ins by driving past each lot or home in each active subdivision to verify the construction status of each new home every quarter... "

Read full Article at South Florida Business Journal

Home prices mostly end '06 with gains - South Florida Business Journal:

2007-02-04T05:34:00.000-08:00

Home prices mostly end '06 with gains - South Florida Business Journal:: "Home prices mostly end '06 with gains South Florida Business Journal - January 25, 2007

Despite all the cries about the real estate bust, year-end median prices for both existing single-family homes and existing condominiums did manage to rise in every part of South Florida, with the exception of a 1 percent drop in median single-family home prices in West Palm Beach-Boca Raton.
In numbers released Thursday, the Florida Association of Realtors put the single-family home median price increase at 2 percent in Fort Lauderdale, to $367,800 from $361,100, even though the number of homes sold declined 26 percent, to 8,373 homes in 2006 from 11,331 homes the year before...."

Read full Article at South Florida Business Journal

FAR - News & Events - Floridians’ consumer confidence declines slightly in January

2007-02-01T09:13:00.000-08:00

FAR - News & Events - Floridians’ consumer confidence declines slightly in January: "Floridians’ consumer confidence declines slightly in January

GAINESVILLE, Fla. – Jan. 31, 2007 – The sluggish housing market, and not gas prices or the stock market, is likely to blame for the drop in consumer confidence in Florida by one point to 89 in January, according to University of Florida economists.

“For more than a year consumer confidence has moved in the direction of gas prices, rising when gas prices fall and falling when gas prices rise,” said Chris McCarty, director of the survey research center at UF’s Bureau of Economic and Business Research. “This month gas prices declined, but consumer confidence declined as well.”

The stock market had been another key influence, but although the stock market fell in January, it was a small decline that would not normally result in lower confidence, he said.

“Because most of the decline was in perceptions of personal finances, then something else must be responsible,” McCarty said. “This something else is very possibly the difficulties associated with a downturn in housing.”"

FAR - News & Events - Housing starts up for second month

2007-01-18T15:02:00.000-08:00

FAR - News & Events - Housing starts up for second month: "WASHINGTON – Jan. 18, 2007 – Home starts are up for December, according to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD), while builders are more optimistic about the future, according to the National Association of Home Builders (NAHB) in yet another sign that the slow housing market may have turned a corner.

Housing starts

Privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,642,000 – 4.5 percent above the revised November estimate of 1,572,000 but 18.0 percent below the December 2005 rate of 2,002,000.

Single-family housing starts in December were at a rate of 1,230,000, or 4.1 percent below the November figure of 1,282,000. The December rate for units in buildings with five units or more was 350,000. An estimated 1,800,700 housing units were started in 2006 – 12.9 percent below the 2005 figure of 2,068,300."

Homes with gardens grow on boomers

2007-01-18T08:07:00.000-08:00

FAR - News & Events - Homes with gardens grow on boomers: "PORT ST. LUCIE, Fla. – Jan. 17, 2007 – Inspired by the legendary Woodstock music festival in 1969, Joni Mitchell penned a song with this refrain: We are stardust, we are golden, and we’ve got to get ourselves back to the garden.

The verses told a tale of the era: a lesson about connecting with the Earth. They became an anthem for the generation and one of Mitchell’s most-covered songs.

Almost four decades later, some of the baby boomers who committed those lines to memory are once again getting back to the garden.

But this time they’re not looking for compost piles in communes.

Boomers want idyllic gardens near their homes that they can tend on their own schedules – at least, that’s what marketing experts believe. And as much of the generation scouts retirement destinations, an eager building industry is seizing on the trend."

FAR - News & Events - U.S. bill could help lower property insurance rates

2007-01-17T14:11:00.000-08:00

FAR - News & Events - U.S. bill could help lower property insurance rates: "U.S. bill could help lower property insurance rates

TALLAHASSEE, Fla. – Jan. 16, 2007 – On the eve of the Florida Legislature’s special session on property insurance, U.S. Rep. Vern Buchanan announced Monday he will revive a federal bill that he says would help drive down rates.

Called the Homeowners’ Insurance Protection Act, the bill seeks to create a federal fund to even out the insurance market, Buchanan said in a news conference with U.S. Rep. Ginny Brown-Waite.

Federal and state lawmakers say that reinsurance is one of the main factors why homeowners now pay high premiums.

Insurance companies usually purchase reinsurance to help cover their risk, and those rates often dictate how much homeowners shell out for their property and casualty coverage.

“We have to stabilize the reinsurance market,” Buchanan said."

Empty houses lead to lower prices

2007-01-09T13:13:00.000-08:00

FAR - News & Events - Empty houses lead to lower prices: "Empty houses lead to lower prices

WASHINGTON – Jan. 9, 2007 – With spring right around the corner, many housing industry experts are hoping the real estate market will see some noticeable improvements.

However, there is one snag that can potentially keep prices down – the large number of vacant homes for sale and rent.

In the third quarter of 2006, there were 5.7 million vacant housing units, accounting for a record 4.6 percent of all U.S. homes, according to the U.S. Census Bureau. The average in the 1990s was about 3.5 percent. To get this ratio back to normal, 1.3 million vacant homes need to be occupied.

Lots of empty homes pushes home prices downward, says Credit Suisse analyst Ivy Zelman. Owners of unrented, unsold homes must pay for insurance, lawn service, taxes and, often, a mortgage.

Seeing those costs pile up can motivate an owner to sell or rent at much lower prices. When a house sells at a lower price, other would-be buyers expect lower prices as well.

Source: The Wall Street Journal, Justin Lahart (01/08/2007)"

Lawmakers propose town hall meetings on property taxes

2007-01-09T13:12:00.000-08:00

FAR - News & Events - Lawmakers propose town hall meetings on property taxes: "TALLAHASSEE, Fla. (AP) – Jan. 9, 2007 – State lawmakers plan a series of town hall meetings across Florida to gather feedback from citizens on skyrocketing property taxes that have forced some business owners to flee the state and kept potential homebuyers from qualifying for mortgages.

The first of eight planned meetings will be held sometime this month, Sen. Mike Haridopolos, R-Indialantic, said Monday.

“Homeowners, renters, first-time buyers and business owners across our state are all touched by this issue, and it is time that we hear from them directly,” Haridopolos said. “Not every concerned citizen can come to the Legislature. We are looking forward to traveling the state and working with everyday Floridians on this issue.”"

Optimism is rising on housing market

2006-12-04T13:07:00.000-08:00

Optimism is rising on housing market: "Optimism is rising on housing market
LOS ANGELES – Dec. 4, 2006 – A growing number of analysts are beginning to hint that the country’s housing slump may be over, pointing to a rebound in home builder stocks and declining mortgage reasons as proof.

Indeed, builder stocks rallied sharply on Nov. 30 following an analyst’s upgrade, while Freddie Mac confirms that the average interest on a 30-year fixed mortgage slipped to 6.14 percent this past week."

Office of Federal Housing Enterprise Oversight

2006-11-30T12:57:00.000-08:00

Office of Federal Housing Enterprise Oversight: "HOUSE PRICE APPRECIATION SLOWS FURTHER - (November 30, 2006)"

What’s keeping long term rates down, and why

2006-11-29T07:45:00.000-08:00

What’s keeping long term rates down, and why: "What’s keeping long term rates down, and why
WASHINGTON – Nov. 28, 2006 – In February 2005, Federal Reserve Chairman Alan Greenspan called it a “conundrum” – wondering why long-term bonds resisted the Fed’s efforts to push interest rates up.

If anything, the mystery has deepened. Back then, it seemed that long-term rates might just be slow to rise. Now it looks like they could stay low for ... well, for who knows how long?

Forever?

That would be good news for anyone who expects to need a new mortgage someday. And it would be good for stock-market investors, as low rates on fixed-income holdings make stocks comparatively more attractive, shoring up share prices."

Florida’s existing home sales down, median price level in October 2006

2006-11-29T07:41:00.000-08:00

Florida’s existing home sales down, median price level in October 2006: "Florida’s existing home sales down, median price level in October 2006
Existing home sales rise in October, market stabilizing, says NAR
ORLANDO, Fla. – Nov. 28, 2006 – The pace of home sales in Florida continued to slow in October, though some markets report that the inventory of homes available for sale also eased last month.
A total of 12,773 existing single-family homes sold statewide last month, a decrease of 22 percent from the 16,407 homes sold during the previous October, according to the Florida Association of Realtors® (FAR). Statewide, the existing-home median price remained level at $242,500 last month; a year ago, it was $243,400, according to FAR."

New home sales rise by largest amount in 5 months

2006-09-28T07:53:00.000-07:00

WASHINGTON (AP) -- Sept. 27, 2006 -- Sales of new homes posted the biggest increase in five months in August, raising hopes that the steep slide in the housing industry may be leveling off.

Sales of new single-family homes increased by 4.1 percent last month to a seasonally adjusted annual rate of 1.05 million units, the Commerce Department reported Wednesday. It was the biggest increase since an 8 percent gain in March.

The August rise followed a 7.5 percent plunge in sales in July, which had registered the third straight decline.

The gain was far better than the 3 percent decline economists had been expecting and could signal that housing is beginning to level off after a steep slide. However, the price of homes sold in August fell to $237,000, down 1.3 percent from August 2005. It was the biggest year-over-year price decline in more than three years.

From 2001 through 2005, housing enjoyed five consecutive years of record sales, propelled by the lowest mortgage rates in more than four decades.

However, this year sales have been falling as mortgage rates rose and the economy slowed. The drop in sales and construction of new homes has been so sharp that some economists have worried that it could plunge the country into a recession.

But other analysts argue that recent declines in mortgage rates should help put a floor on the housing decline.

The increase in new home sales contrasted with earlier reports showing that sales of existing homes fell in August for a fifth straight month while construction of new homes and apartments dropped by a sharp 6 percent last month.

Sales of new homes were up in every region of the country except the West, where they dropped a sharp 17.7 percent. Sales rose 21.7 percent in the Northeast, 12.2 percent in the Midwest and 11.1 percent in the South.

Rates on 30-year mortgages drop to lowest level since April

2006-09-15T13:12:00.000-07:00

Rates on 30-year mortgages drop to lowest level since April: "WASHINGTON -- Sept. 15, 2006 -- Rates on 30-year mortgages fell for the seventh time in the past eight weeks, dropping to the lowest level since early April.

Mortgage giant Freddie Mac said Thursday that 30-year, fixed-rate mortgages dipped to 6.43 percent this week, down from 6.47 percent last week.

Rates on 30-year mortgages had hit a four-year high of 6.80 percent on July 20 before beginning the sustained slide.

Investors have become more convinced in recent weeks that a drop in oil prices will keep inflation under control and allow the Federal Reserve to keep interest rates steady."

Brokers crossing over

2006-08-30T10:42:00.000-07:00

Brokers crossing over: "WASHINGTON -- Aug. 29, 2006 -- A growing number of residential real estate brokers are expanding into the commercial arena.

National Association of Realtors spokesman Lucien Salvant says brokers are seeing business decline in the residential sector as home sales slow, but the commercial sector is recording gains.

'The grass is a little greener, and the money is, too,' notes Salvant. The Realtors Commercial Alliance has seen its membership roster more than double over the past five years, and NAR recorded a 62-percent jump in membership over the same time span."

New home sales drop 4.3 percent in July

2006-08-24T15:01:00.000-07:00

New home sales drop 4.3 percent in July: "New home sales drop 4.3 percent in July
WASHINGTON (AP) -- Aug. 24, 2006 -- Sales of new U.S. homes dropped in July by the largest amount since February while the inventory of unsold homes climbed to a record high.

Piling on more proof that the housing boom is over, the Commerce Department reported Thursday that new home sales fell by 4.3 percent last month to a seasonally adjusted annual sales pace of 1.072 million units. The decline was the largest since an 11.5 percent plunge in February.

Sales of both new and existing homes set records for five consecutive years as the housing industry enjoyed a boom powered by the lowest mortgage rates in four decades. But rates have been steadily rising this year as the Federal Reserve tightens credit conditions as a way to slow the economy and keep inflation under control.

Analysts expect home sales to drop by some 10 percent this year."

Home sellers rent fine art to lure buyers

2006-08-21T11:53:00.000-07:00

Home sellers rent fine art to lure buyers: "NEW YORK -- Aug. 21, 2006 -- Art museums have long rented paintings to art lovers who want the real thing on their walls, but lately, museum officials say they�ve seen a spike in demand from home sellers.

The latest customers are redecorating their homes in hopes of boosting their selling price and ramping up buyer interest.

At the Seattle Art Museum Gallery, revenue has more than doubled in four years, to $1 million, says gallery director Barbara Shaiman. Sales have doubled since 2001 at the Larsen Gallery in Scottsdale, Ariz., in part because of bigger orders for contemporary art from sellers of the area's new, loft-like buildings."

Broward County: Straw vote urged on property tax issue

2006-08-10T14:04:00.000-07:00

Broward County: Straw vote urged on property tax issue: "Broward County: Straw vote urged on property tax issue
FORT LAUDERDALE, Fla. -- Aug. 10, 2006 -- It's a question with a predictable answer for homeowners eager to move: Are you afraid that buying a new home would boost your property tax bill?

Broward voters may be able to weigh in with their responses this fall -- but their vote would only be a straw poll of their opinions, not a binding referendum.

Broward County Commissioner Jim Scott wants to ask voters whether they support the concept of 'portability' in property taxes. The idea is to allow homeowners to take the taxable value of their old home and transfer it to their new home, even though the new home might cost more.

'People are really prisoners in their homes, and property taxes are too high. This is going to help,' said Scott, who will ask commissioners next week to put the straw ballot question to Broward voters this fall."

High-flying housing market hitting some turbulence: South Florida Sun-Sentinel

2006-08-09T12:00:00.000-07:00

High-flying housing market hitting some turbulence: South Florida Sun-Sentinel: "WASHINGTON -- The ``For Sale'' signs are staying out longer. House prices are easing as sellers try to lure in buyers.

The big question now: Will the nation's five-year housing boom turn into a devastating bust that could derail the overall economy?

``We recognize the risk ... and we are watching it very carefully,'' Federal Reserve Chairman Ben Bernanke told Congress recently.

The Fed's interest rate increases, which have helped push mortgage rates to the highest levels in more than four years, are putting a damper on housing."

Planet Realtor News Item

2006-08-09T11:55:00.000-07:00

Planet Realtor News Item: "New property insurers: Undaunted by Florida's climate
MIAMI -- Aug. 9, 2006 -- Wayne Fletcher is accustomed to the typical response he gets when introducing himself as the president and CEO of a start-up insurance company that's about to begin writing property and casualty policies in the state.

'Are you crazy?' people ask him. 'You're in Florida.'

But those skeptics aside, Fletcher is excited that he will see Miami-based Northern Capital Insurance ink its first policy sometime this week. It is one of 24 new insurance companies that have entered the state since the beginning of 2005, according to the Florida Office of Insurance Regulation."

Miramar, Pines among Money's 100 best places

2006-07-29T05:40:00.000-07:00

By Georgia East - South Florida Sun-Sentinel
Posted July 27 2006

Business owner Joanne Miner said there was a time she would tell people her Miramar printing company was in Fort Lauderdale because few knew where Miramar was.

Those days are long gone, she says.

Which is why Miner, chairwoman of the Miramar-Pembroke Pines Regional Chamber of Commerce, wasn't surprised that both Miramar and Pembroke Pines landed on Money magazine's list of 100 best places to live.

"We've been a well-kept secret outside of Florida,'' Miner said. "People are starting to know where we are and it's quite exciting.''

Four South Florida cities snagged a place on the list of cities with a population between 50,000 and 300,000. It considered factors such as housing costs, median family income, crime, leisure and culture, weather and health.

Full Story at http://www.sun-sentinel.com/news/local/broward/sfl-stopcity27jul27,0,5787119.story?coll=sfla-news-broward

Mortgage rates dip on weak employment data

2006-06-09T14:19:00.000-07:00

Mortgage rates dip on weak employment data: "Mortgage rates dip on weak employment data
If mortgage experts polled this week by Bankrate.com are correct, now is the time to lock in on interest rates. A clear majority of the panelists (63 percent) believe mortgage rates will rise over the next 35 to 45 days. One-quarter think rates will fall, and the rest (12 percent) predict rates will remain relatively unchanged.
WASHINGTON -- June 9, 2006 -- Mortgage rates fell this week as a weaker-than-expected employment report eased concerns about inflation.

Freddie Mac, the mortgage company, reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.62 percent, down from 6.67 percent last week, which had been the highest level in nearly four years.

It marked only the second rate decline in the past 11 weeks and still left the 30-year mortgage more than a percentage point above where it was a year ago."

U.S. Fed chief warns about inflation pressure

2006-06-06T13:40:00.000-07:00

WASHINGTON -- June 6, 2006 -- U.S. Federal Reserve Board Chairman Ben Bernanke warned Monday of persistent inflation pressure despite moderating economic growth, and vowed to focus on prices in determining monetary steps.

The medium-term inflation outlook ''will receive particular scrutiny'' when the U.S. central bank decides on its next credit move at its policy-making Federal Open Market Committee meeting on June 28-29, Bernanke said in an address to the World Monetary Conference.

There is a strong consensus among the FOMC members that maintaining low and stable inflation is essential, and the panel ''will be vigilant to ensure that the recent pattern of elevated monthly core inflation readings is not sustained,'' he said.

Full Story > http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n2-06062006

Florida snowbirds challenge fairness of 2-tier tax

2006-05-23T12:18:00.000-07:00

ST. LUCIE COUNTY, Fla. -- May 23, 2006 -- In late March, hundreds of Florida homeowners jammed the chambers of county commissioners in Fort Pierce to protest rising property taxes. Ed McIntosh, a 75-year-old retiree, showed up with a foot-tall stack of complaints from homeowners, 623 letters in all.

He read a batch of them aloud, one tale after another of seasonal residents juggling rising insurance costs, hurricane-repair bills and escalating property taxes, which have more than doubled in five years in parts of the state.

Such protests have become commonplace in Florida as the state's snowbirds -- winter residents, who are mostly retirees from the Northeast, Midwest and Canada -- fight back against a tax system they believe is unfair and onerous. Mr. McIntosh, a retired Ford Motor Co. finance manager who lives in Beulah, Mich., spends four months a year along the Atlantic coast in Jensen Beach. He complains that seasonal residents are "being discriminated against ... We're carrying the state on our backs."

http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n2-05232006

Housing cool-down is 'orderly,' Fed chief says

2006-05-19T11:17:00.000-07:00

WASHINGTON -- May 19, 2006 -- Confirming what home buyers suspected and real estate sales figures have indicated for months, Federal Reserve Chairman Ben S. Bernanke said yesterday that the U.S. housing market was showing clear signs of cooling off.

Bernanke said the slowdown is "moderate" and "orderly" and pointed to the overall strength of the economy.

"We're seeing slowing in sales, slowing in starts. There also seem to be signs that prices are not rising as quickly as they have been for the past few years," Bernanke said in response to questions after a speech in Chicago, Bloomberg News reported.

http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n1-05192006

Florida's housing market in 1Q 2006: Median price up, sales ease

2006-05-16T08:22:00.000-07:00

ORLANDO, Fla. -- May 15, 2006 -- In first quarter 2006, Florida's housing sector followed the national trend, demonstrating signs of a market adjusting to rising mortgage rates, higher inventory levels and a better balance between buyers and sellers. Statewide sales of single-family existing homes totaled 45,864 during the three-month period, a decrease of 20 percent compared to 57,532 homes sold during the same quarter a year ago, according to the Florida Association of Realtors® (FAR).

http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n1-05152006

NAR: Housing market taking a breather but staying strong

2006-05-10T10:31:00.000-07:00

WASHINGTON -- May 10, 2006 -- The housing market is settling but should experience its third best year in 2006, with job creation and a growing economy offsetting some of the effects of rising interest rates, according to the National Association of Realtors® (NAR).

David Lereah, NAR’s chief economist, says the market is adjusting to higher mortgage interest rates. “Coming off a prolonged period of record sales, housing is taking something of a breather this year,” he says. “Even so, interest rates remain historically low, we’ve added about 2 million jobs over the last 12 months and the economy continues to grow -- that will sustain healthy levels of home sales in 2006, but they’ll stay below the peaks experienced during the last two years.”

Lereah forecasts the 30-year fixed-rate mortgage to rise to 7.0 percent this summer and hold at that level during the second half of the year. The unemployment rate is expected to average 4.7 percent, compared with 5.1 percent in 2005, while growth in the U.S. gross domestic product is seen at 3.5 percent in 2006, the same as last year.

http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n1-05102006

Housing starts down for March

2006-04-18T12:44:00.000-07:00

Housing starts down for March: "WASHINGTON -- April 18, 2006 -- March housing starts dropped 7.8 percent below February's revised estimate, and building permits -- an indicator of future activity -- fell 5.5 percent, the Census Bureau reported today.

Economists polled by Reuters had predicted a smaller decline.

Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,960,000, which is 7.8 percent below the revised February estimate of 2,126,000; however, it is 6.9 percent above the March 2005 rate of 1,833,000.

Single-family housing starts in March were at a rate of 1,591,000, or 12.0 percent below the February figure of 1,807,000. The March rate for units in buildings with five or more units was 334,000.

Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 2,059,000, which is 5.5 percent below the revised February rate of 2,179,000; but it is 1.9 percent above the March 2005 estimate of 2,021,000."

Home resales seen falling 8 percent

2006-04-11T15:00:00.000-07:00

Home resales seen falling 8 percent: "CHICAGO -- April 11, 2006 -- Freddie Mac anticipates an 8-percent decline in home sales to 6.9 million units in 2006 from 7.5 million last year, due to higher interest rates and price gains that make homeownership less affordable to a larger number of buyers.

Freddie Mac chief economist Frank Nothaft says it is increasingly difficult for some homebuyers to locate jobs in areas where housing is affordable or locate reasonably priced housing in areas where jobs are more plentiful.

The government-sponsored enterprise expects residential prices to rise just 8.7 percent this year, marking the lowest appreciation rate in three years. A 13-percent drop in single-family mortgage originations to $2.46 trillion is also forecasted, attributable to weaker demand for refinance loans as mortgage rates move upward.

Source: Chicago Tribune (04/11/06)"

Supply and demand nearly balanced in overall U.S. housing market

2006-04-10T11:53:00.000-07:00

Supply and demand nearly balanced in overall U.S. housing market: "HUNTINGTON BEACH, Calif. -- April 10, 2006 -- A recent 'Current Market Conditions' survey of real estate agents in 47 states reveals a balanced U.S. housing market, marking the first time in eight years that such an event has occurred.

Of the agents polled by HouseHunt Inc., 45 percent say they are seeing more buyers than sellers; and 31 percent report that sellers are outnumbering buyers. Another 24 percent believe the market is divided equally between buyers and sellers.

The National Association of Realtors reported a 5.3-month supply of available properties in January and February, with a supply of 5.5 to 6 months indicative of a balanced market.

HouseHunt President and CEO Michael Bearden says the housing market appears to be most balanced in the South, Midwest, Northeast, and California but reports that there continues to be more buyers than sellers in the West and Alaska."

Rates on 30-year mortgages climb

2006-04-07T13:43:00.000-07:00

Rates on 30-year mortgages climb: "WASHINGTON (AP) -- April 7, 2006 -- Rates on 30-year mortgages rose this week to the highest level in 2 1/2 years as financial markets began to worry more about inflation.

Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.43 percent this week, up from 6.35 percent last week.

The increase meant that rates surpassed the previous 2006 high of 6.37 percent set in early March and climbed to the highest level since the 30-year mortgage was at 6.44 percent the week of Sept. 5, 2003.

Analysts attributed the increase to a pickup in economic growth in the early months of 2006 and renewed concerns about higher energy prices."

Second home sales hit another record in 2005

2006-04-07T10:44:00.000-07:00

Second home sales hit another record in 2005: "WASHINGTON -- April 6, 2006 -- Vacation- and investment-home sales both set records in 2005, with the combined total of second home sales accounting for four out of 10 residential transactions, according to the National Association of Realtors� (NAR).

The annual report, based on two surveys, shows that 27.7 percent of all homes purchased in 2005 were for investment and another 12.2 percent were vacation homes. All together, there were 3.34 million second-home sales in 2005, up 16.0 percent from an upwardly revised total of 2.88 million in 2004. The market share of second homes rose from 36.0 percent of transactions in 2004 to 39.9 percent in 2005."

NAR: Pending home sales leveling out, market balancing

2006-04-04T14:01:00.000-07:00

NAR: Pending home sales leveling out, market balancing: "WASHINGTON -- April 4, 2006 -- Pending home sales are showing signs of leveling out, indicating that the housing market is entering a period of stabilization, according to the National Association of Realtors� (NAR).

The Pending Home Sales Index (PHSI), based on contracts signed in February, slipped 0.8 percent to a level of 117.7 from an upwardly revised index of 118.6 in January, and is 5.2 percent below February 2005. January experienced a strong upward revision from a preliminarily reported index of 116.3 and was higher than the December reading of 117.6; additional data from the Northeast showed that region to be stronger than earlier believed."

Tax Law Could Energize South Florida Market

2006-03-30T12:07:00.000-08:00

Tax Law Could Energize South Florida Market

(March 30, 2006) -- A proposed law in Florida, which has gained widespread support from real estate professionals, would allow property owners to take their lower tax bills with them when they move from one property to another within the state.

Florida homeowners currently get a $25,000 homestead exemption. And a Save Our Homes amendment, passed in 1992, limits the rise in taxable value on homes to 3 percent a year. But once residents move, they lose that 3 percent benefit. Property is reassessed every time it changes hands.

“We’re going to reach a point where people are not going to be able to afford to move,” Palm Beach County Property Appraiser Gary Nikolits told a seminar attended by about 100 real estate professionals.

Many residents say they can't afford to move up or even downsize because they would have to pay much higher taxes on their new properties. That reason often is cited for the slowdown in South Florida's housing market.

Nikolits told the group he prefers a cap of $250,000 so wealthy homeowners don't get out of having to pay their fair share of taxes.

Source: South Florida Sun-Sentinel, Paul Owers (03/30/2006)

30-Year Mortgage Rates Fall a Second Week

2006-03-27T12:09:00.000-08:00

30-Year Mortgage Rates Fall a Second Week: "WASHINGTON (AP) -- March 24, 2006 -- Rates on 30-year mortgages, which had jumped to the highest level in 2 1/2 years, edged down for a second straight week.

Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.32 percent this week, down from 6.34 percent the previous week.

The latest decline was the second in a row after 30-year rates had reached a high of 6.37 percent the week of March 9, the highest point since rates averaged 6.44 percent the week of Sept. 5, 2003."

Futures predicting 5 percent Fed funds rate

2006-03-23T11:29:00.000-08:00

Futures predicting 5 percent Fed funds rate: "NEW YORK -- March 22, 2006 -- While they still expect the central bank to boost the federal-funds rate to 4.75 percent during next week's policy-setting meeting, recent economic reports have further validated the belief by futures traders that the Federal Reserve will lift the rate again at its June 29 session.

Monday's contracts indicated an 84-percent chance of the federal-funds rate reaching 5 percent before July. Also, a government report that wholesale prices rose three times more than anticipated growth in February convinced traders that the Fed will continue with its quarter-percentage-point rate hikes into August.

Traders felt certain on Monday that the Fed would not kick up the fed-funds rate to 5.25 percent at its Aug. 8 meeting."

Roof tiles scarce, soaring in price

2006-03-20T14:31:00.001-08:00

Roof tiles scarce, soaring in price: "PALM BEACH COUNTY, Fla. -- March 20, 2006 -- Homeowners desperate to repair cracked or broken roof tiles are taking matters into their own hands. Literally.

'People are going to places where roofs are being repaired to try and get salvaged tiles that are not damaged,' said Robert Bryson, an associate broker with Mersky Realty Group. 'It's, 'Hey can I have a couple of roof tiles?' Because they can't get them anywhere else.'

Clay: It's the new gold.

An unpublished survey conducted by the Florida Roofing, Sheet Metal and Air Conditioning Contractors Association reports that since late 2004, the cost of clay roof tiles has doubled from $500 to $1,000 per 100 square feet. At about $700 per 100 square feet, concrete tiles are a little less expensive, but you'll need to take a number and be seated: Delivery delays that last year stretched from six to eight months are now running between nine months and a year."

Roof tiles scarce, soaring in price

2006-03-20T14:31:00.000-08:00

LSU AgCenter . Efforts under way to prevent spread of Formosan subterranean termites in mulch from Louisiana following hurricanes Katrina and Rita

2006-03-10T07:05:00.000-08:00

LSU AgCenter . Efforts under way to prevent spread of Formosan subterranean termites in mulch from Louisiana following hurricanes Katrina and Rita
It is true that there is a lot of cellulose debris (wood, paper and their products) in Louisiana following these two hurricanes. Yes, Formosan subterranean termites are found in the parishes affected by the hurricanes and will get in mulch. However, the Louisiana Department of Agriculture and Forestry (LDAF) in Louisiana imposed a quarantine for the Formosan subterranean termite on October 3, 2005, in Calcasieu, Cameron, Jefferson, Jefferson Davis, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, Tangipahoa and Washington parishes (the parishes affected by the hurricanes). "

Hot real estate prices extend to rural land

2006-03-09T12:58:00.000-08:00

Hot real estate prices extend to rural land: "WASHINGTON -- March 9, 2006 -- The fastest-growing commodity in Florida farm country last year? Land values, which jumped 50 percent to 88 percent, depending on the area.

While not quite as dramatic, a similar story has been playing out across the country. Rural real estate prices soared 11 percent to an average of $1,510 per acre from Jan. 1, 2004, to Jan. 1, 2005. That's the fastest annual increase since 1981 and the biggest on record in dollar terms, according to the U.S. Department of Agriculture (USDA).

More recent data from Iowa State University show prices in Iowa rose nearly 11 percent in 2005. In Texas, the median rural land price rose 15 percent in 2005. State and USDA estimates differ because of sampling times and techniques but show similar trends."

HUD announces $24.8 million ‘sweat equity’ grants

2006-02-27T14:18:00.000-08:00

HUD announces $24.8 million ‘sweat equity’ grants: "WASHINGTON -- Feb. 27, 2006 -- More than 1,500 families could soon own a home as a result of $24.8 million in grants announced by the Department of Housing and Urban Development (HUD) through its Self-Help Homeownership Opportunity Program (SHOP). The money will go to four national and regional organizations.

'This funding not only helps families to purchase their first home, but taps into their own sweat equity to make them feel more invested in their new neighborhood,' says Assistant Secretary Pamela Patenaude. 'With a little investment and elbow grease, great things can happen and our SHOP program is proof of that.'

Nonprofit organizations awarded SHOP grants include:

� ACORN Housing Corporation, $572,000
� Community Frameworks, $4,500,000
� Housing Assistance Council, $9,000,000
� Habitat for Humanity International, $10,773,000"

NAR launches leading index for commercial real estate

2006-02-23T13:47:00.000-08:00

NAR launches leading index for commercial real estate: "WASHINGTON -- Feb. 23, 2006 -- The National Association of Realtors� (NAR) launched a new leading indicator for the commercial real estate market yesterday -- called the Commercial Leading Indicator for Brokerage Activity -- and it indicates that an increase in commercial brokerage activity can be expected over the next six to nine months.

David Lereah, NAR�s chief economist, says the new index shows the broad recovery in commercial real estate markets will continue. �In fact, the index increased in nine of the last 10 quarters -- this trend implies that commercial activity of net absorption and the completion of new buildings will remain solid through the third quarter of this year.�"

A New Home Site on the Block

2006-02-08T14:53:00.000-08:00

A New Home Site on the Block

A New Home Site on the Block
Former Expedia founder Richard Barton's Zillow.com aims to hook users with automated real estate appraisals. Will its ad model work?

Researching real estate on the Web? If so, you're probably looking for the answer to one of two questions: What is my home worth, and which houses are for sale in the neighborhood where I want to live? To get an online estimate of a home's value, you often have to hand over your name and phone number so a service like HouseValues.com (SOLD ) can send a local agent your way. That will begin to change with the unveiling of Zillow.com, the long-awaited online real estate startup led by Expedia (EXPE ) founder Richard N. Barton.

Zillow's main product will be an automated home-appraisal service, supported by advertising and based on a vast storehouse of data (2 terabytes, for anyone keeping score) that covers public records of home sales across the country. Even in its beta-testing phase, which opens to the public Feb. 8, the site has enough data to provide appraisals -- or "Zestimates" -- for 40 million U.S. homes. That's almost half the nation's single-family units.

EXTENDED RANGE FORECAST OF ATLANTIC SEASONAL HURRICANE ACTIVITY AND U.S. LANDFALL STRIKE PROBABILITY FOR 2006

2006-02-06T12:42:00.000-08:00

EXTENDED RANGE FORECAST OF ATLANTIC SEASONAL HURRICANE ACTIVITY AND U.S. LANDFALL STRIKE PROBABILITY FOR 2006: "Most Southeast coastal residents probably do not know how fortunate they had been in the prior 38-year period (1966-2003) leading up to 2004-2005 when there were only 17 major hurricanes (0.45/year) that crossed the U.S. coastline. In the prior 40-year period of 1926-1965, there were 36 major hurricanes (0.90/year or twice as many) that made U.S. landfall. It is understandable that coastal residents were not prepared for the great upsurge in landfalling major hurricanes in 2004-2005.

We should interpret the last two years of unusual large numbers of U.S. landfalling hurricanes as natural but very low probability years. During 1966-2003, the U.S. hurricane landfall numbers were substantially below the long-term average. In the last two seasons, they have been much above the long-term average. Although the 2004 and 2005 hurricane seasons have had an unusually high number of major landfall events, the overall Atlantic basin hurricane activity has not been much more active than five of the recent hurricane seasons since 1995 (i.e., 1995-1996, 1998-1999, 2003). What has made the 2004-2005 seasons so unusually destructive is the higher percent of major hurricanes which moved over the U.S. coastline. These landfall events were not primarily a function of the overall Atlantic basin net major hurricane numbers, but rather of the favorable broad-scale Atlantic upper-air steering currents which were present the last two seasons. It was these favorable Atlantic steering currents which caused so many of the major hurricanes which formed to come ashore.

It is rare to have two consecutive years with such a strong simultaneous combination of high amounts of major hurricane activity together with especially favorable steering flow cu"

MBA forecasts strong economic growth for 2006

2006-02-06T12:21:00.000-08:00

MBA forecasts strong economic growth for 2006: "WASHINGTON, DC -- Feb, 6, 2006 -- The Mortgage Bankers Association (MBA) is projecting continued strong economic growth of 3.5 percent for 2006, with moderate, below-trend growth of 3.3 percent in 2007, according to its recent three-year economic forecast update. Total residential mortgage production in 2006 will be $2.24 trillion, the fifth-biggest year on record, but a 19.5 percent decline relative to 2005.

'We expect economic growth to remain solid in 2006, but we will begin to see below-trend growth for 2007,' said Doug Duncan, MBA chief economist and senior vice president for research and business development. 'Housing will decline modestly from the fifth consecutive record year in 2005, but will remain robust historically. Home price appreciation rates will moderate compared to recent years.'"

MiamiHerald.com | 01/31/2006 | Plan targets code violations

2006-01-31T12:30:00.000-08:00

MiamiHerald.com | 01/31/2006 | Plan targets code violations: "Miramar wants to be the next South Florida city to regulate how homes with zoning infractions are sold.BY NATALIE P. McNEALnmcneal@MiamiHerald.comWhen Catherine Stephens bought her Miramar home in 2000, she fell in love with the dining room in the back, her deck and shed.But late last year, the city told her that her home has code violations: the deck needs a guardrail, the deck foundation needs more concrete and her shed is on her neighbor's property. Her dining room is actually a warmed-over patio that was constructed with the wrong-size lumber. Now her dream home needs $10,000 to bring it up to code.''I was proud to call this home,'' Stephens said. ``I now look at it as an albatross.''Tired of seeing unsuspecting home buyers slapped with fines or forced to make costly modifications on their older homes, Miramar commissioners may require a city-approved presale inspection to determine whether a house has zoning violations."

Foreign-Born Population - CPS March 2003 Detailed Tables

2006-01-23T14:58:00.000-08:00

Foreign-Born Population - CPS March 2003 Detailed Tables: "Foreign-Born Population of the United States
American Community Survey - 2003
Special Tabulation (ACS-T-2)

Characteristics of the Population by U.S. Citizenship Status
Characteristics of the Foreign Born by Year of Entry
Characteristics of the Foreign Born by World Region of Birth
Characteristics of the Latin America Foreign Born by Region of Birth"

Soft Landing for Housing Market in 2006

2006-01-13T07:31:00.000-08:00

Freddie Mac predicts 'soft landing' for housing market
Economic outlook basically positive

Citing growth in the gross domestic product, low price inflation and low unemployment, mortgage giant Freddie Mac Thursday predicted a soft landing for the U.S. housing market in 2006.

"Without question America's joy ride in the housing market is coming to an end," Freddie Mac said in its January 2006 Economic Outlook statement. "However, … conditions are favorable for a soft landing, perhaps with a little turbulence on the approach."

The "turbulence" could be caused by a couple of factors, one of them being an inverted yield curve, the mortgage giant said. This is when short-term interest rates are lower than long-term rates, which became the case in the U.S. in December. Normally, long-term interest rates are higher than short-term rates because it's hard to predict what will happen far out in the future.

Higher short-term rates may lead to a bumpy descent for homeowners who used adjustable rate mortgages to buy their homes, Freddie Mac warned, because the interest rate savings on them are now smaller.

Despite these concerns, overall the government-sponsored enterprise was optimistic for the housing market in 2006.

Factors influencing the optimism included growth in the gross domestic product, which is the total value of goods and services produced by a nation. Third-quarter economic growth came in at 4.1 percent, Freddie Mac said, describing this as a "healthy number." Freddie Mac's chief economist expects "strong" economic growth for 2006.

Freddie also expects inflation to be low, at 2.5 percent, throughout 2006, another good sign. Also, the unemployment rate is expected to stay between 4.9 and 5 percent in 2006.

Mortgage rates, a critically important factor for the housing market, will average 6.4 percent over the year, according to Freddie Mac. This could be good news for the market.

"At 6 and 7 percent we still see upward movement or, at worst, sideways-moving price projections," Michael Sklarz, chief valuation officer for Fidelity National Financial, said in an Inman News interview in December 2005. Other experts have seconded this opinion.

Adjustable-rate mortgages will lose some of their appeal in 2006, Freddie Mac predicted, falling from the 31 percent share of applications in 2005 to around 27 percent.

Housing starts will fall as much as 9 percent, Freddie Mac warned, to 1.90 million units. Homes sales are predicted to slow to 7.10 million units, a 5 percent drop, but still the third best level ever.

Freddie Mac believes homes will continue to appreciate, with a growth rate around 7 percent.

Title insurance firms reach settlements

2005-12-12T13:13:00.000-08:00

Title insurance firms reach settlements: "ORLANDO, Fla. -- Dec. 12, 2005 -- Lawyers Title Insurance Corp., American Pioneer Title Insurance Corp. (now known as Ticor Title Insurance Company of Florida) and Fidelity National Title Insurance Corp. are the latest title insurance companies to settle class action lawsuits with borrowers who allege they were overcharged for title insurance when they refinanced their homes.

Florida law requires title insurers to charge a discounted premium, known as the reissue rate, when a property is refinanced. In settling the lawsuits, the three insurers agreed to pay settlements ranging from $824,536 to $1.4 million, and agreed to institute wide-ranging changes to their business practices."

Investors retreat from housing market

2005-12-07T11:29:00.000-08:00

Investors retreat from housing market: "NEW YORK -- Dec. 7, 2005 -- While residential property investment continues to thrive in certain parts of the country, investor activity appears to be waning in what had been some of the hottest markets for housing speculation, including Las Vegas, Miami and many California destinations.

A slowdown in the pace of home appreciation has made it more difficult for investors to turn a fast profit, prompting some to reconsider their strategies. The signs -- investors owning up to 30 percent of properties for sale in the Phoenix area, increasing cancellation rates for new condominium units in the District of Columbia and Florida, and a nearly 50-percent drop in the number of investors purchasing property in San Diego, for example -- are just beginning to emerge, but experts say the trend is certain to accentuate any downturn in home sales.

Without the increased contributions of investors to the housing market over the past two years, according to Fannie Mae chief economist David Berson, home sales probably would have been more than 7 percent lower. He expects that the pullback in investor activity will be largely responsible for an anticipated 10.4-percent decline in home sales over the coming two years."

2006 Fannie, Freddie, FHA loan limits announced

2005-12-06T13:32:00.000-08:00

2006 Fannie, Freddie, FHA loan limits announced: "WASHINGTON -- Dec. 6, 2005 -- Secondary mortgage market companies Fannie Mae and Freddie Mac have increased conforming loan limits on single-family properties from $359,650 to $417,000, effective Jan. 1, 2006, their largest increase at 16 percent in 20 years. Loan limits will also increase on other properties:

* $533,850 for mortgages on two-family properties (up from $460,400)
* $645,300 for mortgages on three-family properties (up from $556,500)
* $801,950 for mortgages on four-family properties (up from $691,600)

Under the Fannie Mae and Freddie Mac charters, loan limits in states and territories designated high-cost areas -- Alaska, Hawaii, Guam and the U.S. Virgin Islands -- are 50 percent higher than the amounts above."

New fortified homes aim to withstand nature's assaults

2005-11-23T11:38:00.000-08:00

New ‘fortified’ homes aim to withstand nature’s assaults: "FORT MYERS, Fla. -- Nov. 23, 2005 -- A number of developers are building so-called fortified homes that can withstand hurricanes, blizzards, earthquakes, wildfires and tornadoes. Residences that surpass local building codes could obtain a seal of approval from the insurance industry?s Institute for Business and Home Safety, which calls for dwellings in flood plains to be built two feet above the minimum levels on federal flood maps, among other requirements."

Congress OKs flood insurance borrowing

2005-11-21T12:15:00.000-08:00

Congress OKs flood insurance borrowing: "WASHINGTON -- Nov. 21, 2005 -- The federal flood insurance agency, currently broke because of hurricane-related claims, will be able to resume payments to flood victims following a vote by Congress to increase its borrowing powers.
The Senate and the House on Friday both approved by voice vote legislation that raises to $18.5 billion the amount the National Flood Insurance Program can borrow from the Treasury every year. In September, Congress voted to raise the borrowing authority from $1.5 billion to $3.5 billion."

Rates on 30-year mortgages climb for 10th consecutive week

2005-11-18T10:27:00.000-08:00

Rates on 30-year mortgages climb for 10th consecutive week: "WASHINGTON -- Nov. 18, 2005 -- Rates on 30-year mortgages edged up slightly this week, posting the 10th consecutive increase and keeping rates at the highest level in more than two years.

Mortgage giant Freddie Mac reported Thursday that the nationwide average for 30-year, fixed-rate mortgages rose to 6.37 percent, slightly higher than last week's 6.36 percent average.

Both weeks represented the highest level since 30-year mortgages were at 6.44 percent in early September 2003.

The 30-year mortgage is now nearly a full percentage point above its low-point of this year of 5.53 percent set the week of June 30. But analysts said even with the increases the 30-year and adjustable rate mortgages remain well below their averages over the past decade.
"

Florida home sales, prices up in 3rd quarter

2005-11-15T12:15:00.000-08:00

Florida home sales, prices up in 3rd quarter: "ORLANDO, Fla. -- Nov. 15, 2005 -- Sales of existing single-family homes in Florida rose during third quarter 2005 along with the statewide median price: a total of 64,978 homes changed hands during the three-month period for a 7 percent increase over the 60,462 homes sold in third quarter 2004, according to the Florida Association of Realtors? (FAR). The impact of four hurricanes that struck Florida during the third quarter of last year continues to be a factor in the comparison of statewide sales of single-family existing homes for third quarter 2005.

The statewide median sales price for third quarter 2005 rose 31 percent to $248,600; a year ago, it was $189,900. For third quarter 2000, the statewide median sales price of existing single-family homes was $119,700, which translates as an increase of about 107.6 percent over the five-year period. The median is a typical market price where half of the units sold for more and half sold for less."

Mortgage rates continue climbing upward; loan applications falling

2005-11-04T11:37:00.000-08:00

Mortgage rates continue climbing upward; loan applications falling: "WASHINGTON -- Nov. 4, 2005 -- The average rate for 30-year mortgages rose to 6.31% this week, the highest rate in 16 months, mortgage giant Freddie Mac said Thursday. A year ago, the average rate was 5.7%.

Adjustable-rate mortgages also jumped. The average rate for a 1-year ARM was 5.09% this week, highest since 5.11% in March 2002. Rates on 5-year hybrid ARMs rose to 5.76%, up from 5.03% at the beginning of the year."

More rate increases expected as Fed keeps fighting inflation threat

2005-11-02T13:28:00.000-08:00

More rate increases expected as Fed keeps fighting inflation threat: "WASHINGTON -- Nov. 2, 2005 -- The star actor may be about to depart, but his understudy at the Federal Reserve is expected to keep following the same script - gradually increasing interest rates to make sure inflation does not get out of control.

Many private economists believe outgoing Fed Chairman Alan Greenspan will boost rates at his final two meetings on Dec. 13 and Jan. 31 and that Ben Bernanke, the man tapped to succeed him, will add a final rate increase at his first meeting on March 28.

Analysts said they hold to the view that there will be at least three more rate increases because they believe Bernanke will want to show his inflation-fighting zeal as soon as he takes over and signal his solidarity with the policies of Greenspan. The outgoing chairman gained near mythic status in financial markets during his 18 years as Fed chief."

Despite storms, coasts fill up

2005-10-21T13:00:00.000-07:00

Despite storms, coasts fill up: "ORLANDO, Fla. -- Oct. 21, 2005 -- Coastal counties from Texas to New England are growing by about 1,300 people every day despite a decade-long surge of hurricanes that has peaked this year with the most in one season since 1969.
The number of residents in 169 counties along the Atlantic and Gulf coasts has grown by more than 2 million since 2000 to 44.3 million, according to a USA TODAY analysis.
About 1.6 million of these new residents live in the stretch from Virginia to Texas that is most vulnerable to hurricanes and is home to 25.4 million. About 1,000 people arrive in these areas every day. The growth rate in that strip is almost twice the national rate.
Seven hurricanes have struck Florida or passed close to the state since August 2004. Hurricane Wilma, which could hit Florida on Sunday, is the 12th of 2005, tying the record set 36 years ago.
The fierce hurricane activity follows a period of below-average years for tropical storms and hurricanes that ended in 1995. The pace of development has continued despite destruction from recent hurricanes such as Charley, Frances, Ivan, Jeanne, Isabel and Floyd.
Coastal development raises financial risks for taxpayers, who indirectly subsidize such growth through federal flood insurance, beach restoration projects and repairs to roads and other public works. The federal government so far has spent about $17 billion on relief for Hurricane Katrina.
The population figures are for year-round residents. In peak seasons, some towns grow seven-fold.
Orrin Pilkey, a coastal geologist at Duke University, says shoreline development hurts the environment. He calls it 'societal madness.'
Driving the boom: More retirees seeking oceanfront lifestyles and low interest rates that spur sales of vacation homes. The number of second "

Analyst predicts cooler housing market

2005-10-20T11:19:00.000-07:00

Analyst predicts cooler housing market: "WASHINGTON -- Oct. 20, 2005 --Mark Zandi, Economy.com's chief economist, said Wednesday that even though the numbers are holding up, the end of the housing boom may be just around the corner.

Zandi, speaking at the National Association of Home Builders (NAHB) conference in Washington, D.C., said that rebuilding damaged and destroyed housing in the Gulf Coast states in the wake of Hurricane Katrina could delay the slowdown for as much as a year, but such factors as projected higher long-term interest rates could result in a market decline starting in 2007.

Among the 'juiced-up' markets that Zandi said will weaken first are South Florida; the Washington, D.C., metro area; Boston; Los Angeles; and San Francisco. In addition, he said Chicago and other major midwestern cities face overbuilding and that construction has clearly outpaced need in those markets. By contrast, there's no overbuilding happening in California or Florida because demand remains strong.

South Floridians also seem to be headed upstate. Zandi said that in 2004, more than 10,000 moved from Miami to Lakeland, Jacksonville, Titusville and Port St. Lucie for more affordable housing.

Source: South Florida Sun-Sentinel (10/20/05) Shreve, Meg"

Survey reveals key sale factors to consider

2005-10-13T10:45:00.000-07:00

Survey reveals key sale factors to consider: "CHARLOTTE, N.C. -- Oct 13, 2005 -- A recent survey of home sellers and real estate sales associates sheds light on the most important factors to be considered to successfully sell a home.

The survey, commissioned by RealEstate.com, asked 500 recent home sellers and 100 licensed, practicing real estate sales associates about the variety of critical elements involved in selling a home.

Some 65 percent of home sellers said that hiring a real estate professional to facilitate the sale is the best way to get the process off to a good start.

Pricing their homes was of major importance to sellers when they prepared to sell, and 51 percent of sellers and 64 percent of sales associates agreed that setting an asking price at 5 percent to 10 percent above what the seller would actually accept is a good range to follow when putting a house on the market.

Despite recent reports of housing booms and hot markets with inflated prices, 37 percent of sellers surveyed reported selling their homes at the list price, and more than half of the overall respondents reported selling at or below $250,000 (57 percent).

The length of time needed to sell a home varied between sellers and real estate professionals. Thirty-three percent of sellers reported that their homes sold within the first two weeks of putting it on the market, with another 27 percent citing homes selling within the first month. On the other hand, 41 percent of sales associates suggest budgeting two to three months from the time you put your home on the market to selling it.

Sellers and Realtors� agree that the local school system is the most important factor that buyers consider when choosing a home -- 48 percent sellers, 40 percent real estate associates.

In addition to maxi"

Home sellers turn to blogs

2005-10-12T07:56:00.000-07:00

Home sellers turn to blogs: "NEW YORK -- Oct. 11, 2005 -- A number of home sellers are harnessing the power of Web logs, or blogs, to market their properties and differentiate them from conventional residential listings.

The Internet already has become an invaluable tool to the real estate market, but blogs have the unique advantage of targeting potential buyers on a personal level and offering them a virtual tour of the property that, in some cases, sells the home before the buyer ever sees it in person.

While most buyers insist on viewing the property before they make a decision, blogs have proven an effective and inexpensive tool for word-of-mouth marketing, although they often have difficulty targeting local buyers. Real estate agents and brokers also have turned to blogs, either as a marketing tool or simply as a forum on which to post their observations about the market, interest rates or whatever else happens to be on their minds.

For many, it offers a channel through which to connect to potential customers without having to meet in person or speak on the telephone. 'It's like when you give out a business card,' says Prudential Douglas Elliman's Lisa Maysonet. 'You don't necessarily get a hit back [right away] but it's generating an intangible.'

Source: Wall Street Journal (10/11/05) P. D2; Bernard, Tara Siegel

� Copyright 2005 INFORMATION, INC. Bethesda, MD (301) 215-4688"

Greenspan concerned about risky mortgages

2005-10-10T10:11:00.000-07:00

Greenspan concerned about risky mortgages: "WASHINGTON -- Oct. 10, 2005 -- Federal Reserve Chairman Alan Greenspan is turning up the volume on his warnings about the potential perils of certain risky mortgages if the high-flying housing market loses significant altitude.

There are signs some companies are getting the message. A few have begun scaling back some types of those mortgages or making them less appealing by raising costs.

Greenspan mostly is worried about homeowners who took out an interest-only mortgage or option adjustable-rate mortgages to buy property they otherwise could not afford. Borrowers and lenders holding such loans could get clobbered if housing prices drop or interest rates rise."

TCPalm : With home prices soaring and demand growing, $1 million doesn't go as far as it once did

2005-10-03T08:06:00.000-07:00

TCPalm : With home prices soaring and demand growing, $1 million doesn't go as far as it once did: "If you have $1 million to spend on real estate and want to be in an established downtown neighborhood, like Coral Ridge, expect an older home that may need some updating. If you want to be on the water, you may have to settle for an empty lot. The further west you go, you'll get more land or more square footage -- but not necessarily both. You may not get that golf course view you expected or even a pool.
Fort Lauderdale Realtor Barbara Panton says she doesn't bother selling million-dollar homes anymore.
'My main focus is on $3 million and up,' she said. 'I do these [lower-priced] type of properties for friends.'
To the average South Floridian, it all sounds nuts. After all, a $1 million house, whatever the condition and size, is still pure fantasy to most people here. Assuming you have the $200,000 down payment, the remaining mortgage on a 30-year fixed loan at 6 percent interest is about $4,800 a month. Property taxes can reach about $25,000 a year, depending on the assessed value. Then there's insurance and the cost of any homeowner's association fees and maintenance. "

Planet Realtor News Item

2005-09-30T11:10:00.000-07:00

Planet Realtor News Item: "PANAMA CITY, Fla. -- Sept. 30, 2005 -- To some, the perk of qualifying for a homestead exemption is so attractive they figure they should have the savings on more than one home. Trouble is, that runs afoul of the law. After two years in office, Bay County Property Appraiser Rick Barnett and his staff have stepped up investigations into fraudulent filings. The result: $6.9 million went back on the tax rolls for 2004.

That equates to $142,706 in additional revenue for Bay County, minus $30,000 of staff time to do the job.

The homestead exemption reduces the taxable value of a property by $25,000.

'There is a big issue in Florida on homestead exemption because everyone wants that cap,' Barnett said."

Condo flipping popular around the country

2005-09-29T10:57:00.000-07:00

Condo flipping popular around the country: "MIAMI -- Sept. 29, 2005 -- The 'flipping' of apartments and condominiums, a practice in which investors purchase units before they are built and sell them at a profit before closing, was made popular in Florida and now is gaining steam in Las Vegas and New York City.

Jack Winston, a Goodkin Consulting analyst, says this so-called Miami Model works best for developers with in-house sales representatives and numerous projects in different phases of development. He adds that the model is profitable only if enough investors jump aboard.

According to Metrostudy South Florida director Bradley Hunter, developers became more accepting of flipping when they found that restricting the practice gave investors all the profits and put a large number of units on the market after closing.

'We went down to Miami and saw that this is a great way to protect the value of the building,' says Paul Scaringe of Panorama Towers in Las Vegas. 'With this program you can control the amount of inventory that is out there at any given time; supply and demand will dictate the pricing.'

Christopher Mathieson, managing partner of JC DeNiro and Associates, plans to use the Miami Model when he begins selling a trio of developments in Manhattan, which he says allows developers to shift risks to investors.

Source: The New York Times (09/25/05); Bahney, Anna"

New-home sales fell 9.9 percent in August

2005-09-28T11:55:00.000-07:00

New-home sales fell 9.9 percent in August: "WASHINGTON -- Sept. 28, 2005 -- Sales of new homes fell a surprising 9.9 percent in August from July to a seasonally adjusted annual rate of 1.24 million units -- the biggest decline since a 10 percent plunge in November 2004, according to the U.S. Commerce Department. Sales rose 6.2 percent compared to the same month one year earlier, however.

The federal government report sends a mixed signal on whether the housing market is slowing, considering that the median sales price jumped 2.5 percent from the previous month to $220,300 and that the National Association of Realtors� reported earlier in the week that housing resale activity rose 2 percent last month to 7.29 million units -- the second-highest rate on record.

Rising mortgage rates finally may be affecting the housing market, according to some economists. Nonetheless, they still expect 2005 to be the fifth consecutive year in which a record number of new and previously owned homes are sold."

Florida home sales, prices gain in August

2005-09-26T14:27:00.000-07:00

Florida home sales, prices gain in August: "ORLANDO, Fla. -- Sept. 26, 2005 -- Sales of single-family existing homes in Florida rose 4 percent in August, following a dip in statewide resales activity reported for each of the previous two months, according to the Florida Association of Realtors� (FAR). Statewide, a total of 21,318 homes changed hands in August 2005 compared to 20,491 homes a year ago.

The statewide median sales price rose 31 percent last month to $246,500; a year ago, it was $188,700. In 2000, the statewide median sales price for single-family existing homes was $117,100, which translates to an increase of about 97.8 percent over the five-year period, according to FAR records."

More homeowners invest in second properties

2005-09-22T12:20:00.000-07:00

More homeowners invest in second properties: "WASHINGTON -- Sept. 22, 2005 -- As the lure of investment sends many back into the real estate market for a second or third home, buyers are encountering stricter loan requirements than apply on their primary home, such as downpayments of up to 30 percent, compared to the 20 percent that is standard on conventional loans with no mortgage insurance.

Additionally, lenders will demand a lower debt-to-income ratio, meaning that investors' total debt may not exceed 35 percent to 40 percent of their gross monthly income whereas debt payments on a primary residence may stretch as wide as 50 percent.

Moreover, loans for second homes or investment property frequently are issued at interest rates one to two percentage points higher than those funding first purchases, due largely to the belief that owners will have less incentive to make the payments on a second home than on their primary residence should financial trouble arise.

Many investors are drawn to interest-only products, as they intend to sell the property by the time their payments increase to include principal."

Housing construction falls for 2nd month

2005-09-20T14:45:00.000-07:00

Housing construction falls for 2nd month: "WASHINGTON -- Sept. 20, 2005 -- Construction of new homes edged down in August for a second consecutive month, providing evidence that the nation's red-hot housing market may finally be cooling a bit.
The Commerce Department reported that construction of new homes and apartments dropped 1.3 percent last month after a decline of 1.5 percent in July. The decrease was larger than had been expected and it marked the first back-to-back declines in housing starts in 17 months."

Already hot real estate market blazes

2005-09-19T11:33:00.000-07:00

Already hot real estate market blazes: "NEW ORLEANS -- Sept. 19, 2005 -- The exodus of Hurricane Katrina evacuees seeking homes and places to run their businesses is rocking already-hot real estate markets throughout the Southeast.
From Pensacola, Fla., to Houston, legions of people and companies that fled the disaster are snapping up houses, apartment rentals and office and warehouse space as soon as they discover it. Real estate investors also are buying homes and renting them out."

Planet Realtor News Item

2005-09-15T10:33:00.000-07:00

Planet Realtor News Item: "KEY LARGO, Fla. -- Sept. 15, 2005 -- U.S. District Judge K. Michael Moore has ordered the Federal Emergency Management Agency to stop writing federal flood policies on new development in environmentally sensitive areas of the Florida Keys. The total acreage impacted by the injunction has yet to be calculated."

Planet Realtor News Item

2005-09-14T13:54:00.000-07:00

Planet Realtor News Item: "WASHINGTON -- Sept. 13, 2005 -- Homeowners who currently are grappling with the decision of whether or not to sell must consider a number of contradictory economic indicators. While median residential prices are rising, surveys indicate that existing-home sales overall are declining."

Market could flatten soon, observers say

2005-08-22T14:21:00.000-07:00

Market could flatten soon, observers say: "MIAMI -- Aug. 22, 2005 -- A number of economists believe the increased popularity of interest-only loans and other innovative mortgage products suggests that the national housing market is peaking.

They also cite a new report from the National Association of Realtors� (NAR) that says national housing affordability is at its lowest level since 1991.

NAR expects the home-price appreciation rate to drop by half next year. Additionally, the group reports that homes are languishing on the market longer than in the past, and inventory is on the rise.

In South Florida, however, experts do not anticipate such a slowdown. The region is becoming more expensive, but demand from foreign investors, second-home buyers and residents from other states has depleted the inventory of for-sale properties. As a result, the Florida Association of Realtors says second-quarter resales slipped 18 percent in Broward County and 13 percent in Palm Beach County from the corresponding period in 2004.

'We're not seeing a slowdown at all, but if we did it wouldn't affect us in the near term because we can't handle all of the demand we've got now,' explains Alan Levan, chief executive of Fort Lauderdale-based Levitt Corp."

Condo builders face construction squeeze

2005-08-16T11:37:00.000-07:00

Condo builders face construction squeeze: "MIAMI -- Aug. 16, 2005 -- The big question in the real estate market these days isn't how long the condo boom will last, but: How in the world are all those condos going to get built?
So many projects are in the works in South Florida and the Treasure Coast that every part of the construction industry is scrambling to line up labor and materials. Some contractors are even doing the unthinkable - turning down jobs.
Experts warn that's a sign the condo market is becoming overheated. 'Not all the projects that are contemplated now are going to get started,' said Steve Siegfried, a West Palm Beach construction lawyer. And even those that do get started might not be finished on time, he said.
Suffolk Construction is one general contractor that isn't taking on any more condo jobs. 'We've turned down $1 billion worth of work. It's the craziest I've ever seen in my 25-year career,' said Rex Kirby, president and general manager for the Florida division of the Boston-based firm."

NAR: Metros see high home price gains

2005-08-16T11:36:00.000-07:00

NAR: Metros see high home price gains: "WASHINGTON � Aug. 16, 2005 -- The majority of metropolitan areas experienced historically strong annual increases in median existing-home prices in second quarter 2005, according to the latest survey by the National Association of Realtors� (NAR).

The association�s second-quarter metro area home price report, covering changes in 149 metropolitan statistical areas, shows 67 areas with double-digit annual increases in median existing single-family home prices and seven areas posting generally modest price declines; none of the areas seeing declines had previously recorded rapid gains. NAR has expanded the number of metros covered in the report, and revised the definitions of metros due to changes in those areas over time.
"

Florida and China: Part I

2005-08-12T07:26:00.000-07:00

Florida and China: Part I: "With its entrance into the WTO in 2001, China committed itself to lowering tariffs. Then in July China took the first steps to implement a market-determined exchange rate to manage its booming economy, which grew by 9.5 percent in the first half of 2005. Just yesterday, Yahoo announced it would pay $1 billion in cash to acquire a 40 percent stake in the Chinese e-commerce firm Alibaba. And also this week Baidu, billed as the Chinese Google, attained an overnight market valuation of 3 billion dollars after its initial public offering. Finally with the continued housing boom in Florida, we are told one reason for the increasing costs for fuel and concrete products is China�s growing economy. Well, we thought it might be time to look at Zhonghua Renmin Gongheguo (the People's Republic of China), and its relationship with the State of Florida.

In 2004, Florida's export shipments of merchandise totaled $29 billion ranking it eighth among the states in total exports. The state's export leader is computers and electronics with 29 percent of Florida's total 2004 merchandise exports. Other top manufactured Florida exports include transportation equipment, chemicals and machinery. Florida�s largest export markets are Brazil, Canada and Mexico. Other top markets included Venezuela, Colombia, the Dominican Republic, the United Kingdom, Japan, Chile, and the Netherlands. China is nowhere on the upper end of this list."

Condo crush lures foreign investment

2005-08-05T10:45:00.000-07:00

Condo crush lures foreign investment: "MIAMI -- Aug. 5, 2005 -- They have thought-provoking names like Opera, Axis and The Venture, condominiums that will line Miami's bayfront skyline.
These high-rises are part of a part of a condo crush spawned by the nation's housing boom and buoyed by active investors from Europe, Latin America and the U.S. Northeast that target the city because of its worldly feel and relative affordability.
'When you look around the world and you consider the factors of the environment, climate, amenities, risk and appreciation, Miami ranks way high up there,' said Jorge Perez, chairman of The Related Group of Florida. The Miami-based developer plans to build more than 15,000 units in South Florida and Las Vegas in the next four years - with buyers already lined up for many of them
From Florida to California, condos are a growing housing option for people who have been priced out of the single-family home market or are seeking a more upscale, all-in-one lifestyle for a second home. They are also a growing market for speculators - many from abroad - looking for units to resell, or 'flip,' to take advantage of low interest rates, cheap dollars and attractive supply and demand."

10 biggest mistakes of novice investors

2005-08-04T14:12:00.000-07:00

10 biggest mistakes of novice investors: "10 biggest mistakes of novice investors
WASHINGTON -- Aug. 4, 2005 -- Real estate has become the tech stocks of the 2000s, the darling investment that everyone seems to think will be their ticket to easy wealth. And why shouldn't investors be snapping up cute little cottages? After all, mortgage rates are low and the housing market is hot. How hard could it be? Slap on a new coat of paint, put some flowers in pots by the front door, put a 'For Rent' sign in the yard and start counting the cash.

It's a popular notion. The National Association of Realtors reports that nearly a fourth of all the houses sold in 2004 went to investors; about 80 percent of investment properties are existing single family houses.

If they're looking for rental income -- and most investors are, according to the NAR -- buying a single-family house may be their first mistake. All it takes is for a property to sit vacant for a couple of months -- or a tenant to run out on the lease -- to put a new real estate investor in a financial bind. Far better to buy multifamily units, such as duplexes.

That way, you can live on one side and have the rent from the other side pay your mortgage. Or, rent out both sides and give yourself some breathing room in case one tenant moves in the middle of the night without paying his rent.

'I'm not a proponent of single-family units,' says John Anthony, president of the Pennsylvania Association of Mortgage Brokers. 'A first-time investor should look at (multifamily units of up to) four units to limit their risk.'

If you're still convinced that investing in rental real estate is the road to riches, at least go into the proposition with your eyes (and your wallet) open. Here are 10 common mistakes made by new real"

Housing industry awakens to Hispanic market

2005-08-03T14:21:00.000-07:00

Housing industry awakens to Hispanic market: "NEW YORK -- Aug. 3, 2005 -- Home builders are loosening their credit standards and mortgage lenders are getting creative in an effort to target the Hispanic market, whose homeownership rate of 49 percent is well below the national rate of 69 percent.

Last year, Countrywide Home Loans started offering loans with no downpayment to prospective borrowers who can provide a year's worth of utility bills, rent or even cable payments -- a product that should serve the Hispanic market well, according to Mary Salinas Duron, executive vice president of national multicultural markets for Countrywide."

New home prices still rising around S. Florida, but home building drops in Broward: South Florida Sun-Sentinel

2005-08-01T07:58:00.000-07:00

New home prices still rising around S. Florida, but home building drops in Broward: South Florida Sun-Sentinel: "Across South Florida, demand and prices for new homes rose in the second quarter of 2005, but only Palm Beach and Miami-Dade counties saw increases in the number of new homes under construction.

With little developable land available in Broward, the number of homes being built fell to the lowest level in years during the second quarter, according to data released by market research firm Metrostudy.

The number of single-family homes under construction in Palm Beach County was up 12.1 percent over the same period last year, while Miami-Dade County had a 36 percent increase. There were 2,334 homes started in Palm Beach County and 2,629 in Miami-Dade County.

But home construction fell 60 percent in Broward, with only 566 homes started in the entire county. Broward's annual pace is slowing to 4,000 new homes, compared with a peak of 11,000 a few years ago, said Bradley Hunter, director of Metrostudy's South Florida division.

Home construction in Broward was concentrated in the county's western communities, such as Davie and Miramar, but Hunter thinks there are still opportunities for developers to build. About 31 percent of vacant lots that will soon be started are priced between $250,000 and $300,000, but more than half of the projected starts are priced below $400,000.

'Some people say Broward is approaching buildout or is already there,' Hunter said. 'What's really happening is that it's getting more challenging to find land for development.'

Prices for new homes have also been fueled by demand. In Palm Beach County, only 11 percent of the developed lots are for homes at or below $300,000. More than "

Florida's home median prices continue to rise in June

2005-07-25T10:53:00.000-07:00

Planet Realtor News Item: "Florida's home median prices continue to rise in June
ORLANDO, Fla., -- July 25, 2005 -- A continuing tight supply of homes available for sale, low mortgage rates and high demand impacted Florida's housing market in June, helping to push the statewide median price of existing single-family homes up 31 percent to $248,700; a year ago, it was $189,200, according to the Florida Association of Realtors� (FAR). "

Greenspan heightens warning on risky mortgages

2005-07-21T12:26:00.000-07:00

Greenspan heightens warning on risky mortgages: "Greenspan heightens warning on risky mortgages
WASHINGTON -- July 21, 2005 -- Federal Reserve Chairman Alan Greenspan cautioned yesterday that certain types of increasingly popular, risky home mortgages could be 'disastrous' for some borrowers betting on ever-rising house prices.
'There's potential for individual disaster there,' Greenspan told the House Financial Services Committee. It was his strongest warning yet about the potential pitfalls for consumers and lenders in the nation's red-hot housing market.
Greenspan also warned lenders to 'fully appreciate the risk that some households may have trouble meeting monthly payments as interest rates and the macroeconomic climate change.'
Greenspan discussed the housing market while delivering an upbeat assessment of the overall economy in his semiannual report to Congress. Employment, retail spending and business investment have all risen in recent months, he noted.
'The U.S. economy has remained on a firm footing, and inflation continues to be well contained. Moreover, the prospects are favorable for a continuation of those trends,' he said."

Planet Realtor News Item

2005-07-21T07:33:00.000-07:00

Planet Realtor News Item: "NEW YORK -- July 20, 2005 -- The Federal Reserve won't use monetary or regulatory policy to cool housing prices and prevent the popping of what some commentators say is a housing bubble, Fed Chairman Alan Greenspan told Rep. Jim Saxton (R-N.J.) in a letter.

'The regulatory system is not designed to influence or control asset bubbles, but rather to ensure that bubbles, should they develop, do not lead to unsafe lending practices,' Greenspan says in the letter.

Saxton, chair of the Joint Economic Committee of Congress, questioned whether recent guidance about risky mortgage products could be considered 'regulatory suasion' and an alternative to higher interest rates as a means of tightening control of the market.

Greenspan says no. Only signs 'that some banks were not appropriately managing risks in the home-equity area' triggered the Fed to offer a warning to lenders about interest-only home-equity loans."

Planet Realtor News Item

2005-07-18T11:48:00.000-07:00

Planet Realtor News Item: "DESTIN, Fla. -- July 18, 2005 --With about 1,000 people per day moving to Florida, growth management issues such as traffic congestion, longer commutes, crowded schools and sprawling developments are affecting cities all across the Sunshine State. In future years, analysts predict the crowding will worsen, which means that Florida residents likely face adjustments in their way of life.

Whether it's having time to spend with family and friends or being able to live in a single-family home with a yard, something's got to give, say many state officials, planners and environmentalists."

Florida Homes Have International Appeal, Says Florida Association of Realtors Study

2005-07-18T09:33:00.000-07:00

Florida Association of Realtors :: Media Center: "Florida Homes Have International Appeal, Says Florida Association of Realtors�� Study
ORLANDO, Fla., July 14, 2005 -- International buyers are major players in the Florida residential real estate market, accounting for 15 percent of total home sales, according to a new joint study conducted for the Florida Association of Realtors� (FAR) by the National Association of Realtors (NAR). For a long time, anecdotal evidence from Realtors� has suggested that international buyers play a sizable role in Florida home sales, but this study marks the first attempt to quantify the trend.
Of the 986 Realtors who participated in the 2005 Profile of International Home Buyers in Florida survey, 87 percent reported that they did at least one home sale transaction with international buyers in the previous 12 months (between May 2004 and May 2005). Two thirds -- 66 percent -- of those Realtors who brokered foreign-buyer purchases noted that one to four of all their transactions were with international clients. Altogether, the Realtors surveyed closed 1,844 home sale transactions to non-U.S. buyers. "

SURVEY SAYS: MORE THAN IT'S WORTH

2005-07-12T13:43:00.000-07:00

July 12, 2005: Reports indicate that some Florida homebuyers are actually willing to pay more than a home's appraised value; so far, FAR's members agree. In a recent Planet Realtor survey, more than 48 percent of respondents said that at least a few of their transactions involved purchase prices above appraised value. And slightly more than 32 percent of respondents said that over half their deals involved a selling price above appraised value.

Jacksonville's Financial News and Daily Record

2005-07-06T09:12:00.000-07:00

Jacksonville's Financial News and Daily Record: "A strong labor market, continued low mortgage rates and a growing economy set the stage for a 7 percent increase in existing single-family home sales in Florida in May, with a total of 24,069 homes sold statewide compared to last year�s level of 22,496 homes sold, according to the Florida Association of Realtors.
�Sales of existing single-family homes across Florida are maintaining a healthy pace,� said David Scott, executive director of the Dr. Phillips Institute for the Study of American Business Activity and professor of finance at the University of Central Florida (UCF). �Such sales rates are sustainable in an expanding national economy and Florida posts some of the strongest business conditions indicators in the U.S. Florida�s labor market, for example, is one of the firmest in the country.�"

Mortgage rates at lowest level in a year

2005-07-01T12:36:00.000-07:00

Mortgage rates at lowest level in a year: "WASHINGTON -- July 1, 2005 -- Rates on 30-year mortgages sank this week to their lowest level in more than a year, offering a dose of welcome news to prospective home buyers who still face soaring home prices in many markets.

Freddie Mac, in its weekly survey, reported that for the week ending June 30, rates on 30-year, fixed rate mortgages dropped to 5.53 percent, down from 5.57 percent last week. This week's rate was the lowest since early April 2004, when rates on 30-year mortgages averaged 5.52 percent, a spokeswoman for the mortgage giant said."

Grand Isle Waterfront Sunset Lakes House for Sale - Miramar, Florida 33029

2005-06-29T11:53:00.000-07:00

Grand Isle Waterfront Sunset Lakes House for Sale - Miramar, Florida 33029: "Beautiful 4,380 sf Botticello Model with 4 Bedrooms, 3 Bathrooms and a 3 Car Garage. Waterfront property with panoramic views of the lake and a nice pool with lots of privacy. Great floor plan with 3 bedrooms upstairs and two balconies. 1 Bedroom downstairs with a full bathroom. Gourmet kitchen with Corian countertops, island and wood cabinets. High ceilings with crown moldings and window treatments. Designer paint everywhere. Intercom with surround sound and CD player. This beautiful home shows like a model !!!Community has 5 Star Clubhouse. This house is spacious and spotless with many upgrades. Call Ericka to see it today because this home will sell fast!!! "

Contact Ericka at 954-647-8989 for Details, or visit www.ErickaMyRealtor.com for more information and photographs.

The South Florida Real Estate Craze-Fort Lauderdale and Miami Single Family Homes and New Condominiums

2005-06-29T11:46:00.000-07:00

The South Florida Real Estate Craze-Fort Lauderdale and Miami Single Family Homes and New Condominiums: "South Florida real estate is hot right now. The warm weather, beautiful beaches, and the eclectic culture make Florida the perfect mix of sun and fun. From the high appreciation of single family homes and condominiums, to the boom in new construction projects, south Florida is a desirable place to live.
(PRWEB) June 16, 2005 -- The Real Estate Craze-Fort Lauderdale, Florida. June 14, 2005. According to the National Association of Realtors*, single-family homes in Broward County have appreciated 31.8% in the first quarter for 2005. Miami homes have increased 28.4%. Nassau, New York, residences have appreciated 16.3%, and Los Angeles, California, homes have increased in value 21.1%. * Reported by Les Chrisite, CNN/Money Staff writer Fort Lauderdale, Florida. New Loft-Style Building Going Up Downtown. The Waves, a 20-story residential tower is under construction. Prices range from the $400�s to the $600�s. This unique project is the first loft-style building in the area-complete with industrial-style staircases & polished concrete floors. "

International real estate sales booming here

2005-06-29T11:38:00.000-07:00

International real estate sales booming here: "International real estate sales booming here
Buyers from overseas, particularly Europe, are investing heavily in Southwest Florida.
By TOM ARTHUR

tom.arthur@heraldtribune.com

Lured by low interest rates, a weak dollar and the area's astonishing increase in home values, foreign buyers are entering the Southwest Florida real estate market in record numbers.

In Manatee County, overseas buyers accounted for 2 percent of the total sales of homes and businesses to individual property owners in 2004, the highest percentage ever recorded.

Realty firms are taking notice, hiring agents who speak multiple languages and making sure information on their Web sites can be translated into foreign languages with a mouse click."

FDIC: Gap is high between home prices, incomes

2005-06-29T11:37:00.000-07:00

FDIC: Gap is high between home prices, incomes: "SOUTH FLORIDA -- June 29, 2005 -- The gap between home prices and income has reached a record level in Miami-Dade County, according to a study released Tuesday by the Federal Deposit Insurance Corp.

As increases in home prices far outpace gains in income, 'Affordability may be emerging as an issue not only for lower-income households but also for more affluent, white-collar buyers,' the agency warned.

Underlining how South Florida's real estate boom is pricing many buyers out of the market, the price of a home in Miami-Dade is now more than six times income levels -- a record for the region. Home prices statewide jumped to 4.4 times income levels in 2004, higher than the national average of 4.1, the FDIC said."

Bubble discounted by officials

2005-06-28T10:55:00.000-07:00

Bubble discounted by officials: "Bubble discounted by officials
WASHINGTON -- June 28, 2005 -- Bubble, what bubble?
Top officials at the Federal Deposit Insurance Corp., which regulates national banks, on Monday dismissed fears that rising home prices nationwide reflect a speculative bubble ready to burst.
Nationwide home prices grew by more than 12.5 percent in the first quarter of this year, 11 percent last year and 8.4 percent over the past five years. The nation's hottest markets have had price gains exceeding 30 percent in the last three years. Some economists believe that housing prices are being driven by speculative investment based more on faith that prices will rise even further than on economic fundamentals."

Low rates could be around for long term

2005-06-27T11:03:00.000-07:00

Low rates could be around for long term: "Low rates could be around for long term
NEW YORK -- June 27, 2005 -- Federal Reserve officials this week are expected to institute the ninth interest-rate hike in a year, boosting the federal-funds rate to 3.25 percent, and also to focus on the strange behavior of long-term interest rates."