Florida Real Estate Blog

REDUCED! Beautiful Furnished Double-Wide Mobile Home with Share For Sale in Forest Lake Estates in Zephyrhills, FL

2013-05-21T17:40:00-04:00

PRICE REDUCED! This beautiful and furnished double-wide mobile home is located in Forest Lake Estates on the east side of Zephyrhills, Florida. It has 2 bedrooms & 2 full baths and is being sold "move-in ready". Just bring your personal items and start enjoying your new life in one of Zephyrhills' most attractive subdivisions.

The vaulted ceilings in this double-wide mobile make it seem even larger than it already is! The main living area is open and bright with excellent circulation from living room to dining room to kitchen. A perfect place to entertain friends and family in a warm and relaxed atmosphere. The dining room has the space to hold a large table and surely many delicious meals will be enjoyed here. Just want a snack or a less formal meal? Then the kitchen's peninsula/breakfast bar will be a nice place to nibble away.

Just off the living room is a screened lanai with its table, chairs and gliders that beckon you to have a seat and enjoy the tranquility of Forest Lake Estates. Put up your feet and just luxuriate in our great sub-tropical climate. After all, isn't that why you came to the Sunshine State?

The spacious master bedroom is at the rear of the home. It has its own full en-suite bath with a double vanity and shower. What a great place to get ready to greet the day or to unwind after a long one! More than enough closet space here for all of your storage needs. A second large bedroom and hall bath are nearby, and will provide all of the extra room for guests that you might require.

Forest Lake Estates is a cooperative, and the current owners HAVE purchased their share which will be transferred to the home's new owners. So NO lot rent to pay here. The monthly HOA fee covers your lawncare, trash removal & entrance to the subdivision's amenities including: 2 swimming pools, a whirlpool spa, a HUGE clubhouse, tennis courts, shuffleboard courts, horseshoe pitches, and a park area by the lake! Just about the best facilities that you will find in Zephyrhills!

This wonderful home has a lot to offer for just $55,000! Come and see if this could be your winter retreat or your “for always” home.

Call JOHN ELWELL at CENTURY 21 Bill Nye Realty, Inc. 813-783-4444 or email me at: jelwell1@tampabay.rr.com Licensed in Florida.

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NAR says Future Looking Much Better for the Economy in General, and the Housing Market in Particular

2013-05-20T16:07:26-04:00

WASHINGTON – May 20, 2013 – Growth in home sales and prices is contributing to a broader improvement in the overall economy, aided in part by current homeownership tax treatment, according to presentations at a residential real estate forum during the National Association of Realtors® Midyear Legislative Meetings & Trade Expo.

NAR Chief Economist Lawrence Yun said a multiyear housing recovery is likely. “Steady job creation and household formation have been helping to unleash a pent-up demand in the housing market,” he said. “Lagging housing starts and a continuing housing shortage mean home prices are primed to rise further, by 13 percent cumulatively in 2013 and 2014, which will add more than $2 trillion to household wealth over this period.”

Existing-home sales continue to improve, although Yun said inventory constraints are preventing stronger growth. After four years of relatively flat activity from 2008 through 2011, existing home sales rose 9.4 percent to almost 4.3 million in 2012 and are forecast to increase to nearly 5.0 million this year; he projects 5.3 million sales for 2014 and 5.7 million in 2015.

Investment home sales jumped to elevated levels in 2011 and 2012, and are holding up this year, while vacation home sales slowly recovered in the past two years. “Growth in household wealth will help vacation home purchases moving forward,” Yun said.

Home price growth is likely to moderate with more new home construction. “Double digit price gains are within reach in 2013 because inventory is bouncing near 13-year lows, but some relief to inventory will occur later in the year,” Yun said. After rising 6.4 percent in 2012, the median existing-home price should increase about 8 percent this year and 5 percent in 2014.

Yun calculates that 51 percent of renters are financially qualified to purchase a home, up from 24 percent in 2005 and 33 percent in 2000, although their credit scores are unknown and not factored. “Just looking at the financial qualifications, this means there about 8 million more renters with the income necessary to buy a home now than in 2000, but they are choosing not to, or are unable to become a homeowner,” Yun said.

With the financial industry enjoying high profits, Yun hopes it may be ready to dial down the credit stringency. If the average credit scores of approved loans return to normal – about 720 for conventional loans and 660 for FHA loans¬ – he projects home sales could be 15 to 20 percent higher. During the past four years, the average credit score of approved conventional loans has been in the range of 760 to 770.

Mortgage interest rates are expected to rise gradually this year, with the 30-year fixed rate reaching 4.0 percent in the fourth quarter and averaging 4.6 percent in 2014. Housing starts, which remain below the long-term average of 1.5 million per year, are seen at 1.1 million in 2013, up from only 780,000 last year, and are projected to reach nearly 1.4 million in 2014.

Yun doesn’t expect a recession and said the Gross Domestic Product should grow 2.1 percent this year and about 3.0 percent in 2014.

LaVaughn Henry, vice president and senior regional officer at the Cincinnati branch of the Federal Reserve Bank of Cleveland, noted that all of the housing measures have been showing positive movement. “We are in a solid, sustainable recovery, with an alignment of fundamentals of what makes housing work,” he said. “While lending for residential real estate is increasing, underwriting standards remain tight, thus slowing the rate of recovery.”

The ratio of home prices to rents, considering norms over the past 30 years, indicates that home prices have recovered to a fair value, and builders are responding to higher demand by gradually rebuilding the diminished supply.

Henry noted that housing has always led an economic recovery, but the market is still picking up speed and he hopes it can boost the economy into a stronger recovery. “Growth in the Gross Domestic Product is running at about half speed for this point in the recovery,” he said. Fiscal austerity is a drag on growth in the short term, but it’s important to get control of debt, said Henry.

“Household wealth continues its recovery to pre-financial crisis levels,” he said. Since the economic crisis, consumers have reduced the ratio of household debt to disposable income, reversing a 30-year trend of rising debt, and the debt service ratio is at a 30-year low.

Foreclosure rates continue to decline across all major loan types, and mortgage delinquency rates also are declining. “Banks are becoming better managers of their credit. Lenders remain reticent in loosening tight underwriting standards on mortgage loans, but are selectively increasing lending in response to growth in demand,” Henry said. “Lenders aren’t quick to change their standards, but they will become less restrictive over time.”

The Federal Reserve’s monetary policy has helped reduce mortgage interest rates to historic lows. It expects to keep the fed funds rate low as long as unemployment remains above 6.5 percent, the inflation outlook for the next year or two is no more than 2.5 percent, and longer-term inflation expectations continue to be well anchored.

Danielle Hale, research economist at NAR, also spoke at the session and addressed homeownership tax policies. “While U.S. publicly held debt has exceeded 75 percent of the Gross Domestic Product, there are some misconceptions about the mortgage interest deduction that are important to consider when reviewing the tax code,” she said. Approximately three out of four homeowners with a mortgage – a quarter of all taxpayers – claim the MID, which is about the same number of taxpayers who claim charitable contributions.

Almost all first time homebuyers, who are critical to the overall health of the housing industry, finance their purchase. While the MID provides great benefits to owners in the early years of a mortgage, toward the end of a loan the amount of interest paid is so little that the standard deduction becomes a better option.

“At any given time, only half of homeowners claim the mortgage interest deduction, but over the course of a lifetime we estimate that roughly 70 percent of households that ever own a home will use the MID,” Hale said.

The typical beneficiary of the mortgage interest deduction is under 45 years old, married, has children and earns less than $200,000.

© 2013 Florida Realtors®

Average Mortgage Interest Rates Continue Upward Movement This Week

2013-05-16T13:58:33-04:00

Today, 5/16/2013 Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgage was 3.51% up from 3.42% last week. The average interest rate for 15 year fixed-rate mortgages was 2.69%, up from 2.61% last week. A year ago the 30 year rate was 3.79%.

Last week when rates rose, I asked: "Could the party be over? Will intersest rates continue to rise?" Well, at least this week we have a partial answer and it is "Yes". We now have to wait to see if this becomes a trend as many think it will. Also keep in mind that in many parts of the country, home inventories are dropping which tends to push prices higher as well.

Freddie Mac's Vice President said,

"Mortgage rates followed U.S. Treasury bond yields higher this week on signs
of stronger consumer spending. Advanced retail
sales rose 0.1 percent in April, above the market forecast consensus of a
0.3 percent decline. Excluding such items as automobiles and gasoline, sales
were up 0.5 percent for the second time in three months.
"Households are also shoring up their balance sheets. Total household
debt fell by about $110 billion in the first quarter. In addition,
approximately 3.0 million homeowners were seriously
delinquent (90 days or more delinquent or in foreclosure) on their first
mortgages, down from a peak of about 5.1 million in the fourth quarter of 2009."

Do keep in mind that we are a very large country, So figures that come out for the entire nation, may have little or no relevance for your particular area. In the end, it is best if you speak with a local REALTOR or financing expert to see what the situation is for your part of the United States. Florida is not Michigan, nor is Maine the same as California. Market conditions can be very different from place-to-place. Also, your own credit history, the property you want to buy, etc. will effect your specific loan options and interest rates. Your mortgage broker or bank loan officer can give you more specific information.

If you want to learn more about Freddie Mac or see the details of their survey, go to: www.freddiemac.com and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.

If you would like to speak with a local lender you can find several at my website: www.jelwell.century21bnr.com

You can also contact your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.

I would also be happy to assist you in any way that I can. Just call JOHN ELWELL - REALTOR at CENTURY 21 Bill Nye Realty, Inc. : 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com Licensed in Florida.

April 2013 Saw More Listings on the Market, BUT There Were Also More Buyers! Inventories Remain Low!

2013-05-16T01:15:00-04:00

CHICAGO – May 15, 2013 – The housing market appears to be having a broad-based recovery, according to April data through realtor.com, the National Association of Realtors®’ (NAR) website operated by Move Inc.

Most of the nation sees an upswing in home sales during the spring, and an analysis of housing data based on realtor.com’s listings found positive news for buyers facing a limited inventory of homes for sale: The number of for-sale listings on Realtor.com increased 3.12 percent

In addition, listing home prices – which may or may not be an accurate gauge of selling prices – increased 2.63 percent.

However, it appears that even more buyers entered the market – enough to override any additional inventory. Realtor.com says the homes were on the market nationwide about 81 days in April – a decrease of nearly 11 percent since April 2012 – suggesting that new listings don’t stay on the market very long.

“Due to increased demand for homes and more confidence in the job market, we are beginning to see more and more buyers entering the housing market,” says Steve Berkowitz, chief executive officer of Move. “In some markets, we are seeing homes staying on the market for only a few weeks.”

Despite the increase in inventory in one month, nationwide inventory declined year-over -year in all but 11 of the 146 markets realtor.com monitors. Approximately 36 markets registered a decrease of listings by 20 percent or more, still highlighting near records lows of available homes.

Approximately 37 markets experienced a decline in list price since last year, a figure that has been improving throughout the homebuying season, according to realtor.com data. The number of markets that saw a steady or slight decline in median list price is decreasing throughout the homebuying season. In April, median list prices increased in 109 markets.

© 2013 Florida Realtors®

Short Sales Were Frustrating, and they STILL ARE For Many!

2013-05-15T22:30:23-04:00

WASHINGTON – May 15, 2013 – Both Fannie Mae and Freddie Mac have implemented policies to expedite the short sales process, including new resources to help determine property values, according to panelists at a property valuation forum during the National Association of Realtors® (NAR) Midyear Legislative Meetings & Trade Expo.

According to NAR, short sales accounted for 9 percent of transactions during the first quarter of 2013.

The short sale process can be frustrating for homebuyers, sellers and Realtors given that approvals are often complex, inconsistent, slow and cumbersome. Tim McCallum, director of short sales at Fannie Mae, said the agency is working to expedite the short sales process.

“We are improving transparency and have created a dedicated short sales team to negotiate directly with real estate agents,” he said. “We now order a valuation as soon as an owner indicates they want a short sale, rather than waiting for an offer to be received. If there is no response to an offer from the loan servicer within 30 days, the case can be escalated. Our process is to counter every short sale offer.”

A foreclosure can be postponed if a short sales offer is received in a reasonable amount of time, preferably at least two weeks from a scheduled foreclosure. Fannie Mae created a web-based channel to help agents escalate short sale issues and receive confirmation that the agency is actively working to get those issues resolved.

Bob Martin, vice president of valuations at Fannie Mae, said they have a dedicated team to estimate values for all foreclosed and short sale properties. “To help estimate the values of distressed homes, the team uses appraisals, which are required for all short sales, as well as Broker Price Opinions, and data from other internal and external sources, including current listings, pending sales and sold properties,” he said.

The Fannie Mae valuation team includes 2,000 appraisers around the U.S., who have local competency and produce valuations within three weeks. Sales of comparable properties used for valuation need to be within the past 60 days.

Fannie Mae announced a policy late last year to guide the short sale process for all loans owned or guaranteed by Fannie Mae. Freddie Mac’s policy is very similar, and many larger servicers have comparable programs.

Under Fannie Mae’s policy, after a borrower contacts their mortgage servicer to determine eligibility, the buyer and their agent receive a recommended list price and have the opportunity to respond. When an agent submits an offer to the servicer, Fannie Mae may review it, and if approved, it will proceed to closing.

There is a range of eligibility requirements, but if a borrower is 90 days or more delinquent and has a FICO credit score under 620, then no documents, hardship or contribution are required to qualify for streamlined documentation. Other borrowers must have an eligible hardship, such as unemployment, reduced income, divorce, death or disability.

Borrowers may qualify even if not delinquent if they are at risk of imminent default and should talk to their mortgage servicer. Owner-occupants who are waived of a contribution requirement receive a $3,000 relocation incentive, less any other assistance; loan servicers may contribute additional incentives.

Mortgage servicers must respond to short sale offers within 30 to 60 days, and Fannie Mae may make a counter offer. Any payments on second loans must not exceed $6,000; if accepted, the borrower is released from any liability for the second loan and may not be required to make a contribution.

Among the requirements, sellers must not remain in the property as a tenant or later obtain title to the property. Outside of relocation assistance, neither the seller nor the buyer can receive funds or commissions from the sale, and no fees can be paid to a third party to negotiate a short sale with the servicer.

Mark R. Johnson, senior vice president at Lender Processing Services Inc., said loan failures in the past five years continue to have reverberations. “Under the Dodd-Frank Act there can be no undue influence on appraisers, they need to be paid customary and reasonable fees, and each state must implement legislation for Appraisal Management Companies, which includes a reasonable separation between appraisers and clients.”

To date, 37 states have passed AMC legislation, and the remaining states have until 2015 to implement. Although clients and real estate agents technically may communicate with appraisers, many lenders have their own rules.

“It’s a good idea to provide the appraiser with documentation about comparable sales, facts about the home and local market conditions prior to their examining a property,” Johnson said.

Martin Wagar, chief operating officer at Midwest Appraisal Management Group, said it’s important to match appraisers with the location of the property being evaluated.

“AMCs need to improve the appraisal process and not get in the way of the transaction,” he said. “Appraisers must have local competency to produce good appraisals.”

Wagar said appraisers with his firm have at least three years of experience, belong to local MLSs and are members of local associations of Realtors.

Ultimately, the Consumer Financial Protection Bureau will regulate AMCs, but hasn’t released any guidelines. In the absence of case history, attorneys are unwilling to offer opinions on operational policy, so AMCs must rely on their own experience and interpretation of the Dodd-Frank regulations.

© 2013 Florida Realtors®

Beautiful Villa For Sale in Tampa Bay Golf & Country Club in San Antonio, Florida

2013-05-14T20:36:00-04:00

Located in popular Tampa Bay Golf and Country Club, this 2 bedroom/2 bath villa let's you enjoy Florida living to the fullest. This residence is much larger than many other villas in this subdivision with 1,698 square feet of heated/cooled living space. This does not include the south-facing Florida Room, the garage or the patio.

The central great room has plenty of room for your furniture and wall-space for the largest of flat-screen televisions. Its laminate floors make cleaning a “snap”. You will defintely enjoy entertaining friends and family in this wide open area.

The kitchen is well-appointed with ample cabinets & counter space. There's room for a breakfast table for casual dining, and all of the major appliances in the kitchen will stay. Nearby is the separate dining room with its glass-paned French doors, mirrored walls and “pass-through” to the kitchen. An elegant spot to enjoy a delicious meal!

This villa is based on a “split” floor plan with the master and guest bedrooms at opposite sides of the great room. The roomy master bedroom has a tray ceiling, 2 walk-in closets, and an en-suite bathroom with dual sinks, a soaking tub, and separate shower stall.

There is an interior utility room with washer/dryer hook-ups and additional room for storing sundries.

The two-car garage has been partially converted into an office space, but prior to closing, the seller is willing to convert it back to its original floor plan. There is also a golf cart garage.

This subdivision has some of the finest amenities in the area. They include: a clubhouse, golf courses, 2 swimming pools, a fitness center, a library, walking & biking trails, tennis courts, shuffleboard courts, billiards, a restaurant, and much more! It is a gated community.

Priced at just $94,000! Call today for more information or to arrange your own tour of this home! Your own place in the Sunshine State awaits you!

JOHN ELWELL - REALTOR at CENTURY 21 Bill Nye Realty, Inc. 813-783-4444. Licensed in Florida.

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Confidence by Home Builders in the 55+ Market Strengthens in 1st Quarter of 2013

2013-05-13T17:18:22-04:00

May 9, 2013 - In the first quarter of 2013, the National Association of Home Builders’ (NAHB) 55+ single-family Housing Market Index (HMI) increased 19 points on a year over year basis to 46, which is the highest first-quarter number recorded since the inception of the index in 2008 and sixth consecutive quarter of year over year improvements.

“Builders and developers for the 55+ housing sector continue to report increased optimism in the market,” said Robert Karen, chairman of NAHB’s 50+ Housing Council and managing member of the Symphony Development Group. “We are seeing an increase in consumer demand for homes and communities that are designed to address the specific needs of the mature homebuyer.”

There are separate 55+ HMIs for two segments of the 55+ housing market: single-family homes and multifamily condominiums. Each 55+ HMI measures builder sentiment based on a survey that asks if current sales, prospective buyer traffic and anticipated six-month sales for that market are good, fair or poor (high, average or low for traffic). An index number below 50 indicates that more builders view conditions as poor than good.

All of the components of the 55+ single-family HMI showed significant growth from a year ago: present sales climbed 19 points to 46, expected sales for the next six months increased 21 points to 53 and traffic of prospective buyers rose 15 points to 41.

The 55+ multifamily condo HMI posted a substantial gain of 23 points to 38, which is the highest first-quarter reading since the inception of the index. All 55+ multifamily condo HMI components increased compared to a year ago as present sales rose 23 points to 37, expected sales for the next six months climbed 23 points to 43 and traffic of prospective buyers rose 23 points to 38.

The 55+ multifamily rental indices also showed strong gains in the first quarter as present production increased 12 points to 43, expected future production rose 13 points to 48, current demand for existing units climbed 14 points to 56 and future demand increased 13 points to 58.

“The strong year over year increase in confidence reported by builders for the 55+ market is consistent with year over year increases in other segments of the home building industry,” said NAHB Chief Economist David Crowe. “While demand for new 55+ housing has improved due to a reduced inventory of homes on the market and low interest rates, builders’ ability to respond to the demand is being limited by a shortage of labor with basic construction skills and rising prices for some building materials.”

Source: National Association of Home Builders media release

Hurricane Season 2013 Starts Before Flood Insurance Begins - If You Wait Too Long!

2013-05-13T17:05:32-04:00

MIAMI – May 13, 2013 – Many homeowners don’t realize that their property insurance policy covers the driving winds of a hurricane, but not rising waters, such as from storm surge. And while the former damage can be massive, the latter damage can make a house unlivable.

The vast majority of U.S. flood insurance policies are issued by the National Flood Insurance program (NFIP), though most people simply refer to it as flood insurance.

Unlike other types of property insurance, however, flood insurance doesn’t kick in the same day a homeowner applies. In order to avoid an onslaught of new policies from an area threatened by an impeding hurricane, NFIP requires a 30-day waiting period for coverage to begin in all but a very few special circumstances.

That means Floridians who want flood insurance coverage for the 2013 storm season are already a bit late on their application if they hoped to have it by June 1, the first day of the 2013 hurricane season.

How it works

Flood insurance protects two types of insurable property: building and contents. The first covers a building, the latter covers possessions. Neither one covers land.

Building coverage includes:
• The insured building and its foundation
• Electrical and plumbing systems
• Central air conditioning equipment, furnaces and water heaters
• Refrigerators, cooking stoves and built-in appliances, such as dishwashers
• Permanently installed carpeting over unfinished floors

Contents coverage includes:
• Clothing, furniture and electronic equipment
• Curtains
• Portable and window air conditioners
• Portable microwaves and dishwashers
• Carpeting that is not already included in property coverage
• Clothing washers and dryers

NFIP falls under the Federal Emergency Management Agency (FEMA). A four-page PDF flyer on its flood insurance website, floodsmart.gov, provides an overview of the NFIP program.

© 2013 Florida Realtors®

After Dropping to Record Lows, Mortgage Interest Rates Climb This Week!

2013-05-09T18:27:54-04:00

Today, 5/9/2013 Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgage was 3.42% up from 3.35% last week. The average interest rate for 15 year fixed-rate mortgages was 2.61%, up from 2.56% last week. A year ago the 30 year rate was 3.83%.

After reaching record lows, could the party be over? Will intersest rates continue to rise? We will have to wait and see. But we do have data showing that home prices are rising and that is the other important part of the home affordability measure. And keep in mind that in many parts of the country, home inventories are dropping.

Freddie Mac's Vice President said, "Fixed mortgage rates edged up following a solid employment report for April. The economy gained 165,000 new jobs on net last month, more than the market consensus forecast and the largest monthly increase this year. On top of that, revisions added 114,000 more jobs to February and March as well. All of these factors allowed the unemployment rate to fall to 7.5 percent in April, the lowest since December 2008."

If you would like to speak with a local lender you can find several at my website: www.jelwell.century21bnr.com

You can also contact your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.

Over 50% of Americans Believe Home Prices will Rise over Coming Year! More Optimism Noted!

2013-05-08T17:24:55-04:00

WASHINGTON – May 8, 2013 – More than half of Americans now expect the country’s home prices to climb within the next year – a growing optimism toward the health of the housing industry.

The share of respondents to Fannie Mae’s April 2013 National Housing Survey who expect home prices to go up rose another 3 percentage points in April to 51 percent. By comparison, only 32 percent had that optimistic outlook one year earlier.

“Crossing the 50 percent threshold marks a significant milestone as most Americans believe a housing recovery is truly occurring throughout the country,” says Doug Duncan, senior vice president and chief economist at Fannie Mae. In addition, the “share of Americans who think it’s a good time to sell has doubled during the last year. Many homeowners who have been underwater are gradually returning to positive equity, and selling is now becoming an available and attractive option again.”

The share of respondents who say think it’s a good time to sell remains low, but it increased 4 percentage points in April to 30 percent; one year earlier, it was 15 percent.

Survey Highlights

• The average 12-month home price change expectation held steady at 2.7 percent.
• The share of people who believe home prices will go down remained at the survey low of 10 percent for the fourth month in a row.
• The share of respondents who say mortgage rates will go up fell 3 percentage points to 43 percent, while those who say rates will go down increased slightly to 7 percent.
• The average 12-month rental price change expectation held steady at 4.1 percent.
• 48 percent of those surveyed say home rental prices will go up in the next year, a 2-percentage point decrease from last month’s survey high.
• The share of respondents who said they would buy if they were going to move increased slightly to 65 percent.

© 2013 Florida Realtors®

March 2013 Home Prices Rise in Many Parts of the Country, Including Florida!

2013-05-07T17:35:18-04:00

IRVINE, Calif. – May 7, 2013 – The March CoreLogic HPI (Home Price Index) report released today finds that prices nationwide increased 10.5 percent year-over-year in March – the biggest yearly increase since March 2006, and the 13th consecutive monthly increase in home prices nationally.

On a month-over-month basis home prices increased 1.9 percent in March.

CoreLogic breaks its home sales statistics into two categories: Sales prices that include distressed home sales, and sales prices after backing out distressed sales. Distressed sales include short sales and real estate owned (REO) transactions.

In Florida, home sales, including distressed, rose 8 percent year to year and 1.2 percent month to month. Compared to the state’s high point for home sale prices in September 2006, home prices are down 42.8 percent.

With distressed sales backed out of the calculation, Florida home prices rose 10.1 percent year to year, and 2 percent month to month. That’s slightly lower than the national non-distressed home price increases of 10.7 percent year to year, and 2.4 percent month to month.

According to CoreLogic’s analysis of pending home sales, it predicts prices will rise in April 9.6 percent year to year. Excluding distressed sales from the numbers, it predicts prices will rise 12 percent year to year and 2.7 percent month to month. Pending prices are based on Multiple Listing Service (MLS) data.

“For the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 percent year over year,” says Dr. Mark Fleming, chief economist for CoreLogic. “The pace of appreciation has been accelerating throughout 2012 and so far in 2013.”

“Much of the price increases … are the result of rising demand among investors and homebuyers for a still-limited supply of homes for sale,” adds Anand Nallathambi, president and CEO of CoreLogic.

© 2013 Florida Realtors®

How Low Can They Go? Average Mortgage Interest Rates Drop Again!

2013-05-02T18:53:17-04:00

Today, 5/2/2013 Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgage was 3.35% down from 3.40% last week. The average interest rate for 15 year fixed-rate mortgages was 2.56%, down from 2.61% last week. A year ago the 30 year rate was 3.84%.

These are some of the lowest mortgage interest rates ever seen in the United States! Take advantage of them while you can. At some point I guarantee that they will go back up and cost home buyers hundreds of dollars more every month. And untold thousands over the life of a 30 year loan!

Freddie Mac's Vice President said that interest rates dropped due to reports that the country's gross domestic product (GDP) for the first quarter of 2013 rose by about 2.5%, but that this was lower than had been forecast by experts. But the latest GDP report did confirm that the housing market has become an integral part of our economy's recovery. He also said that "near record low mortgage rates should further drive the housing market recovery over the near term."

If you would like to speak with a local lender you can find several at my website: www.jelwell.century21bnr.com

You can also contact your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.

John Elwell's May 2013 Real Estate Newsletter is Ready for You!

2013-05-01T18:00:55-04:00

My May 2013 Real Estate Newsletter is now available for download as a PDF (Adobe Acrobat) file that all computers should be able to open.

Just click on the following link to download this month's newsletter: Download May 2013 Newsletter I hope that you will find this month's articles interesting and helpful.

If you would like to receive these newsletters automatically each month in the future, just send me an e-mail and let me know. I would be glad to add you to my e-mailing list. You can e-mail me at: jelwell1@tampabay.rr.com or call me at: 813-783-4444

I also invite you to visit my my website where I think you will find a lot of useful information and links to other real estate resources. To get there just click on the following link: www.jelwell.century21bnr.com

JOHN ELWELL - REALTOR at CENTURY 21 Bill Nye Realty, Inc. 813-783-4444 Licensed in Florida.

Confidence of Florida's Consumers Continues to Increase in April of 2013

2013-05-01T16:58:00-04:00

GAINESVILLE, Fla. – May 1, 2013 – Floridians’ consumer confidence rose three points to 79 in April – the second consecutive monthly increase, according to a new University of Florida (UF) survey.

“Many economists … expected confidence to erode in April as the effects of the federal budget cuts known as sequestration along with the expiration of the payroll tax began to unfold,” says Chris McCarty, director of UF’s Survey Research Center in the Bureau of Economic and Business Research. “So far, this has had virtually no impact on consumer confidence among Floridians.”

Four of the five components used to determine Florida consumer confidence level increased and one remained unchanged in April. Respondents’ overall opinion that their personal finances are better than a year ago increased five points to 70, while their expectations they will be better off financially a year from now increased six points to 78.

Meanwhile, their trust in the U.S. economy rose three points to 80. They also were optimistic about national economic conditions over the next five years – that assessment rose one point to 77.

Left unchanged from March was whether now is a good time to buy big-ticket items such as cars and appliances. The response stayed at 90.

Not all Floridians, however, are optimistic. Confidence among Floridians making $30,000 a year or less dropped six points to 61, but it rose four points to 85 for those earning more than $30,000.

Age could affect views, too. The overall confidence level of Floridians younger than 60 increased 10 points to 87, but it fell three points to 72 for those 60 and older.

“This difference may have to do with the unveiling of the Obama administration budget proposal that signaled a willingness to negotiate on aspects of Social Security and Medicare,” McCarty says. “Optimism, however, among those aged 60 and under is more likely fueled by economic improvements here in Florida.”

For example, Florida’s unemployment rate continues to drop, coming in at 7.5 percent for March, which is slightly less than the 7.6 percent national figure. Leisure and hospitality showed the biggest job growth of all Florida’s employment sectors. The construction industry also reports slow but positive growth.

Florida’s housing prices also continue to rise, with the median price now at $160,000 – the highest median price since October 2008, though it’s still 38 percent lower than the peak value of $257,800 from June 2006. In addition, mortgage rates continue to hover around historic lows.

Meanwhile, the stock market is still near record highs, bolstering retirement accounts for many Floridians, and gas prices have continued a steady slide.

Despite the encouraging trends, many economists still expect the effects of sequestration to be felt throughout the country, including Florida, but it may take months for the effects to be fully realized. Until then, “Floridians are increasingly optimistic,” McCarty says.

Conducted April 13-25, 2013, the UF study reflects the responses of 407 individuals, representing a demographic cross-section of Florida. The index used by UF researchers is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2; the highest is 150.

© 2013 Florida Realtors®

March 2013 Pending Home Sales a Bit Lower Due to Smaller Inventory

2013-04-29T20:53:00-04:00

WASHINGTON – April 29, 2013 – Pending home sales increased in March and remain above year-ago levels, but contract activity in recent months shows only modest movement, according to the National Association of Realtors® (NAR).

NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 1.5 percent to 105.7 in March from a downwardly revised 104.1 in February, and is 7 percent above March 2012 when it was 98.8.

Pending sales have been above year-ago levels for the past 23 months; the data reflect contracts but not closings.

“Contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply,” says Lawrence Yun, NAR chief economist. “Little movement is expected in near-term sales closings, but they should edge up modestly as the year progresses. Job additions and rising household wealth will continue to support housing demand.”

The pending index in the Northeast was unchanged at 82.8 in March and is 6.3 percent higher than March 2012. In the Midwest, the index increased 0.3 percent to 103.8 in March and is 13.7 percent above a year ago.

Pending home sales in the South rose 2.7 percent to an index of 120 in March and are 10.4 percent higher than March 2012. In the West, the index increased 1.5 percent in March to 102.9 but is 4.3 percent below a year ago.

NAR predicts that total existing-home sales in 2013 will increase 6.5 to 7 percent over 2012 to nearly 5 million sales this year, while the national median existing-home price is forecast to rise about 7.5 percent.

© 2013 Florida Realtors®