Panama City Beach Florida Real Estate: April 2008

Tuesday, April 29, 2008

High Number of Vacant Homes for Sale

Daily Real Estate News April 29, 2008

Record High of Vacant Homes for Sale

The number of vacant homes for sale in the United States set a new record in the first quarter of 2008, the U.S. Census Bureau reported Monday.The Census Bureau reported that 2.9 percent of U.S. homes or 2.28 million properties, not including rentals, were vacant and for sale. It was the highest quarterly number as far back to 1956 when records of such vacancies were first kept.The West had the biggest gain in vacancy rates among home owners, rising to 3.2 percent in the January-March period from 2.6 percent in the same quarter a year earlier. Vacancy rates inched up in the Northeast and remained steady in the Midwest and South.Source: The Associated Press, Alan Zibel (04/28/08)Browse all of today's news

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Thursday, April 24, 2008

Fed to Slash Rates Again, Then What?Fed to Slash Rates Again, Then What?

Daily Real Estate News April 24, 2008

Fed to Slash Rates Again, Then What?

The Federal Reserve has cut the federal-funds rate to 2.25 percent from 5.25 percent, amounting to seven reductions over a span of eight months, and experts anticipate another 0.25 percentage point cut at its April 29-30 meeting. However, experts think the central bank could take a breather after the next rate cut to give officials time to assess the impact of rate reductions, upcoming tax rebates, and other measures on the economy during the latter half of the year. Moreover, there are concerns that further reducing the federal funds rate could increase inflationary pressure and weaken the dollar even more. Despite rising food and oil prices, officials point to some improvements in the financial markets, with the 30-year mortgage rate on the decline; but they note that stricter lending standards could worsen the downturn. The statement issued by the Federal Reserve after its meeting likely will point to ongoing concerns about economic growth and inflation and state that additional rate cuts will be made as necessary. Source: The Wall Street Journal, Greg Ip and Kevin Kingsbury (04/24/08)

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Affordability Improves for New Buyers

Daily Real Estate News April 24, 2008

Affordability Improves for New Buyers

Falling prices are good news for home buyers, making it increasingly likely that they will be able to find a property at a price that is significantly lower than it would have been two years ago and probably less than the house would have brought just a few months ago.Real-estate data company Zillow.com estimates that the median value for all homes in the 12 months ending March 31 fell 25 percent in the Las Vegas metro area, 19 percent in Miami and Orlando, and 16 percent in Phoenix. They declined lesser amounts in most other areas.In the metro areas of Raleigh and Charlotte, N.C., Dallas and Houston, prices are rising — but very modestly.There’s a “return to normalcy” in the relationship between home prices and incomes, says Richard DeKaser, chief economist at National City Corp. In an analysis of 330 metro areas in the fourth quarter of 2007, National City and Global Insight, an economic research firm, found that home prices were overvalued in relation to household income and other factors in 21 metro areas, down from a peak of 58 metro areas in the second quarter of 2006.Source: The Wall Street Journal, James R. Hagerty (04/24/08)

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Panama City Beach Florida Real Estate Market Trends-Week of 4/24/08

Wednesday, April 23, 2008

New Panama City Beach Florida Real Estate Blogs By Property Type

We thank everyone for their support and hope that the blogs provided here have been helpful. We have gotten requests to begin breaking the blogs into categories as seen below. We always welcome feedback and growth potential. We are trying to transition also into a more feedback/Q&A oriented advice section also so please feel free to publish any questions or solutions here or on http://www.investsmarter.com/forum/. This is a new section to the Invest Smarter family. Thank all of you again and let's try to make 2008 and solid year for investing in Real Estate along the Emerald Coast!

For Panama City Beach Florida Real Estate You will have:
http://panamacitybeachfloridacondominiums.blogspot.com/ Dedicated to Panama City and Panama City Beach Florida Condominiums
http://panamacitybeachfloridacommercial.blogspot.com/ Dedicated to Panama City and Panama City Beach Florida Commercial Real Estate
The main blog of Panama City and Panama City Beach Florida Real Estate will continue to service the homes and general information about the area.

For the 30A Florida Real Estate You will have:
http://30afloridarealestate.blogspot.com/ Dedicated to information that will be helpful for investing along 30A Florida including Rosemary, Santa Rosa Beach, Seaside, Seacrest, etc.

For Destin Florida Real Estate You will have:
http://destinfloridacondominiums.blogspot.com/ Dedicated to Destin Florida Condominiums
http://destinfloridacommercialrealestate.blogspot.com/ Dedicated to Destin Florida Commercial Real Estate and investment properties including rental income producing property.

Of course all users can still search the MLS in each region below:

For the Panama City and Panama City Beach Real Estate Markets:
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

For the Destin Real Estate Market, Fort Walton Beach Real Estate Market, Niceville Real Estate Market, Crestview Real Estate Market and Pensacola Real Estate Market You will have:
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.Destin-Florida-Commercial-Real-Estate.com

For the 30A Florida Real Estate Market including :
Alys Beach, Blue Mountain Beach, Carillon Beach, Crystal Beach, Grayton Beach, Laguna Beach, Rosemary Beach, Santa Rosa Beach, Seaside, Seacrest, Seacrest Beach, Seagrove You will have:
www.30A-Florida-MLS.com

And the Gold Standard of Real Estate! www.InvestSmarter.com and www.RandBCoastalRealEstate.com

Tuesday, April 22, 2008

Americans remain confident about homeownership

Daily Real Estate News April 22, 2008

Americans Optimistic About Homes

Despite the slowdown in the housing marketing, Americans remain confident about homeownership.If forced to sell their home today, 50 percent of those surveyed in an AOL Real Estate-Zogby International poll would buy another home rather than rent. About 31 percent of participants feel their home is worth more than it was a year ago and 56 percent believe their home will be worth the same or more in five years.Despite their confidence, those surveyed were concerned about their economic situation. Thirty percent say they have no cushion and work paycheck-to-paycheck to pay their mortgages. More than 22 percent say they would lose their homes if they lost their jobs, and 30 percent know someone who is facing foreclosure.Source: AOL and Zogby International (04/22/2008)

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Condo Sales Up, Residential Homes Down

Daily Real Estate News April 22, 2008

Existing-Home Sales Slip in March

Existing-home sales edged down in March, remaining within a narrow range of sales activity that has persisted since last September, NAR says. Existing-home sales, which include single-family, townhomes, condominiums, and co-ops, were down 2.0 percent to a seasonally adjusted annual rate of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3 percent below the 6.11 million-unit pace in March 2007. A rise in condo sales in March was offset by a drop in single-family sales. Regionally, sales rose in the Northeast and West but fell in the Midwest and South.Lawrence Yun, NAR chief economist, said the market is performing unevenly. “Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets,” he said. “At the same time, many buyers continue to bide their time with a large number of homes to choose from, while other potential buyers remain on the sidelines.”The national median existing-home price for all housing types was $200,700 in March, down 7.7 percent from a year ago when the median was $217,400. Because the slowdown in sales from a year ago is greater in high-cost areas, there is a downward pull to the national median with relatively higher sales activity in low-cost markets.A mix of market conditions continues around the country, but areas showing healthy price gains include Des Moines, Iowa; Austin, Texas; and Durham, N.C. NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said there are problems with the implementation of mortgage guidelines. “It appears there is some over-reaction on the part of some lenders now in requiring higher downpayment percentages than may be necessary,” he said. “On the other hand, buyers in many parts of the country are able to take advantage of more lenient policies for FHA loans. However, because lenders don’t have enough underwriting experience with FHA loans in high-cost areas, there are localized bottlenecks in loan processing. Consumers should consult with a REALTOR® in their area to learn about the kind of financing that may be available to meet their needs.”Yun offered a caution. “With elevated inflation, the Federal Reserve should be extra careful about further rate cuts,” he said. “Mortgage interest rates, which do not move directly with Fed funds rates, may rise measurably and hurt the housing recovery if inflation gets out of hand. Monetary stimulus is plentiful – what is needed more at this point is a home buyer tax credit to get buyers off the sidelines and prevent the market from overshooting on the downside.”Source: NARBrowse all of today's news

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Saturday, April 19, 2008

Commercial Mortgages Still in Good Shape

Daily Real Estate News April 18, 2008

Commercial Mortgages Still in Good Shape

Delinquencies in U.S. commercial mortgages have risen slightly this year, according to the Commercial Mortgage Securities Association (CMSA). But for the most part, the market is in good shape.The current delinquency rate is about 0.4 percent, up from 0.25 percent during the final quarter of 2007. The trade group says delinquencies could reach 1.5 percent to 2 percent before the end of the year.That’s still low compared with residential mortgages, and compared with commercial mortgages historically. The worst delinquency rate was in 1992, when it averaged 7.53 percent. Fitch ratings on Tuesday said that situation is unlikely to be repeated."The commercial real estate markets are not facing the same significant oversupply that plagued the markets in the late eighties and early nineties, plus tax treatment of commercial real estate projects has been relatively steady," Fitch Managing Director Bob Vrchota said in a statement.CMSA President Lee Cotton, complained that investors misunderstand the situation and consider securities connected to commercial lending tainted by the same problems facing residential mortgages. "We are saying, stop. We've got 40 basis points of delinquencies. We've got in-balance markets. We've got sophisticated borrowers. We are not the same business," he said.Source: Reuters News, Lisa Lambert and Avesha Rascoe (04/15/2008)

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Second-Home Buyers Go Condo

Daily Real Estate News April 18, 2008

Second-Home Buyers Go Condo

Vacation-home sales plunged 31 percent to 740,000 last year from 2006, according to the NATIONAL ASSOCIATION OF REALTORS®. However, while sales of detached vacation homes fell 38 percent, sales of vacation condominiums dropped only 2.8 percent. Condos also accounted for 29 percent of the vacation-home market, rising from 21 percent the prior year, gaining popularity among second-home buyers because they provide pools and other amenities, do not require owners to undertake maintenance tasks, are priced lower than single-family properties, and are easier to sell than detached homes. Nevertheless, vacation condos experienced a 10-percent decrease in median price to $180,000 in 2007, mainly because investors are lowering prices to ensure a sale. Builders are erecting condos in new vacation spots, such as Lake Michigan, and also are offering "condo homes" for buyers who want detached properties without the maintenance hassles. Source: Wall Street Journal, June Fletcher (04/18/08)Copyright Info Inc.

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Why Are Short Sales So Troublesome?

Daily Real Estate News April 18, 2008

Why Are Short Sales So Troublesome?

Short sales seem like a win-win for everyone involved, but as real estate professionals know, short sales can be hard to pull off. It can take months for the mortgage company to respond to an offer, and the lender or lenders often balk at the price.Why doesn’t the process go more smoothly when it seems like a much better deal for everyone than foreclosure?

Paperwork. Gathering all the information needed to evaluate a short-sale offer can take time, says Patrick Carey, an executive vice president with Wells Fargo. The loan servicer must first determine whether the homeowner really can't continue meeting the loan payments, then get an appraisal or broker's opinion of the home's value.

Many steps, approvals. Mortgage servicers also try to ensure that the proposed sale is an "arm's length" transaction between two parties rather than something like a sale to a relative on sweet terms. They must also determine whether the buyer has sufficient funds or the ability to get a loan. If all those hurdles are cleared, the servicer may still need to get approval from the investor that owns the loan and provide an analysis showing that the investor will be better off with a short sale than with another solution.

Complications often arise. There are additional complications if the borrower has a mortgage and a home-equity loan. In that case, both parties must approve the deal – which is a challenge when the sales price may not even be enough to cover the mortgage balance.

Minimize delays. Carey suggests that home owners contemplating a short sale immediately call the loan servicer to get the approval process started, rather than wait for an offer.

Source: The Wall Street Journal, Ruth Simon and James R. Hagerty (04/17/2008)

LINKS
REALTOR® Magazine: How to Succeed at Short Sales
REALTOR® Magazine: Short Sales: Taxing What Isn't There
NAR: Field Guide to Short Sales

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Wednesday, April 16, 2008

Panama City and Panama City Beach Florida Real Estate Market Trends: 4/16/08

Panama City and Panama City Beach Florida Market Trends for the week of 4/16/08 are now available.

FLORIDA

Panama City
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Panama City Beach
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

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States Launch Anti-Foreclosure Plans

Daily Real Estate News April 16, 2008

States Launch Anti-Foreclosure Plans

Tired of waiting for the federal government to act, states are developing their own solutions to the foreclosure crisis, according to a survey released Tuesday by the Pew Charitable Trusts.Twenty states have created intervention programs, 13 have set up counseling hot lines, 14 have assembled task forces and nine have established funds for emergency loans or refinance loans, totaling $450 million.Colorado, Maine, Massachusetts, Minnesota, North Carolina, and Ohio have passed legislation requiring tighter underwriting standards for lenders.Ohio has announced a nonbinding agreement with nine large loan servicers to modify troubled loans. It also recruited 1,000 lawyers to represent troubled borrowers free of charge.Minnesota is working with loan servicers to arrange loan modifications and has set up a hot line to housing counselors who will help troubled homeowners negotiate with the servicers.Colorado raised $750,000 in private donations to hire a non-profit agency to run a hot line that refers callers for counseling in person.Source: The New York Times, John Leland (04/16/2008)

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Why Selling Now Makes Sense

Daily Real Estate News April 16, 2008

Why Selling Now Makes Sense

Home owners who are reluctant to sell because prices have fallen, should do the math, and realize that the market downturn could work in their favor, say practitioners in hard-hit, but still pricey Boston.Their reasoning may work in many other parts of the country as well."People are finding houses at prices they thought they'd never see again," says David W. O'Neil of Century 21 Spindler & O'Neil Associates in suburban Boston.O’Neil points out to potential sellers that if the house a buyer covets used to be $500,000 but its price has fallen 20 percent to $400,000, it is a deal, even if the buyer’s own home also has lost 20 percent of its value.In general, the toughest sell is people who bought about four years ago at the height of the market, says Zur Attias of The Attias Group at Barrett & Co. in Concord, Mass. But even for these home owners, selling now may make sense as long as they can at least break even.He argues that almost everyone forgoes something, and probably several things, that he or she wanted when buying a house. For instance, the home may be in the right school district, but on a busy street. Or it may in a great neighborhood, but it's a Cape, not a Colonial. These are things Attias calls "unchangeables."He says it’s a good time to sell if a seller can get rid of the most negative unchangeables in his current home, and replace them with better unchangeables in a new home. Once the market really turns around, the growth will be bigger in the better house, he predicts.Source: The Boston Globe, Vanessa Parks and Jonathan Wiggs (04/13/2008)

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Commission rejects limiting Florida tax revenues

Commission rejects limiting Florida tax revenues
Proposal paving way for Internet sales tax gets OK
By Bill Cotterell • FLORIDA CAPITAL BUREAU POLITICAL EDITOR • April 15, 2008

A powerful tax commission Monday rejected a proposal to limit state and local tax revenues.

But the Taxation and Budget Reform Commission did approve a proposal that might end up with Floridians paying a sales tax on things they buy over the Internet or from home-shopping channels.

The commission's failure to put the "taxpayers bill of rights" idea up for a statewide referendum doesn't mean the idea for putting a lid on growth rates for government revenue is dead. The House Policy and Budget Council is scheduled to consider a proposal today to do legislatively what the commission fell short of doing.

"Today we are not going to give our citizens a chance to restrain government -- not choke government, but restrain government," said Mike Hogan, the Duval County tax collector who sponsored the tax-limitation proposal. It would have imposed a formula based on population growth, inflation, plus 1 percent on revenue growth in state and local governments.

Before the vote, with rejection all but certain, the commission substituted language requiring a two-thirds vote on new taxes, rather than a hard cap. After adopting that amendment, the panel voted 14-9 on the proposal itself -- three votes shy of the super-majority needed for adoption.
House budget boss Ray Sansom, R-Destin, said the tax cap won't go away. His House Policy and Budget Council has a proposal (HB 7125) on its agenda today to accomplish the same thing.

"Ultimately, the Legislature makes these kinds of decisions," said Sansom said Monday.
Chief Financial Officer Alex Sink warned the tax commission that the tax cap might backfire by costing billions in higher interest rates on government bonds. In a brief morning appearance at the meeting, Sink said the state figures to borrow $12 billion in the next 10 years, while cities and counties might issue about $200 billion in bond issues, and that even more bonding would be necessary if a major hurricane hits a big population area.

Sink said bond markets get nervous when governments cap their revenue-growth potential. If Florida bonds are downgraded, she said, it could cost state and local governments billions of dollars in higher interest rates.

The tax commission will meet April 24-25 to finalize its already-adopted recommendations. It may schedule a meeting before then to act on some proposals that did not reach a vote Monday.
The "remote" sales tax idea has been pursued for many years by Florida businesses, who feel they are at a disadvantage because they have to collect the 6 percent statewide sales tax that out-of-state companies don't bother with. Commission member Randy Miller, a lobbyist for the Florida Retail Federation, sponsored the proposal for Florida to join 22 states in a multi-state pact to collect sales taxes on Internet, mail-order and sales by phone.

"This is a no-brainer," said Miller. "We're treating out-of-state companies better than our won residents. It is fundamentally unfair."

The commission voted 17-6 for his proposal, giving it just enough votesto make the ballot.
If approved by voters, the proposal would require the Legislature to join the interstate pact. It would still require action by Congress to make "remote vendors" remit the sales tax to states where they don't have a business operation, Miller said.

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Friday, April 11, 2008

Luxury Niche Not Hit So Bad by Downturn

Daily Real Estate News April 11, 2008

Luxury Niche Not Hit So Bad by Downturn

The housing economy may be on the skids in many markets, but don’t shed any tears for wealthy home owners. They aren’t feeling the pain nearly as much as sellers of mid-price homes. Some recent examples illustrate that point:
This week, an agreement of sale was signed on the oceanfront Palm Beach, Fla., estate of billionaire founder and chairman of Jones Apparel Group (JNY), Sidney Kimmel. If the deal closes, the $81.5 million sale – 24 days after the home was put on the market – will be the highest price ever paid in Palm Beach.
In March, the 29-room, Upper Eastside of Manhattan townhouse, which used to belong to the late publisher of Penthouse, Bob Guccione, sold to the founder of Harbinger Capital Partners, Philip Falcone, for $49 million, up from $29.99 million, its last selling price in 2003. That’s 67 percent appreciation. Not bad for a declining market.In luxury markets, "Demand is remaining strong, and even if [prices] are going down they're not going down as much as the overall market," says Laurie Moore-Moore, founder of the Institute for Luxury Home Marketing in Dallas, which trains real estate professionals to sell in the international property market.Source: BusinessWeek.com, Prashant Gopal (04/11/2008)

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Mortgage Rates Hold Steady

Daily Real Estate News April 11, 2008

Mortgage Rates Hold Steady

The average interest on the benchmark mortgage rate held below the 6-percent threshold for the fourth consecutive week as 30-year loans remained at 5.88 percent this week, according to Freddie Mac. ''Once again, mortgage rates held relatively steady this week amid release of subdued economic data,'' says Freddie Mac chief economist Frank Nothaft, who cited a government report on the number of jobs that were eliminated by businesses last month. There was little movement involving the other mortgage rates as 15-year, fixed loans held steady at 5.42 percent, five-year adjustable-rate mortgages fell 0.03 percent to 5.56 percent, and one-year ARMs declined 0.01 percent to 5.18 percent.Source: Chicago Sun-Times (04/11/08) © Copyright 2008 Information Inc.

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Fed Chief's Message: Think About Future Federal Reserve Chairman

Daily Real Estate News April 11, 2008

Fed Chief's Message: Think About Future Federal Reserve Chairman

Ben Bernanke on Thursday urged policymakers to strengthen oversight of mortgage lenders in order to prevent future financial crises."We do not have the luxury of waiting for markets to stabilize before we think about the future," Bernanke said in a speech in Richmond, Va.Bernanke urged increased transparency, improved risk management and better coordination among regulators. Better consumer protections and disclosures also would help prevent a repeat of current mortgage and credit problems, Bernanke said.Many economists believe the Fed will again lower rates when it meets later this month.Source: The Associated Press, Jeannine Aversa (04/10/08)

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Wednesday, April 9, 2008

Mortgage Demand Up, Despite Rates

Daily Real Estate News April 9, 2008

Mortgage Demand Up, Despite Rates

The number of mortgage applications increased 5.7 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly mortgage applications survey.On an unadjusted basis, the index rose 10.9 percent compared with the same week a year ago. The bulk of the increase came from purchase loans, which rose 8.1 percent, compared with the refinance index, which was up 3.4 percent. The refinance share of mortgage activity decreased slightly from 53.4 the previous week to 52.2 last week.Mortgage rates were up slightly:

30-year fixed-rate mortgages increased to 5.78 percent from 5.75 percent

15-year fixed-rate mortgages increased to 5.39 percent from 5.27 percent

1-year ARMs increased to 7.06 percent from 7 percent

Source: Mortgage Bankers Association (04/09/2008)

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Weekly Trend Data For Panama City Beach Florida Real Estate

Below is the weekly trend information for Residential and Condominium sales for the Panama City, Panama City Beach, Bay Point, and Carillon Beach Florida Areas:

FLORIDA

Panama City
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Panama City Beach
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

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Tuesday, April 8, 2008

Homebuyers Want New Home

Daily Real Estate News April 8, 2008

Vegas Buyers Want New Homes

There’s a glut of glitzy and unsold houses in Las Vegas – about 50 percent of them empty.Nearly 1,000 houses are listed for sale in Las Vegas for $1 million or more. More than 600 of them have been built since 2004. But unless they’ve been constructed in the last year or two, they are hard to sell, practitioners and other observers say.Las Vegas isn't about stately trees, old lawns, and older money, says Gene Moehring, chairman of the University of Nevada, Las Vegas, history department and a specialist in urban history. "In Vegas, new is the most important thing.”Developer Christopher Homes recently opened a neighborhood of homes in the hills west of the Strip selling for $1.7 million to $3 million. Several houses have sold to residents of adjoining neighborhoods who lived in their houses for less than five years, including homes built by the same developer, says Erika Geiser, the company's vice president."They feel their [current] residence is obsolete," she says. "They're looking for something more innovative, more cutting-edge."Michael Lemoine, an architect who specializes in custom houses for the wealthy, says he has clients who build houses as often as some people buy cars."New neighborhoods pop up that become the place where these people want to live," he says. "They move from one to another because they want to be with their friends, then in five to seven years' time they go to another community."Source: The Los Angeles Times, Peter Y. Hong (04/08/08)

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Families Feel Crunch From Rising Rents

Daily Real Estate News April 8, 2008

Families Feel Crunch From Rising Rents

Residential rents are up across the country, confirms the National Low Income Housing Coalition in the latest issue of its annual report "Out of Reach." The organization identifies Hawaii, California, and New York as the least unaffordable states and names Connecticut's Stamford-Norwalk market as the most costly metropolitan area in the nation. According to the study, one in seven U.S. households is contributing more than half of their income toward keeping a roof over their heads; and low-income, minority, and first-time home buyers are especially being impacted by escalating shelter costs. "The numbers in 'Out of Reach' are a stark reminder that in nearly every community in our nation, families are struggling to make ends meet," said U.S. Sen. Christopher J. Dodd (D-Conn.), in a preface to the NLIHC report. "While we have federal programs in place to assist people in affordable housing, they are relatively small compared to the great need. More must be done to ensure housing opportunities for all."Source: Worcester Telegram & Gazette (Mass.), Bronislaus B. Kush (04/08/08)© Copyright 2008 Information Inc.

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Policymakers to Propose Housing Tax Breaks

Daily Real Estate News April 8, 2008

Policymakers to Propose Housing Tax Breaks U.S. House Democrats are drafting a plan for curing the housing crisis by offering tax breaks to home owners, first-time homebuyers, and developers of low-income housing.The plan, which will be unveiled this week, deliberately snubs the struggling home-building industry. "We need to provide relief to the buyers and families themselves, not just the banks and builders," House Ways and Means Committee Chairman Charles B. Rangel (D-N.Y.) said yesterday in a written statement. "The House bill will put families first."The House proposal would create a temporary tax credit of as much as $8,000 for first-time buyers and increase tax credits for investors in low-income housing. It would create a standard deduction for property taxes, aiding those who don’t itemize on their federal returns. And it would expand the authority of state and local housing finance agencies to use tax-exempt bonds to refinance troubled mortgages.This package, together with the previous package of housing bills created by the House, would be the most far-reaching attempt by Congress to address the mortgage crisis. House leaders plan to present it to the full chamber for a vote in the next few weeks, says Rahm Emanuel (D-Ill.), chairman of the House Democratic Caucus. "There's a determination to get this done," he says.Source: The Washington Post, Lori Montgomery (04/08/08)

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Monday, April 7, 2008

Rental Market Going Strong As Ever...Even higher most say

Daily Real Estate News April 7, 2008

Rent Keeps Getting More ExpensiveAverage rents for U.S. apartments rose 1 percent in the first three months of 2008.This was the 24th consecutive quarter that rental property rates have risen, according to New York-based real estate research firm Reis Inc. The last time rents fell was the first quarter of 2002, when they declined by 0.2 percent, according to Reis.A soft housing market beset by stricter loan terms and falling home prices is the "dominant driver" pushing people to rent apartments, said Sam Chandan, chief economist at Reis.New York had the highest average rent at $2,790 a month, followed by San Francisco at $1,801, Fairfield County, Conn., at $1,759 and Boston at $1,620, Reis said.Source: Bloomberg News (04/05/2008)

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For Rental Property in the Destin Florida Area Please visit
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British Investors Find Opportunity in Florida

Florida Realtors tout sun to Brits
By SHELLEY EMLING
Palm Beach Post-Cox News Service
Sunday, April 06, 2008

LONDON — Waves of hurricanes? Cocaine warlords on every corner? Debunking misconceptions about Florida is one key to unlocking the state's troubled property market to prospective buyers from Britain, says John Mike, chairman of the Realtors Association of the Palm Beaches.

"But once they come to Florida, they love it," he said.

Mike and 13 other Realtors from Florida are in Britain until April 13 as part of a trade mission his association sponsored.

In addition to Realtors from the Palm Beach County area, the group also draws from Vero Beach, Destin(www.Destin-Florida-MLS.com), Naples and Fort Myers.

The Realtors are doing a bit of sightseeing, including tours of Windsor and Warwick castles, but Mike said their main goals are to learn about the market in the United Kingdom and to establish effective referral relationships with agencies here.

"We want to meet real estate professionals in the U.K. so that they can connect their clients to us," he said.

Ed Marks of Marks & Spencer International Realty in Boca Raton said the idea is to build communication channels with British agents.

"So far, they've seemed eager to work with us," he said.

If a British agent refers a client to a Realtor in Florida, Mike said, "We will send a portion of the commission to the agent in the U.K."

The group also will meet with representatives of British media outlets to find out how to advertise Florida properties overseas.

On both sides of the pond, the goal of boosting communication is to ensure that potential British buyers get the advice they need to make a sound decision.

"Thousands of U.K. residents come over and buy without any direction from someone with international experience," Mike said. "We think it's really important they have some guidance, so they don't make a decision they might regret later."

A team of 15 British real estate agents visited Florida last year to learn more about how the industry works in the United States, he said.

One major difference? Property taxes.

"Property taxes are low in the U.K. because they get more of their money from income taxes," Mike said. "A lot of the British buyers are thrown off by the property tax when they buy in Florida."

In general, many of the Florida Realtors say now is the best time for British buyers to buy in the Sunshine State because the market may have bottomed out.
Florida's real estate market has improved just during the past two months, Mike said.

"We believe the free fall has stopped," he said. "We think a stabilization is occurring."

Florida is a popular vacation spot for Europeans, and the strength of the British pound against the dollar has spurred an increasing interest in Florida properties among Britons for both investment and vacation purposes.

"They love the hot weather," Mike said. "The sun is novel for them. They also love the roads and driving in Florida. They like the food and the portions. And they love the prices of property."
Britons' favorite spots tend to be the areas around Naples, Orlando and Sarasota, he said, and Palm Beach also is starting to emerge as a popular locale.

"But there are still a lot of people who have heard of it but don't know where it is," he said.
On top of the dollar's decline, the U.S. housing market has been hit hard by the credit crisis, which has made properties in places such as Florida even more attractive.

A 2007 survey by the National Association of Realtors found that nearly one-third of its members had worked with an international client in the past year.

One-third of such buyers were from Europe, with 12 percent of the total from Britain. Florida accounted for 26 percent of all international buyers, leading the nation.

Teri McCall, a Realtor from Okaloosa Island, agreed that there has been a major spike in interest from British buyers.

"A lot of them are looking at buying property as an investment," she said.

McCall was in Britain plugging properties in the Destin area.(www.Destin-Florida-Condominiums.info)

"There's an international airport opening in Panama City in a year and a half, and a lot of people here don't know about it," she said.
(www.Panama-City-Beach-Florida-MLS.com)

Besides drumming up business, another key part of the Realtors' mission this week is to help educate their British counterparts.

In Britain, real estate is a loosely regulated industry with no system of compulsory licensing for agents.

Unlike the United States, Britain also does not make use of a Multiple Listing Service, which includes all homes listed by real estate agents.

"It's been a wide open field here, but the industry is trying to become more professionalized," Mike said.

This informaiton can be found in full print at http://www.palmbeachpost.com/state/content/state/epaper/2008/04/06/m1a_flarealtors_0406.html

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CondoHotels....Buyer Beware!

ORLANDO: Condo-Hotel Buyers See Investments Sour as Market Weakens

For many investors, the condo hotel may go down as the Pets.com of the real-estate bubble. Many buyers purchased the hotel rooms from developers hoping to get paid every time the room was rented. But condo hotels are coming back to haunt many of the people who bought the units, the developers that constructed the buildings, and the operators hired to run the hotels. Some projects also are being brought to the attention of regulators by investors. Some condo-hotel buyers are happy. But other buyers are suing developers to get out of their contracts, claiming they were misled. In Florida, a group of buyers is suing WCI Communities Inc., claiming the developer sold them condo hotels in the waterfront Resort at Singer Island as unregistered securities. [Source: Wall Street Journal]

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Saturday, April 5, 2008

Foreclosures Don't Care about Metro....Hitting the Rural Areas Just as Hard

Daily Real Estate News April 4, 2008

Rural Areas Hard Hit by ForeclosuresRural America hasn't been immune to the mortgage crisis. The Housing Assistance Council, a nonprofit that helps build housing in rural areas of the country, has found that foreclosures are prevalent in small towns and sometimes are overlooked in surveys as being a major problem.Mobile and prefab homes make up at least 15 percent of the nation's rural housing, and three-quarters of them were financed with installment or personal property loans rather than mortgage loans, according to the HAC. When the owners default, it leads to repossession rather than foreclosure, and these defaults are not included in the foreclosure data.In small towns, even one or two foreclosed properties can have a big impact on the community, says James Pedrozo, a Mercer County, Calif., supervisor. "It's not just that property values go down, but also people lose their neighbors and their community," he says.

Source: The Associated Press, Evelyn Nieves (04/03/08)

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Foreclosures and State Response...Come On Florida...What Are You Going to Do???

Daily Real Estate News April 4, 2008

States Enact Roadblocks to Foreclosure

States are responding aggressively and ahead of the federal government in helping home owners avoid foreclosure.Here's what some states have been doing:

Ohio has contracted with more than 1,000 attorneys to work with borrowers free of charge to block foreclosures.

Illinois is considering a bill that would impose a 60-day moratorium on some foreclosures.

Maryland has enacted emergency legislation to give borrowers at least 150 days to cure defaults, effectively creating a short-term moratorium on foreclosures.

Minnesota is considering requiring lenders to honor a borrower’s request for a 12-month deferment.

Beginning May 1, borrowers in Massachusetts will have 90 days to cure any defaults before their mortgage company can foreclose.

The Mortgage Bankers Association opposes foreclosure moratoriums.Source: The Wall Street Journal, Ruth Simon and Amy Merrick (04/04/08)

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Thursday, April 3, 2008

Panama City Beach Florida Real Estate Market Trends

Panama City and Panama City Beach Florida Market Trends for the week of 4/4/08 are now available.

FLORIDA

Panama City
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Panama City Beach
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

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Depreciation Hits High-Priced Homes

Daily Real Estate News April 3, 2008

Depreciation Hits High-Priced Homes

Zillow Finds Higher-Priced Homes Losing More Value Than Lower-Priced OnesA new report from Zillow.com breaks down the housing markets in 125 Metropolitan Statistical Areas (MSAs) into five equal-size value bands – Bottom, Lower Middle, Middle, Upper Middle and Top –to examine how the challenging market has affected prices in each price category.Nationally, higher valued homes, representing the top 20 percent of the market, have seen values decline more significantly than lower valued homes. Homes in the top quintile declined 7.5 percent from 2006 while bottom quintile homes depreciated least, down 0.7 percent.In some markets, homes in the lowest value band even performed significantly better than those in the middle. Those areas included, Chicago, Detroit, Seattle, Baltimore, Portland, Ore., and Nashville, Tenn.But this trend didn’t hold true in all markets. Higher-priced homes in Boston, San Francisco, Washington, D.C., New York City and Los Angeles held their value better than lower-priced homes in the area.Source: Zillow.com (04/01/2008)

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