Bond Yield Slightly Rises Taking Mortgage Rates With It

The 30-year fixed-rate mortgage (FRM) averaged 5.25 percent with an average 0.7 point for the week ending July 30, 2009, upfrom last week when it averaged 5.20 percent. Last year at this time, the 30-year FRM averaged 6.52 percent.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Foreclosure rates in Lakeland, Sarasota, Tampa continue to grow

Ten of the nation’s top 25 metropolitan areas ranked by foreclosure rates in the first half of this year are in Florida. Tampa-St. Petersburg, Sarasota and Lakeland are among the 10. While Las Vegas-Paradise has the highest rate in the nation with one in every 13 homes facing foreclosure, Florida and California dominate the top 25. Cape Coral-Fort Myers is tops in Florida and finished second in the nation with one in every 14 homes in foreclosure. The Orlando-Kissimmee area is second in the state with one in every 23 homes in foreclosure and just made the top 10 in the nation. It’s followed by Port St. Lucie at No. 11, Naples-Marco Island at No. 12, Miami-Fort Lauderdale-Pompano Beach at No. 14 and Deltona-Daytona Beach-Ormond Beach at No. 19. In the Tampa Bay area, Lakeland had the highest foreclosure rate with one in every 37 homes facing foreclosure, representing 7,407 properties and placing Lakeland No. 21 in the nation. Sarasota-Bradenton-Venice was right behind with one in every 38 homes facing foreclosure, good for No. 22 in the nation. Tampa-St. Petersburg-Clearwater finished No. 23 in the nation with one in every 39 homes facing foreclosure, representing 33,906 properties.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Treasury Pushes Bankers on Loan Modifications

During daylong meetings Tuesday, the Treasury Department pressured executives from 25 mortgage companies to promise to work harder to modify more mortgages for troubled borrowers. The officials agreed orally on a new goal of 500,000 loan modifications by Nov. 1. The meeting stemmed from concern that the program to modify mortgages will fall far short of the original goal of 3 to 4 million modified loans. As of this week, only 200,000 borrowers were enrolled in three-month trial loan modifications.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Local home prices holding steady

Home prices in the Tampa metro area remained flat from April to May, the Case-Shiller home price index says. It was the first time prices haven't dropped in nearly three years. That followed several months of slowing monthly drops. The index, which tracks 20 major U.S. cities, rose 0.5 percent from April, but was still 17.1 percent below May a year ago. Thirteen cities showed monthly increases with the best results in Cleveland, Dallas and Boston. The 20-city index has lost more than 32 percent since its peak three years ago, putting home prices back to mid-2003 levels. The Case-Shiller index tracks repeat sales on a specific group of homes in each city. Sales between related parties, such as family members, are excluded. Miami, the only other Florida city tracked, showed a 0.8 percent monthly decrease in prices and a 25 percent drop from the year ago period.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

New-home sales increase locally as market levels

Builders are selling more new homes in the Tampa Bay area and nationally, a sign that home-buying incentives are working and the housing slump is starting to stabilize, according to two reports released Monday. Bay area builders started construction on 915 homes during the second quarter of 2009, up 29 percent from the previous quarter, data from Houston-based housing research firm Metrostudy shows. Housing starts are still down 30 percent compared with the same quarter in 2008, but Metrostudy's Tony Polito says the quarterly jump is a good sign for the local housing market.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Housing Market Bottom, Anemic Recovery Predicted By Economists

Economic recovery is still a few months away, say economists surveyed by USA Today, but two-thirds of them think existing-home sales have bottomed out. Both housing and automotive markets “have the potential to generate some quite large percentage increases,” says Bill Cheney, chief economist at MFC Global Investment. Overall, economists say unemployment won’t peak until the first half of next year and credit markets will remain tight. "I think (the recovery) is going to be anemic," says Allen Sinai, chief economist at Decision Economics. "I don't think consumers have the wherewithal to buy a lot of cars and a lot of houses."

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

US June new home sales rise 11 percent

New U.S. home sales rose by the largest amount in more than eight years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades. The Commerce Department said Monday that sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000. It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000. Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier and down nearly 6 percent from $219,000 in May. The report is another encouraging sign that the beleaguered housing sector is finally coming back to life. Last Thursday, the National Association of Realtors reported that home resales posted a monthly increase of 3.6 percent in June.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

When Will the Housing Market Rebound?

When will the housing slump finally end? Even the experts' crystal balls are hazy. The Wall Street Journal, which Thursday reported its latest quarterly survey of housing data, says it depends on which city or part of the country you’re talking about. Home sales were up compared to last year in Washington, D.C., and Northern Virginia, Orlando, Minneapolis, Southern California, and the San Francisco Bay area, according to findings from research firm MDA DataQuick as well as reports from local real estate practitioner organizations. Sales declined in New York City and nearby Long Island, Chicago, and Charlotte, N.C., and the outlook was particularly bleak in Miami-Fort Lauderdale and much of Florida, Detroit, and Las Vegas. But Jody Kahn, an analyst at John Burns Real Estate Consulting, a research organization, points out that there are variations even in the hardest-hit metro areas with the most attractive neighborhoods continuing to thrive.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

State Farm seeks to curb home insurance discounts in Florida

State Farm wants to eliminate or trim virtually all of its discounts for homeowners insurance in Florida in what it calls an urgent effort to remain solvent as the company gradually withdraws from the state's property insurance market. If the filing is approved, it will spell higher premiums for those now receiving discounts for mitigating their homes against storm damage, for remaining claims-free as longtime State Farm policyholders, and for having multiple policies with the insurer, among other premium savings.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Fixed Rate Mortgages Rise This Week On Positive Housing News

The 30-year fixed-rate mortgage (FRM) averaged 5.20 percent with an average 0.7 point for the week ending July 23, 2009, up from last week when it averaged 5.14 percent. Last year at this time, the 30-year FRM averaged 6.63 percent.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Data show housing market starting to recover

The U.S. housing market has started to recover from the most far-reaching crisis since the Great Depression, data released Thursday show. Sales of previously occupied homes rose for the third month in a row in June, the National Association of Realtors reported. That hasn't happened since early 2004, during the boom. "The turnaround in the housing market appears finally to be here and indeed may be gaining some speed," wrote Joel Naroff, president of Naroff Economic Advisors Inc. Stocks jumped on the news, with the Dow Jones industrial average rising above 9,000 for the first time since early January. Home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Sales were up in all four regions of the country. It was the highest level of sales since last October and beat economists' expectations. Sales had been expected to rise to an annual pace of 4.84 million units, according to Thomson Reuters.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Tampa Area June Home Sales Up 21%, Prices Down 22%

The Tampa-St. Petersburg-Clearwater MSA reported a total of 2,848 homes sold in June compared to 2,346 homes a year ago for a 21 percent increase. The existing home median sales price was $139,400; a year ago, it was $178,700 for a 22 percent decrease. The average home price is up 14% from the low point in January 2009 of $122,400. In the year-to-year comparison for the existing condo market, a total of 671 units sold in the MSA last month, up 29% from a year ago when 521 condos sold. The market’s existing condo median price was $113,300; a year ago, it was $147,100 for a 23 percent decrease.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Rookies, investors snap up homes

Home prices have fallen dramatically and are now starting to stabilize. That, combined with tax incentives offered to first-time homebuyers, is persuading more buyers to get off the fence. Sales are increasing in most markets across the country. The median sales price in the area was $141,100, up from $135,200 in April but down 20 percent from $176,100 in May 2008, according to the most recent data from the Florida Association of Realtors. So, who are these buyers? And what do they want? A survey on homebuyer sentiment released by Zillow .com sheds some light.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Experts Say Now is the Time to Buy

Many investment experts advise it's time to buy. With prices falling, it is a once-in-a-generation chance to load up on property, they say. How much of an investment portfolio should be devoted to real estate? David Swensen, who manages Yale University's endowment, says 20 percent is a smart number. One possibility is real estate investment trusts (REITs), which, despite the fact that they are slashing dividends to conserve cash, are still paying average yields of 7.3 percent. That’s double the yield on Treasurys. Should a home be part of the equation? Michael Kirby, founder of Green Street Advisors, says no. "You should own a house to provide shelter," says Kirby. "In a way, it's not an investment, and it's not part of your investment portfolio. It's really just a living expense. By owning a house you are prepaying rent."

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Homeowners with tainted drywall might get tax relief

Homeowners with tainted drywall imported from China may get some relief on their tax returns. The Internal Revenue Service is considering whether to allow homeowners to claim a casualty loss on their tax returns if they have Chinese drywall that emits an "unusual or severe concentration of chemical fumes that causes extreme and unusual damage," according to a letter that the IRS sent to U.S. Sen. Bill Nelson, D-Fla. It is unclear exactly how much homeowners could claim, but the letter said the amount of such a claim is generally the difference between the value of the house before and after the event causing the damage. This could mean some homeowners with Chinese drywall would be eligible to claim tens of thousands of dollars on their tax returns.

Mortgage Rates Down This Week Amid Concerns Over Labor Market

The 30-year fixed-rate mortgage (FRM)averaged 5.20 percent with an average 0.7 point for the week ending July 9, 2009, down from last week when it averaged 5.32 percent. Last year at this time, the 30-year FRM averaged 6.37 percent.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Citizens Property Insurance board approves 10% rate hike

Ending a three-year rate freeze, the board of state-run Citizens Property Insurance approved raising rates for most policyholders by 10 percent next year. After a heated debate Wednesday, Citizens also agreed to cap any rate cuts at 10 percent as well, rejecting a committee recommendation that rates remain frozen for those customers. Only about 80,000 of Citizen's 1 million policies, including some in Pinellas County, would qualify for rate cuts based on computer models used by the insurer.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

New Chinese drywall worry: Radiation

The latest concerns about Chinese drywall focus on reports that radioactive substances may have been included in the imported product. The Los Angeles Times ran an investigative story Tuesday, revealing that phosphogypsum, a radioactive byproduct of phosphate fertilizer production, is commonly used in some Chinese-made drywall. Phosphogypsum is found in abundance in Florida, where the bulk of Chinese drywall complaints have been logged. A white powdery substance, it is piled along the highways of Central Florida’s Bone Valley-Fort Meade area, where fertilizer is made. It is different from normal gypsum, a mineral-like substance that can come from mines or as a residue from coal-fired power plant air pollution scrubbers. But, phosphogypsum is banned as a building product in drywall in the U.S. So far, limited tests by state and federal authorities have not found it in any problem drywall.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Lenders Avoid Loan Modifications

The Obama administration's $75 billion foreclosure prevention effort is unlikely to succeed because mortgage lenders cannot turn a profit on modified loans, concludes a new report by the Federal Reserve Bank of Boston. Analyzing 665,410 loans originated between 2005 and 2007 that subsequently became seriously delinquent, the Boston Fed found that only 3 percent of borrowers had their loans modified to lower monthly payments, and about 5.5 percent received workouts that did not result in lower payments. Also, up to 45 percent of approximately 150,000 borrowers who received some kind of aid ended up in arrears again, but about 30 percent of delinquent borrowers were able to fix their problems without help from their lenders.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Tampa Ranks No. 5 On List Of Cities Most Likely To See Home Prices Drop

Mortgage insurer PMI Group predicts that home prices will fall through the first quarter of 2011 in about 30 of the country’s 50 largest metropolitan areas. “The housing market has been hit by a demand shock of high unemployment and a supply shock of distressed foreclosure sales,” LaVaughn Henry, senior economist at PMI. The areas PMI says have the highest probability of lower prices in 2011 are:

* Miami
* Fort Lauderdale
* West Palm Beach, Fla.
* Orlando
* Tampa, Fla.
* Jacksonville, Fla.
* Riverside, Calif.
* Los Angeles
* Santa Ana, Calif.
* Sacramento
* San Diego
* Las Vegas
* Phoenix
* Providence, R.I.
* Detroit

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Another Rash of Foreclosures Coming Soon

Some economic observers are predicting another wave of foreclosures later this summer or in the fall. That’s because lenders that have held off on foreclosures as part of President Obama’s plan will now move forward aggressively to clear the backlog of troubled mortgages. Rising foreclosures will further depress home values, says Mark Zandi of Moody's Economy.com, who calculates that 15.4 million homeowners—one in five of those with first mortgages—will be underwater. Seth Wheeler, a senior adviser to Treasury Secretary Timothy Geithner, says the government is “unlikely to implement another moratorium.” But Wheeler said the government plans to put in place some programs that encourage lenders to try some alternatives to foreclosure.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Lowball appraisals used as comps distort property values

It's by far the hottest controversy in real estate this summer, and it could directly affect the value of your house — probably negatively — by tens of thousands of dollars. The issue concerns lowballed valuations and the new rules guiding appraisers in both price-depressed and rebounding markets. Complaints about lowballed appraisals — from builders, realty agents, consumers and mortgage companies — have erupted since May 1, when government-sponsored Fannie Mae and Freddie Mac put their new appraisal rules into effect nationwide. Critics charge the new system is fostering the use of appraisers willing to work for low fees — sometimes 50 percent below previous standards — and who are willing to conduct home appraisals far outside their typical areas of activity.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Obama's Housing Rescue Expands: 6 Things to Know

In a move that suggests its initial rescue plan was insufficient, the Obama administration yesterday announced plans to widen the eligibility parameters of a key housing initiative. The change would allow borrowers with mortgages valued at 125 percent of their home's worth to refinance into more affordable loans. Previously, only borrowers with so-called loan-to-value ratios of 105 percent or less could do so. The mortgage refinancing program is part of the president's two-pronged plan to pull the nation out of its worst housing slump since the Great Depression. Coupled with efforts to modify troubled mortgages, the government believes its Making Home Affordable initiative can reach up to 9 million American homeowners. "The president's Making Home Affordable plan is already helping far more families than any previous foreclosure initiative, and with today's announcement we will extend its reach still further," Housing and Urban Development Secretary Shaun Donovan said. Here are six things you need to know about the expanded rescue:

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Long Term Mortgage Rates Drop In Latest Weekly Survey

The 30-year fixed-rate mortgage (FRM) averaged 5.32 percent with an average 0.7 point for the week ending July 2, 2009, down from last week when it averaged 5.42 percent. Last year at this time, the 30-year FRM averaged 6.35 percent.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Tampa Ranks No. 9 For Sweatiest Cities

Tampa is one of the 10 sweatiest cities in the United States, not just in 2009 but for “all time,” says Old Spice, a division of Proctor & Gamble. Old Spice named Tampa no. 9 on its Top-20 All-Time Sweatiest Cities list. Tampa came in at No. 8 in 2008. Tampa is sweatier than No. 10 Orlando but drier than No. 7 Miami and No. 8 West Palm Beach, the ranking shows. Florida is home to 25 percent of the Top-20 All-Time Sweatiest Cities, the list showed. Phoenix, which was named the sweatiest city in 2008, was crowned the "Undisputed Sweatiest City."

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Pending Home Sales Rise Again

Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Florida’s Quality of Life Means ‘Home Sweet Home,’ Says Florida Association of Realtors®

What does Florida have to offer? Pick up a travel brochure and some benefits are clear: Beautiful beaches. Miles of scenic parks and nature preserves. Oceans, rivers and lakes offering boating, fishing, swimming and other water recreation. A rich and varied history, which includes the city of St. Augustine, the oldest permanent European settlement in the mainland United States. Unique entertainment parks and other family-friendly attractions. Cultural activities that offer residents and visitors fine theater, music, dance and arts events. Then there is Florida’s climate featuring an average annual high of 81 degrees Fahrenheit and an average annual low of 60 degrees, giving the Sunshine State its well-known nickname and reputation.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

New loan rules will allow more homeowners to refinance mortgages

The Obama administration eased eligibility rules Wednesday for its Home Affordable Refinance program, lifting the maximum loan-to-value ratio to 125% from 105%. The shift, which regulators had hinted was coming, is aimed at making refinancing available to more people whose homes are worth less than their mortgages. HARP is open to homeowners whose loans are owned or guaranteed by Fannie Mae or Freddie Mac, the mortgage finance giants now under government control. It covers first mortgages only. The refinance program, launched this year, has gotten off to a slow start, in part because the maximum 105% loan-to-value ratio was too low to include many homes that have fallen sharply in value. The new 125% maximum means an eligible homeowner with a $375,000 mortgage can refinance if his or her house is worth at least $300,000. But the borrower still must be able to afford the new loan. Income requirements are an increasing problem as unemployment soars and many workers are dealt pay cuts.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email

Bill Seeks to Suspend Appraisal Code

U.S. Reps. Travis Childers (D-Miss.) and Gary Miller (R-Calif.) have teamed up to champion a bill that would put a moratorium on the new Home Mortgage Valuation Code of Conduct. HVCC is an agreement between Fannie Mae, Freddie Mac, and the New York State Attorney General that went into effect earlier this year with the aim of improving the accuracy of appraisals, although it's come under criticism in the real estate industry for causing its own problems. Although the agreement involves the New York AG, it's being applied nationwide to all the mortgages handled by Fannie Mae and Freddie Mac. The bipartisan legislation directs the Federal Housing Finance Agency, which is the conservator of the two secondary mortgage market companies, to suspend the code for 18 months. Among other things, the code has been criticized by the National Association of Mortgage Brokers for delaying residential property closings and costing its members business at a critical time. Group members also are up in arms about having to pay high fees to appraisal management firms.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email