Huuricane Season Ends Today

With hurricane season over — it officially ends today — it looks like Florida has skated again this year. The season produced nine named storms, three of which became hurricanes, but none that made landfall as hurricanes in the United States.

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Administration plans new efforts on foreclosures

The Obama administration, battling a foreclosure crisis that shows no signs of relenting, will step up pressure on mortgage companies to do more to help people remain in their homes, officials said Saturday. The administration will announce its expanded program on Monday, Treasury spokeswoman Meg Reilly said. "We are taking additional steps to enhance servicer transparency and accountability," Reilly said. She said the goal was to increase the rate that troubled home loans were converted into new loans with lower monthly payments. Industry officials said the new effort would include increased pressure on mortgage companies to accelerate loan modifications by highlighting firms that are lagging in that area.

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30-Year Rates Match All Time Low This Week

The 30-year fixed-rate mortgage (FRM) averaged 4.78 percent with an average 0.7 point for the week ending November 25, 2009, down from last week when it averaged 4.83 percent. Last year at this time, the 30-year FRM averaged 5.97 percent. The 30-year has not been this low since the week ending April 30, 2009, when it averaged 4.78 percent.

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Nearly half of Tampa Bay homeowners underwater on mortgages

Three years of depreciation have left close to half of Tampa Bay homeowners owing more on their mortgages than their homes are worth. In a September report put out by First American CoreLogic, a real estate information company, 46 percent of residential properties in the Tampa Bay area struggled with negative equity. That's 314,183 out of 684,822 homes. In Florida, about 2 million of 4.6 million home mortgages were underwater, for a rate of 45 percent. The number of upside-down homeowners has been rising in Tampa Bay and Florida. Eleven percent more Tampa Bay properties were underwater in September than in June, when First American's last report came out.

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October Tampa Area Home Sales Up 36%, Price Down 10%

The Tampa-St. Petersburg-Clearwater MSA reported a total of 2,758 homes sold in October compared to 2,021 homes a year ago for a 36 percent increase. The existing home median sales price was $137,500; a year ago, it was $152,300 for a 10 percent decrease. The median home price is up 13% from the low point in January 2009 of $122,400 and on track to show the first increase in the median price since 2006 this January of around 12%. In the year-to-year comparison for the existing condo market, a total of 798 units sold in the MSA last month, up 100% from a year ago when 399 condos sold. The market’s existing condo median price was $102,400; a year ago, it was $125,200 for a 20 percent decrease.

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Feds find association between drywall, corrosion

The federal government said Monday that it has found a "strong association" between problematic imported Chinese drywall and corrosion of pipes and wires, a conclusion that supports complaints by thousands of homeowners over the last year. In its second report on the potentially defective building materials, the U.S. Consumer Product Safety Commission said its investigation also has found a "possible" link between health problems reported by homeowners and higher-than-normal levels of hydrogen sulfide gas emitted from the wallboard coupled with formaldehyde, which is commonly found in new houses. The commission, along with the Environmental Protection Agency and the Centers for Disease Control and Prevention, continues to study the potential health effects, and the long-term implications of the corrosion.

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US home sales at 2-1/2 year high

Sales of previously owned U.S. homes jumped last month to their highest level in more than 2-1/2 years, but a fall in an economic gauge was a reminder that recovery from recession would be patchy. Sales of existing home sales surged a record 10.1 percent month-over-month in October, the National Association of Realtors (NAR) said on Monday, as buyers rushed to take advantage of a popular tax credit for first-time buyers that had been scheduled to end this month.

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Housing at Its Most Affordable in Years

One piece of good news coming out of the Great Recession is the increasing affordability of housing. The typical U.S. family earning the nation’s median income of $64,000 a year could afford to buy 70.1 percent of all homes sold in the United States during the third quarter, according to a report from the National Association of Home Builders and Wells Fargo. The report relied on the government standard of spending no more than 28 percent on housing. In the same quarter of 2008, only 56.1 percent qualified.

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Existing home sales seen at highest since July 2007

Sales of existing U.S. homes likely rose for second consecutive month in October, reaching their highest level since July 2007, according to a Reuters poll, as buyers scrambled to take advantage of greater affordability and a first-time home buyer tax credit. The survey of 29 economists predicted sales of previously owned homes climbed to a seasonally adjusted annual rate of 5.70 million, the fastest pace since 5.73 million units were sold in July 2007 and up from 5.57 million units in September. Forecasts, however, ranged widely, from as low as a seasonally adjusted annual rate of 5.26 million to as high as 6.00 million units. Existing home sales have been on an upward trend for most of this year and an increase in October would mark the sixth gain in seven months. Home sales typically pick up in the spring as warmer weather boosts activity, but the momentum continued into most of the summer and fall.

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Market Should Be 'Near Normal' in the Spring

Housing industry consultant John Burns says low mortgage rates and the home buyer tax credit, plus the availability of FHA loans – “the new subprime,” as he calls it – will combine to keep housing transaction levels at “near normal” through Spring 2010. First-time homebuyers are about the half the market, he says, while the expansion of the housing tax credit will get senior buyers “off the fence” and buying retirement properties. What would have happened if Congress hadn’t extended the tax credit? “I think we would see housing crater,” Burns said. Burns clients include home builders, lenders, and equity invrstors.

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Florida posts nation's largest drop in new unemployment insurance claims

Florida is leading the country on the jobless front— in a good way. Florida posted the largest decrease in new claims for unemployment insurance last week, according to the U.S. Department of Labor. The state reported that claims dropped by 1,915 amid fewer job losses in construction, manufacturing and the service sector. It was the sole state to see claims drop by more than 1,000. (Michigan, in contrast, reported the most new claims with 6,001.)

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30-Year Rates Near Record Breaking Levels

The 30-year fixed-rate mortgage (FRM) averaged 4.83 percent with an average 0.7 point for the week ending November 19, 2009, down from last week when it averaged 4.91 percent. Last year at this time, the 30-year FRM averaged 6.04 percent.

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Housing Starts Inch Higher

New home construction likely inched higher in October as builders seized on the promise of more orders due largely to a federal tax credit for first-time homebuyers. Construction of new homes and apartments is expected to grow 1.7 percent to a seasonally adjusted annual rate of 600,000, according to economists surveyed by Thomson Reuters. Building permits, seen as a good indicator of future activity, are expected to creep up 1.2 percent to an annual rate of 580,000 units. Builders slammed the brakes on construction after the housing bubble burst, and housing starts plunged to the lowest point in a half-century in April. Construction then began a recovery, rising to the highest level in nine months in August, led by apartment building construction. Housing construction rose a modest 0.5 percent to an annual rate of 590,000 new homes and apartments in September. Applications for new building permits, however, fell 1.2 percent to an annual rate of 573,000 units.

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Home tax credit drives sales

First-time buyers can get a credit up to $8,000, and other buyers are eligible for a credit of $6,500 as long as they have lived in their homes at least five years. Congress also expanded it to include buyers who already own homes. That's good news for the Bay area's fragile housing market. Real estate agents say the tax credit is essential for selling off inventory. Home prices have plummeted, and that has enticed buyers, but many still are on the sidelines. Home sales in the Tampa-St. Petersburg-Clearwater area increased 20 percent in the third quarter, which ended Sept. 30. Experts credit the increase mainly to first-time buyers trying to take advantage of the tax credit. The area saw 7,795 sales in the quarter, up from 6,502 during the same period a year ago, according to the Florida Association of Realtors. At the same time, the median sales price fell 17 percent to $140,400. People want to take advantage of deep discounts, but they have to sell their existing homes to move up. With nearly half of the metro area's homeowners owing more than their homes are worth, many can't afford to move.

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State Farm may stay for Florida homeowners

Ten months ago, State Farm was the scourge of Tallahassee when it announced plans to pull out of Florida's property insurance market. Good riddance, Gov. Charlie Crist said at the time. "Floridians will be much better off without them." Insurance Commissioner Kevin McCarty insisted there was no cause for alarm, that some 700,000 homeowners policies shed by the biggest private insurer in the state would largely be absorbed by Florida startups. Now regulators have changed their tune and say there's at least a chance that part of State Farm's homeowners business will stay.

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Pinellas-Pasco Circuit Court pushes mediation in foreclosure cases

As foreclosure filings continue to pile up in Pinellas and Pasco counties, the courts are trying a new emphasis on mediation. The move targets owner-occupied properties, not investments. Now, when homeowners are served with a foreclosure lawsuit, the paperwork should come with an explanation of their right to mediation and information about how to set it up. "We want to encourage people to try to save their homes," said Thomas McGrady, chief judge for the 6th Circuit.

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Homebuyer tax credit has added benefits for armed services

According to the National Association of Realtors@ (NAR), the recent homebuyer tax credit extension expands benefits for the U.S. military. Armed service, intelligence service and foreign service personnel on active duty and out of the U.S. for 90 days during any part of 2009 get an additional year to buy their homes – to May 1, 20ll. Another benefit is a waiver on the time of occupancy. Most homebuyers using the tax credit must use that home as a principal residence for a period of no fewer than three years or forfeit the entire credit. But military, intelligence and foreign service members do not have to repay the credit if they sell their home in less than three years if they move because of official business.

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Long Term Mortgage Rates Fall To Lowest Level In Five Weeks

The 30-year fixed-rate mortgage (FRM) averaged 4.91 percent with an average 0.7 point for the week ending November 12, 2009, down from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 6.14 percent.

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Tampa foreclosure activity declines sharply in October

Tampa Bay may be experiencing the largest year-over-year decline in foreclosure activity since the housing crisis began. Filings dropped nearly 18 percent in October, another sign the real estate market is becoming more stable. There were also fewer filings than the previous month, about 8 percent, according to data from Calif.-based RealtyTrac. That follows a 4 percent yearly decrease in September.

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US foreclosures dip 3 pct. in October from September

The number of homeowners on the brink of losing their homes dipped in October, the third straight monthly decline, as foreclosure prevention programs helped more borrowers. But foreclosure filings are still up 19 percent from a year ago, RealtyTrac Inc. said Thursday, and rising job losses continue to threaten the stabilizing trend. More than 332,000 households, or one in every 385 homes, received a foreclosure-related notice in October, such as a notice of default or trustee's sale. That's down 3 percent from September. Despite Nevada's legislative efforts to slow foreclosures, the state still clocked in the nation's highest foreclosure rate for the 34th month in a row, followed by California, Florida, Arizona and Idaho. Rounding out the top 10 were Illinois, Michigan, Georgia, Maryland and Utah.

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Housing, condo sales up in Tampa Bay region in third quarter

Existing single-family home sales were up 33 percent statewide and almost that high in Sarasota-Bradenton as real estate practitioners look back at the third quarter. Home sales jumped 32 percent in Sarasota-Bradenton, the best increase in the Tampa Bay region, according to Florida Realtors. More than 2,300 homes were sold in the quarter, compared with 1,758 the year before. Strong sales numbers also were experienced in Tampa-St. Petersburg-Clearwater as well as Lakeland-Winter Haven with both areas rising 20 percent. Nearly 7,800 homes were sold in the Greater Tampa area, compared with 6,502 the year before, while Lakeland’s numbers were up from 2,633 to 3,377. Unfortunately, median prices didn’t follow. Tampa’s values were down 17 percent from $169,700 to $140,400. Lakeland was down just 14 percent from $137,700 to $116,800 while Sarasota dropped 22 percent from $217,500 to $169,800.

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Citizens seeks rate hike for high-risk policyholders

Citizens Property Insurance Corp. is asking the state for permission to raise its annual premiums by 7.5 percent for its more than 400,000 homeowners living in high-risk areas. The state-run insurance company of last resort will conduct a public hearing on Tuesday to discuss the rate hike request. However, no final decision is expected. The proposed rate hike includes:

* Mobile homeowners: 11.8 percent.
* Dwelling fire: 5.9 percent
* Commercial property residential: 9.6 percent
* Commercial non-residential: 9.9 percent

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Fewer of us are upside down in our mortgages

Many of us know we owe more on our mortgages than our homes are worth. But here's a little bit of good news: Values show signs of stabilizing. The number of homeowners nationwide with negative equity – meaning their mortgages are higher than their home's value – fell to 21 percent in the third quarter, according to a report released today from Zillow.com. That's down from 23 percent in the second quarter. Locally, the Tampa metro area had an index value of $126,000, for a yearly drop of 16.6 percent. Values fell 2.2 percent from the second quarter, but just 0.7 percent from the August to September.

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Obama Signs Extended Tax Credit into Law

Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010. The legislation, which is part of a larger bill that also extends unemployment benefits, was signed into law by President Obama Friday. More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years. Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.

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Tampa area still experiencing some foreclosure growth

Foreclosure rates in the Tampa-St. Petersburg-Clearwater market were up in September, but growth in the area has slowed compared to the rest of the state. Foreclosure rates in the greater Tampa area rose 3.89 percent in September compared to the previous year, according to First American CoreLogic, while 90-day mortgage delinquency rates grew 6.43 percent. Statewide, the foreclosure rate stood at 10.2 percent compared to 8.82 percent in Tampa-St. Petersburg, a 4.69 percent increase year-over-year. Nationwide, foreclosure growth was much more gradual with rates up 1.67 percent in September while 90-day delinquencies were up 2.89 percent. Just under 3 percent of the nation’s homes were in foreclosure compared to nearly 9 percent in the greater Tampa market.

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30-Year Fixed Rate Falls Below 5 Percent

The 30-year fixed-rate mortgage (FRM) averaged 4.98 percent with an average 0.7 point for the week ending November 5, 2009, down from last week when it averaged 5.03 percent. Last year at this time, the 30-year FRM averaged 6.20 percent.

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House votes to expand homebuyer tax credit

Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper. First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday. Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

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Senate Passes Home Buyer Tax Credit

The U.S. House and Senate are close to an agreement to extend the home buyer tax credit due to expire at the end of this month. The Senate voted yesterday while the House could approve it by tomorrow when the monthly report on the unemployment rate will be released. The measure would cover homes under contract by April 30. Also, anyone taking the credit from a home purchased in 2010 would be able to take the credit when they pay their 2009 taxes. First-time home buyers would be eligible for $8,000, but purchasers don’t have to be first-time buyers. Anyone who has owned a home for at least five years could get a $6,500 credit on a new residence. Income limitations rise under the new plan with individuals earning up to $125,000 a year and couples earning up to $225,000 eligible. People who earn more would be eligible for smaller credits.

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Foreclosure Expert Predicts Housing Malaise

The second wave of foreclosures is driven by unemployment and is harder to fix, says Rick Sharga, senior vice president of RealtyTrac, which researches foreclosures. Sharga predicts an “L-shaped recovery in the housing market through 2013” with the housing market stabilizing without much increase in prices or construction. “The housing market will not feel healthy for a few years. This is not a short-lived recession,” he says.

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House committee weighs scrapping appraisal rules

The appraisal system imposed by Fannie Mae and Freddie Mac last May is under attack by the House Financial Services Committee and could be on its way out. The “Home Valuation Code of Conduct” could be terminated by the proposed Consumer Financial Protection Agency under a bipartisan amendment approved by the House committee. The amendment would require the new agency’s director to replace the code with a set of rules developed through regular administrative procedures and public comment periods used by all federal agencies. The valuation code was the product of a settlement among New York Attorney General Andrew Cuomo, Fannie Mae and Freddie Mac, and the Federal Housing Finance Agency. Critics say the code created more problems than it solved and has encouraged lenders to use inexperienced appraisers who don’t know the areas where they are doing the work, which results in lowball valuations as well as higher fees. The legislation under which the code would be scrapped is likely to pass the full House, but may have a tough road in the Senate.

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September pending home sales rise 6.1 percent

The volume of signed contracts to buy previously occupied homes rose for the eighth straight month in September as buyers scrambled to take advantage of a tax credit for first-time owners that expires at the end of this month. The National Association of Realtors says its seasonally adjusted index of sales agreements rose 6.1 percent from August to 110.1. It was the highest reading since December 2006 and more than 21 percent above a year ago. Economists surveyed by Thomson Reuters expected the index would be level at 103.8. Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer of future sales.

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Chinese drywall needs more study

The federal government said Thursday it found elevated emissions of sulfur and other chemicals from drywall imported from China, but it can't yet link them to the illnesses or corrosion reported by thousands of homeowners. The U.S. Consumer Product Safety Commission, which is leading the multiagency investigation, said it won't consider a recall or a ban without more tests. Additional results from ongoing studies in Florida and Louisiana are expected next month.

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