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Tampa housing market among the worst

2010-06-22T07:53:00.001-04:00

The real estate market in the Tampa Bay area is among the worst in the nation, but recovery may be a little closer. Fourteen other markets fared worse, and Tampa appears to be near the bottom of home price depreciation, according to a report from California-based data company Clear Capital. The Tampa-St. Petersburg-Clearwater area ranked No. 15 in the lowest performing major markets in the second quarter, the company said. Although prices haven fallen recently, the year-over-year picture was better. Sales prices went down by 2.3 percent from the previous quarter but went up 1.6 percent from the same quarter last year. Twenty-three percent of the sales in the first quarter were bank-owned properties. Detroit was the worst-performing metro with a 10.7 percent decline from last quarter and 19.6 percent rise in prices from last year. Nearly 50 percent of the sales were homes taken back by lenders.

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Condo owners with bad drywall may get no tax break

2010-06-18T08:22:00.000-04:00

Florida's condominium and townhome owners with tainted drywall may be excluded from tax relief promised in a new law. The Florida Department of Revenue said Wednesday that deep tax breaks only belong to owners of traditional homes. "The department doesn't think the law was meant to cover any structure other than detached, single family homes," said Robert Babin, legislative affairs director for the department. "There is a statutory provision that defines single-family differently than other types of homes." This comes after the governor's office said Monday that condos and townhomes would qualify for the help. The office has since said it made a mistake. The law, passed earlier this month, says owners of single-family homes who cannot live in their houses because of bad drywall won't have to pay a penny of property tax on the home's value. (The owner would still be responsible for taxes on the land.)

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Little Change Seen in Mortgage Rates This Week

2010-06-18T07:51:00.001-04:00

The 30-year fixed-rate mortgage (FRM) averaged 4.75 percent with an average 0.7 point for the week ending June 17, 2010, up from last week when it averaged 4.72 percent. Last year at this time, the 30-year FRM averaged 5.38 percent.

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Florida Builders Are Going Smaller

2010-06-17T08:07:00.002-04:00

Builders are snapping up cheap real estate in Florida, paying 40 percent to 60 percent less than they did during the housing boom. While a glut of foreclosed properties remains, builders are beginning to build new homes that are smaller than those built pre-boom, often positioned to compete against foreclosed properties. Because land is cheap, builders are able to make money selling homes as small as 1,800 square feet, built for about $150,000 and sold for $160,000 to $170,000, says Steve Fusilier, principal in Fusilier Realty Group in Orlando.

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Mortgage Rates Remain Historically Low

2010-06-12T07:37:00.000-04:00

The 30-year fixed-rate mortgage (FRM) averaged 4.72 percent with an average 0.7 point for the week ending June 10, 2010, down from last week when it averaged 4.79 percent. Last year at this time, the 30-year FRM averaged 5.59 percent.

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Instability in Financial Markets Overseas Lowers Mortgage Rates Here

2010-05-28T11:54:00.001-04:00

The 30-year fixed-rate mortgage (FRM) averaged 4.78 percent with an average 0.7 point for the week ending May 27, 2010, down from last week when it averaged 4.84 percent. Last year at this time, the 30-year FRM averaged 4.91 percent. The 30-year FRM has not been lower since the week ending December 3, 2009, when it averaged 4.71 percent.

State tax breaks for homeowners survive in court

2010-05-25T08:24:00.000-04:00

A pair of state constitutional amendments that give tax breaks to primary homeowners survived another legal challenge today as the Florida Supreme Court refused to hear the case. The Florida justices' unanimous decision lets stand rulings by a trial judge and appeal court upholding the Save Our Homes Amendment, which took effect in 1995, and Amendment 1, which was effective in 2008. Save Our Homes limits annual property tax assessment increases to 3 percent for primary homeowners. Amendment 1 has a "portability' provision letting those homeowners take at least part of their accumulated tax break to a new home. Save Our Homes limits tax increases when real estate values go up, but the state's recapture rule has the opposite effect. It raises assessments by up to 3 percent when values drop, which they've been doing in recent years. That's reduced some of the advantage longtime primary homeowners received from Save Our Homes.

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April Tampa Area Home Sales up 27%, Prices Decline 2%

2010-05-24T15:05:00.003-04:00

The Tampa-St. Petersburg-Clearwater MSA reported a total of 2,962 homes sold in April compared to 2,326 homes a year ago for a 27 percent increase. The existing home median sales price was $132,900; a year ago, it was $135,200 for a 2 percent decrease. In the year-to-year comparison for the existing condo market, a total of 1,031 units sold in the MSA last month, up 77% from a year ago when 584 condos sold. The market’s existing condo median price was $102,200; a year ago, it was $98,800 for a 3 percent increase.

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Homebuyers take advantage of tax credits in April

2010-05-24T12:36:00.001-04:00

Homebuyers rushed to take advantage of government incentives and record-low mortgage rates in April, giving the housing market its biggest boost in five months. But now that a homebuyer tax credit has expired, any improvement will depend mainly on the lure of historically low mortgage rates. Sales of previously owned homes rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million, the National Association of Realtors said Monday. The increase in sales sparked a rise in home prices. The median price for a new home rose to $173,100, up 4 percent from a year ago. Mortgage fell last week to the lowest level for the year and close to 50-year lows as worries over the European debt crisis sent investors rushing into the safety of U.S. credit markets.

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Florida's unemployment rate posts first monthly decline in four years

2010-05-22T09:02:00.001-04:00

Florida's unemployment rate last month took a turn not seen in more than four years. It went down. The 12 percent rate retreated from a record 12.3 percent set in March. The state added about 15,500 jobs, nearly half of them short-term positions for the U.S. census count. About 1.1 million people remain jobless. Friday's upbeat news from the Florida Agency for Workforce Innovation ended three straight months of record-shattering increases in unemployment. More significantly, it was the first monthly decline in the rate since February 2006. Back during those boom times, unemployment bottomed out at 3.3 percent. Florida's unemployment — fifth highest among the states — still remains at a level not experienced in the last 60 years.

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FEMA offers insurance rate cuts under remapping

2010-05-21T14:15:00.000-04:00

Property owners across the country fearing they may be forced to buy expensive flood insurance under a push to draw up new floodplain maps will catch a break by being offered the coverage at sharply lower rates for two years, a key lawmaker said. FEMA has agreed to offer up to two years' eligibility for the National Flood Insurance Program's Preferred Risk Policy – the program's lowest-cost option – to small businesses and homeowners on any land the new maps show are in newly designated special flood hazard areas. The new rates are available after the redrawn maps take effect, in many cases this fall or early next year. The savings could be big: An affected homeowner's yearly premium under the preferred risk program might be $300 – four to five times less than what it might cost otherwise, Les Sterman, an administrator of a flood-protection district involving three St. Louis-area Illinois counties, said Thursday.

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Long- and Short-Term Mortgage Rates Fall Again This Week

2010-05-21T09:27:00.001-04:00

The 30-year fixed-rate mortgage (FRM) averaged 4.84 percent with an average 0.7 point for the week ending May 20, 2010, down from last week when it averaged 4.93 percent. Last year at this time, the 30-year FRM averaged 4.82 percent. Once again, the 30-year FRM has not been lower since the week ending December 10, 2009, when it averaged 4.81 percent.

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Tampa home prices still on the decline

2010-05-20T09:06:00.001-04:00

Home prices are up nationally, but that’s still not being felt in the Greater Tampa-St. Petersburg market. In Tampa-St. Pete single-family home prices, which includes distressed sales, fell 4.1 percent in March compared with the year before, a study released Wednesday by CoreLogic says. That beats the 6.38 percent price drop in February but is well behind the national home price improvement of 1.7 percent. In Florida, home prices were down 5.3 percent, ranking it seventh in the nation behind Idaho (down 11.1 percent), Nevada (down 8.8 percent), Illinois (down 8.2 percent), Maryland (down 6 percent), Alabama (down 5.6 percent) and Utah (down 5.4 percent). Florida’s decrease was a full percentage point behind Washington and West Virginia, which had the eighth largest drops at 4.3 percent including distressed sales.

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Housing Prices Could Rise 12.4 Percent by 2014

2010-05-20T09:04:00.003-04:00

Housing prices are expected to increase 12.4 percent between 2010 and the end of 2014, predicts MacroMarkets, which surveyed more than 100 analysts and market strategists. Those interviewed didn’t all see the housing market in the same light. Joseph LaVorgna, a economist at Deutsche Bank predicts that home prices will rise 37 percent by the end of 2014. On the most bearish end, both Anthony Sanders, professor of real estate finance at George Mason University, and investment adviser Gary Shilling, president of A.Gary Shilling & Co., expect prices will decline 18 percent.

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2010 Hurricane Evacuation Zone Maps For Tampa Bay

2010-05-20T08:21:00.003-04:00

2010 North Pinellas County Hurricane Evacuation Zone Map

2010 South Pinellas County Hurricane Evacuation Zone Map

2010 Hillsborough County Hurricane Evacuation Zone Map

2010 Pasco County Hurricane Evacuation Zone Map

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Tens of thousands in Tampa Bay area affected by new hurricane evacuation maps

2010-05-20T08:19:00.000-04:00

If you live in the Tampa Bay area, check your hurricane evacuation map. You might be among the tens of thousands of families who suddenly find themselves in a more vulnerable zone. The changes are the result of new storm surge models by the National Hurricane Center in Miami. That data, collected by a plane affixed with new topography sensors, showed considerable differences in storm surge risk in Florida's coastal communities. So new evacuation maps are being drawn, starting with the Tampa Bay area. Local emergency managers are scrambling to update their maps and spread the word to residents before hurricane season begins June 1.

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HAMP Modifications Jump Sharply

2010-05-19T09:22:00.002-04:00

The number of permanently modified home mortgages rose by 30 percent in April to about 25 percent of the 1.2 million trial modifications started under the Treasury Department’s Home Affordable Modification program begun a year ago. Treasury officials say many modifications were canceled because of loan servicers’ failure to verify homeowners’ income. Beginning June 1, the program requires that all modifications be based on verified income statements. "We expect a much lower rate of cancellations going forward as the percentage of verified income modification increases," said Herbert Allison, assistant Treasury secretary for financial stability.

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Will Housing Feel a 'Saw-Tooth' Effect?

2010-05-18T08:21:00.000-04:00

Some housing experts are predicting what one calls a “saw-tooth bottom” to the housing market driven by a shadow inventory that may include up to 4.5 million properties. This issue isn’t just bank-owned homes that aren’t yet on the market, but sellers who would like to sell but fear they can’t. "These sidelined sellers closely watch the market for signs of a possible turnaround and rush in if there's a hint of good news," says Leslie Appleton-Young, chief economist for the California Association of REALTORS®. This rush to sell drives prices back down — hence, the "saw-tooth" description. Stan Humphries, chief economist for Zillow.com, describes the potential problem this way: "Prices go up; inventory rises, which sends prices down again. That plays out for three to five years of no appreciation. ... Without price appreciation, it leaves more home owners in negative equity. That's toxic. Any setback, like a job loss, they go into foreclosure."

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After 2 years, foreclosure landscape is changing

2010-05-17T08:55:00.000-04:00

Bay area homeowners continue to fall into trouble with their mortgages, but the local foreclosure landscape is changing. Neighborhoods that were once considered fairly stable are now feeling the brunt of the economic downturn. Meanwhile, areas that were hit early on during the mortgage meltdown are beginning to bounce back. This is according to data from Calif.-based RealtyTrac, which monitors foreclosure activity across the nation. The top two Hillsborough County ZIP codes, ranked by the number of filings in the first quarter, are 33647 in New Tampa and 33615 in Town 'n' Country. Both areas had 273 filings – default notices, scheduled auctions and bank repossessions. That number represents jumps of 15 and 26 percent, respectively, from two years ago. Miles to the south, is Riverview, which has been a foreclosure hot spot for years, but the area has begun to cool down. The combined total of 464 filings in ZIP codes 33578, 33569 and 33579 was up only 4 percent from 2008.

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When Will the Housing Market Rebound?

2010-05-15T09:26:00.000-04:00

All the signs are there for continued improvement in the economy as well as housing markets, but it will be several years before real estate practitioners can expect to see markets returning to equilibrium, two of the country's top economists told REALTORS® this week. By the end of this year, practitioners should see 5.4 million existing-home sales and home price growth of up to 3 percent, said NAR Chief Economist Lawrence Yun. Already many markets are seeing home price increases, including San Diego, where prices are up some 16 percent. Orange County, Calif., and Boston are two other strong areas, with price increases of 10 percent to 12 percent, Yun said.

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HVCC Not Going Away Anytime Soon

2010-05-14T08:17:00.001-04:00

Although the Home Valuation Code of Conduct agreement between Fannie Mae, Freddie Mac, and the New York State Attorney General is set to expire on Nov. 1, that doesn’t mean it will disappear on that date. That was the message Jerome Nagy, regulatory policy representative for the NATIONAL ASSOCIATION OF REALTORS®, had for Appraisal Committee members gathered Wednesday morning at the 2010 Midyear Legislative Meetings & Expo in Washington, D.C. According to Nagy, there is no requirement for government-sponsored enterprises to remove HVCC guidelines from seller servicer agreements after Nov. 1. He expects its impact will linger well after the expiration date.

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Mortgage Rates at Lowest Level of the Year

2010-05-14T08:09:00.001-04:00

The 30-year fixed-rate mortgage (FRM) averaged 4.93 percent with an average 0.7 point for the week ending May 13, 2010, down from last week when it averaged 5.00 percent. Last year at this time, the 30-year FRM averaged 4.86 percent. The 30-year FRM has not been lower since the week ending December 10, 2009, when it averaged 4.81 percent.

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Foreclosures take tumble locally, nationally

2010-05-13T08:26:00.001-04:00

It’s been a long time — since the housing boom, in fact — that foreclosures both nationally and in Florida were on a decline. But they were in April, possibly signaling that a bottom has been found to this real estate crisis. Foreclosures in Florida were down more than 25 percent in April compared with the year before and more than 18 percent from March, finishing well ahead of the rest of the United States. Nationwide, foreclosures dropped 2.4 percent year over year and more than 9 percent since March. Sarasota had the biggest foreclosure drop in the Tampa Bay region with a nearly 28 percent decrease year over year and a 31 percent fall since March. The county had 827 foreclosures in April, representing one in every 239 homes. Hillsborough County wasn’t far behind. It had a 22 percent drop since April 2009 and a 21 percent drop since March. Its 2,530 foreclosure filings representing one in every 206 homes. Both Polk and Manatee counties reported drops between 20 percent and 2 percent, respectively, from 2009, while Hernando, Pasco and Pinellas remained on the upswing.

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Slide in Tampa Bay home prices has moderated

2010-05-13T08:22:00.000-04:00

Tampa Bay's great home price slide has slowed down significantly over the past year, a boast several other Florida metro areas wish they could make. The median sales prices for single-family homes in the bay area slipped 1 percent in the bay area from a year ago to $133,900, according to first-quarter data released Tuesday by the National Association of Realtors. That places it at 124th among 174 metro areas ranked best to worst in home price changes, and roughly on par with the national average change. In contrast, Orlando emerged as the country's hardest-hit metro over the year, with a 15 percent slide in home prices this quarter to a median of $131,600. Second worst: Ocala, with a 14.5 percent drop. Elsewhere in the state, Daytona Beach prices for the quarter were down 10 percent and Miami-Fort Lauderdale and Jacksonville were both down 6 percent. Just three years ago, the median home price in Orlando was a heady $261,300, far outpacing the Tampa Bay area's median price at the time of $214,900. Based on the latest numbers, Orlando has now fallen below the bay area market.

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US foreclosures down 2 percent from last year

2010-05-13T08:08:00.001-04:00

Millions of Americans are still likely to lose their homes in the coming years, but the foreclosure crisis is finally showing signs of subsiding. The number of households facing foreclosure in April fell 2 percent from a year ago, the first annual decline in five years, RealtyTrac Inc. said Thursday. But the data aren't all sunny. While the number of new delinquencies is dropping, the number of borrowers losing their homes is still rising. Banks seized a record 92,000 homes last month. And there are millions more potential foreclosures ahead. Nearly 7.4 million borrowers, or 12 percent of all households with a mortgage, had missed at least one month of payments or were in foreclosure as of March, according to Lender Processing Services Inc., a mortgage data research firm.

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Bay area home sales rise 15%

2010-05-12T08:13:00.001-04:00

The Bay area real estate market continued to show signs of stabilization in the first quarter as home sales rose 15 percent, according to Florida Realtors. There were 6,580 sales in the first quarter, compared with 5,721 in the same quarter last year. Prices, meanwhile, fell just 1 percent. The median sales price in the Tampa-St. Petersburg-Clearwater metro area was $129,300, down from $130,800. Sales were up 24 percent in Florida, as 38,846 homes changed hands, up from 31,410 during the same period a year ago. Prices fell 5 percent to a median sales price of $133,800. That's down from $140,900.

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Late mortgage payments drop for first time since '06

2010-05-10T08:25:00.000-04:00

The rate of late mortgage payments dropped in the first quarter for the first time since 2006, according to credit reporting agency TransUnion. The 60-day delinquency rate slipped to 6.77 percent, from 6.89 percent in the fourth quarter of 2009. That was the first decline after 12 consecutive quarters of steady increases, TransUnion said. The first-quarter figure still represents a substantial jump from a year ago, when delinquencies were at 5.22 percent. But FJ Guarrera, vice president in TransUnion's financial services business unit, said it's still good news.

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Mortgage Rates at Lowest Level in Six Weeks

2010-05-07T08:12:00.001-04:00

The 30-year fixed-rate mortgage (FRM) averaged 5.00 percent with an average 0.7 point for the week ending May 6, 2010, down from last week when it averaged 5.06 percent. Last year at this time, the 30-year FRM averaged 4.84 percent.

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Survey: Florida Real Estate Improving

2010-05-03T09:29:00.001-04:00

Foreign and domestic investors are putting more of their money in Florida real estate, according to a quarterly survey of the market by the University of Florida’s Bergstrom Center for Real Estate Studies. Life insurance companies also have returned to the state’s commercial property market, according to Timothy Becker, the center’s director. Becker says that contrary to what some prognosticators are saying, Florida investors apparently don’t believe things are going to get worse before they get better. "One of our respondents summed it up by stating that, ‘If anything, we will get less bad,’" he says. The report was less optimistic about the new-home market, which respondents said would continue to be slow because so many homes that are equally as nice as brand-new homes continue to be available on the foreclosure market.

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Fixed-Rates Stable, Posting Little Change From Last Week's Figures

2010-04-30T08:30:00.001-04:00

The 30-year fixed-rate mortgage (FRM) averaged 5.06 percent with an average 0.7 point for the week ending April 29, 2010, down slightly from last week when it averaged 5.07 percent. Last year at this time, the 30-year FRM averaged 4.78 percent.

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Tampa-St. Pete ranked 26th in nation in foreclosures

2010-04-29T08:28:00.002-04:00

Foreclosure rates are starting to drop for some of the worst-hit housing markets, but not in Florida, according to a new report from RealtyTrac. The Greater Tampa area, which includes St. Petersburg and Clearwater, had a 17 percent increase in foreclosures in the first quarter compared with the year before, and a 22 percent jump from the fourth quarter of last year, to stay ahead of the national average. However, its foreclosure rate of 1 in every 69 homes was behind nine other Florida markets, including Lakeland (one in every 57 homes) and Sarasota-Bradenton (one in every 69 homes). That’s different from Las Vegas, the nation’s worst foreclosure market, where one in every 28 homes faced foreclosure despite a 19 percent drop from the pervious year. Eight of the top 10 markets ranked by number of foreclosure experienced drops but not Orlando-Kissimmee, which ranked No. 10 with a 17 percent increase. Cape Coral-Fort Myers, ranked third in the nation, had a nearly 26 percent decrease in foreclosures compared to the first quarter of 2009.

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Service Members Get Extra Year for Tax Credit

2010-04-29T08:21:00.000-04:00

Members of the U.S. military, foreign service and intelligence communities have another year to purchase a home and claim the home buyer tax credit. Any service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010, has until April 30, 2011, to sign a sales contract and until June 30, 2011, to close on the property. Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included in the extension. The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they receive government orders to move.

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U.S. home prices increase

2010-04-28T09:33:00.001-04:00

For the first time since the end of 2006, home prices nationally posted an increase. In some areas such as Tampa Bay, however, February prices reached new recessionary lows. The Standard & Poor's/Case-Shiller home price index released Tuesday squeezed out a 0.6 percent gain. But that was half the increase analysts had expected. On a more cautionary note, 11 of the 20 cities tracked by the index showed declines from February last year. One of them was the Tampa Bay area, where prices dropped after months of stabilization, a sign perhaps, of how deeply mired Florida is in the mortgage crisis. But a new quarterly economic forecast for the state shows economic improvement this year, although Floridians should expect double digit unemployment rates during the next two years. Prices in the Tampa-Clearwater-St. Petersburg metropolitan area fell 6 percent compared with February 2009, and 1.2 percent from January to February. The index showed prices in Tampa and five other cities - Charlotte, Las Vegas, New York, Portland and Seattle - reached recent new lows in February. Las Vegas saw the largest annual drop at almost 15 percent. San Francisco posted the biggest gain, at about 12 percent.

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Tampa home prices find new low since boom

2010-04-28T09:24:00.002-04:00

Tampa is among six metropolitan areas that have reached new lows in home prices in February since the housing boom peak, according to a new report from Standard & Poor’s for its S&P/Case-Shiller Home Price Indices. Home prices in Tampa dropped 6 percent in February compared with the year before and 1.2 percent since January. That was the largest year-over-year drop of all the 20 cities tracked by S&P for the study. Seattle, which has had a price appreciation of more than 43 percent since January 2000, had an annual drop of 5.6 percent, followed by Detroit with a 5.4 percent fall. Detroit wasn’t among the newest lows for the cities surveyed, but Seattle was, joining Tampa; Charlotte, N.C.; Las Vegas; New York and Portland. Both Charlotte and Cleveland have had seven consecutive months of negative monthly returns. However, Tampa, Atlanta, Boston, Denver and New York are not far behind with six consecutive months of negative prints, Standard & Poor’s said. Tampa home prices are still more than 36 percent better than they were in January 2000, however, that appreciation is behind the 20-city average of 44 percent. Atlanta is just 5.7 percent bigger than it was the year before, while Cleveland is about even to home prices from the beginning of 2000.

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Fannie Mae sweetens offer to avoid foreclosure

2010-04-27T12:01:00.002-04:00

Struggling borrowers who give up their homes through a "deed in lieu of foreclosure" or a short sale will be able to obtain a new Fannie Mae loan in two years. Currently, these owners must wait at least four years. The new policy, which takes effect in July, is designed to make foreclosure alternatives more attractive. The policy applies only to Fannie Mae's willingness to approve a mortgage, however. Homeowners' credit scores will still take a hit following a short sale or deed in lieu of foreclosure. To qualify for a mortgage after the two year wait, Fannie Mae says borrowers must make a 20 percent down payment; but those who lost a job or have other extenuating circumstances will be able to make a 10 percent down payment.

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Florida again No. 1 in mortgage fraud

2010-04-27T09:17:00.000-04:00

Among the 50 states, Florida once again is the mother of mortgage fraud. Soaring rates in the state, specifically of appraisal fraud and misrepresentation, guaranteed Florida retained the No. 1 ranking in 2009 for the fourth year in a row. An annual ranking unveiled Monday by the Mortgage Asset Research Institute found that, given the volume of residential mortgages it originates, Florida had close to three times the expected amount of reported loan fraud and misrepresentation. That made Florida No. 1 by a comfortable margin in the country, ahead of the next closest states New York, California, Arizona and Michigan.

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Value of home appraisal process in question

2010-04-25T09:26:00.001-04:00

A year ago, the nation's housing industry adopted new rules aimed at preventing the kind of appraisal-related fraud that helped drive home prices to ridiculous — and unsustainable — heights. Now, many Tampa Bay real estate agents say the appraisal rules are a good idea gone bad, delaying and threatening sales as the market struggles to recover. During the boom, mortgage brokers and others whose fees were tied to loan production sometimes worked with appraisers to set home values. To prevent collusion, the 2009 Home Valuation Code of Conduct bars loan originators from directly selecting appraisers. As a result, most appraisers are now hired through so-called appraisal management companies. Critics complain that the companies sometimes hire inexperienced appraisers who know little about an area. The problem can be acute in older neighborhoods, like Woodlawn or Tampa's Palma Ceia, where there is a greater mix of housing than in cookie-cutter subdivisions.

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Bill to deregulate property insurance market appears dead

2010-04-23T08:26:00.002-04:00

A push to let Florida property insurance companies aggressively raise rates with unregulated policies appears unlikely this legislative session, a victim of Gov. Charlie Crist's threatened veto. The bill would let insurance companies raise rates up to 10 percent on a statewide average with a cap at a 20 percent hike. The Florida Office of Insurance Regulation under McCarty currently has authority to reject rate requests that are deemed excessive. But insurance companies contend the freedom is needed because present rates are artificially low.

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March Tampa Area Home Sales Up 21%, Prices Down 3%

2010-04-23T08:14:00.004-04:00

The Tampa-St. Petersburg-Clearwater MSA reported a total of 2,782 homes sold in March compared to 2,782 homes a year ago for a 21 percent increase. The existing home median sales price was $131,400; a year ago, it was $135,800 for a 3 percent decrease. In the year-to-year comparison for the existing condo market, a total of 991 units sold in the MSA last month, up 92% from a year ago when 515 condos sold. The market’s existing condo median price was $95,000; a year ago, it was $109,100 for a 13 percent decrease.

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Long-Term Mortgage Rates Mostly Unchanged from Last Week

2010-04-23T08:10:00.001-04:00

The 30-year fixed-rate mortgage (FRM) averaged 5.07 percent with an average 0.7 point for the week ending April 22, 2010, unchanged from last week when it averaged 5.07 percent. Last year at this time, the 30-year FRM averaged 4.80 percent.

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US home sales expected to rise in March

2010-04-22T08:07:00.002-04:00

Home sales are expected to rise 5.2 percent in March, reversing three months of declines, as government incentives juiced the housing market and kicked off what's expected to be a strong spring selling season. Economists polled by Thomson Reuters forecast the National Association of Realtors will say sales of previously occupied homes rose last month to a seasonally adjusted annual rate of 5.28 million, up from 5.02 million in February. That was the weakest month since last July.

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Decline in Pinellas property values will be steeper than expected, appraiser says

2010-04-21T08:08:00.002-04:00

Some local governments will be facing tighter budgets than expected if the county property appraiser's forecast of double-digit drops in land values across most of Pinellas holds true. Mid-Pinellas could see some of the steepest declines: Pinellas Park is estimated to see a 14.4 percent drop in real estate values. Kenneth City, a 14 percent decrease. Largo, a 13 percent reduction. St. Petersburg, a 12.8 percent contraction. Seminole and Clearwater are also predicted to see double-digit drops of 11.6 percent and 11.1 percent, respectively. But those are more in line with the expected countywide decline of 11 to 11.2 percent. Even many of the beach communities, which usually manage to avoid drastic drops in property values, could see double-digit decreases. St. Pete Beach, for example, is predicted to see a 10.2 percent decline.

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Foreclosure bill rouses rally

2010-04-20T08:34:00.003-04:00

Lawyers and consumer advocates plan a rally in Tallahassee on Wednesday to protest a controversial bill that would speed up foreclosures in Florida. The legislative bill would allow lenders to foreclose on homeowners without approval from a judge in as little as 90 days. It appears to have stalled, but the group said it wants to send a message to legislators. House Bill 1523 would allow lenders to skip legal proceedings unless the borrower requests the foreclosure go through the courts. Florida law requires a lender to file a foreclosure lawsuit and have the foreclosure granted by a judge. There are nearly 500,000 pending foreclosure cases in Florida, among the worst in the nation. Because of the backlog, foreclosures can take months or years. Critics say the bill significantly shortens the foreclosure process, making it more difficult for troubled borrowers to save their houses. They say the bill would not help the backlog of foreclosures because it applies only to new cases. Supporters say it would help judges and be good for neighbors weary of long-vacant houses in their community.

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Florida's jobless rate hits record, Tampa fares better

2010-04-19T08:26:00.000-04:00

Florida's jobless rate hit a record high for the third month in a row as unemployment rates slightly improved locally. Florida's rate edged up to 12.3 percent in March. The Tampa Bay area's rate improved in March, although it remained higher than the state rate. The seasonally adjusted rate represents more than 1.3 million jobless workers in Florida, according to a report released Friday by Florida's Agency for Workforce Innovation. Despite the statewide record high, each of the four counties grouped in the Tampa Bay area posted reduced unemployment rates in March. But the agency cautioned against reading too much into local improvements since the numbers aren't seasonally adjusted. The Tampa Bay area, which includes Hillsborough, Pasco, Pinellas and Hernando counties, had a March unemployment rate of 12.7 percent. That's down from 13.2 percent in February, but up from 10.1 percent from March 2009. County data are not adjusted for seasonal variations.

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HUD's Good Faith Estimate Form sparks confusion

2010-04-18T07:58:00.000-04:00

For anyone buying a home this spring, beware: There could be some kinks with the paperwork. In January, the Department of Housing and Urban Development rolled out sweeping changes to the Good Faith Estimate, a key consumer-protection document. The agency has given the real estate industry four months to change over to the new form, and the questions and complaints are widespread. "Borrowers are looking at this form and saying, 'This doesn't make any sense for us, why can't we have something that's more simple?'" said Pava Leyrer, president of Heritage National Mortgage in Grandville, Mich. One of her clients, Chad Veldkamp, wasn't even sure how much money he needed to complete the deal until he sat down to sign the final documents.

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Multifamily units drive home construction

2010-04-17T10:53:00.000-04:00

Housing construction posted a better-than-expected performance in March, rising to the highest level in 16 months. The gain was due solely to multifamily homes, which account for less than 20 percent of the market. The Commerce Department report Friday said construction of single-family homes, the most important segment of the market, fell 0.9 percent to an annual rate of 531,000 units. But permits for single-family construction, a gauge of future activity, were up. The increase in housing starts tempered news this week from RealtyTrac Inc. that a record number of U.S. homes were lost to foreclosure in the first three months of the year. The low selling prices of those foreclosed homes have put builders at a disadvantage, held back hiring in the construction industry and helped restrain the broader economic recovery.

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Mortgage Rates Ease a Bit This Week

2010-04-16T08:22:00.001-04:00

The 30-year fixed-rate mortgage (FRM) averaged 5.07 percent with an average 0.6 point for the week ending April 15, 2010, down from last week when it averaged 5.21 percent. Last year at this time, the 30-year FRM averaged 4.82 percent.

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Bankruptcy filings in Tampa jump 21 percent in first quarter

2010-04-15T08:50:00.000-04:00

Bankruptcy filings in the Tampa/Fort Myers division jumped nearly 21 percent in the first quarter, a pace that would smash last year's record. Filings in the Middle District of Florida, which includes the Tampa office, are also up about 21 percent. The 16,149 cases filed in the Middle District, which also includes Orlando and Jacksonville, make it the second-busiest bankruptcy court in the country behind California's Central District. According to preliminary numbers, March was one of the Middle District's busiest months on record, trailing only the two months in 2005 in which filers were racing to beat the bankruptcy law changes. And, if projections are right, it hasn't peaked yet.

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Fed: Low rates likely through 2010

2010-04-13T08:34:00.001-04:00

Interest rates are likely to remain low into 2011, Federal Reserve policymakers hinted this week in at least two presentations. These indications came one week after the Fed shut down its program to buy mortgage-backed securities, which had kept rates at or near record lows in recent months. In a speech Thursday, Fed Governor Daniel Tarullo said, “The relatively modest pace of recovery, the continued high rate of unemployment, subdued inflation trends, and well-anchored inflation expectations together suggest that the need for highly accommodative monetary policies will not diminish soon.” Likewise, Donald Kohn, Fed vice chairman in a speech in San Francisco, said the Fed would raise rates, “in due course,” but he also noted that low rates “help offset the lingering restraining effects on economic activity and prices.” So far, rates have risen modestly, but analysts speculate they will likely become much more volatile down the road.

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Realtors optimistic: Housing recovery is near

2010-04-12T11:32:00.001-04:00

It’s still taking more than 200 days to sell a home, but inventory in Hillsborough, Pasco and Pinellas counties has shrunk to just eight months, hinting that a recovery could be just a few months away. There were 2,990 homes sales in the three counties in March, up 32 percent from February and 34 percent from 2009, according to a new report from Home Encounter LLC of Tampa. Homes sold at an average price of $94 per square foot, down slightly from a year ago, but up more than 3 percent from February. Listings are down significantly from a year ago, dropping more than 22 percent to 24,040, shrinking inventory from 14 months to just eight. Listing prices are falling as well, however, dropping more than 10 percent from $154 to $138 a square foot. Distressed homes continue to plague the market, keeping home prices almost steady between $90 and $100 per square foot since January 2009, Murphy said. Nearly 42 percent of all sales in March were distressed, selling for an average of 71 percent of non-distressed prices.

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Owners Who Refinanced May Owe IRS

2010-04-11T09:30:00.000-04:00

People who cashed out refinances, or had part of their mortgage debt forgiven when they sold their homes through short sales, will probably owe the IRS a big payback. In 2007, Congress passed the Mortgage Forgiveness Debt Act, but that doesn’t let everyone off the hook. Here are exceptions to the rule: Anyone who did a cash-out refinance and spent the money on something not housing related, then got in trouble and lost their home to a foreclosure or short sale, will owe the IRS as if the money from the refinance were earned income. The IRS will forgive tax liability only on money from home-equity loans that was spent to improve the property. Anyone who lost a vacation home or investment property to foreclosure or short sale will owe Uncle Sam. Multi-million dollar homes — lost or sold — are always subject to tax.

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Home prices on Suncoast continue fall

2010-04-09T08:28:00.001-04:00

Suncoast house prices improved in January but still saw some of the steepest declines in the nation, according to the S&P/Case-Shiller Metro Area Home Price Index. Home prices in the Tampa-St. Petersburg-Clearwater Metropolitan Statistical Area, which included Pasco County, fell 7.4 percent, compared with the same month last year. The only other area to fare worse was Las Vegas, where prices fell 17.4 percent. The area's decline tied with Detroit. Even so, the Suncoast saw improvement. Prices fell 0.5 percent from December to January - slightly better than the 0.6 percent drop from November to December. The monthly declines have shown signs of stabilization since last summer and have even slightly increased several months. The year-to-year declines are better too. December's year-to-year drop was 11 percent, compared with January's 7.4 percent.

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First Chinese drywall suit award: $2.6 million

2010-04-09T08:21:00.001-04:00

Consumer advocates hailed a ruling Thursday in Louisiana federal court that awarded $2.6 million to seven Virginia families who bought homes built with Chinese drywall. U.S. District Judge Eldon Fallon handed down the first award in a Chinese drywall lawsuit. He awarded property damages, personal property damages, and an amount for loss of use and enjoyment. The case is considered a bellwether for numerous federal class action lawsuits consolidated in New Orleans. It also provides guidance for hundreds of other cases awaiting trial in state circuit courts. The ruling lends legal weight to a recent federal policy decision that the only safe method of dealing with Chinese drywall is to gut a house’s interior of all drywall, wiring and plumbing. From 2004 to 2006, when the building boom and hurricane repairs created a domestic shortage, 500 million pounds of drywall were imported – and 60 percent of the drywall came through Florida ports.

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Bond Yields Push 30-Year Mortgage Rates to Highest Level in Eight Months

2010-04-09T08:09:00.001-04:00

The 30-year fixed-rate mortgage (FRM) averaged 5.21 percent with an average 0.6 point for the week ending April 8, 2010, up from last week when it averaged 5.08 percent. Last year at this time, the 30-year FRM averaged 4.87 percent. This is the highest the 30-year FRM has been since the week ending August 13, 2009 when it averaged 5.29 percent.

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Water's Edge condo tower in Clearwater on brink of sale

2010-04-08T08:14:00.002-04:00

A California investment company that specializes in underpriced apartments has contracted to buy one of Clearwater's tallest and ritziest residential properties: the bankrupt Water's Edge condominium tower. Clearwater Mayor Frank Hibbard confirmed the buyer of the 25-story downtown building is Concierge Asset Management of San Francisco, founded by a bargain-hunting tycoon named Maxwell Drever. Opus South Corp. completed Water's Edge in 2008, filed for bankruptcy in spring 2009 and ceded the tower to Wachovia Bank at foreclosure auction last fall. Wachovia, which held an $82 million mortgage on the building, successfully bid $30.6 million for the property. It's safe to say Concierge's offer is somewhere between $30.6 million to $82 million. The 153-unit Water's Edge rests on a bluff near Clearwater City Hall, across the Intracoastal Waterway from the beach. Opus claimed it had sold 60 percent of its units, but most prospective owners bailed from contracts that averaged $750,000. The building remains largely unoccupied save for a few unit owners.

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Nearly 17 percent of Tampa homeowners three months behind on mortgage

2010-04-08T08:13:00.001-04:00

Nearly 17 percent of Tampa Bay homeowners haven't paid their mortgages for at least three months. The February report by First American CoreLogic shows mortgage delinquencies rising steadily for more than a year. From February 2009 to February 2010, delinquencies increased from 10.84 percent to 16.96 percent of all residential mortgages, making mincemeat of such government anti-foreclosure measures as Making Home Affordable. Florida's 90-day delinquency rate was even worse at 19.39 percent. The U.S. rate was 8.78 percent. Unusually high unemployment, combined with stiff housing depreciation, has pushed more homeowners into default.

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Homebuyers scramble as mortgage rates jump

2010-04-07T19:19:00.001-04:00

The era of record-low mortgage rates is over. The average rate on a 30-year loan has jumped from about 5 percent to more than 5.3 percent in just the past week. As mortgages get more expensive, more would-be homeowners are priced out of the market — a threat to the fragile recovery in the housing market. And if you wanted to refinance at a super-low rate, you may have missed your chance. Mortgages under 4 percent are still available, but only for loans that reset in five or seven years, probably to higher rates. Rates are going up because of the improving economy and the end of a government push to make mortgages cheaper. For people putting their homes on the market this spring, rising rates may actually be a good thing. Buyers are racing to complete their purchases and lock in something decent before rates go even higher.

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Deadline nears for homebuyer tax credit

2010-04-07T08:43:00.001-04:00

There is a potential to save thousands of dollars but time is running out. If you're thinking of taking advantage of the government's homebuyer tax credits you must have a contract to purchase a home by the end of this month. First time homebuyers can get a credit of up to $8,000. This has pushed about 900,000 additional buyers into the market, said Lawrence Yun, chief economist for the National Association of Realtors, a trade group. The additional stimulation has helped stabilize home prices, he added. "It is laying the foundation for more normal housing market conditions," Yun said, "and helping assure that we have a sustainable economic recovery as homeowners don't see further destruction of their wealth." The government also offered a tax credit to long-time residents who buy a new principal residence — no credits for vacation homes. They're eligible for a credit of up to $6,500.

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Fannie Survey Finds Home Owners Are Skeptical

2010-04-07T08:22:00.001-04:00

The housing crisis has changed how Americans view homeownership, according to a survey of public attitudes by Fannie Mae. The number of people who view homeownership as a safe investment declined from 83 percent in 2003 to 70 percent in 2009. In addition:

* 48 percent of those surveyed said banks should foreclose on people who don’t pay their mortgages. 53 percent blamed borrowers – instead of banks – for taking out bigger loans than they could afford.

* 15 percent of respondents said it is acceptable for borrowers who are underwater to walk away.

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Government offers incentives to ease short sale process

2010-04-06T08:39:00.000-04:00

The government launched a new effort Monday to speed up the time-consuming, often-frustrating process of selling your home if you owe more than it's worth. The Obama administration will give $3,000 for moving expenses to homeowners who complete such a sale - known as a short sale - or agree to turn over the deed of the property to the lender. It's designed for homeowners who are in financial trouble but don't qualify for the administration's $75 billion mortgage modification program. Owners will still lose their homes, but a short sale or deed in lieu of foreclosure doesn't hurt a borrower's credit score for as much time as a foreclosure. For lenders, a home usually fetches more money in a short sale than a foreclosure, and the bank avoids expensive legal bills, cleanup fees and maintenance costs that follow a foreclosure. Along with the financial incentives, the new government program makes another key change. Mortgage companies will have to set their minimum bid before the house is listed for sale. If the offer is above that, the lender must accept it.

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Pending Home Sales Show Healthy Gain

2010-04-06T08:28:00.001-04:00

Pending home sales rose in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, says the improvement is another hopeful sign. “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he says. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.”

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Recession sends gloom into upscale Brightwaters neighborhood

2010-04-05T08:14:00.000-04:00

Brightwaters Boulevard is one of Tampa Bay's most prestigious addresses. Curving the length of Snell Isle in St. Petersburg, it is home to doctors and developers, CEOs and high-profile lawyers. It is a street that exudes an air of gracious living. But like thousands of other American streets, it has felt the sting of a troubled economy and real estate market. At the north end of Brightwaters sits a 6,000-square-foot bayfront mansion that is in foreclosure. The owner, a prominent eye doctor, is trying to sell it for $3 million. At the south end of Brightwaters is the storied Perry Snell home, built in the 1920s and now on sale for $18 million. Its current residents, owners of a defunct computer training school, are in financial distress after spending millions on renovations. In between are 25 more homes for sale — one in every seven, or 14 percent of the 196 properties with a Brightwaters address. Those are numbers you might expect to find in the bland subdivisions that sprang up in Hillsborough or Pasco counties during the boom, not in one of the region's oldest and most affluent neighborhoods.

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Bellview Biltmore catches a break as appeal period expires

2010-04-03T09:16:00.001-04:00

A chain-link fence surrounds the 113-year-old resort, shuttered nearly a year. Plans to restore the Belleview Biltmore Resort & Spa were unveiled 2 1/2 years ago, but legal challenges stalled the project. Monday, the hotel got a break. The appeal period on the latest court challenge expired, basically clearing the way for the development team to jump in where they left off. "All of the pieces have to be put back together," said Martin Smith, a project consultant and hotel managing director. The historic hotel was supposed to open in January 2012. Now, the timetable is unclear.

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Feds: Homes with Chinese drywall must be gutted

2010-04-02T16:56:00.001-04:00

Thousands of U.S. homes tainted by Chinese drywall should be gutted, according to new guidelines released Friday by the Consumer Product Safety Commission. The guidelines say electrical wiring, outlets, circuit breakers, fire alarm systems, carbon monoxide alarms, fire sprinklers, gas pipes and drywall need to be removed. "We want families to tear it all out and rebuild the interior of their homes, and they need to start this to get their lives started all over again," said Inez Tenenbaum, chairwoman of the commission, the federal agency charged with making sure consumer products are safe. About 3,000 homeowners, mostly in Florida, Virginia, Mississippi, Alabama and Louisiana, have reported problems with the Chinese-made drywall, which was imported in large quantities during the housing boom and after a string of Gulf Coast hurricanes.

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Freddie Mac eases rules for Fla. condo loans

2010-04-02T08:28:00.001-04:00

Freddie Mac moved to buoy the battered Florida condo market, waiving lending rules that made it harder to buy and sell units in many condo buildings. Freddie Mac said today it will back mortgages on units in financially troubled condo developments as long as the seller's loan is already owned or securitized by the mortgage finance company. The announcement is a reversal by Freddie Mac, which had been rejecting mortgages in condos with low occupancy and high delinquency rates for condo association fees. Florida's once-burgeoning condo market has been hit hard by foreclosures, falling prices and high inventory caused by overbuilding. Condo prices have fallen by half since 2006 in parts of the state.

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Long-Term Mortgage Rates at Second Highest Level This Year

2010-04-02T08:19:00.001-04:00

The 30-year fixed-rate mortgage (FRM) averaged 5.08 percent with an average 0.7 point for the week ending April 1, 2010, up from last week when it averaged 4.99 percent. Last year at this time, the 30-year FRM averaged 4.78 percent.

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S&P/Case-Shiller Report Tampa Area Home Prices Drop

2010-03-31T08:42:00.001-04:00

Bay area home prices improved in January but still saw some of the steepest declines in the nation, according to the S&P/Case-Shiller Metro Area Home Price Index. Home prices in the Tampa-St. Petersburg-Clearwater metropolitan area fell 7.4 percent compared with the same month in 2009. The only area to fare worse was Las Vegas, where prices fell 17.4 percent. The Bay area's decline tied Detroit's number. Even so, the Bay area saw improvement. Prices fell 0.5 percent from December to January - slightly better than the 0.6 percent drop from November to December. The monthly declines have shown signs of stabilization since summer and have increased slightly during several months. The year-to-year declines are better, too. December's year-to-year drop was 11 percent, compared with January's 7.4 percent.

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Flood insurance program hiatus disrupts home closings

2010-03-30T17:13:00.000-04:00

Homeowners who need flood insurance to close on the purchase of a home in a flood zone are in limbo again. Congress could not come to terms for extending the National Flood Insurance Program before it went on recess, forcing the NFIP to stop issuing and renewing policies effective March 28. Coverage of existing policies is not affected. It's the third time in recent months that program funding has temporarily expired amid political wrangling. The latest round of short-term funding is connected to legislation that also extends a number of programs for the unemployed. The hiatus is expected to be short-lived, with Congress taking up the legislation when it returns to session April 12. Once Congress authorizes the program again, it's expected to make it retroactive. Standard homeowners insurance policies do not cover flooding. The flood insurance program, created in 1968, offers coverage from floods associated with hurricanes, overflow of rivers or lakes, rain storms, mudslides and winter melt. Florida is the seventh-largest state in terms of flood insurance claims.

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US home prices post smallest annual decline in 3 yrs

2010-03-30T09:39:00.001-04:00

Home prices showed the smallest annual decline in almost three years in January, indicating there are surprising areas of strength in the housing market. The Standard & Poor's/Case-Shiller 20-city home price index fell just 0.7 percent from last year on a seasonally adjusted basis. The index reading of 146.32 was almost in line with analysts expectations, according to a survey by Thomson Reuters. "There was some positive momentum in home prices in January," wrote Ian Pollick, a portfolio strategist with TD Securities. Better still, prices rose 0.3 percent from December to January, the eighth consecutive monthly gain. Among the 20 cities in the index, 12 rose.

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Associations using reverse foreclosure to get fees from banks

2010-03-29T09:50:00.000-04:00

Some homeowners associations fed up with unpaid assessments on foreclosure homes are using a new legal tool to force lenders to pay. With so many abandoned distressed properties, it is becoming increasingly difficult for associations to pay bills for services such as water, cable and maintenance. When there are shortfalls, associations typically have little choice but to raise fees for all unit owners who do pay their bills. Legally, the owner of the property must pay the fees. But when banks take months or years to foreclose, properties are left in limbo. Some lenders hold off on foreclosure because so many properties are worth less than the mortgage amount. This leaves no one paying association fees.

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Option ARMs a housing hazard

2010-03-28T09:43:00.000-04:00

Home values are slowly rising, and interest rates are still at low tide. But some analysts see a hidden reef that could sink the housing market: option-ARM loans. Option ARMs are adjustable-rate mortgages that give borrowers the option to make minimum payments that don't even cover the interest owed, much less the principal. That unpaid interest gets tacked onto the principal, increasing the size of the loan. But there's a catch: The optional minimum-payment period usually lasts five or 10 years. Because most of the option-ARM loans were funded from 2005 to 2007, the easy-term periods have started to expire. In a wave cresting through the coming two years, most of the estimated 900,000 borrowers who have option ARMs will lose their ability to make these teaser payments, according to First American CoreLogic, a Santa Ana, Calif., real estate research firm.

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Mortgage Rates Inch up Following Bond Yields

2010-03-26T14:56:00.001-04:00

The 30-year fixed-rate mortgage (FRM) averaged 4.99 percent with an average 0.6 point for the week ending March 25, 2010, up slightly from last week when it averaged 4.96 percent. Last year at this time, the 30-year FRM averaged 4.85 percent.

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Florida agents pessimistic home prices will rise soon

2010-03-25T09:47:00.001-04:00

It's the question everyone wants to know: will home prices stabilize or drop? About half of Florida's real estate agents think prices are staying where they are over the next six months, according to a survey released today by Calif.-based HomeGain, an online real estate company. The state's agents are slightly more pessimistic than agents in other states, said Louis Cammarosano, general manager of HomeGain. Fifty-percent of Florida agents said home prices will stay the same, and 33 percent thought prices would decrease. In Tampa Bay, area home prices have plummeted more than 40 percent since the housing boom peaked in 2006. That includes homes in the Tampa-St. Petersburg-Clearwater area. In the past year, home prices generally have increased month-to-month and have hovered in the high $130s for the past several months. The average median price for the year was $137,500, according Florida Realtors. The median price of single-family existing homes in the Bay area fell to $125,600 in January, the most recent month for which data has been released. That's an 11 percent drop from December but a 3 percent increase from a year ago when the median price was $122,400.

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Florida will be last out of recession

2010-03-24T08:39:00.002-04:00

The path to economic recovery may come in the shape of a gravy boat with a sharp decline, a long flat bottom and a tapered spout, according to economist Sean Snaith. Like most economists, Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida College of Business Administration, said he believes the nation exited the recession in the third quarter of 2009, but for most people, it doesn’t feel like it. Snaith expects commercial real estate foreclosures to continue to impact the market, although because the commercial market is expecting them, and preparing for them, he doesn’t expect them to be as severe as some have feared. While job growth is expected to improve in the coming months, Snaith also expects unemployment to continue to plague the market until 2013-2014. In the long term, he also expects the state’s population to grow at a slower rate than it has in the past. “In Florida, we went into the recession before everybody else and we’ll come back after everybody else.”

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February Tampa Area Home Sales Up 10%, Prices Down 3%

2010-03-24T08:22:00.004-04:00

The Tampa-St. Petersburg-Clearwater MSA reported a total of 2,050 homes sold in February compared to 1,856 homes a year ago for a 10 percent increase. The existing home median sales price was $128,100; a year ago, it was $131,400 for a 3 percent decrease. In the year-to-year comparison for the existing condo market, a total of 710 units sold in the MSA last month, up 74% from a year ago when 408 condos sold. The market’s existing condo median price was $89,200; a year ago, it was $99,000 for a 10 percent decrease.

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Florida Realtors are gloomy about prices

2010-03-23T08:17:00.000-04:00

It's the big question: Will home prices stabilize or drop? About half of Florida's real estate agents think prices are staying where they are over the next six months, according to a survey released Monday by California-based HomeGain, an online real estate company. The state's agents are slightly more pessimistic than agents in other states, said Louis Cammarosano, general manager of HomeGain. "It was a little surprising given that Florida has been suffering for quite some time already," Cammarosano said. "A lot of the pain in Florida has already worked its way through." Fifty percent of Florida agents said prices will stay the same, and 33 percent thought prices would decrease. In the Tampa Bay area, home prices have plummeted more than 40 percent since 2006. That includes homes in the Tampa-St. Petersburg-Clearwater areas.

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Foreclosure Inventory Is Increasing

2010-03-22T09:04:00.001-04:00

The inventory of foreclosed homes that banks are sitting on is rising, threatening to push home prices down further in some parts of the country. Analysts at Barclays Capital estimated that banks and mortgage investors held about 645,800 foreclosed homes in January, up 4.6 percent from December. That is down significantly from the peak of 845,000 in November 2008. States with the largest number of foreclosures are Florida, Arizona, Nevada, California, and Michigan.

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Buyer beware in Tampa's low-priced housing market

2010-03-20T09:39:00.002-04:00

Home prices are lower than they have been in years, and there are plenty of properties to choose from. No doubt, it's a buyer's market. But it's also a market to beware. As buyers rush to find homes before the federal tax credit expires next month, experts say they should be cautious. About 60 percent of the homes on the market in Tampa Bay are distressed sales. In some cases, these properties can allow buyers to stretch their budgets even more, but there are potential pitfalls.

1. Make sure the home doesn't have contaminated drywall.
2. If you buy a distressed property beware that it comes "as is."
3. Check records to make sure there are no liens or past due bills on the property.
4. Don't buy a home for the short term.

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Fixed-Rates Flat This Week

2010-03-19T07:53:00.000-04:00

The 30-year fixed-rate mortgage (FRM) averaged 4.96 percent with an average 0.7 point for the week ending March 18, 2010, up slightly from last week when it averaged 4.95 percent. Last year at this time, the 30-year FRM averaged 4.98 percent.

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Fed To Stop Buying MBS

2010-03-18T07:49:00.001-04:00

The Federal Reserve renewed its commitment to keep key interest rates near zero for an “extended period,” but also confirmed that it will stop buying mortgage-backed securities at the end of March. The Fed, whose regular meeting began Tuesday, said that “housing starts have been flat at depressed levels” and “employers remain reluctant to add to payrolls” as a reason for extending the cap on interest rates. “The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to promote economic recovery and price stability,” the Federal Open Market Committee statement said.

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Housing Experts Say Real Estate is Recovering

2010-03-16T07:50:00.001-04:00

Some of the nation’s top economists believe the housing market has turned and better days are on the way for the housing industry. Increases in jobs, credit, and affordable homes will overcome impediments such as rising interest rates, and the expiration of the Federal stimulus program to push the housing market toward recovery, says Dean Maki, chief U.S. economist for Barclays Capital. “I would bet even odds that we’re at a bottom and that we’re going to see improvement in the coming months,” says Karl Case, co-creator of the S&P/Case-Shiller Home Price Index and a professor of economics at Wellesley College. “The underlying trend is turning positive,” says Bruce Kasman, chief economist at JPMorgan Chase & Co.

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Florida among states rushing plans for $1.5B in housing funds

2010-03-15T08:10:00.001-04:00

The five states hardest hit by the foreclosure crisis have been given only weeks to plan how to spend $1.5 billion in federal funding announced by the Obama administration last month. Guidelines issued under the U.S. Treasury Department's Fund for Hardest Hit Housing Markets on March 5 gave housing finance agencies in California, Arizona, Florida, Nevada and Michigan just six weeks to come up with plans on how to spend their share of the money. The rush could be problematic for the states, especially because Treasury is seeking "innovative" measures to help families facing foreclosure. But some experts have been urging the administration to try the approach, believing it will be helpful and that it can be done quickly.

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Future Foreclosures Could Hamper Housing

2010-03-13T07:20:00.001-05:00

In spite of signs of a recovery, many home buyers are continuing to fall behind on their mortgages. Some economists see this as an indication that a second major wave of foreclosures is likely, even though the housing market appears to be stabilizing. This next upsurge in foreclosures could cause more disruption and push prices down farther. Housing experts say that the recent favorable housing data doesn’t reflect the number of properties that banks have left in limbo — repossessed, but not yet on the market. "Lenders are deluged by late-stage delinquencies. The pent-up foreclosure inventory is there," says Massoud Ahmadi, director of research for the Maryland Department of Housing and Community Development.

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Florida seeking drywall relief

2010-03-12T08:28:00.001-05:00

Florida is asking the federal government for disaster relief for consumers overwhelmed by tainted drywall in their homes. It's a highly unusual tack, and is the first step in seeking funds from the Federal Emergency Management Agency. FEMA typically helps in cases of natural disasters, such as hurricanes, not product defects. Kurt Pickering, spokesman for FEMA's regional office in Atlanta, said the agency is reviewing Florida's request. Area counties could benefit most if the request is approved.
Florida homeowners with toxic drywall, imported mainly from China, deserve money and answers about health concerns, according to a letter Florida's interim emergency management director sent to federal officials Wednesday.

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Mortgage Rates Drop Slightly in Freddie Mac Weekly Survey

2010-03-12T08:16:00.000-05:00

The 30-year fixed-rate mortgage (FRM) averaged 4.95 percent with an average 0.7 point for the week ending March 11, 2010, down from last week when it averaged 4.97 percent. Last year at this time, the 30-year FRM averaged 5.03 percent.

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US foreclosure rates up by smallest amount in 4 years

2010-03-11T09:21:00.001-05:00

The foreclosure crisis isn't over, but the pace of growth may finally be slowing down. RealtyTrac Inc. said Thursday that the number of U.S. households facing foreclosure in February grew 6 percent from the year-ago level, the smallest annual increase in four years. Among states, Nevada posted the nation's highest foreclosure rate, though foreclosures there were down 7 percent from January and down more than 30 percent from a year earlier. It was followed by Arizona, Florida, California and Michigan. Rounding out the top 10 were Utah, Idaho, Illinois, Georgia and Maryland. The metro area with the highest foreclosure rate in February was Las Vegas. Though one in every 90 homes there received a foreclosure filing, foreclosures were down 9 percent from a month earlier. Foreclosures in the No. 2. metropolitan area, the Cape Coral-Fort Myers area in Florida, were up 31 percent from a month earlier.

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Foreclosures back on the rise in Tampa Bay

2010-03-11T08:13:00.001-05:00

Foreclosure rates were up nationally in February, and the story isn’t much different in the Tampa Bay region. Only Manatee and Pasco counties had annual foreclosure rate decreases in February. Those were the only highlights in Florida where foreclosures were up more than 16 percent, according to a new report from RealtyTrac. However, February marked the 50th straight month of national increases in foreclosure rates, despite the 6 percent growth nationally being the smallest annual increase seen since January 2006.

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Tampa's Unemployment Hits 13.1%

2010-03-10T10:55:00.002-05:00

Florida's unemployment rate reached 11.9 percent in January, tying a state record set nearly 35 years ago. The jobless rate released Wednesday morning, which was up from a revised 11.7 percent in December, was fueled by a loss of 6,100 jobs during the month and 303,200 jobs over the past year. The numbers for the Tampa Bay area were even more harsh, with unemployment hitting 13.1 percent, up from 12.4 percent a month earlier.

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Fewer Sellers Are Cutting Prices

2010-03-10T08:22:00.001-05:00

The prices on 19 percent of homes for sale as of March 1st have been reduced at least once, the lowest percentage in the last year, according to Trulia.com. In October and November, when the market was feeling the effect of the tax credit, 26 percent of sellers cut their asking prices. “Better pricing is leading to less time on the market, less price reduction, and in a lot of markets we're starting to see bidding wars on lower end properties," said Ken Shuman, spokesperson for Trulia.

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To walk or not to walk: underwater homeowners face dilemma

2010-03-09T15:19:00.000-05:00

Michael Keigans is “underwater” on his mortgage, owing $80,000 more than his Deerfield Beach house is worth. Keigans figures it could take a decade or two to recover the lost equity, so he’s tempted to walk away, even though he has the money to pay. “Why keep putting money into a house that’s going down in value?” he asks. It’s a question being debated in many households nationwide as the housing crunch continues. Some borrowers feel they have a moral obligation to pay the mortgage, but a growing number of homeowners and consumer advocates say walking away could be a smart business decision. The scale of the problem is daunting: More than half of all residential mortgage holders in Broward County are underwater, California research firm First American CoreLogic said last week. In Palm Beach County, nearly half of mortgage holders fall in that category. And there are several reason for the crisis: Homeowners who now are underwater have seen their property values plummet after they paid peak home prices from 2004 to 2006. Many of these borrowers bought with adjustable-rate mortgages, putting little or no money down. Some are underwater because they refinanced their homes at the market’s peak. So should they walk? Hundreds of thousands of people are doing just that.

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This blog has moved

2010-03-09T14:41:00.001-05:00

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Tax credit has Realtors' phones ringing as deadline looms

2010-03-09T08:00:00.001-05:00

Real estate agents say their phones are ringing a lot more in recent weeks as folks scurry to sell and or buy homes before next month's tax credit deadline. To qualify for the credit, buyers must have fully executed sales contracts in place by April 30 and the deal must close by June 30. First-time home buyers are eligible for up to $8,000. Buyers who have owned a home for five consecutive years within the past eight years can get a credit of up to $6,500. Tampa Bay area sales prices have plummeted more than 40 percent since the peak of the housing boom. Home sales in Tampa-St. Petersburg-Clearwater rose 28 percent in the fourth quarter of 2009, and the median sales price hit $138,800. That's down 42 percent since prices peaked at $239,600 in June 2006.

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Mortgage Rates to Stay Low, Goldman Predicts

2010-03-09T07:57:00.002-05:00

Investment bank Goldman Sachs recently predicted that mortgage rates won’t rise much when the Federal Reserve ends its purchases of mortgage-backed securities at the end of March. Part of the reason is that demand for mortgages is low, says Goldman analyst Sven Jari Stehn. What would drive up mortgage rates, he says, is a decision by the Fed to sell the mortgage backs it holds, but that isn’t likely to happen anytime soon, he believes.

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The Future of Home-Price Appreciation

2010-03-08T09:58:00.002-05:00

After its historic decline brought the global economy to its knees, the U.S. housing market is gearing up for a long-awaited recovery. Real estate experts expect home prices to hit bottom in late 2010 or early 2011 before--finally!--heading north again. But what shape will the rebound take? Are we in for another boom? Or will we have to settle for sluggish growth? Here's the outlook for home price appreciation through 2020.

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Foreclosed Borrowers May Get Loans Again

2010-03-06T09:36:00.001-05:00

Will people who currently face foreclosure or short sales or who walk away from their underwater properties ever be able to get financing to buy another home down the road? Banks haven’t been very forthcoming on this issue. However, knowledgeable observers of the situation say that while it may take some time, the situation will right itself for most people. Because bankrupt borrowers have eliminated their debts, they should "constitute attractive fodder for mortgage lenders," says University of Michigan law professor John Pottow, whose specialty is bankruptcy. As home prices and the mortgage market stabilize, lenders will be motivated to lend to people who previously had financial troubles if they look like they can pay the next time around, says Alan Riegler, a consultant with CCG Catalyst, which advises banks.

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Low Rates Help Make Home Buying More Affordable

2010-03-05T08:04:00.000-05:00

The 30-year fixed-rate mortgage (FRM) averaged 4.97 percent with an average 0.7 point for the week ending March 4, 2010, down from last week when it averaged 5.05 percent. Last year at this time, the 30-year FRM averaged 5.15 percent.

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Buyers Who Wait May Lose a Lot

2010-03-03T07:39:00.002-05:00

Potential home buyers who delay have a lot to lose. First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit. Other factors that should spur buyers: Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent. Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).

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After one-year blip, Florida's population to grow again

2010-03-02T11:40:00.001-05:00

Florida's population should rebound this year from its first loss in more than half a century, according to new estimates from the University of Florida. The state is expected to add about 23,000 residents between April 1, 2009, and April 1, 2010, following a loss of almost 57,000 residents the previous year, UF's Bureau of Economic and Business Research reported Tuesday. Last year's population drop startled a state used to steady, and sometimes explosive, growth since World War II. Researchers say that appears to have been just a one-year blip. "Based on changes in electric customer data, we believe Florida's population has increased slightly over the past year," said bureau director Stan Smith who led the research. "This may be an indication the state's economy is no longer declining at the rate it had been before."

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Move-Up Tax Credit Having Little Impact

2010-03-01T14:45:00.001-05:00

The $6,500 move-up tax credit isn’t significant enough to have much of an impact on the housing crisis, housing experts say. The percentage of current home owners who are considering buying was unchanged from January, a traditional slow month, to February, when business is usually better, according to a poll of 1,500 real estate agents by Campbell Communications and Inside Mortgage Finance. "You've got a really big problem that requires big guns, and the tax credit is just not big enough," says Roberton Williams, senior fellow at the Tax Policy Center in Washington. The credit "is hardly registering on the economic Richter scale," says Patrick Newport, an economist with IHS Global Insight.

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Tampa Area Sees First Median Home Sales Price Increase Since 2006

2010-02-28T09:39:00.006-05:00

For the first time since 2006, the median home sales price in the Tampa-St. Petersburg-Clearwater MSA increased. The existing home median sales price was $125,600; a year ago, it was $122,400 for a 3 percent increase. A total of 1,603 homes sold in January compared to 1,573 homes a year ago for a 2 percent increase. In the year-to-year comparison for the existing condo market, a total of 574 units sold in the MSA last month, up 85% from a year ago when 310 condos sold. The market’s existing condo median price was $100,000; a year ago, it was $108,600 for a 8 percent decrease.

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