Tampa Real Estate Blog - Tampa Homes Blog

New Studies Suggest Florida Turnaround

2012-01-09T19:19:00Z

Recent national studies by Realtor.com, owned by the National Association of Realtors, and Trulia show Florida markets may be poised for an upswing. Realtor.com's Top Ten Turnaround Report Realtor.com's study ranks a city's rising market potential based on a formula comparing recent price appreciation, inventory changes, average age of inventory, area unemployment, and the number of searches by visitors to the site. According to Realtor.com, six of the top ten cities expecting an upswing...(read more)

More Homeowners Becoming Reluctant Landlords

2012-01-09T19:18:00Z

Homeowners needing to move and finding themselves unable to sell, or "upside down" on their homes, are increasingly turning to the rental market to solve their housing dilemma. These "inadvertent landlords," may have found a financial solution to their problem, however they often find maintenance issues and difficult tenants a challenge. According to Eric Balky with Harvard's Center for Housing Studies, approximately 2.3 million single-family homes entered the rental market...(read more)

Monthly Housing Payments Less for Buyers than Renters

2012-01-09T19:17:00Z

In the current real estate market, prospective home buyers with good credit benefit from a combination of low home prices and low mortgage rates, according to an article in the November 26, 2011 issue of The Wall Street Journal. With home mortgage payments at a 15 year low, they are often less expensive than renting in some cities. Since 1991, buyers have experienced a 77 percent increase in their borrowing power. For example, in 1991 a $200,000 mortgage resulted in a $1,700 mortgage payment. Today,...(read more)

Market News: Signed Home Contracts Rise Significantly

2012-01-09T19:16:00Z

According to the National Association of Realtors, home sales rose sharply in October 2011 and continue to remain above existing levels one year ago. Based on contract signings, the Pending Homes Sales Index (PHSI) which reflects contracts, but not closings, soared 10.4 percent to 93.3 percent in October 2011. This is 9.2 percent above October 2010's rate. According to Lawrence Yun, NAR chief economist, realtors hope that record low mortgage rates and increasing home affordability will lead to...(read more)

Foreclosure: A Step by Step Guide

2012-01-09T19:14:00Z

The foreclosure process varies from state to state. In some states, such as Florida, a judge must give a lender permission before it can repossess your home. Being served with a foreclosure lawsuit means that your lender has filed a "complaint" alleging the reasons why it feels it should receive your house as payment of the debt you owe. This complaint includes a "summons," allowing the court power over you, and a "lis pendens," a document filed in public records advising...(read more)

Floridians Feel Cautiously Optimistic

2012-01-09T19:13:00Z

A recent University of Florida survey shows a three point rise in Floridians' consumer confidence in December 2011. Although the figure is one point below the level set a year ago, it's the highest increase since March 2011. The survey's benchmark reflects consumer confidence in 1966; a value of 100 equals the same level of confidence for that year. The lowest index for consumer confidence is a 2, while the highest is 150. Conducted between Dec. 11 and Dec. 22, 2011 the survey tallied...(read more)

Florida Real Estate Attracts Many Brazilian Buyers

2012-01-09T19:12:00Z

Brazilians love Florida; approximately 1.8 million of our neighbors to the south intend to visit through 2013 and Florida's realtors hope to convert these visitors to home buyers. Representative of Florida's realtors, along with Governor Rick Scott and John Sebree, Florida Realtors vice president of public policy, traveled to Brazil recently hoping to encourage these prospective visitors whose country has one of the world's healthiest economies, to buy a home in Florida. Press coverage...(read more)

Great News for First Time Homebuyers

2012-01-09T19:11:00Z

Homeowners are reaping the benefits of low mortgage rates and more affordable home prices and their monthly mortgage payments reflect this happy conjunction. In 2006, the average monthly mortgage payment for a single-family home was $1,140. Today, homeowners pay nearly 40% less, or $700 for a similar single-family home. This is great news for first time home buyers. Nationally, in 2006, mortgage payments accounted for 23% of the average family income. Today, the mortgage payment on a similar home...(read more)

Florida's Existing Home and Condo Sales Show Growth

2012-01-09T19:09:00Z

According to Florida Realtors® latest housing data, sales of Florida's existing homes and existing condos continue to climb. In November 2011, 12,993 homes sold statewide: an 11 percent increase over the number of homes sold in November 2010. Seventeen of Florida's metropolitan statistical areas show a rise in existing home sales in November, while ten metropolitan statistical areas reported an upswing in existing condo sales. Florida Realtors Chief Economist, Dr. John Tuccillo, attributes...(read more)

Solar Power - Coming Soon to a Home Near You

2011-11-07T21:48:00Z

Favored by the eco-conscious, solar power is clean, renewable, occurs during the time of greatest power usage, and eliminates the need for an expensive power grid. Until recently, however, the cost of the panels and their installation have made it prohibitive for most energy consumers. This is changing. According to Jonathan Fahey, writing for the Associated Press, the plummeting price of solar panels suggests that it will be competitively priced with fossil fuels as early as 2016. Currently, combined...(read more)

The New Mortgage Refinance Plan - Who is Eligible?

2011-11-07T21:48:00Z

The Federal Housing Finance Agency (FHFA) has announced changes to the Home Affordable Refinance Program (HARP). The FHFA hopes that the new program, which eases eligibility rules, will double the number of homeowners currently able to lower their mortgage payments. How does new program, extended through 2013, differ from the Home Affordable Refinance Program (HARP) established in 2009? 1. Eligibility for HARP was limited to homeowners who were no more than 25% underwater. Under the new guidelines,...(read more)

New Taxes in the Future for Business Leases? Florida Real Estate News

2011-11-07T21:47:00Z

Are business leases in the state being taxed correctly? The Florida Department of Revenue hopes to discover the answer to this question in a hotly contested, upcoming study. Florida realtors worry that the Department of Revenue has a hidden agenda, and that the study is just a first step toward higher taxes. According to the Florida Realtor Association, Department of Revenue General Counsel, Marshall Stranburg's reassurance, "All we're looking to do is fairly administer the law,"...(read more)

New FHA Requirements Worry Condominium Associations

2011-11-07T21:46:00Z

Unlike traditional loans with their higher down payment requirements, FHA-insured loans have become the loan of choice for condominium buyers. According to Benny L. Kass, writing for washingtonpost.com, in 2010, the FHA issued between 30 and 40 percent of all condominium loans. This data was compiled by a national trade organization, the Community Association Institute (CAI) which represents condominium communities and their concerns. In response to the substantial condominium foreclosures in California,...(read more)

Consumers Sense Stormy Weather Ahead

2011-11-07T21:45:00Z

October's Consumer Confidence Index was at its lowest point since March 2009, when the U.S. was in the heart of the recession. The Index represents how secure consumers feel about overall economic conditions during the next six months. According to an Associated Press article by Ann D'Innocenzio, economists were shocked to discover the Index had dropped 20 points below what they had expected. In a strong economy, the Consumer Confidence Index reads above 90; last month's Index was only26.9....(read more)

Double-Dip Recession Appears Less Likely

2011-11-07T21:45:00Z

According to USA Today, in the wake of government reports issued on Oct. 19, economists are feeling more optimistic about third quarter economic growth. A Bloomberg News survey estimates economic growth up 1.8 percent from economist's projections less than 2 weeks ago. According to Capital Economics' Paul Ashworth, expansion in retail sales, manufacturing, business investment and jobs suggests that third-quarter growth could be as much as 3.2 percent. Optimism is due in part to 10-year Treasury...(read more)