Tampa Real Estate Blog - Tampa Homes Blog

New Studies Suggest Florida Turnaround

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 are in Florida. Markets in Miami, Orlando, Fort Myers-Cape Coral, Ft. Lauderdale, Sarasota-Bradenton, and Lakeland-Winter Haven are all expected to improve.  Factors include a healthy inventory, lower foreclosure rates, and increased condo sales in Miami. Orlando had more home searches compared to listings than any other city. In Fort Meyers-Cape Coral, foreclosure are down, foreign buyers are interested in the area, and median prices have increased yearly.

Trulia's Metro Movers Report

Trulia's new study, Metro Movers Report, analyzes those searching for housing in a city versus city residents looking for housing outside the city. According to Trulia, if inbound searches exceed outbound, it suggests an upswing in that market.

According to The Metro Movers Report, five of the top ten cities with more inbound than outbound searches nationwide are located in Florida: North Port-Bradenton-Sarasota, Fort Lauderdale-Pompano Beach-Deerfield Beach, Cape Coral-Fort Meyers, West Palm Beach-Boca Raton-Boynton Beach, and Orlando-Kissimmee-Sanford. North Port-Bradenton-Sarasota had an amazing six times more inbound than outbound searches.

Trulia's report also checked the searches of residents in New York City and Chicago markets for where they might like to move. Chicago residents counted three Florida cities in their top ten: Tampa-St. Petersburg-Clearwater, Cape Coral-Fort Meyers, and Orlando-Kissimmee-Sanford. New York residents found five of their top ten in Florida: Miami-Miami Beach-Kendall, Orlando-Kissimmee-Sanford, West Palm Beach-Boca Raton-Boynton Beach, Fort Lauderdale-Pompano Beach-Deerfield Beach, and Tampa-St. Petersburg-Clearwater.

Source: 2011 Florida Realtors

 

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Tampa home or real estate investment property; secure mortgage financing; or help you relocate to the Tampa area.  Please call 813-879-6700 or email mailto:info@tamparealestatelink.com?subject=Contact%20Request for assistance.

Visit: http://www.tamparealestatelink.com/ for a list of available homes in Tampa and St. Petersburg area. We specialize in new homes, waterfront homes, luxury properties, golf course homes, condos, gated communities and historic homes. 

We provide assistence to military personnel and their families relocating to MacDill AFB area.  Visit our site to obtain helpful information for first time home buyers or property management in Tampa.

Spanish site is also available: http://www.vivirentampa.com/.

More Homeowners Becoming Reluctant Landlords

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 from 2005 to 2009, a staggering increase from the 700,000 single-family homes entering the rental market in the four years prior.

The financial benefit to homeowners who convert their homes to rentals is undeniable; many are able to cover their homes' expenses due to the strength of the rental market.

Financial benefit may be challenged by peace-of-mind, however, for those unable to cope with difficult tenants. 

Source: Information, Inc. Bethesda, MD.

 

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Tampa home or real estate investment property; secure mortgage financing; or help you relocate to the Tampa area.  Please call 813-879-6700 or email mailto:info@tamparealestatelink.com?subject=Contact%20Request for assistance.

Visit: http://www.tamparealestatelink.com/ for a list of available homes in Tampa and St. Petersburg area. We specialize in new homes, waterfront homes, luxury properties, golf course homes, condos, gated communities and historic homes. 

We provide assistence to military personnel and their families relocating to MacDill AFB area.  Visit our site to obtain helpful information for first time home buyers or property management in Tampa.

Spanish site is also available: http://www.vivirentampa.com/.

Monthly Housing Payments Less for Buyers than Renters

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, with interest rates at 4% or less, the same mortgage payment will cover a $350,000 mortgage, reports Dan Green of Waterstone Mortgage in Cincinnati.

The picture for prospective home buyers with good credit may improve further over the next year as apartment rents are expected to rise another 4% nationwide.

Source: Information, Inc. Bethesda, MD

 

 

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Tampa home or real estate investment property; secure mortgage financing; or help you relocate to the Tampa area.  Please call 813-879-6700 or email mailto:info@tamparealestatelink.com?subject=Contact%20Request for assistance.

Visit: http://www.tamparealestatelink.com/ for a list of available homes in Tampa and St. Petersburg area. We specialize in new homes, waterfront homes, luxury properties, golf course homes, condos, gated communities and historic homes. 

We provide assistence to military personnel and their families relocating to MacDill AFB area.  Visit our site to obtain helpful information for first time home buyers or property management in Tampa.

Spanish site is also available: http://www.vivirentampa.com/.

Market News: Signed Home Contracts Rise Significantly

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 further growth in the real estate market. Yun reports that homeowners' extremely low default rates, and declines in inventory, point to a recovering housing market.

The Midwest Index reported the greatest jump, 24.1 percent, a marked improvement of 13.2 percent above October 2010. The Northeast rose 17.7 percent, over 3.4 percent above October 2010. The South grew by 8.6 percent which is 9.7 percent above the same time period in 2010. Although the West slipped 0.3 percent in October, it is still 8.1 percent higher than the index a year ago.

It should be noted that the rise in contract signings does not equate to an equivalent rise in contract closings as problems with credit scores in a tight credit market, continue to plague prospective buyers.

Source: Florida Realtors

 

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Tampa home or real estate investment property; secure mortgage financing; or help you relocate to the Tampa area.  Please call 813-879-6700 or email mailto:info@tamparealestatelink.com?subject=Contact%20Request for assistance.

Visit: http://www.tamparealestatelink.com/ for a list of available homes in Tampa and St. Petersburg area. We specialize in new homes, waterfront homes, luxury properties, golf course homes, condos, gated communities and historic homes. 

We provide assistence to military personnel and their families relocating to MacDill AFB area.  Visit our site to obtain helpful information for first time home buyers or property management in Tampa.

Spanish site is also available: http://www.vivirentampa.com/.

Foreclosure: A Step by Step Guide

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 that the property is the subject of a lawsuit.

Typically, you will have 20 days to respond to the lawsuit. Responding within this time period is important; if you do not do so, you will be in "default," thus allowing the lender to proceed with the foreclosure. 

Prior to the 20 days, your attorney should respond to the suit with a "motion to dismiss" or an "answer."  A motion to dismiss means that your attorney feels that the bank has no chance to win based on the complaint.  An answer admits or denies each of the reason alleged in the complaint, and provides "affirmative defenses," or reasons why the lender should not repossess your home.

Within a few months, the attorneys will begin the "discovery" process where they interview the parties involved and collect supporting documentation. During this time, you, your attorney, and the lender, may attend "mediation" and attempt to settle the lawsuit with the help of an unbiased third party. You will not be forced to settle during mediation.

The discovery process will take approximately six months.  After discovery, either party may file a "motion for summary judgment" if they feel that their case is so strong that they cannot lose.  Most foreclosures end at this point, as the judge often finds the lender's case the most compelling.  If the judge feels that there are still some unanswered questions, you will go to trial and the judge will determine the case.

If you win, the lender may not sell your home.  If you lose, which is the most likely scenario, the judge sets a date for the sale of your home and the proceeds will go towards paying off your debt to the lender.

If the sale price is greater than the amount you owe, you should receive the difference.  Your attorney should process this refund for you.

With the help of an attorney, the entire foreclosure process averages about two years.  This will give you time to work toward a loan modification, short sale, or deed in lieu of foreclosure.  Your final option is bankruptcy.

Source: Sun Sentinel (Ft. Lauderdale, Fl), Gary M. Singer.

 

 

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Tampa home or real estate investment property; secure mortgage financing; or help you relocate to the Tampa area.  Please call 813-879-6700 or email mailto:info@tamparealestatelink.com?subject=Contact%20Request for assistance.

Visit: http://www.tamparealestatelink.com/ for a list of available homes in Tampa and St. Petersburg area. We specialize in new homes, waterfront homes, luxury properties, golf course homes, condos, gated communities and historic homes. 

We provide assistence to military personnel and their families relocating to MacDill AFB area.  Visit our site to obtain helpful information for first time home buyers or property management in Tampa.

Spanish site is also available: http://www.vivirentampa.com/.

Floridians Feel Cautiously Optimistic

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 responses from 411 Floridians and measures 5 difference indexes; four rose and one declined.

According to the survey, Floridians believing that their personal finances have improved from a year ago rose one point to 53. They have greater faith in the soundness of the U.S. economy: that index rose six points to 59.  They also feel more hopeful about economic performance over the next 5 years as this index rose three points to 71. The largest jump was seen in Floridian's attitudes about buying "big ticket" items, with an upswing of seven points to 85.  However, they feel less secure about their personal finances one year from now, with this index declining two points to 78.

Interestingly, positive responses to some of Florida's economic issues in December came from both older and younger Floridians; men felt more positively than women by 71 points.

According to Chris McCarty, director of University of Florida's Survey Research Center in the Bureau of Economic and Business Research, possible factors for this increased optimism are the improving employment situation, seasonal discounts to shoppers, and lower gas prices and mortgage interest rates.

Unsteady stock prices, the worsening European economy, and squabbles in the U.S. Congress over spending and debt, did not seem to effect consumer confidence during this time period.

Source: 2012 Florida Realtors®

 

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Tampa home or real estate investment property; secure mortgage financing; or help you relocate to the Tampa area.  Please call 813-879-6700 or email mailto:info@tamparealestatelink.com?subject=Contact%20Request for assistance.

Visit: http://www.tamparealestatelink.com/ for a list of available homes in Tampa and St. Petersburg area. We specialize in new homes, waterfront homes, luxury properties, golf course homes, condos, gated communities and historic homes. 

We provide assistence to military personnel and their families relocating to MacDill AFB area.  Visit our site to obtain helpful information for first time home buyers or property management in Tampa.

Spanish site is also available: http://www.vivirentampa.com/.

Florida Real Estate Attracts Many Brazilian Buyers

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 was extremely positive and stressed the beauty of Florida and its affordability for international buyers.

Emphasizing that Florida's realtors can help Brazilians find the perfect property, the delegation was able to generate at least eight stories about Florida real estate. Florida Realtors also promoted Florida real estate with a booth at FIESP (Federação das Indústrias do Estado de São Paulo) and meetings with two Brazilian real estate associations in hopes of building  stronger ties between real estate professionals.

Brazil experienced a 44 percent increase in visa applications from 2010 to 2011, with 820,000 visas processed during 2011.  Expecting visa applications to surge to 1.8 million by 2013, the U.S. plans to double the number of agents issuing visas in Brazil. 

Source: Florida Realtors

 

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Tampa home or real estate investment property; secure mortgage financing; or help you relocate to the Tampa area.  Please call 813-879-6700 or email mailto:info@tamparealestatelink.com?subject=Contact%20Request for assistance.

Visit: http://www.tamparealestatelink.com/ for a list of available homes in Tampa and St. Petersburg area. We specialize in new homes, waterfront homes, luxury properties, golf course homes, condos, gated communities and historic homes. 

We provide assistence to military personnel and their families relocating to MacDill AFB area.  Visit our site to obtain helpful information for first time home buyers or property management in Tampa.

Spanish site is also available: http://www.vivirentampa.com/.

Great News for First Time Homebuyers

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 accounts for a mere 13% of the average monthly family income. That's 10% more monthly income in a family's pocket!  These rates are the lowest percentage since 1971.

Source: Information, Inc.

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Tampa home or real estate investment property; secure mortgage financing; or help you relocate to the Tampa area.  Please call 813-879-6700 or email mailto:info@tamparealestatelink.com?subject=Contact%20Request for assistance.

Visit: http://www.tamparealestatelink.com/ for a list of available homes in Tampa and St. Petersburg area. We specialize in new homes, waterfront homes, luxury properties, golf course homes, condos, gated communities and historic homes. 

We provide assistence to military personnel and their families relocating to MacDill AFB area.  Visit our site to obtain helpful information for first time home buyers or property management in Tampa.

Spanish site is also available: http://www.vivirentampa.com/.

Florida's Existing Home and Condo Sales Show Growth

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 this to two factors: prices are stabilizing and sales are increasing.  Although sales have not increased significantly, they are on an upswing. As lenders become more adept at dealing with distressed properties, this upswing is destined to continue.

Although homes sales are rising, statewide sales prices for existing home have not increased past the median price of $130,600 seen in November 2010.  Analysts from the National Association of Realtors® attribute this to  a distortion of median prices caused by the large number of distressed properties on the market.

The National Association of Realtors® reports that nationwide, the October 2011 median sales price of for existing single-family homes was down 5.8 percent to $161,600 from the previous year. October resales price was reported in California at $278,060 and in New York at $215,900.

Florida's year-to-year comparison for condo sales sold statewide in November 2011, rose 2 percent from the prior year with 5,464 units sold in 2010 to 5,590 units sold in 2011. The statewide median price in November 2011 showed a 4 percent increase from $83,000 in November 2010 to $86,700 in 2011. According to the National Association of Realtors ®, nationwide, the median condo sales price in October 2011 was $160,300.

It is expected that the housing market will improve as Florida's economy continues to grow, housing prices stabilize, and record low mortgage rates continue to encourage buyers.

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Tampa home or real estate investment property; secure mortgage financing; or help you relocate to the Tampa area.  Please call 813-879-6700 or email mailto:info@tamparealestatelink.com?subject=Contact%20Request for assistance.

Visit: http://www.tamparealestatelink.com/ for a list of available homes in Tampa and St. Petersburg area. We specialize in new homes, waterfront homes, luxury properties, golf course homes, condos, gated communities and historic homes. 

We provide assistence to military personnel and their families relocating to MacDill AFB area.  Visit our site to obtain helpful information for first time home buyers or property management in Tampa.

Spanish site is also available: http://www.vivirentampa.com/.

Solar Power - Coming Soon to a Home Near You

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 federal and state subsidies can cover as much as 75 percent of the cost of a solar system. However, some homeowners still find the installation financially out of reach. Responding to this need, a few solar firms have entered the energy market , creating what amounts to a solar mini-utility company. These companies install, own, and maintain solar systems on homes and charge customers a monthly fee for the power the panels produce. Over time, it would be less expensive for homeowner to purchase and install the system. However, many homeowners cannot afford the "up front" expense, and are more comfortable with paying a monthly fee.

The price of polycrystalline silicon, the main component of solar panels, is in sharp decline and large-scale manufacturers have entered the market. The cost of solar panels is based on the wattage they produce in full sunshine. Panels costing $4 per watt in 2008 are now selling for $1.90 per watt. All this is good news for consumers. With General Electric and Samsung entering the market, costs should tumble even further.

Still a very small portion of the energy market, solar powers only 600,000 homes nationwide. Clearly, there is room for growth and large corporations are taking heed. It is only a matter of time before solar power comes to a home or business near you.

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Tampa home or real estate investment property; secure mortgage financing; or help you relocate to the Tampa area.  Please call 813-879-6700 or email mailto:info@tamparealestatelink.com?subject=Contact%20Request for assistance.

Visit: http://www.tamparealestatelink.com/ for a list of available homes in Tampa and St. Petersburg area. We specialize in new homes, waterfront homes, luxury properties, golf course homes, condos, gated communities and historic homes. 

We provide assistence to military personnel and their families relocating to MacDill AFB area.  Visit our site to obtain helpful information for first time home buyers or property management in Tampa.

Spanish site is also available: http://www.vivirentampa.com/.

 

The New Mortgage Refinance Plan - Who is Eligible?

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, this 25% limit has been abolished. Being underwater on your loan will no longer effect your eligibility.

2.  Many homeowners could not afford to pay the closing costs and appraisal fees associated with refinancing under HARP. These fees could run into thousands of dollars and, and for those already struggling to pay their mortgages, were simply beyond their means. Under the new plan, some refinancing fees will be eliminated. If there is a reliable automated valuation model (AVM) from Fannie Mae or Freddie Mac, the property appraisal requirement will be waived.

3.  Under HARP, lenders charged fees based on risk when converting from long-term to shorter term home loans. These fees have been eliminated; hopefully lenders will have more freedom to refinance loans.

One caveat:  Unfortunately, this is still a completely voluntary program for lenders. They are not required to refinance any loans.

Who will be eligible for the new program?

1.  Homeowners with loans, sold to Freddie Mac or Fannie Mae, before June 2009.

2.  Homeowners who are up to date on their mortgage. Any late payments within the last year will disqualify you.

The government hopes to qualify 1 million or more homeowners who are underwater on their loans. Unfortunately, this is barely 10% of those estimated to be in that position. For those who are eligible, and do manage to refinance, the savings could be considerable. Homeowners in Arizona, California, Nevada, and Florida, who find themselves underwater by as much as 50%, and whose loans are in good standing, could benefit the most.

Full details on the new plan will be released my Freddie Mac and Fannie Mae on November 15. Homeowners might be able to apply as early as December 1.

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Tampa home or real estate investment property; secure mortgage financing; or help you relocate to the Tampa area.  Please call 813-879-6700 or email mailto:info@tamparealestatelink.com?subject=Contact%20Request for assistance.

Visit: http://www.tamparealestatelink.com/ for a list of available homes in Tampa and St. Petersburg area. We specialize in new homes, waterfront homes, luxury properties, golf course homes, condos, gated communities and historic homes. 

We provide assistence to military personnel and their families relocating to MacDill AFB area.  Visit our site to obtain helpful information for first time home buyers or property management in Tampa.

Spanish site is also available: http://www.vivirentampa.com/.

 

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

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," has not been successful in silencing their concerns.

Despite assurances that the Department is still gathering information and that any rule amendment or new rules are nearly a year away, Florida's realtors vow to fight any change that would lead to higher taxes.

After examining business leases, how could the Department of Revenue increase taxes? They might consider including expenses related to property improvements performed by the lessee, and reassess the property accordingly. If these improvements are perceived to raise the property's value, higher property taxes would ensue.

Concerned that higher taxes would further depress real estate values in the state and discourage companies from doing business in Florida, realtors plan to take action.

 According to Florida Realtors, the organization's legislative counsel, Trey Goldman, has vowed, "Florida Realtors will continue to participate in Department meetings and workshops and we'll take appropriate action, if necessary, should the Department of Revenue initiate rulemaking."

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Tampa home or real estate investment property; secure mortgage financing; or help you relocate to the Tampa area.  Please call 813-879-6700 or email mailto:info@tamparealestatelink.com?subject=Contact%20Request for assistance.

Visit: http://www.tamparealestatelink.com/ for a list of available homes in Tampa and St. Petersburg area. We specialize in new homes, waterfront homes, luxury properties, golf course homes, condos, gated communities and historic homes. 

We provide assistence to military personnel and their families relocating to MacDill AFB area.  Visit our site to obtain helpful information for first time home buyers or property management in Tampa.

Spanish site is also available: http://www.vivirentampa.com/.

 

New FHA Requirements Worry Condominium Associations

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, Florida, Nevada, and hoping to limit their exposure to troubled mortgages, the FHA released stringent new rules.

 FHA-insured loans for condominiums over one year old must meet the following requirements:

1. No more than 50 percent of the association's total units can have FHA insurance. This rule might relaxed under certain circumstances.

2. No more than 25 percent of the total floor area in the association's buildings, or a single unit, can be used for commercial purposes. There are possible exceptions to this rule, however the floor area can only increase to a maximum of 35 percent.

3. Half or more of the units must be owner occupied.

4. No more than 15 percent of the association's total units can be 30 days past due on their assessments.

The FHA will no longer approve a single condominium unit for a FHA-insured loan, rather the entire condominium complex must be approved. Approval must be recertified every two years. The signer of the certification has a continuing legal responsibility to contact the Department of Housing and Urban Development (HUD) if what he has certified to, changes.

This puts Community Associations on the spot. According to the FHA, if a person certifies certain facts that turn out to be wrong, the FHA can levy fines up to $1 million and up to 30 years in prison. That's quite a responsibility for a board member to take on. With such potentially stiff penalties, would you want to sign the certification?

Contact your association attorney -- only lawyers should provide legal opinions to the FHA.

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Tampa home or real estate investment property; secure mortgage financing; or help you relocate to the Tampa area.  Please call 813-879-6700 or email mailto:info@tamparealestatelink.com?subject=Contact%20Request for assistance.

Visit: http://www.tamparealestatelink.com/ for a list of available homes in Tampa and St. Petersburg area. We specialize in new homes, waterfront homes, luxury properties, golf course homes, condos, gated communities and historic homes. 

We provide assistence to military personnel and their families relocating to MacDill AFB area.  Visit our site to obtain helpful information for first time home buyers or property management in Tampa.

Spanish site is also available: http://www.vivirentampa.com/.

 

 

Consumers Sense Stormy Weather Ahead

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.

Why is consumer confidence an important indicator of the overall health of the economy? Because the vast majority of U.S. economic activity, 70 percent, is due to consumer spending. Concern over high unemployment and the increasing cost of food and clothing, lead to less consumption. This, in turn, stymies the overall economy.

The Index, based on interviews with 5,000 randomly selected U.S. families during the first two weeks of October, showed that consumers' confidence in the economy dropped 7 points. Their faith in the economy over the next six months dropped 6.4 points. Feelings about the short-term economic outlook dropped 2.7 points. The gloomiest consumers, those expecting business to worsen, dropped .3 points.

Similar drops were expressed by those surveyed regarding the job market and expected increases in income. It appears American consumers anticipate stormy times ahead.

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Tampa home or real estate investment property; secure mortgage financing; or help you relocate to the Tampa area.  Please call 813-879-6700 or email mailto:info@tamparealestatelink.com?subject=Contact%20Request for assistance.

Visit: http://www.tamparealestatelink.com/ for a list of available homes in Tampa and St. Petersburg area. We specialize in new homes, waterfront homes, luxury properties, golf course homes, condos, gated communities and historic homes. 

We provide assistence to military personnel and their families relocating to MacDill AFB area.  Visit our site to obtain helpful information for first time home buyers or property management in Tampa.

Spanish site is also available: http://www.vivirentampa.com/.

Double-Dip Recession Appears Less Likely

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 yields which have risen nearly .5 percent, encouraging greater investment in higher-risk assets, according to market strategist, Anthony Valeri of LPL Financial.

Much of the growth is attributed to a decline in oil prices and the resolution of supply issues resulting from the Japanese earthquake. According to the Commerce Department, as the log jam of Japanese imports eased, auto sales rose 3.6 percent, manufacturing grew at more than a 4 percent annualized rate, and businesses have increased spending on equipment and software. With this in mind, some experts contend that this growth is merely temporary.

Consumer confidence is still low and unemployment hovers at 9.1 percent. More pessimistic economists feel next year's growth will slow to 2 percent. However, jobless claims are lower than last summer, retail sales rose 0.6 percent last month, and consumer stock prices are at a premium in ratio to overall stock prices; these factors indicate that a recession is less likely.

Jennifer Cook, Raul Aleman and the entire Bahia Realty Group team of real estate professionals welcome the opportunity to speak with you personally to discuss how to help you find, buy or sell your Tampa home or real estate investment property; secure mortgage financing; or help you relocate to the Tampa area.  Please call 813-879-6700 or email mailto:info@tamparealestatelink.com?subject=Contact%20Request for assistance.

Visit: http://www.tamparealestatelink.com/ for a list of available homes in Tampa and St. Petersburg area. We specialize in new homes, waterfront homes, luxury properties, golf course homes, condos, gated communities and historic homes. 

We provide assistence to military personnel and their families relocating to MacDill AFB area.  Visit our site to obtain helpful information for first time home buyers or property management in Tampa.

Spanish site is also available: http://www.vivirentampa.com/.