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Under the Foreclosure Prevention Act, HUD is devising a formula to distribute $4 billion to help communities buy foreclosed properties and help stabilize property values. Florida is one of the states likely to be a prime recipient of the funding, according to Mike Wallace, senior legislative counsel for the National League of Cities, but communities need to “get the ball rolling now.”
Read the full story here.
The U.S. House late Tuesday approved offshore drilling legislation that would open waters 50 miles off the Pacific and Atlantic coasts to oil and natural gas development, if the adjacent states agree to go along. The legislation now goes to the Senate, where it likely will face numerous changes - and probably stall.
Read the full story here.
The bankruptcy of mega-financial company Lehman Brothers will impact areas of Florida that relied on the company for funding of commercial projects. However, the move could lead to some condo deals as the courts liquidate Lehman Brothers assets.
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Florida real estate companies say they’re seeing more buyers use cash to obtain a home, rather than rely on mortgages. For example, NRT says cash transactions have risen from 25 percent of home sales in August 2007 to nearly 40 percent last month; and Michael Saunders & Co. says cash transactions have risen from 38.5 percent between January and August 2007, to 54.5 percent during the same period this year. Mortgage bankers have tightened their lending standards during the credit crisis, making it more difficult for consumers to borrow money. “To get a loan these days you have to have really excellent credit, a minimum 700 FICO score; some even want 720 or 740,” says Jack McCabe, a real estate analyst in Deerfield Beach, who adds that these players “are able to command the best prices. When you have a cash buyer sitting across from you saying you don’t have to worry about anything, this deal will close right away.”
Source:
Sarasota Herald-Tribune (FL) (09/15/08) Kessler, Aaron
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“Mortgage rates have plummeted, but that hasn’t made getting a home loan any easier for most borrowers.
In the wake of the government’s takeover of Fannie Mae and Freddie Mac last weekend, the 30-year fixed rate has dropped from 6.26% last Friday to 5.79%. But only buyers with a credit score of 740 of above - and a 20% down payment - can qualify for such a low rate. During the boom, borrowers only needed scores of 640 to land the lowest rates available. Even a 580 score would get them very close to the best rate.”
Read more at CNN.
We don’t actually know (and we probably will only know when it’s too late and prices have recovered somewhat) but some writers see signs of life e.g. Bob Ivry on Bloomberg:
“Sales of distressed Miami properties have begun, signaling a bottom for south Florida’s real estate market and the end of waiting for vulture funds armed with about $30 billion to spend.”
Read the whole article here.
Simple fixes and staging practices can focus buyers’ attention in the right places and keep them from getting sidetracked by personal items in the home. Here are some staging suggestions from Deborah Ehrlich-Layne of Tampa, Fla.-based Staging Plus, Handyman Matters, and HGTV’s show, “The Stagers.”
• Eliminate countertop clutter. A countertop covered with small appliances and utensils looks crowded, not spacious.
• Pack up the too-personal. Don’t leave toiletries on the counter. Stash family photos.
• Be prepared for snoops. Prospective buyers pull open drawers, look in closets and peek behind the shower curtain.
• Make sure things work. Dripping faucets, burned-out light bulbs and squeaking hinges detract from the home’s appeal.
• Think “white-glove clean.” Mop, dust, vacuum, clean baseboards and wash windows. Make sure the house looks fresh and smells neutral.
• Make sure the front door is clean and the hardware polished. Power-wash walkways.
• Store furniture that makes rooms feel crowded.
• Show every room for the kind of room it is. Maybe you’ve turned your formal dining room into a home office. Get rid of the desk and computer, and bring back the dining table and chairs.
Source: The Dallas Morning News (09/05/2008)
Bad economic news could be good news for homebuyers and owners seeking to refinance their mortgage. After months of expecting the Fed to soon increase interest rates, which impact ARM mortgages, a threat of deflation now has a few observers wondering if short-term interest rates will once again be cut.
Read the full story here.
We’ve enjoyed helping a number of Canadian buyers and they’re great people to deal with. Now, apparently, the number of Canadian buyers in Florida doubled in one year, from 3,500 to 7,200, according to an NAR report. Canadians’ tendency to buy in clusters is starting to change the character of some Florida resort communities. A Canadian bank has also made it easier to secure a mortgage.
Congress should view the next few months as a “time out” in the highly charged debate over what to do with Fannie Mae and Freddie Mac, according to Treasury Secretary Henry Paulson. Lawmakers are considering proposals that include privatizing the two government-sponsored enterprises, nationalizing them, turning them into a public utility, or letting them continue to operate as private entities with government backing.
For every advocate of Paulson’s action, there’s a critic - so read the full story and decide for yourself! I guess only time will tell.
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