The title looks good, and is for some Florida cities, but Tampa is not in top ten. I think our prices rose dramatically last spring and then have been stable since then. I will give you an example of how they have risen. I bought a home at the beginning of 2012 for 252k and just sold it for 289k. If you are in the Tampa area and reading my blog, no worries that the Tampa area isn’t in the top 10….this time. To read article….see below

JACKSONVILLE, Fla. – Feb. 26, 2014 – A report from Black Knight Financial Services (formerly Lender Processing Services) finds that December home values in the U.S. are within 13.9 percent of the peak reached in 2006.

Black Knight’s Home Price Index (HPI) found nationally that home values rose 0.1 percent month-to-month (compared to November 2012 numbers) and 8.4 percent year-to-year. The high point for U.S. home prices was $270,000 in June 2006. In December, the HPI found a median of $232,000.

From Black Knight’s analysis, it appears most U.S. cities saw their biggest price spike last year, and their dramatic price increases have begun to slow to a more balanced level.

Florida, however, seems to buck that trend a bit, with home prices still climbing faster in comparison to other U.S. states and cities.

According to Black Knight, Florida prices rose 0.6 percent month-to-month in December, coming in second to top-ranking New York with a 0.7 percent rise.

However, Florida cities logged eight of the top 10 spots for “Biggest Movers” when comparing metro areas. Only two other U.S. cities even made the list.

Biggest metro area movers month-to-month

1. Miami: 1.2% month-to-month December price increase
2. Sarasota: 0.9%
3. Key West: 0.7%
4. Fort Walton Beach: 0.6%
5. Poughkeepsie, NY: 0.6%
6. Lakeland: 0.6%
7. Port St. Lucie: 0.6%
8. Tulsa, OK: 0.5%
9. Naples: 0.5%
10. Palm Bay: 0.5%

To calculate its HPI, Black Knight says it looks at repeat sales prices and its loan-level databases. It claims the numbers take REO and short-sale price discounts into consideration.

© 2014 Florida Realtors®

CURRENT MORTGAGE RATES AT 4.22% AND ARE PREDICTED TO GO A BIT LOWER!

To All My Readers: Interest rates continue to be at an all time low due to our sluggish economy and feds reluctance to in any way put in danger the recovering housing market. While interest rates have ticked up a bit from last year, they are still at historically low levels. Just to give younger readers some perspective, when I graduated from college in the 1980’s the interest rate on a 30 year fixed mortgage was over 9%. Needless to say i had to buy a smaller house than I wanted to because of what the interest rate did to my monthly mortgage payment. If you are a young person my advice is to buy now before the rates tick up again, and buy bigger than what you think you need for additional room as your family grows. I had no one to advise me, and after I bought my first home my wife became pregnant and the house I just bought was already to small. Thus we had to go through the process all again, this time finding a bigger home until number 4 came along and then that home was too small as well! Set your sights on a 4 bedroom, 2 or 3 bath home and you should be okay. As always, feel free to call me Richard Kemper at 813-777-5332 with any of your real estate questions.        

Average rate on 30-year mortgage at 4.22%

 

Mortgage Rate Trend Index

Half the experts (50%) polled this week by Bankrate.com expect little rate change over the short term. However, only 8% foresee an increase; the remaining 42% predict additional decreases.

WASHINGTON (AP) – Nov. 22, 2013 – Average U.S. rates on fixed mortgages declined this week after two weeks of increases, keeping home buying affordable.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan fell to 4.22 percent from to 4.35 percent last week. The average on the 15-year fixed mortgage dipped to 3.27 percent from 3.35 percent.

Rates had spiked over the summer and reached a two-year high in July on speculation that the Federal Reserve would slow its bond purchases later this year. But the Fed held off in September and now appears poised to wait at least a few more months to see how the economy performs. The bond purchases are intended to keep long-term interest rates low.

Mortgage rates tend to follow the yield on the 10-year Treasury note. They have stabilized since September and remain low by historical standards.

Still, mortgage rates are nearly a full percentage point higher than in the spring. The uptick has contributed to a slowdown in home sales. The National Association of Realtors said sales of existing homes fell 3.2 percent in October, the second straight monthly decline.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged at 0.7 point. The fee for a 15-year loan also was steady at 0.7 point.

The average rate on a one-year adjustable-rate mortgage held at 2.61 percent. The fee was unchanged at 0.4 point.

The average rate on a five-year adjustable mortgage fell to 2.95 percent from 3.01 percent. The fee rose to 0.5 point from 0.4 point.

Copyright © 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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IF YOU ARE IN THE MILITARY YOU SHOULD READ THIS

I live in a community, Fishhawk Ranch located in Lithia, Fl, with a large military presence and I know they depend on their BAH allowance to help them out. Let’s hope something is done before 2015 as these people put their lives on the line to protect us and our country.

Military families fear housing allowance is at risk
WASHINGTON – Nov. 8, 2013 – Sequestration could mean a $20 billion loss of defense funding for fiscal 2014 and possibly include a reduction in the allowance military families receive to help them pay for shelter.

Many military households apply their housing allowance to home buying or renting. The amount of an allowance varies according to geographic location, rank and other factors; and it’s adjusted annually to reflect local housing costs.

The idea of lower military allowances has already been floated. This summer, Secretary of Defense Chuck Hagel planted the idea of “changing how the basic allowance for housing is calculated, so that individuals are asked to pay a little more of their own housing costs.”

However, no major housing allowance changes are expected for fiscal year 2014, though the numbers have not yet been announced. Still, industry representatives are bracing themselves and asking enlisted families to do the same.

Elysia Stobbe of Jacksonville, Fla.-based VanDyk Mortgage, for example, says she is encouraging military customers to think about how any changes could “affect their income and ability to pay their mortgage in the future.”

Paula Cino of the National Multi Housing Council, meanwhile, is hoping that the government will keep everyone abreast of its plans so that there are no unexpected surprises. “The sooner that we really understand what the potential changes can be, the better we can respond and mitigate any damage to the program moving forward,” she said.

Source: Wall Street Journal (11/07/13) Wotapka, Dawn

© Copyright 2013 INFORMATION, INC. Bethesda, MD (301) 215-4688

FHA & USDA BUYERS…….EXPECT DELAYS DUE TO GOVERNMENT SHUTDOWN

If you were in the middle of purchasing a home when the government shut down took place EXPECT delays with your financing. This just doesn’t apply to FHA, but to USDA financing as well. I have a listing where the buyer is USDA and we have already been told expect delays. I love our government. It shut’s down for two weeks and it will take longer than that to get things moving again. And these people are going to be in charge of our health care now? WOW

FHA to real estate: Expect a few delays

WASHINGTON – Oct. 21, 2013 – While most mortgages backed by the Federal Housing Administration (FHA) continued to function during the recent government shutdown, a letter sent by Deputy Assistant Secretary for Single Family Housing Charles Coulter has asked for patience as the agency gets back up to speed.

“We are very pleased to be fully operational and wanted you to know that we will be working hard to bring business back to normal,” Coulter said.

During the shutdown, FHA continued to endorse loans and handle most REO and servicing/loss mitigation activities. Coulter said FHA had “minimal interruptions” with FHA-insured mortgage loan originations and REO and servicing loss mitigation activities.

“However, since we had a very limited number of staff working during the shutdown, we have a considerable backlog of work,” Coulter adds. He notes delays specifically with:

  • Processing HECM endorsements and other cases that must be manually endorsed
  • Condominium project approvals
  • Incoming questions from lenders or borrowers
  • Some other FHA service functions

“We are prioritizing the backlog and will be working to address more critical items within 30 days, and then to clear our backlog within 60 days,” Coulter said. “Please allow us time to respond to inquiries already submitted through the FHA Resource Center and the National Servicing Center.”

Coulter said it will “only slow the process” if documents or questions are resubmitted because it seems to be taking FHA too long to respond.

© 2013 Florida Realtors®