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Daily Real Estate News | May 27, 2010 |
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document.write(' SharePost-Tax Credit Buyers May Save Money
Missing the tax credit deadline might have seemed like a big mistake to some home buyers, but waiting could have been the smartest thing to do.
Interest rates have fallen so dramatically since April 30th that the typical purchaser of a $350,000 home, financed with a $280,000 mortgage, would have saved a bundle by waiting until May.
At April’s average rate of 5.34 percent, a home buyer would have locked in a 30-year fixed rate loan with a monthly payment of $1,561.82.
The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.625 percent in May and paid $1,439.59 per month.
That’s a $1,467 annual savings. Over 30 years, it’s a $44,003 savings, dwarfing the tax credit.
Source: Informa Research Services (05/26/2010) Annette Rubink Southern Premier Realty 239-770-4152
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WASHINGTON – April 19, 2010 – Three U.S. Senators have sent letters to Fannie Mae and Freddie Mac asking the home funding providers to offer six months of relief on mortgage payments to its Florida homeowners whose homes were built with defective Chinese drywall.
The requests from Sens. George LeMieux, R-Fla., Bill Nelson, D-Fla., and Mary Landrieu, D-La., are in response to an announcement last week that Fannie Mae was offering six-month forbearances to about 20 Virginia families whose homes contain the tainted wallboard. Those forbearances would not be recorded as a flaw on the homeowners’ credit report, Fannie Mae said. In addition, the company said it would work to “develop a nationwide approach to addressing this issue.”
“I applaud your commitment to working with homeowners in Virginia and hope that the same relief will be extended to Floridians,” LeMieux wrote to Fannie Mae president and chief executive Michael J. Williams in a letter dated Wednesday.
“A six-month grace period can help folks struggling to keep their heads above water,” Nelson and Landrieu wrote in a separate letter addressed to Williams and to Charles E. Haldeman, chief executive of Freddie Mac.
Many homeowners whose homes contain defective drywall say that they would like to move out of their affected homes, but cannot afford their mortgage payments as well as rent on another place. Some have moved out and stopped making mortgage payments, while others are struggling to make both payments.
The lead U.S. federal agency investigating the issue has received 3,082 complaints from residents in 37 states, the District of Columbia, American Samoa, and Puerto Rico. The majority of those reports have come from Florida.
Copyright © 2010 The Palm Beach Post, Fla. Distributed by McClatchy-Tribune Information Services. Annette Rubink Southern Premier Realty 239-770-4152
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The share of homeowners behind on their mortgages fell in the first quarter, the first drop in four years and a possible sign that the foreclosure crisis has peaked. The portion of mortgages that were delinquent 30 days or more fell to 6.57% in the first quarter from 6.60% in the last three months of 2009, according to Equifax and Moody's Economy.com. That's a drop of about 16,630 delinquent loans and, though modest, it is the first decline in the delinquency rate since early 2006. "It will take years to work through all the troubled mortgage loans in the foreclosure pipeline, but this is the first indication that the number of loans entering the pipeline is declining," says Mark Zandi, chief economist for Moody's Economy.com. "It portends a peaking of the foreclosure crisis." Delinquencies in almost all categories — 30-, 90- and 120-day delinquencies on single-family properties — declined. Reasons for the improvement in the foreclosure rate: •Tougher lending standards since the housing bubble burst have kept riskier borrowers from getting mortgages. •Mortgage modifications have helped tens of thousands of troubled homeowners stave off delinquencies. •A more stable job market is preventing new mortgage delinquencies. The unemployment rate held steady at 9.7% in March, and non-farm jobs increased by 162,000. "I wouldn't be surprised if we're at the peak," says Joel Naroff of Naroff Economic Advisors. But the foreclosure problem won't disappear quickly. In the past two years, more than 5 million homes have received foreclosure notices, and more than 3 million are expected to get them this year, according to RealtyTrac. One issue is strategic defaults by borrowers who walk away from their mortgages — even though they can afford to pay — because they owe more than their homes are worth. Millions of homes have negative equity and perhaps 20% to 25% of recent defaults have been strategic, according to a new Moody's Economy.com analysis. More strategic defaults could increase the pace of home foreclosures and hamper new borrowers' attempts to get mortgages, it says. "There is still a foreclosure problem that is going to cause people to lose their homes, but in terms of new delinquencies starting, those are probably at their peak," Zandi says. "This summer will be the peak of foreclosures started." Annette Rubink Southern Premier Realty 239-770-4152
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New Treasury Department rules to streamline short sales go into effect Monday, giving sellers, buyers and Realtors hope that the grueling process of getting bank approvals will soon ease. In a short sale, a lender agrees to sell a home for less than is owed on the mortgage, usually because the borrower cannot afford the loan payments and is headed for foreclosure. But assembling the paperwork needed for a short sale and getting the bank to sign off on an offer can be a months-long ordeal that often ends in buyers walking away in frustration. The new rules, outlined in the Home Affordable Foreclosure Alternatives Program, require participating lenders to respond to preapproved offers within 10 business days, provide for standardized paperwork, and offer monetary incentives to servicers and lenders. The program also allows lenders to consider deeds in lieu of foreclosure. "The biggest problem we've had in the past is lack of cooperation from the lenders and no uniform set of rules," said Realtor Craig Fialkowski of Herman Group Real Estate in Palm Beach Gardens. "Nobody does anything the same." Five years ago, Fialkowski had no short sale listings. Now they make up half of his business, he said. With Monday's rule changes, a lender must offer the short sale program if a struggling borrower doesn't qualify for a modification under the federal Making Home Affordable program. But Peter Zalewski, a principal with Miami research and brokerage firm Condo Vultures, said the rules won't solve the foreclosure crisis anytime soon. Banks are already turning to short sales because foreclosing on a home has become a lengthy and expensive endeavor, he said. Plus, there's going to be a learning curve. "In theory, all the new rules are a great thing," Zalewski said. "In practicality, they will not resolve the problem in the foreseeable future." West Palm Beach Realtor Jared Dalto, who deals almost exclusively in short sales, agrees. Because property values dropped so dramatically in Florida, Dalto said, it's difficult to get lenders to take substantial losses, even with small monetary incentives. "When the losses are so big, it's like climbing Everest," Dalto said. "When negotiations happen in short sales, it's all about money." Under the plan, borrowers are eligible for $3,000 in relocation expenses and will not be required to pay the remainder of the loan to the first mortgage lender. There's even something in the plan for Realtors, whose commissions cannot be reduced by the bank after an offer on a property has been received. What may be most critical in the new rules is the time element. Fialkowski said buyers don't want to wait months to hear back about their offers. Also, the value of the property — at least in recent years — can dramatically decline in the time it takes for a bank to respond. "If they have to wait, they're going to disappear," Fialkowski said. At the same time, he's not sure 10 days is a realistic response time for lenders. "I can't get them to even pick up the phone for 10 days, let alone get an answer on something," he said.
Key rules in the federal Home Affordable Foreclosure Alternatives Program begin Monday and continue through Dec. 31, 2012. - Create standard paperwork for all lenders.
- A borrower may receive $3,000 to help with relocation.
- Borrower will not be liable to repay the debt on the first mortgage.
- A servicer can get up to $1,500 for facilitating a short sale. A lender or investor is eligible for up to $2,000.
- The lender cannot reduce a real estate agent's commission.
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In March 2010 the median sold sales price in Cape Coral was 101,000. 531 Single family homes were sold with the least expensive home sold was 31,000 and the most expensive home sold was 999,000. The number of homes sold this year were lower than last year. In March 2009 the median sales price was 91,750. 670 Single Family homes were sold with prices from 20,000 to 1,350,000.
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You’ve decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit. Here's what you have to do to get your benefit: - Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract in place by April 30, 2010 with a closing date no later than June 30, 2010.
- Decide whether to:
- apply the credit to your 2009 tax return, filed on or before April 15, 2010;
- file an amended 2009 return; or,
- apply the credit on your 2010 return, filed on or before April 15, 2011.
- Attach documentation of purchase to your return.
Documentation of Purchase Details concerning the precise documents required to confirm your purchase have not yet been released. When this information becomes available, we will include instructions and links to the appropriate forms. When to Apply the Credit Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.
Buyers purchasing in 2010 will have the option to: - Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;
- File an amended return for 2009 if their purchase is completed after April 15, 2010; or,
- Claim the credit on their 2010 tax returns.
If you, or your client, purchased a home between January 1, 2009 and November 6, 2009, please see: How to Get the 2009 First-Time Home Buyer Tax Credit. Applying the Credit to Your 2009 Taxes You will need to do three things to claim the credit on your 2009 tax return: - Fill out Form 5405 to determine the amount of your available credit;
- Apply the credit when you file your 2009 tax return or file an amended return;
- Attach documentation of purchase to your return or amended return.
Annette Rubink Southern Premier Realty 239-770-4152 www.annettesellscapecoral.com annetterealtor@att.net
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The government’s newest housing rescue effort, which was announced Friday, includes these key tenets:
· As much as $14 billion of the Troubled Asset Relief Program (TARP) will be made available to pay for writing down second liens for loans whose borrowers refinance through the Federal Housing Administration.
· Lenders that facilitate refinances through the FHA will be required to write down the principal of the first mortgage by at least 10 percent so the home owner has a loan-to-value ratio no higher than 97.75 percent.
· Lenders of second liens will be offered incentives of 10 cents to 21 cents per dollar of principal they write down in connection with an FHA refinance.
· Borrowers who lose their jobs can apply to have their mortgage payments reduced for three to six months while they search for a new job.
· Borrowers with a payment still greater than 31 percent of income after they find a job will be considered for a permanent loan modification.
· To encourage more short sales and “deed in lieu” of foreclosure transactions in which the lender settles the loan for less than is owed, the government will double assistance to borrowers to $3,000 and increase incentives to subordinate lien holders and investors to $6,000. Annette Rubink Southern Premier Realty 239-770-4152 annetterealtor@att.net www.annettesellscapecoral.com
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OWNER MOTIVATED, QUICK ANSWER, QUICK CLOSING! BRING YOUR OFFERS! Wow, Excellent River views from almost every room! Grand entrance boasts your first view of the beautiful Caloosahatchee River! Location is the only word needed here but we can go on! There are actually 4 master suites in this home! Roof was just installe...d & has a transferable 7 year warranty, fresh painted pool deck, new mulch, Mansard cage installed in 2005. Upstairs has 2 master suites one with a balcony that has its own private entrance with a spiral staircase! One master downstairs has a roll in handicapped shower. Pool/spa area has gazebo and outdoor shower! Owner is related to agent. Annette Rubink Southern Premier Realty 239-770-4152
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The Cape Coral Florida Real Estate market consists of 2,433 single family homes currently for sale. 912 of those homes are waterfront, either fresh water canals, gulf access canals, lakes, or the beautiful Caloosahatchee River. 744 of those are what we call Gulf Access homes, meaning the canals can take you to the river which takes you to the Gulf of Mexico. The closer to the Gulf of Mexico, the more valuable the property.
It also consists of 440 condominiums, villa's, and townhouses currently for sale. 448 of these are waterfront also with 295 of those being Gulf Access.
Most of the Gulf Access properties are going to be in the SE section of Cape Coral, and the southern most point of the SW section of Cape Coral.
The NW section of Cape Coral also has some Gulf Access homes, but the NE only consists of freshwater canals leading to lakes.
The oldest part of Cape Coral is the SE section and it is also the only section of Cape Coral that is entirely on City Water & Sewer. The City Utilities will eventually go to all the sections of Cape Coral but it is a "work in progress"!
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More home buyers are snapping up properties with cash, a trend driven in large part by investors returning to the market after four years of falling prices around the country. The share of home sales involving all-cash transactions was 26 percent in January, up from 18 percent a year earlier, according to the National Association of Realtors. The figures come from a survey of members about their most recent transactions. Many home buyers also are paying cash, but investors are largely using cash so they can avoid paying interest charges on loans and get a larger return on their investment. NAR data also show a pickup in investment activity. Home purchases made by buyers identified as investors climbed to 17 percent in January, up from 15 percent in December and 12 percent in November. “We bottomed out in 2008, and in late 2009, prices stabilized and investors have returned,” says Mark Fleming, chief economist at First American CoreLogic. “It’s a different type of investor going after foreclosed properties and expecting to hold on for longer time frames.” Annette Rubink Southern Premier Realty 239-770-4152
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In February, our members sold 1,141 single-family homes, which is 21.9% above last year and 12% above the prior month. The median price of a single family home in the Greater Fort Myers area was $85,000, down 5.6% from $90,000 a year ago due to the continued influence of distressed properties on the market. Buyers from around the country (and the world) continue to be attracted to our area because of the affordability, the low interest rates and the looming deadline for the home buyer tax credit. Annette Rubink Southern Premier Realty 239-770-4152
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GULF ACCESS via the Imperial River! CUSTOM BUILT, THREE BEDROOM or can be four, TWO & HALF BATH, LIVING ROOM FAMILY ROOM, DINING ROOM, TWO CAR GARAGE, upstairs and downstairs screened lanai's, LARGE MASTER SUITE WITH TRAY CEILING, home is located on an oversized lot at the end of the cul-de-sac offering OVER 200 FT OF WATERFRONT with a boat dock in your own backyard, there is even a fenced yard for your pets. Wonderful location close to Coconut Point & The Promenade shopping, restaurants and not too far off Hwy 41. Call today for your private showing.
      
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OWNER MOTIVATED, QUICK ANSWER, QUICK CLOSING! BRING YOUR OFFERS! Wow, Excellent River views from almost every room! Grand entrance boasts your first view of the beautiful Caloosahatchee River! Location is the only word needed here but we can go on! There are actually 4 master suites in this home! Roof was just installed & has a transferable 7 year warranty, fresh painted pool deck, new mulch, Mansard cage installed in 2005. Upstairs has 2 master suites one with a balcony that has its own private entrance with a spiral staircase! One master downstairs has a roll in handicapped shower. Pool/spa area has gazebo and outdoor shower! Owner is related to agent.
Click here to see virtual tour:
http://www.annettesellscapecoral.com/Listing/VirtualTour.ashx?ListingID=1001054872 Annette Rubink 239-770-4152
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If you are on the fence about buying a home & financing it through FHA, it would be a good idea to move forward with the plan right now. The curtain is closing on easy qualifying and low down payments. Changes coming: 1. Down payment requirement will rise to 5% from the 3.5% minimum currently. 2. Qualifying credit scores will rise from 500, but how high the minimum will be has not been determined. Those making a minimum down payment will need a higher score. 3. Sellers will be able to provide only 3% of the homes cost as a contribution to closing costs, as opposed to the 6% contribution they can make now. 4. There will most likely be higher prices for mortgage insurance. Some members of the committee wanted FHA to institute risk-based pricing, which would allow the to charge more for high risk borrowers. That's the story right now. In the future, when the rules are sorted out, qualified buyers will still be able to get an FHA loan. It will just cost them more. If you are interested in buying a home with FHA financing....now is the time to call me! Also, ask about the down payment bond loan assistance program! Annette Rubink - 239-770-4152 www.annettesellscapecoral.com annetterealtor@att.net
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- Use CFL (Compact Fluorescent Lamp) or LED (Light-emitting diode lamp) light bulbs - Install low-flow shower heads & faucet aerators - Start a compost pile - Plant trees - Insulate hot water heater - Weatherstrip & caulk doors & windows - Collect rainwater to water plants - Paint with low-or no-VOC paint - Replace filters - Install a programmable thermostat - Plant a rain garden - Plant native plants - Place appliances or office equipment on power strips to reduce "phantom" load Next time I will tell you the Medium-cost ways to address GREEN potential. Annette Rubink Southern Premier Realty 239-770-4152 www.annettesellscapecoral.com annetterealtor@att.net
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