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Pinellas Property Online - News, Articles, Facts and Lists of homes in Pinellas County Florida
Pinellas Extension Workshop will Focus on Finances
Wednesday, 10 February 2010 15:39 | 
In these tough economic times, it’s more important than ever that individuals gain an understanding of how to establish and meet financial goals that will see them into the future.
Coming in March, Pinellas Extension offers the three-part seminar Focus on Finances, which will give participants valuable insight on how to better manage their personal finances.
Extension Specialist Karen Saley leads each session. The first workshop takes place on Wednesday, March 10, from 6 to 8 p.m., with subsequent sessions on March 17 and March 24. The cost is $15 for the entire series. Participants are encouraged to attend all three sessions as new topics will be discussed at each meeting. Those who attend all three sessions will be eligible to receive free, one-on-one financial counseling from a member of the Financial Planners Association of Tampa Bay.
Pinellas County Mortgage Rates Update
Monday, 08 February 2010 11:12 |
The biggest influence on mortgage rates this week came from outside the US. Concerns about the possible default of sovereign debt in smaller nations caused investors to seek the relative safety of US fixed income securities. This week's economic data was roughly balanced in terms of positive and negative surprises. The added demand for safer investments helped mortgage rates move lower during the week.
The recession has impacted countries in different ways. Some of the hardest hit have been smaller European nations, such as Greece and Spain. As members of the European Union, they must adhere to certain restrictions which limit their flexibility to adjust domestic economic policy. As a result, some countries may be at risk of defaulting on government debt. Investors responded by buying relatively safer assets such as US bonds, including agency mortgage-backed securities (MBS). Investors also withdrew money from global stock markets during the week. In the US, the Dow fell about 200 points.
Friday's important Employment report contained mixed news. Against a consensus forecast for a gain of 15K jobs, the economy lost -20K jobs in January. The big story, though, was an unexpected drop in the Unemployment Rate to 9.7% from 10.0% in December. Two separate sources of data are used to compute the change in jobs and the change in the unemployment rate, and during volatile periods the two methods can show widely divergent results. The decline in the unemployment rate in January was viewed as very good news by many economists, pointing to an improving labor market. On a more negative note, revisions to older data showed that the economy has lost 8.4 million jobs since the start of the recession in December 2007, from the previous reported level of 7.2 million.
It will be a light week for economic data next week. The biggest report will be Thursday's Retail Sales data. Retail Sales account for about 70% of economic activity. The Trade Balance will come out on Wednesday, and Consumer Sentiment will be released on Friday. There will be Treasury auctions on Tuesday, Wednesday, and Thursday.
Florida’s existing home, condo sales up at year end 2009
Monday, 01 February 2010 09:39 |
Existing home sales rose 31 percent at year’s end, with a total of 163,148 homes sold statewide compared to 124,168 homes sold at year end 2008, according to Florida Realtors. Existing home sales activity at the end of 2009 also was 25.6 percent higher than the 2007 statewide sales level, records show. Statewide sales of existing condos increased 47 percent at year end 2009 compared to year end 2008’s sales figure; it was 33.7 percent higher than the year end 2007 statewide existing condo sales.
Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales, while 18 MSAs had higher condo sales through the period. A majority of the state’s MSAs have reported increased sales for 18 consecutive months.
“Continuing to stabilize and revitalize the real estate market is the linchpin to a strong economic recovery,” says 2010 Florida Realtors® President Wendell Davis, a broker and regional vice president with Watson Realty Corp. in Jacksonville. “Robust housing and commercial property markets generate business, but they’re also key to helping families build a sense of financial security. Research shows that not only do long-term homeowners benefit from the value and price appreciation of their homes, but even more beneficial is something that simply can’t be measured – a place to raise their families, create memories and call home.
“Now, more than ever, consumers can count on the expertise of Florida Realtors to help them conquer the challenges of today’s marketplace, whether they’re looking for a home or the right location for a new business.”
Florida’s median sales price for existing homes at year end 2009 was $142,600; a year earlier, it was $187,700 for a 24 percent decrease. The national median existing single-family home price was $171,900 in November, down 4.4 percent from a year ago, according to the National Association of Realtors®. NAR housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
NAR’s latest industry outlook predicts the housing recovery to gain momentum in the second half of 2010. “It will be at least early spring before we see notable gains in sales activity as homebuyers respond to the recently extended and expanded tax credit,” said NAR Chief Economist Lawrence Yun.
Qualified buyers who have signed a contract to buy a primary residence by April 30, 2010, have until June 30, 2010, to close the transaction to be eligible for the federal tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.
Yun said he expects an additional 900,000 first-time buyers will qualify for the extended tax credit in addition to about 2 million who have already purchased; 1.5 million repeat buyers also are expected to benefit from the credit. While mortgage interest rates likely will inch higher in 2010, Yun said the tax credit impact in the first half of the year and expected job growth impact in the second half will support homebuying; in turn, activity should absorb enough inventory to bring a rough balance between buyers and sellers. Home prices are expected to stabilize or even modestly rise as a result in 2010, according to NAR.
Fed makes no change, but hints toward future adjutments
Monday, 01 February 2010 09:33 |
There was major economic news on many fronts this week, with mixed results for mortgage markets. The Fed statement essentially followed the expected script, demand was strong for the Treasury auctions, and much of the economic data released during the week was stronger than expected. The net effect was a small increase in mortgage rates during the week.
As expected, the Fed made no change in the fed funds rate on Wednesday. The biggest surprise was that the Fed's Hoenig dissented from the decision, as he believes that economic conditions have improved enough that the Fed should begin to tighten policy. The Fed's outlook for the economy was slightly more positive than in the prior statement. The statement repeated that the mortgage-backed security (MBS) purchase program will be concluded by the end of March. Some investors were disappointed that the Fed didn't show more support for a possible expansion of the MBS purchase program, and mortgage rates rose after the news.
A Decade of Dramatic Developments
Friday, 29 January 2010 13:05 |
At the beginning of the 21st century, most home buyers had never viewed a home online; the three top home sale marketing methods were yard signs, newspaper ads, and open houses; and nearly nine out of 10 buyers financed their purchase with a fixed-rate, 30-year mortgage.
What a difference a decade makes.
“The real estate industry has seen tremendous change and evolution over the past decade,” said NATIONAL ASSOCIATION OF REALTORS® President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “As the first, best source for real estate information, REALTORS® have not only anticipated and adapted to the evolving needs of their clients and customers, but also have influenced industry trends and innovations that will carry us into the future.”
In 1999, buyers who went online in search for a home were in the minority – only 37 percent of buyers used the Internet in their home search, according to data from the NAR Profile of Home Buyers and Sellers. Today, 90 percent of buyers are searching online, and the real estate industry has responded. Sites like REALTOR.com, which attracts nearly 12 million total visits every month, have evolved to gives today’s buyers what they want – not just property listings, but multiple photos, online videos, mapping features, and comprehensive neighborhood information, as well.
Rebates for Appliance Buyers in 2010Friday, 29 January 2010 13:02 |
The 2010 plan to encourage energy efficiency is the government rebate for appliance buyers. The plan lets people swap their old appliances for new energy-efficient models at very low prices. Here are some things to keep in mind: · State plans vary. For state by state specifics, check out the state-by-state rebate program. · Is it really a deal? It may not be worth replacing appliances that are fewer than seven years old, but older models can represent a real deal. Joe McGuire, president of the Association of Home Appliance Manufacturers, says a 20-year-old refrigerator uses three times as much power as a new Energy Star-approved model. · Buy now before it ends. There is only about $300 million available and some states got more money than others. It is expected to run out fast. Easy Resolutions to Make Your Home More Energy EfficientTuesday, 29 December 2009 14:42 |
Part I: HVAC Systems Government plans to end First-time Home Buyer Tax CreditsTuesday, 29 December 2009 14:40 |
Home buyers hoping to take advantage of a new or extended tax credit should not procrastinate: This third bite at the apple will be the last.
Proponents of the $8,000 credit for first-time buyers and the $6,500 credit for move-up buyers made it clear during the debate on Capitol Hill that the benefits would not be renewed when they expire. And a lobbyist for the National Assn. of Realtors confirmed that at the group's annual convention last month. Lawmakers "made us promise practically in blood that we would not come back" for another extension, Linda Goold, the Realtor group's director of tax policy, told her members. New Rules for Short Sales Released by the GovernmentTuesday, 29 December 2009 14:37 |
It’s here, the much anticipated plan from the Treasury Department on how to streamline short sales was announced on Monday, November 30th. Since the Making Home Affordable program has been a miserable failure thus far, the Obama administration has turned their attention from loan modifications to short sales as a way to solve the real estate debocle in America. Here is what you need to know about the changes that have been enacted:
1. Who Qualifies: Like all Gov’t programs, there are stipulations…
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