1. Great Beach Cottage Foreclosure under $220,000
2. Large family home under $188,000
3. Great house in Lullwater under $93 per sq ft near Pier Park

——————————————————————————————————————

Deal 1

• Great Beach Cottage Foreclosure under $220,000
• 3BD/3BA 1364 sq ft w/covered parking & balcony with gulf views
• Small neighborhood of 8 homes w/shared pool
• Thomas Drive location w/short walk to the beach

Deal 2

• Large family home under $188,000
• Great neighborhood centrally located & close to naval base
• Estate sale w/large wooded lot & fenced yard
• 5BD/3BA w/mother-in-law quarters in back

Deal 3

• Great house in Lullwater under $93 per sq ft near Pier Park
• Nice family home just a few blocks from beach & Frank Brown Park
• 3BD/2BA w/in-ground pool (needs new liner) & fenced yard for $169,900
• Downstairs master w/access to backyard & pool and fireplace

It is hard to believe but the sweeping regulation governing real estate appraisals known as the Home Valuation Code of Conduct or HVCC is already one year old. The controversial rule negotiated by New York state Attorney General Andrew Cuomo, Fannie Mae and Freddie Mac along with their regulator the Federal Housing Finance Agency was designed to place a barrier between mortgage brokers, Realtors and appraisers with the assumption that those with an interest in seeing values manipulated would now be excluded from choosing the appraiser, ordering the appraisal or challenging the value determination thus eliminating inflated values and the subsequent fraud seen over the past decade. This all sounded very good on paper but was quickly met with concerns once implemented.
Read more

1. Newer west end home with great pool for $229,000!
2. Fabulous Santa Rosa Beach 30A home with incredible gulf views for $525,000!
3. Executive Santa Rosa Beach home in gated community reduced $20,000!

——————————————————————————————————————

Deal 1

• Newer west end home with great pool for $229,000!
• 3BD/2BA with lots of upgrades & move-in ready
• Corain counters, stainless steel appliances, 12 ft ceilings
• Great outdoor living with fiberglass built-in pool w/enclosure and large fenced yard

Deal 2

• Fabulous Santa Rosa Beach 30A home with incredible gulf views for $525,000!
• 4BD/3BA with unique architectural detail and open floor plan
• Upgrades include stainless steel Jen-Air appliances & granite counters
• 800 sq ft of outdoor living on large covered porch and 2nd floor deck

Deal 3

• Executive Santa Rosa Beach home in gated community reduced $20,000!
• Over 3200 sq ft w/ 5BD/4BA for $519,000 (furnishings included with full price offer)
• Custom wood flooring, travertine tile, hand-carved marble mantle, massive crown molding throughout
• 2 Master bedrooms & baths, split floor plan, upgraded appliances, granite in kitchen and baths

The National Association of Homebuilders reported this week that their “Housing Market Index”, a survey among its members to quantify builder sentiment about the housing market, rose three points in May to 22. While this is still well below the 50 mark which indicates builders feel optimistic about the housing market, it is the highest reading since August of 2007. It has not been above 50 since April of 2006. Meanwhile, the Commerce Department reported that new home construction soared in April – up nearly 41% from the same moth last year. The number of starts in April was also 5.8% higher than the previous month. The number of applications for new building permits actually fell for the month – down 11.5% from March. April 2010 applications were, however, still nearly 16% higher than the same month in 2009.

Now for the latest in the soap opera that has become Rural Development. After warning for weeks that the program would be out of funds sometime in May, we were all relieved last week when USDA issued a memo saying the program had been saved and that a new 3.5% Guarantee Fee would insure the solvency of the program and that loans in the pipeline could close as scheduled. Well, the emotional roller coaster continues as late last week USDA rescinded their earlier memo saying that funds were depleted and no new commitments, even conditional commitments, could be issued at this time. This means I have four files gathering dust in Marianna and four customers unsure as when they will be able to close. I will be sure and provide an update as this drama continues to unfold.

Mortgage rates remain very attractive with the benchmark thirty-year, fixed-rate at 4.875% with no points. As I said last week, continued uncertainty surrounding the European debt situation and the slide in the value of the Euro has kept investors rattled and rates have thus improved even further. Gold prices are setting records and bond prices continue to climb and this, combined with returned volatility in the stock market, should keep up the downward pressure on rates in the short-run.

1. Foreclosure in Carillon Beach Market Place under $100,000
2. The Courts at Wild Heron for $265,000!
3. Previous developer’s model at Wild Heron Clubside for $300,000

———————————————————————————————————–

Deal 1

• 3rd floor 1BD/1 1/2 BA with great balcony
• Hardwood flooring in living area, beautiful french doors overlooking Market St.
• Dining and shopping just below makes this a great vacation home!

Deal 2

• Beautifully detailed 3BD/31/2 BA craftsman design
• Loads of upgrades including beautiful arts & crafts lighting, stainless appliances, & Kohler plumbing fixtures
• Over 2500 sf sq – Preapproved short sale with quick close!

Deal 3

• Short sale  – 3BD/3BA w/bonus room over 2600sq ft ($111/per sq ft )
• Custom draperies, granite countertops, beautiful hardwood flooring
• 2nd floor unit w/private elevator and fabulous views of the 9th green of Shark’s Tooth Golf Course

As a flood of first-time homebuyers rushed to take advantage of the $8,000 tax credit the Rural Development program has been strained to the limit with a year’s allocation of funds expected to be depleted sometime tomorrow. There has been little interest in Congress to extend funding and it now appears that without a last minute vote to re-fund the program, Rural Development will be out of funds on Wednesday. This will leave lenders with only the ability to secure “conditional commitments” from Rural Development. The good news is there are still a few investors out there that will purchase loans with only a conditional commitment from RD. This means that loans currently in process that missed the Wednesday deadline to secure funds will still be able to close – a relief for both lenders and the thousands of RD first-time buyers who were under contract prior to April 30th but not yet closed. Now for the bad news. Any loan that misses the deadline and is forced in a conditional commitment will see their up-front Rural Development Guarantee Fee jump from 2.041% to 3.5%. This is because legislation in the House of Representatives is calling for the RD program to be budget neutral and the higher up-front fee will ensure RD is self-sufficient.

Mortgage Rates continue to benefit from the increased volatility in the stock market as well as lingering concerns over European debt and the effects it could have on the US and global economies. The benchmark thirty-year, fixed-rate stands at 5.00% even and only a .25% point will by you down to 4.875%.  The fifteen-year fixed-rate stands at 4.375%. Jumbo rates are also beginning to feel the love as the once frozen secondary market for non-conforming loans is slowly beginning to thaw. The thirty-year Jumbo rate stands at 5.875%. So while some were pointing to a spike in interest rates in the second quarter of this year, it has, thus far, failed to materialize. Despite the $1 trillion bailout for Greece and the Euro, fears remain that the underlying global debt problem could domino into a financial calamity similar to the sub-prime mortgage crisis of 2008. Until those fears are quelled, the demand for bonds should keep yields and mortgage rates low in the short-run.

1. Lake Powell short sale only 279,000
2. Turtle cove foreclosure only $279,000
3. Like new condo at Wendwood only 99,000

—————————————————————————-

Deal 1

• $279,000
• 6 bedrooms and 5 baths
• Over 3,000 square feet
• Only $90.58 per square foot
• Heavily wooded private lot
• Walton Lake shore community across from Lake Powell
• 2 master suites and many large porches

Deal 2

• $279,900
• 3 bedrooms and 2 and half baths
• Turtle cove foreclosure
• Lake front community
• Built in 2006
• $115.38 per square foot
• Beautiful tiled floors house is just like brand NEW!!!
• Incredibly gorgeous grounds and community pool and tennis
• On the quiet West end of Panama City beach florida

Deal 3

• $99,000
• 1 bedroom 1 bath with built in bunks
• Wendwood condo right across from the beach
• Only approx 2 miles from Pier Park
• Like new building and condo
• Fresh paint, newer appliances, new carpet Air conditioner only 2 years old and 2 beach accesses right out front
• Glimpses of the gulf from your porch!!!!!

—————————————————————————-

Deal 1 – Wild Heron short sale Bungalow $325,000
Deal 2 – Village at Blue Mountain foreclosure $395,000
Deal 3 – Seacrest Beach foreclosure$352,000

Deal 1

• Wild Heron short sale
• 325,000
• 2,241 square feet
• Full golf membership to Sharkstooth golf course available for purchase
• Community pool, gated, nature trails, fitness center, boats and kayaks and beautiful lake Powell

Deal 2

• Huge foreclosure in The Village of Blue Mountain
• $395,000
• 3,338 square feet with great porches
• 6 bedrooms and 4.5 baths!!!!
• incredible community pool and fitness
• located in Blue Mountain Beach off 30-A
• needs a few more finishing touches

Deal 3

• Villas at Seacrest Foreclosure
• $352,000
• 1,960 square feet
• 4 bedrooms and 3 baths
• Overlooking the 11,000 square foot Lagoon tiered pool
• Beautiful tile with large living area with fireplace
• NOT  a beat up foreclosure all new fresh paint and carpet

1. Riviera Beach Foreclosure $129k!!!
2. Huge golf-course home with screened in pool
3. Great foreclosure for only $275,000

—————————————————————————-

Deal 1

• $129,000
• 2 bedroom, 2 bath with 1,056 square feet
• Newly painted and carpeted
• Move in ready and close to a quiet beach
• Special Financing Available

Deal 2

• $362,000
• 2,760 square feet
• 4 bedrooms, 2.5 baths with a BONUS room
• Master on the 1st floor
• Oversized garage
• Screened in swimming pool
• Golf course community of Holiday Golf

Deal 3

• $275,900
• 2,363 square feet ($116/sf)
• 3 bedroom, 3 bath
• Big corner lot, fenced in with room for a pool
• Very large open floor plan with fireplace in living area AND master

As the deadline looms for first-time homebuyers to qualify for the $8,000 Federal tax credit, lenders nationwide are fearful of a decline in loan originations as a result after a surge in recent months. Buyers must be under contract no later than April 30th and must close on or before June 30th to receive the credit. Unlike in November of 2009, when the original tax credit was set to expire, there are far fewer voices in Washington and elsewhere calling for a second extension. It will be interesting to see if the expected drop in home sales resulting from the expiring tax credit can be offset by the increased demand typically seen in the late spring and summer.

I wanted to provide updates on two issues I discussed last week. Funding for the National Flood Insurance Program has now been restored after a two week shutdown that left us in limbo unable to secure new flood insurance binders. Also, there has yet to be any resolution to the funding for the Rural Development program though there are bills under consideration in Congress to restore funding and raise the guarantee fee in an effort to make the program self-sufficient and budget neutral. While we wait on the final legislation we have been told by USDA that they now expect for the current funding to last until mid-May instead of the end of April as previously thought.

After a volatile two weeks, mortgage rates have settled back to near their lows for the year. The benchmark thirty-year, fixed-rate is currently at 5.125% with no points. The fifteen-year fixed is just under 4.50% with no points. So far, knock on wood, we have not seen the spike in interest rates predicted by some when the Federal Reserve’s program of purchasing mortgage-backed securities wound down. It now appears that despite some positive signs in leading indicators, retails sales and corporate earnings, continued weakness in the labor market and the sluggish real estate market continue to weigh on the economic recovery. Until we see more robust job creation and solid gains in housing expect mortgage rates to remain at or near their current levels.