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There have been a lot of anecdotal stories lately about how appraisals and appraisers contributed to the real estate meltdown and are currently preventing the market from recovering. Your friends at www.condosaletrends.com (A certified general/certified residential appraiser in Colorado and Florida with 25 years of experience) would like to clear up some misconceptions. READ MORE
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What is mortgage insurance?
It’s a financial guaranty that insures lenders against loss in the event a borrower defaults on a mortgage. If the borrower defaults and the lender takes title to the property, the mortgage insurer (MGIC, for example) reduces or eliminates the loss to the lender. In effect, the mortgage insurer shares the risk of lending the money to the borrower. (Mortgage insurance should not be confused with mortgage life insurance, which provides coverage in the event of a borrower’s death, or homeowner’s insurance, which protects the homeowner from loss due to damage from fire, flood or other disaster.) READ MORE
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You would think that we had exhausted the short sale dilemma but not hardly as I still get questions each week about whether someone should just walk away or try their hand at short selling their home. In most cases although it is a test in patience a short sale may be a better option for a seller and sometimes a buyer as well. (will address buyer advantages next week)
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An interesting thing about a prolonged down market, after three years everybody gets bored. Real estate agents have quit trying to convince the public that the bottom has been reached because every month they were proved wrong. Appraisers have been beaten up so bad for relaying the bad news; you can’t get one to admit he is an appraiser in public. Sellers have thrown in the towel. Buyers loiter about like hungry vultures. Welcome to the 2010 Panama City Beach condo market. For those who are still awake, the following is our summary of the local condo market as of the end of 2009. Unfortunately, it looks exactly like the end of 2008.
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After a week off for Thanksgiving I have plenty of good news to report since my last update. Last week, the National Association of Realtors reported that, for the month of October, existing home sales surged 10.1% to a seasonally adjusted annual rate of 6.1 million units – far exceeding the 5.7 million units most economists expected. Also last week, the S&P Case/Schiller Home Price Index showed that home prices nationwide rose 3.1% in the third quarter, matching a 3.1% increase in the second quarter and marking the second consecutive quarter prices have risen. In a similar report of local interest – the Florida Association of Realtors reported that Panama City Beach condo prices actually rose 3% in October over 2008, the first increase this year, and sales of condos were up 88% in October ’09 over ’08.
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The Beach Show is your ONLY internet TV show all about Real Estate on Panama City Beach.
Remember, it doesn’t cost anything to work with us if you are a buyer.
Click the “more” tag for show notes.
Call us at 850-527-5651 to see these properties or for anything else you need regarding real estate in Panama City Beach.
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The Beach Show is your ONLY internet TV show all about Real Estate on Panama City Beach.
Subscribe to our podcast in iTunes.
Or, you can click here to download it to your desktop.
Remember, it doesn’t cost anything to work with us if you are a buyer.
Click the “more” tag for show notes.
Call us at 850-527-5651 to see these properties or for anything else you need regarding real estate in Panama City Beach.
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Mortgage rates remain at near eight month lows as strong demand in the bond market drove the yield on the ten year Treasury note below 3.20% before rising slightly to 3.25% today on a renewed rally in stocks. The rate on the benchmark thirty-year is hovering right at 5% with no points and the fifteen-year stands at 4.375. Thirty-year rates actually were pushing 6% back in the spring so this is quite an improvement and rather unexpected. The general consensus has been that as the economy pulls out of recession and as signs of economic growth become more evident, rates would rise as inflationary pressures mounted, but this has not materialized.
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The Beach Show is your ONLY internet TV show all about Real Estate on Panama City Beach.
Download the podcast
Remember, it doesn’t cost anything to work with us if you are a buyer.
Click the “more” tag for show notes and pictures.
Call us at 850-527-5651 to see these properties or for anything else you need regarding real estate in Panama City Beach.
{ 0 comments }
The Beach Show is your ONLY internet TV show all about Real Estate on Panama City Beach.
Download the podcast
Remember, it doesn’t cost anything to work with us if you are a buyer.
Click the “more” tag for show notes and pictures.
Call us at 850-527-5651 to see these properties or for anything else you need regarding real estate in Panama City Beach.
Call us at 850-527-5651 to see these properties or for anything else you need regarding real estate in Panama City Beach.
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