Michelle Frericks, Realtor®

Archive for June, 2010

Hey, an increase is an increase, right? I’m glad for any good news relating to real estate.

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WASHINGTON – June 29, 2010 – According to the National Association of Realtors® (NAR), up to 180,000 homebuyers will lose their federal homebuyer tax credit through no fault of their own if Congress fails to pass an extension by June 30 when the closing deadline expires.

Included in that number are thousands of homebuyers in every state of the union, from 390 in Wyoming to 17,700 in California, according to estimates by NAR. In Florida, 14,830 homebuyers could lose the tax credit if closings are delayed.

“We are strongly urging the Senate and the House to act quickly to pass this legislation and ease the minds and pocketbooks of these homebuyers,” said NAR President Vicki Cox Golder.

“These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a workflow jam with lenders or other delays such as lapses in the National Flood Insurance Program, Rural Housing Service, and new home construction, and might not be able to complete the purchase of their homes by the current deadline,” said Golder. “It would be a tragedy for them not to be able to complete the purchase in time to claim the credit.”

NAR issued the following state-by-state estimate of the number of home sales that would be delayed beyond the June 30 deadline; numbers are rounded to the nearest 10:

Alabama, 2,590
Alaska, 830
Arizona, 5,440
Arkansas, 2,090
California, 17,700
Colorado, 3,390
Connecticut, 1,770
Delaware, 400
District of Columbia, 300
Florida, 14,830
Georgia, 6,270
Hawaii, 710
Idaho, 1,270
Illinois, 7,030
Indiana, 3,560
Iowa, 2, 030
Kansas, 1,840
Kentucky, 2,540
Louisiana, 1,800
Maine, 840
Maryland, 2,630
Massachusetts, 3,930
Michigan, 6,470
Minnesota, 3,760
Mississippi, 1,530
Missouri, 3,600
Montana, 760
Nebraska, 1,110
Nevada, 3,800
New Hampshire, 690
New Jersey, 4,300
New Mexico, 1,160
New York, 9,190
North Carolina, 4,890
North Dakota, 460
Ohio, 8,510
Oklahoma, 2,760
Oregon, 2,090
Pennsylvania, 5,830
Rhode Island, 500
South Carolina, 2,460
South Dakota, 500
Tennessee, 3,910
Texas, 15,340
Utah, 1,130
Vermont, 400
Virginia, 3,890
Washington, 3,190
West Virginia, 940
Wisconsin, 2,690
Wyoming, 390

© 2010 Florida Realtors®

Everyone wondered what would happen to the real estate market when the homebuyer tax credit program ended. Now we know, at least for new home sales.

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Some homeowners are still struggling, even after jumping through hoops to participate in mortgage modification programs.

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Florida to receive about $418 million to help approximately 12,500 borrowers.

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New figures are in and things are looking up in Florida!

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Find out which U.S. cities are growing fastest

WASHINGTON – June 24, 2010 – The U.S. Census Bureau has released its most recent population estimates for the nation’s incorporated places, including cities, boroughs, and villages. It’s the final estimate based on updated 2000 census numbers; the first 2010 U.S. census counts will be used after April 1, 2011. The current report covers changes from July 1, 2008, to July 1, 2009.

The numbers reverse decades of growth in the Sunshine State. Only Tampa and Orlando saw gains of more than 1 percent. No Florida city ranked above 75 in the list of top 100 growth areas and only Orlando made the list at all.

Some of the fastest growing cities during the real estate boom showed the greatest declines. Cape Coral, for example, ranked No. 6 for biggest declines; a few years ago, it hit the top 10 for growth.

“The big story is that, in the early part of this decade, we were near record levels,” says Stanley K. Smith, head of the University of Florida’s Bureau of Economic and Business Research. Smith said. “But what we’re seeing now is the most dramatic decline since World War II. And it’s because of the economic collapse. People are just not coming to Florida like they used to.”

© 2010 Florida Realtors®

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Troubled borrowers who do not try in good faith to work out a loan modification will not be eligible for financing through Fannie Mae for 7 years after the default.

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