Wednesday, February 22, 2012

Home Sales up, Inventory Down

Existing-home sales rose in January, marking three gains in the past four months, while inventories continued to improve, according to the National Association of Realtors®. Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.3 percent to a seasonally adjusted annual rate of 4.57 million in January from a downwardly revised 4.38 million-unit pace in December and are 0.7 percent above a spike to 4.54 million in January 2011. Lawrence Yun, NAR chief economist, said strong gains in contract activity in recent months show buyers are responding to very favorable market conditions. “The uptrend in home sales is in line with all of the underlying fundamentals – pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents.” Total housing inventory at the end of January fell 0.4 percent to 2.31 million existing homes available for sale, which represents a 6.1-month supply2 at the current sales pace, down from a 6.4-month supply in December. “The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers,” Yun said. “Foreclosure sales are moving swiftly with ready home buyers and investors competing in nearly all markets. A government proposal to turn bank-owned properties into rentals on a large scale does not appear to be needed at this time.” Total unsold listed inventory has trended down from a record 4.04 million in July 2007, and is 20.6 percent below a year ago. John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net www.johnholbrook.blogspot.com

Tuesday, February 21, 2012

Citibank settles mortgage lawsuit

Citigroup agreed Feb. 15th to pay $158 million to settle a lawsuit over bad loans that the bank passed on to the Federal Housing Administration to insure. The whistle-blower who originally brought the case, Sherry Hunt, an employee of Citi's mortgage department, said the company actively undermined the process that was supposed to check for fraud in order to push through reckless loans and get higher profits. The suit itself makes for good reading. We've pulled out the juiciest bits, and explain just what Citi appears to have been doing. Some background: The FHA insures one-third of the mortgages loans in the country, taking on the risk of homeowners' default from lenders like Citi. The government requires lenders to certify that insured loans meet FHA standards. Citi appears to have flouted those standards. According to the lawsuit, the bank passed along subpar loans to the FHA until very recently, making "substantial profits through the sale and/or securitization of FHA-backed insured mortgages" while "it wrongfully endorsed mortgages that were not eligible." In the settlement, Citi, which was bailed out by taxpayers in 2008 to the tune of $45 billion, "admits, acknowledges, and accepts responsibility" for passing on bad loans. John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net www.johnholbrook.blogspot.com

Saturday, February 18, 2012

Deep water Access - Fernandina Beach

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net www.johnholbrook.blogspot.com

Wednesday, February 15, 2012

1821 Amelia Park Villas, Fernandina Beach/Amelia Island, FL 32034 :: Prudential Chaplin Williams Realty

1821 Amelia Park Villas, Fernandina Beach/Amelia Island, FL 32034 :: Prudential Chaplin Williams Realty

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.netwww.johnholbrook.blogspot.com

76367 Deerwood Drive, Yulee, FL 32097 :: Prudential Chaplin Williams Realty

76367 Deerwood Drive, Yulee, FL 32097 :: Prudential Chaplin Williams Realty

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.netwww.johnholbrook.blogspot.com

1856 Highland Drive, Fernandina Beach/Amelia Island, FL 32034 :: Prudential Chaplin Williams Realty

1856 Highland Drive, Fernandina Beach/Amelia Island, FL 32034 :: Prudential Chaplin Williams Realty

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.netwww.johnholbrook.blogspot.com

402 Georgia Avenue, Fernandina Beach/Amelia Island, FL 32034 :: Prudential Chaplin Williams Realty

402 Georgia Avenue, Fernandina Beach/Amelia Island, FL 32034 :: Prudential Chaplin Williams Realty

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.netwww.johnholbrook.blogspot.com

95006 Lantana Court, Fernandina Beach, FL 32034 :: Prudential Chaplin Williams Realty

95006 Lantana Court, Fernandina Beach, FL 32034 :: Prudential Chaplin Williams Realty

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.netwww.johnholbrook.blogspot.com

85586 Bostick Wood Drive, Fernandina Beach, FL 32034 :: Prudential Chaplin Williams Realty

85586 Bostick Wood Drive, Fernandina Beach, FL 32034 :: Prudential Chaplin Williams Realty

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.netwww.johnholbrook.blogspot.com

Monday, February 13, 2012

Mortgage info Florida

Last week, the Federal government and 49 state governments (Oklahoma being the exception) agreed to a $25 billion settlement regarding robo-signing and the challenges it created in the foreclosure process. We want to give a synopsis of the settlement and some perspective on what effect it will have on the housing market in 2012. The Basics The $25 billion in funds will be dispersed as follows: $17 Billion National Commitment to Foreclosure Relief Efforts The servicers collectively agree to commit a minimum of $17 billion directly to borrowers through foreclosure relief effort options, including principal reduction for qualifying borrowers, short sales, anti-blight measures, and enhanced homeowner transition programs. $3 Billion National Commitment to Underwater Mortgage Refinancing Program The servicers collectively agree to commit $3 billion to refinance “underwater” homes (when a homeowner owes more on a mortgage than a home’s current market value). To qualify, borrowers must be current on their mortgage payments on a mortgage owned by one of the five banks. $5 Billion Payment to States and Federal Government The servicers’ $4.25 billion payment to the states includes $1.5 billion for payments to borrowers who lost their home to foreclosure by one of the five servicers…$750 million of the state-federal payment will go to the federal government to resolve federal claims. John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net www.johnholbrook.blogspot.com

Friday, February 10, 2012

Northeast Florida Property Report

Jacksonville, FL – Buyers Start the New Year Ready to Make Decisions(3,381 single-family permits in 2010, 26th largest market in the country) Traffic bounces back as confidence improves. Buyer traffic improved in January,continuing the volatile trend seen in recent months, as our traffic index bounced to 48 from 17 in December (after coming in at 38 in November). This points to traffic levels in-line with agents’ expectations for this time of year (as measured by a reading of 50). The choppiness is consistent with a market still trying to find its footing as buyers balance the attractive affordability with continued economic and employment concerns, as well as fear of falling prices and inability to obtain a mortgage. Agents said confidence improved this month, with one noting, “New year, less inventory, buyers having to make decisions to buy and are doing so.” Another agent highlighted, “more confidence in the economy.” Interestingly, homebuilders also may be benefitting now (Jacksonville has been a challenging market for new construction lately), as one agent noted, “Increased interest in new construction.” Home prices remain under pressure. Home prices remained under pressure in January,as our home price index improved to 38 from 31 in December, but remained below a neutral reading of 50 (any reading below 50 points to lower home prices over the past 30 days). Inventory levels continued to improve, as our home listings index increased to 71 in January from 56 in December, indicating falling inventory, though our concern remains that a substantial number of distressed homes have yet to come to market. The length of time needed to sell increased modestly in January, but our index is moving closer to a neutral reading, rising to 42 in January from 31 in December (vs. a neutral 50). Comments from real estate agents: “Employment remains key issue, as does availability of financing and real estate values." “End of December finished strong and January off to a slow start. Short sale response time has gotten ridiculously long.” John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net www.johnholbrook.blogspot.com

Price Changes by State, John Holbrook

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net www.johnholbrook.blogspot.com

Wednesday, February 8, 2012

Fannie Mae owned homes Fernandina Beach

February 8, 2012 – Yesterday, Fannie Mae announced the expansion of its Online Offers system to collect and manage real estate purchase offers for Fannie Mae-owned properties across the country. Real estate professionals will now submit offers online on behalf of clients, receive receipt confirmation and track the status of submitted offers through the HomePath.com website. In November 2010, Fannie Mae launched the Online Offers pilot in Orlando, FL, San Diego, CA, and in Wayne County, Detroit, MI to develop the platform and make any necessary improvements. The Online Offers feature is now available for all properties on HomePath.com across the nation. “Collecting offers online through HomePath.com will provide greater transparency for homebuyers and their agents,” said Jay Ryan, VP for REO at Fannie Mae. “Our online platform will make it easier to sell properties to owner occupants, which is a major factor in helping to stabilize communities across the nation.” George Philbeck, a real estate professional with Keller Williams Advantage II Realty in Orlando, has been using Online Offers since the pilot launched in 2010. “As an agent, I believe Online Offers is efficient, informative and user-friendly. With Online Offers, my clients’ offers are guaranteed to make it to the right person at Fannie Mae for review. It has worked very well for me and for my clients.” HomePath homes are owned by Fannie Mae and include a wide selection of properties, including single-family homes, condominiums, and town houses. For more information on purchasing a Fannie Mae-owned property through the HomePath Online Offers system, visit www.HomePath.com. John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net www.johnholbrook.blogspot.com

Where Are Rents Headed? Amelia Island Rentals

Where Are Rents Headed?

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
www.jholbrook.ameliaislandrealestatelistings.com

Wednesday, February 1, 2012

Amelia Island 'Concours d'Elegance': Fairways of Glamour and Glory

Amelia Island 'Concours d'Elegance': Fairways of Glamour and Glory

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.netwww.johnholbrook.blogspot.com

www.jholbrook.ameliaislandrealestatelistings.com