Orlando Real Estate - CENTURY 21 Solutions Realty

By Jerry Giovaniello
NAR Senior Vice-President, Government Affairs

As we race toward the finish line of the 2008 election, NAR is continuing to press Congress to act on a new stimulus package to help stabilize the housing market and give a boost to the sagging economy.

NAR has presented a four point stimulus plan to Congress for consideration either after the election or in the early days of the new 111th Congress. The current economic crisis is, at its core, the result of problems in the nation’s housing and mortgage markets. This circumstance, along with the fact that housing has always lifted our economy out of downturns, makes it imperative that efforts be taken immediately to foster a housing recovery, so that a recovery of the overall economy can occur.

NAR’s plan includes features such as consumer-driven provisions that eliminate repayment of the first-time homebuyer tax credit and expands it to all homebuyers, makes higher mortgage loan limits permanent, focuses the economic stabilization efforts once again on the housing and mortgage markets as opposed to providing banks with capital with no strings attached and prohibits banks from entering into real estate.NAR strongly believes that inclusion of these priorities in a stimulus package is imperative to move our nation out of this economic crisis:

1. Remove the requirement in the current law that first-time homebuyers repay the $7,500 tax credit, and expand the tax credit to apply not only to first-time buyers but also to all buyers of a primary residence. This will help address inventory issues in many markets.
2. Revise the FHA, Fannie Mae and Freddie Mac loan limit increases to reflect the higher temporary level enacted in February. Although subsequent legislation made loan limit increases permanent, the permanent loan limits were reduced from the February levels. This has broad implication for homebuyers in high cost areas.
3. Urge the government to use a portion of the allotted $700 billion that was provided to purchase mortgage-backed securities from banks to provide price stabilization for housing. The Treasury department should be required to use the newly enacted Troubled Assets Relief Program to push banks to:
   • Extend credit down to Main Street, making credit more available to consumers and small businesses;
   • Expedite the process for short sales;
   • Expedite the resolution of banks’ real estate owned (REOs) properties.
4. Make permanent the prohibition against banks entering real estate brokerage and management, further protecting consumers and the economy.

NAR has presented this plan to Congress and will continue to strongly pursue a special session of Congress to enact this vital housing stimulus legislation package after the national election. Housing has always help lift the economy out of downturns. It is imperative to get the housing market moving forward as quickly as possible. Congress must take immediate and specific actions to boost the confidence of potential homebuyers in the housing market and make it easier for qualified buyers to get safe and affordable mortgage loans.

Sold Listings month to date 3 counties – 847

Orange County Florida

Active Listings – 15517

Pending Listings – 2274

Seminole County Florida

Active Listings – 4809

Pending Listings – 571

Osceola County Florida

Active Listings – 6107

Pending Listings – 777

Existing-home sales increased last month as buyers responded to improved housing affordability conditions, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.5 percent to a seasonally adjusted annual rate of 5.18 million units in September from a level of 4.91 million in August. Home sales are 1.4 percent higher than the 5.11 million-unit pace in September 2007.

Lawrence Yun, NAR chief economist, said more markets are seeing year-over-year gains.

“The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri, and Rhode Island,” he says. “The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike.”

NAR President Richard F. Gaylord says low home prices and low interest rates have helped attract buyers.

“This is the first time since November 2005 that home sales have been above year-ago levels,” Gaylord says. “Credit tightened at the end of September, but the improvement demonstrates that buyers who’ve been on the sidelines want to get into the market to make a long-term investment in their future.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.04 percent in September from 6.48 percent in August; the rate was 6.38 percent in September 2007.

Yun says there may still be market disruptions.

“The credit markets are not settled yet, although the mortgage market stabilized with the government takeover of Fannie Mae and Freddie Mac,” Yun says. “Inventory remains high, and price declines are pressuring owners.”

Yun says that an additional housing stimulus would stabilize prices more quickly and help bring faster stability to Wall Street.

“Removing the repayment feature on the [$7,500] first-time buyer tax credit and permanently raising loan limits would bring more buyers into the market and further reduce inventory,” Yun says.

A Closer Look at the Numbers

• Total housing inventory: at the end of September fell 1.6 percent to 4.27 million existing homes available for sale, which represents a 9.9-month supply at the current sales pace, down from a 10.6-month supply in August. This marks two consecutive monthly declines since inventories peaked in July.

• National median existing-home price: $191,600 in September, for all housing types. That’s down 9 percent from a year ago when the median was $210,500.

“Compared to a fairly small share of foreclosures or short sales a year ago, distressed sales are currently 35 to 40 percent of transactions,” Yun says. “These are pulling the median price down because many are being sold at discounted prices. The current market is not being dominated by speculative investors. Rather, 80 percent of current buyers are purchasing a primary residence, which is a bit higher than historic norms.”

• Single-family home sales: increased 6.2 percent to a seasonally adjusted annual rate of 4.62 million in September from a pace of 4.35 million in August, and are 3.8 percent above the 4.45 million-unit level a year ago. The median existing single-family home price was $190,600 in September, which is 8.6 percent below September 2007.

• Existing condominium and co-op sales: were unchanged at a seasonally adjusted annual rate of 560,000 units in September, but are 15.7 percent below the 664,000-unit pace in September 2007. The median existing condo price was $199,400 in September, down 10.2 percent from a year ago.

By Region

Here’s a breakdown across the country of existing-home in September:

• West: sting-home sales in the West jumped 16.8 percent to an annual rate of 1.25 million in September, and are 34.4 percent higher than September 2007. Median price: $253,600, down 18.5 percent from a year ago.

• Midwest: sales increased 4.4 percent to an annual pace of 1.19 million in September, but are 2.5 percent below a year ago. Median price: $152,500, which is 7.9 percent lower than September 2007.

• South: sales rose 2.2 percent in September to a pace of 1.9 million but remain 7.8 percent below September 2007. Median price:$167,200, down 4.1 percent from a year ago.

• Northeast: sales slipped 1.2 percent to an annual pace of 840,000 in September, and are 7.7 percent lower than a year ago. Median price: $246,800, down 5.4 percent from September 2007.

Source: NAR

ORLANDO Real Estate., Oct. 24, 2008 – For the first time in almost three years, Florida’s existing home sales rose in September, noting a 24 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 11 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR).

A total of 10,817 existing homes sold statewide last month, up 24 percent over the 8,725 homes sold in September 2007, according to FAR. The last time Florida Realtors reported higher statewide existing single-family home sales was for year-end 2005, FAR records found. In July of this year, six more homes sold statewide than in July 2007, but that increase was statistically insignificant.

Fourteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in September; nine MSAs also showed gains in condo sales, marking the third month in a row that a number of markets have noted higher sales activity.

“The September sales report from the Florida Association of Realtors shows a 24 percent increase in the sales of existing homes in the state; this represents the sixth month in a row that the sales figure has exceeded its 12-month moving average (average of the previous 12 months),” says Dr. Sean Snaith, economist and director of the University of Central Florida Institute for Economic Competitiveness. “This is a clear sign that the significant price declines that have occurred across the state are leading to a more rapid absorption of the housing inventory.”

Snaith noted that September 2007 was a volatile time for the housing industry. “The large percentage increase of sales this September versus September 2007 is inflated by the sharp decline in sales that took place in September 2007,” he explained. “That was the month following the initial wave of global fallout precipitated by the subprime mortgage meltdown that roiled markets in August 2007.”

Florida’s median sales price for existing homes last month was $175,100; a year ago, it was $224,700 for a 22 percent decrease. But, looking back to September 2003, the statewide median sales price for single-family homes was $158,800 – an increase of 10.3 percent over the five-year-period, according to FAR records. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in August 2008 was $201,900, down 9.7 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $350,140 in August; in Massachusetts, it was $325,000; in Maryland, it was $295,283; and in New York, it was $225,000.

The latest housing outlook from NAR points out the importance of available credit to the mortgage market. “Home sales will be constrained without a freer flow of credit into the mortgage market,” says NAR Chief Economist Lawrence Yun. “The faster that happens, the sooner we’ll see a broad stabilization in home prices that in turn will help the economy recover.”

In Florida’s year-to-year comparison for condos, 2,878 units sold statewide compared to 2,595 sold in September 2007 for an 11 percent increase. The statewide existing condo median sales price last month was $153,800; in September 2007 it was $197,000 for a 22 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $212,600 in August 2008.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.04 percent, down from the average rate of 6.38 percent in September 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s large to medium-size markets, the Daytona Beach MSA reported a total of 536 homes sold in September compared to 478 homes a year ago for a 12 percent increase. The existing home median sales price was $160,000; a year ago, it was $193,200 for a 17 percent decrease. In the year-to-year comparison for the existing condo market, a total of 74 units sold in the MSA last month, up 1 percent compared to 73 condos sold the previous September. The market’s existing condo median price was $237,500; a year ago, it was $277,100 for a 14 percent decrease.

© 2008 FLORIDA ASSOCIATION OF REALTORS

WASHINGTON, October 08, 2008

Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors^®.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.

Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. 2 “ It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”

The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.

Yun notes the unusual timing of contract activity in August. “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he said. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”

He cautioned that the sampling size for pending home sales is smaller than the track on existing-home sales, so there is more volatility in the forward-looking series. “We need to see just how much of this gain holds up,” Yun said.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said despite all the turmoil in world financial markets, home mortgages are available. “Mortgages have been harder to find, and availability and terms vary depending on credit score and location, but Realtors^® can help buyers find reputable lenders while helping them navigate the transaction process,” he said. “The recently enacted economic stimulus package should help housing by gradually freeing the flow of credit.”

Yun now expects growth in the U.S. gross domestic product (GDP) to contract for two consecutive quarters, in the fourth quarter of this year and the first quarter of 2009, before expanding in latter part of 2009 as the housing market begins a steady improvement.

Looking at middle-ground assumptions, existing-home sales are forecast at 5.04 million this year and 5.41 million in 2009. Following national declines of 5 to 8 percent in 2008, home prices are projected to increase 2 to 3 percent next year.

New-home sales should total around 503,000 this year and 471,000 in 2009. Housing starts, including multifamily units, are likely to fall 28.2 percent to 973,000 units this year, and come in around 843,000 in 2009 as builders continue to clear the accumulation in inventory.

The 30-year fixed-rate mortgage will probably average 6.1 percent in the fourth quarter and rise gradually to 6.6 percent by the end of 2009. NAR’s housing affordability index is expected to average 18 percentage points higher this year than in 2007.

The unemployment rate is projected to average 6.4 percent in the fourth quarter and then average 6.6 percent in 2009. Inflation, as measured by the Consumer Price Index, is estimated at 4.0 percent for 2008 and 2.0 percent next year. Inflation-adjusted disposable personal income is forecast to grow 1.7 percent this year and 1.0 percent in 2009.

# # #

¹The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

²Market information is from unpublished snapshot data; please contact your local association of Realtors^® for more information.

Existing-home sales for September will be released October 24; the next Pending Home Sales Index / Forecast will be released at 11:30 a.m. EST on November 7 at NAR’s annual convention in Orlando, Fla.

The Neighborhood Stabilization Program, authorized July 30, 2008, provides governments with a source of funding to respond to rising foreclosures and declining property values. More than 250 local cities and counties received grants, as well as all 50 states, including Puerto Rico and the District of Columbia.

Florida was allocated $541 million, which includes $91,141,478 awarded to the Department of Community Affairs, under the state’s Community Development Block Grant program, and approximately $450 million allocated directly to 48 local governments.

Eligible uses for the funds include:

• Buying foreclosed homes
• Buying land and property
• Demolishing or rehabilitating abandoned properties
• Offering downpayment and closing cost assistance to low- to moderate-income homebuyers
• Creating “land banks” to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of property

All governments must obligate the money within 18 months. If not committed to a program, HUD will recapture the funds and return the money to the taxpayers.

For a complete list of Florida’s city and state governments receiving money along with amount of funds, local foreclosure rates and home abandonment rates (PDF format), go to: HUD Florida City Grants

©2008 FLORIDA ASSOCIATION OF REALTORS®

Orlando real estate. Property sold for $115000 located at 1477 Magellan Circle #704 Orlando, FL 32818.

The Downward Spiral of Home Values

By Michael W. Smith

Home market values have dropped significantly in most markets. In many cases, home values have dropped below the mortgage encumbering the property. When homeowners in this situation go into default, they often contact a real estate agent who suggests selling the property as a short sale. Short sales are homes listed at a sales price which is lower than the mortgage encumbering the property. Short sales pose many challenges; long processing times, lack of pricing guidance, poor procedural guidance and procedural uniformity among many banks. To handle these challenges agents have adopted techniques which are indirectly contributing to the downward pressure on home values. Unfortunately, if these techniques are not used, short sales would be nearly impossible for agents to handle. Individuals who understand these techniques and bank procedures are in a unique position to view the market from a much broader prospective. These individuals can provide much needed insight into the planning for a market recovery.

In the early stages of the housing downturn, many banks thought short sale listings should generate higher sales prices and resisted granting approvals. Agents responded with a technique that provides evidence to the bank supporting the reasons the bank should accept the offered price. Real estate agents who employed this technique asked home sellers to sign a release granting the agent full control over the properties listing price. This control is freely granted since sellers are informed that they will be unable to receive any proceeds from the homes sale. The agent prices the property at or slightly above other listings in the area. From this start price, the agent systematically reduces the price of the home until a buyer comes forward with an offer. The listing agent maintains a history of all price changes and a corresponding log to track buyer activity. These logs are used as evidence to convince the bank that the offer received is the highest and best offer. The unfortunate side effect of continuous price lowering worked to undermine buyer confidence; buyers became convinced that home values were in a freefall state with no bottom in sight.

As time progressed and the market continued to deteriorate the number of short sales and foreclosures increased dramatically, overwhelming banks. The time needed to process short sales increased often requiring 8 weeks or more. With increased processing times and the uncertainty that the short sale will be approved, most agents working with buyers began to avoid showing short sales. Agents who list short sales realized a new technique was needed and worked to develop what is now called the pre-approved short sale. Unfortunately, banks are unable to pre-approve short sales but are able to provide a counter offer on contracts that have been declined. The counter offer indicates the price the bank is willing to accept. Listing agents quickly learned to submit any offer (no matter how low) just to get the banks counter offer. To attract buyers, short sale listing agents began to price properties artificially low. Artificially low pricing has skewed buyer’s expectations. Buyers pursue short sales, which are priced much lower and are often far superior to listings that have been priced realistically. Competition has developed between agents to have the lowest price listing to attract buyers. Buyers who choose to enter a contract at the artificially low prices are obligated to wait until the bank responds; a response that is often a decline. Once the contract is declined, the listing agent places the property back on the market and advertises the property as a pre-approved short sale. Buyers agents are happy to show pre-approved short sales knowing that their concerns about the short sale approval and the long processing time have been remedied. While both the listing and buyers agents are happy with this technique the consequences to the market have been dire. Homeowners with large amounts of equity who wish to sell their homes, price match listings that have been priced artificially low by agents seeking bank pre-approval even though these short sales would not likely be approved. When one of these homes sells, the lower price reduces the market value of the entire community forcing agents to further lower their short sale listings. Another side effect that’s not hard to see is banks are forced to process short sale offers that have little or no chance of being approved. This further increases processing time and labor costs incurred by the banks.

Still more problems exist in the way banks determine market value of properties. Banks use broker price opinions called BPO’s (a condensed appraisal) ordered from real estate agents, brokers, and appraisers (BPO providers). These BPO’s aide banks in their pricing decisions for both short sale approvals and foreclosure properties. Banks, in an effort to be competitive, prices foreclosure listings just below the homes currently listed to ensure a quick sale. To accomplish this, BPO providers are given guidelines for performing BPO’s. These guidelines direct BPO providers to give more consideration to active short sale and foreclosure listings which are known to be the lowest priced listings; the very same listings that agents have priced artificially low. The banks assumption is that properties are listed at fair market value, however due to the techniques real estate agents are using to market short sale properties, these properties are priced well below market. The bank unknowingly uses faulty information to determine foreclosure pricing and whether or not to accept a short sale offer.

As the market continues to erode banks have become more desperate to unload properties and have begun selling properties and accepting short sales not based on their value but based on the amount owed. In many cases, properties are being sold at the loan payoff, which is far less than the value of the property. This practice has caused a rapid decline in home values.

The following measures must be enacted immediately to curb our economic downturn:

Increase the number of buyers who are willing and able to purchase homes.

Solutions:

1. Increase FHA’s loan to value ratio to allow for 100% financing. Risks to overcome include collaboration between homebuyers and sellers to increase the price of the home to cover costs associated with the homes purchase referred to as closing costs. During the housing boom sellers often offered to pay all buyer costs with proceeds a seller would receive from an increased price. Sellers can also agree to increase the real estate commission paid to a real estate agent so that the agent can rebate the buyer for his/her closing costs. These arrangements can lead to rapidly escalating home values and the risks can be managed by eliminating seller concessions and rebates. No rebates or concessions may be given by any party involved in the transaction that would be used to defray the buyers out of pocket cost to include those made after closing.

1. Increase the availability of FHA loans by removing the net worth requirement to and the prohibition against real estate licensees who also hold a mortgage license from selling FHA loans. Many mortgage professionals are unable to offer FHA loans to their clients due to HUD restrictions which many mortgage professionals cannot meet. During the housing boom, many homebuyers were sold mortgage products with undesirable terms (subprime mortgages) because the mortgage professional was unable to offer the superior FHA product.

1. Repeal the $7500 tax credit for first time home buyers in favor of a $7500 first time homebuyer grant. The grant must be repaid if the home is sold in less than 10 years. First time homebuyers lacking upfront funds to make a home purchase are not able to take advantage of a tax credit.

1. Current homeowners must sell and close current property before closing on a property to be insured.  This prevents homeowners from buying another property and defaulting on current property.

Curb the tide of foreclosures and short sales.

Solutions:

1. Freeze all foreclosures for a period of 90 days. This will allow the market time to stabilize.

1. Offer mortgage refinances up to 105% of the current mortgage balance. 100% to cover the mortgage balance with 5% additional available to be used to cover loan closing costs or may be used to pay down other debts to reduce debt to income ratios. To accomplish this, the U.S. Government must guarantee the mortgage loan or banks will not be unable to sell the mortgages in the secondary mortgage market. Much discussion has been made as of late regarding mortgages being written down and the U.S. Government using bailout funds to pay these write downs. What has been overlooked is that while homeowners who have defaulted would benefit, homeowners who are not in default who paid the high prices during the housing boom would be left paying the full mortgage on a home worth far less. Many of these homeowners may then decide to default so that they too can benefit from this plan. A second problem with the write down plan is that homeowners who have had their mortgages written down could then sell having a much lower cost basis further causing market deterioration. Offering Government guaranteed refinance mortgages is a far less costly option and helps to support market values. Some risks to this plan include banks giving refinances to borrowers who could default once again. Qualifying guidelines designed to manage and insure this risk can be established as follows:
   1. To insure the risk a mortgage insurance fund must be created.
   2. 1% of the amount financed must be paid to the fund by the bank being relieved of a defaulted mortgage.
   3. An annual mortgage insurance premium of .5% is paid by the homeowner for the life of the loan, collected monthly by the mortgage lender and deposited to the fund.
   4. FHA may not insure Adjustable Rate Mortgages. Adjustable rate mortgages (ARMs) helped to inflate home values during the housing boom. ARMs allow homebuyers to purchase a more expensive home than they otherwise would not be able to afford at the higher rates on fixed rate loans. Mortgage lenders offering subprime mortgages are primarily responsible for the housing market collapse we are now in. These subprime loans by mortgage lender design forced homeowners to refinance after a very short fixed rate term. The terms of these mortgages allowed for a very short fixed rate term most often 2 or 3 years after which the rate would adjust wildly even when the market interest rates remained the same. To understand how this was accomplished ARM loans are based on two underlying rates the banks profit margin (margin) and the banks cost of funds (index). The margin rate can be found in the mortgage note and is a rate that is fixed for the life of the loan. The index rate is quoted in many financial publications and is constantly changing with market conditions. Subprime mortgages work by giving borrowers an initial start rate which is generally slightly higher than market for the fixed period of two to three years. After the fixed period, the rate on the mortgage changes to a new rate and is calculated by adding the margin to the index. Unfortunately subprime lenders used an artificially high margin on these loans often and in some cases higher than the start rate on the mortgage. Let’s assume that you have a start rate of 6% and the index rate at the time the loan was closed was 2%. This means at the very minimum on the date the fixed rate period ends homeowners will see their rate increased to 8%. Since index rates did not remain constant this 2% increase was far less than the increases most homeowners experienced. To make matters worse most of these mortgages only required interest only payments for the fixed period adding still more increases to the payment. Many have implied that the credit rating and the fact that these mortgages were 100% financing are the primary reasons these borrowers defaulted. This is simply not true unfair and predatory lending practices must bare the majority of the blame. I propose the following regulation to correct this issue: At the time of rate lock the margin and index must equal the start rate on the mortgage.
   5. Investment and second homes are not eligible.
   6. Increase loan limits to allow more loans to be encompassed into the program.
   7. Consumer credit is not a factor to be considered.
   8. Applicants must show an ability to repay loan.
   9. Applicants must have stable employment or income. 
   10. Maximum debt to income ratio of 45%.

As more Americans lose confidence in our financial markets we slip further and further into what could be our next depression. With banks posting massive financial losses, investment firms collapsing, unemployment rates rising, budget deficits climbing coupled with our national debt there is no end is in sight. Measures need to be taken to counter these problems immediately. Our leaders have worked hard to pass a bailout bill which should help to relieve and restore our credit markets. This bill is the first step toward correcting our nation’s economic woes. Steps taken now, without delay, can have a major impact on correcting the housing market which is the main underlying cause for our financial troubles.

Written by

Michael W. Smith

Broker / Owner

CENTURY 21 Solutions Realty

http://www.c21solutionsrealty.com

I encourage all readers to distribute this article but you may not edit or change any portion to include author information and text links contained within.

Orlando real estate – The property located at 7369 Mardell Court, Orlando Florida 32835 was sold on 10-3-2008 for $205000.

Property sold – 603 Sherwood Oaks Circle, Ocoee, Florida 34761 for $152100

Ocoee real estate market