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Orlando real estate - CENTURY 21 Solutions Realty Home sales statistics for 2-25-2009 for Orange, Lake, Seminole and Osceola counties. Total Active Listings 29584 Total Listings with pending contracts 5420 Sold Listings YTD 2407 Foreclosures Active Listings 2650 YTD Sold 1127 Pending Contracts 1667 Data is collected from the mid Florida Regional MLS and does not include homes sold by owner or builder sales.  Orlando Real Estate - CENTURY 21 Solutions Realty A large part of a consumers credit score (30%) is based on the amount of credit available as compared to the outstanding balances on accounts, known as the credit utilization ratio. This ratio can be easily manipulated by banks and credit card issuers. For instance, if you have a credit line of $10,000 and a balance of $4,000 this equates to a ratio of 40%. Consumers with credit utilization ratios less than 50% are considered more desireable and therefore are given a much higher credit score. If the credit issuer reduces the credit line to $5,000 this increases the credit utilization ratio to 80% which in turn, lowers the credit score. Over the last year credit card issuers have been reducing and closing consumer’s lines of credit. Many consumers are now seeing these same issuers ask for rate increases because the consumers credit score has fallen. Credit issuers cite, the credit score indicates a higher risk and therefore a rate increase is justified. In actuality, the risk has not increased at all, it is simply a byproduct of the issuers credit line reductions. The question that comes to mind is whether or not the credit issuers have reduced credit lines to in turn increase rates. If this is an intentional act to manipulate the credit system is this not a fraud perpetrated on the American consumer. Orlando Real Estate - CENTURY 21 Solutions Realty Florida’s existing home sales rose in January, making it the fifth month in a row that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Existing home sales rose 24 percent last month with a total of 8,450 homes sold statewide compared to 6,810 homes sold in January 2008, according to FAR. Florida Realtors also reported a 13 percent gain in statewide sales of existing condominiums in January, making it the fourth recent month (following September, October and December) that statewide existing home and existing condo sales were higher compared to year-ago levels. Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in January while 11 MSAs also showed gains in condo sales; it marks the seventh consecutive month that a number of markets have reported increased sales. Florida’s median sales price for existing homes last month was $139,500; a year ago, it was $206,900 for a 33 percent decrease. According to industry analysts with the National Association of Realtors® (NAR), there remains a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. 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 December 2008 was $174,700, down 14.8 percent from a year earlier, according to NAR. In California, the statewide median resales price was $281,100 in December; in Massachusetts, it was $275,000; in Maryland, it was $267,925; and in New York, it was $220,000. NAR’s latest housing outlook shows that home prices continue to fall, but also notes a trend of increasing sales activity in the Florida, California, Arizona and Nevada markets. “It appears some buyers are taking advantage of much lower home prices,” said NAR Chief Economist Lawrence Yun. “The higher monthly sales gain and falling inventory are steps in the right direction, but buyers will continue to have an edge over sellers for the foreseeable future.” In Florida’s year-to-year comparison for condos, 2,556 units sold statewide compared to 2,266 sold in January 2008 for a 13 percent increase. The statewide existing condo median sales price last month was $113,400; in January 2008 it was $190,200 for a 40 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $181,400 in December 2008. Interest rates for a 30-year fixed-rate mortgage averaged 5.05 percent last month, down from the average rate of 5.76 percent in January 2008, 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 419 homes sold in January compared to 321 homes a year ago for a 31 percent increase. The existing home median sales price was $131,800; a year ago, it was $179,100 for a 26 percent decrease. In the year-to-year comparison for the existing condo market, a total of 77 units sold in the MSA last month, up 43 percent compared to 54 condos sold the previous January. The market’s existing condo median price was $167,800; a year ago, it was $230,000 for a 27 percent decrease. © 2009 FLORIDA ASSOCIATION OF REALTORS® Orlando Real Estate - CENTURY 21 Solutions Realty Repayment Plan: Your servicer gives you a fixed amount of time to repay the amount you are behind by adding a portion of what is past due to your regular payment. This option may be appropriate if you’ve missed only a small number of payments. Reinstatement: You pay the loan servicer the entire past-due amount, plus any late fees or penalties, by a date you both agree to. This option may be appropriate if your problem paying your mortgage is temporary. Forbearance: Your mortgage payments are reduced or suspended for a period you and your servicer agree to. At the end of that time, you resume making your regular payments as well as a lump sum payment or additional partial payments for a number of months to bring the loan current. Forbearance may be an option if your income is reduced temporarily (for example, you are on disability leave from a job, and you expect to go back to your full time position shortly). Forbearance isn’t going to help you if you’re in a home that you can’t afford. Loan Modification: You and your loan servicer agree to permanently change one or more of the terms of the mortgage contract to make your payments more manageable for you. Modifications can include lowering the interest rate, extending the term of the loan, or adding missed payments to the loan balance. A loan modification may be necessary if you are facing a long-term reduction in your income. Selling Your House: Depending on the market value of your property, your home may provide the funds you need to pay off your current mortgage debt in full, plus the expenses connected to selling the home (such as real estate agent fees). Servicers might postpone foreclosure proceedings if you decide to sell your home. Such a sale would also allow you to avoid late and legal fees and damage to your credit rating, and protect your equity in the property. Short Sale: Your servicer may allow you to sell the home before it forecloses on the property, agreeing to forgive any shortfall between the sale price and the mortgage balance. This approach avoids a damaging foreclosure entry on your credit report. You still may face a tax liability on the amount of debt forgiven. Consider consulting a financial advisor, accountant or attorney for more information. Deed in Lieu of Foreclosure: You voluntarily transfer your property title to the servicers (with the servicer’s agreement) in exchange for cancellation of the remainder of your debt. Though you lose the home, a deed in lieu of foreclosure can be less damaging to your credit than a foreclosure. You will lose any equity in the property, and you may face an income tax liability on the amount of debt forgiven. A deed in lieu may not be an option for you if other loans or obligations are secured by the property on your home. Orlando Real Estate - CENTURY 21 Solutions Realty If you are behind on your monthly credit payments including mortgages, there is help for you. The National Foundation for Credit Counseling provides credit counseling, debt management services, mortgage work-outs (modifications) and homebuyer counseling through it’s network of member agencies. Visit http://www.nfcc.org for details about programs. This is a national non-profit and charges little or no fees for most services. Orlando Real Estate - CENTURY 21 Solutions Realty Richard O’Dea has joined CENTURY 21 Solutions Realty as a licensed real estate agent. Orlando Real Estate - April is CENTURY 21 Open House Month There are many new additions to this April’s promotion including a National Sweepstakes! A sweepstakes is a great way to start a dialogue with your prospects and begin to convert those leads into closed sides. The CENTURY 21 Path to Your Dreams Sweepstakes will begin April 1st and run until May 16th. One Lucky Consumer will win the Grand Prize of $221,000 towards a down payment on their dream home. There will also be Eight Regional Prizes of $5,000 each awarded to consumers nationally. In addition to these prizes, consumers will also have a chance to win a $10 Amazon Gift card instantly. Orlando Real Estate News Mortgage rates across the board fell this week, a welcoming sign to potential buyers and home owners looking to refinance. The 30-year fixed-rate mortgage averaged 5.04 percent this week, a drop from last week’s 5.16 percent. Last year at this time, the 30-year rate averaged 6.04 percent, Freddie Mac reports. Freddie Mac reported the following for other rates for the week:
“Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing, which reduces the future threat of inflation,” says Frank Nothaft, Freddie Mac’s chief economist. Source: Freddie Mac(02/19/09) Here is the latest list of bank owned properties for the central florida market. |
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