Bill to allow judges to lower mortgage amount instead of foreclosure

In an effort to reduce the number of foreclosures this year and next year by an estimated 600,000+ households, there are two bills before Congress that would grand “judges the authority to reduce mortgage debt.”

The two bills only apply to borrowers that live in their homes and have either subprime mortgages or other non-traditional mortgages, such as interest-only loans.
“It is one of many efforts by government and consumer groups to encourage lenders and mortgage servicers to restructure loans to more affordable terms for home owners in danger of default.”

Lenders, of course, are in an uproar with this claiming that this would increase mortgage costs for everyone because of the “bad bets” of a few. Proponents say these types of risky loans should have not been available in the first place.

What an interesting relationship. The borrowers don’t want to take responsibility for something they knowingly signed up for and claim that someone else shouldn’t have let them do it, and the lenders don’t want to take responsibility saying the consumer should not have bought that expensive house and need to suffer the repercussions or they will keep making bad decisions. Interesting indeed.

What do you think? Does the responsibility lie with the borrower to not take out a risky loan? Or does the responsibility lie with the lender to not offer the risky loan in the first place.

The entire article on cnnmoney.com

For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:

www.RandBCoastalRealEstate.com
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For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida

www.Panama-City-Beach-Florida-MLS.com

www.Panama-City-Beach-Florida-Condominiums.com

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida

www.30a-Florida-MLS.com

www.Destin-Florida-MLS.com

www.Destin-Florida-Condominiums.info

www.Destin-Florida-Commercial-Real-Estate.com


We have developed a few Panama City Beach Florida and Panama City Florida Related Real Estate Websites along with sites for Destin Florida and the Niceville area. We would appreciate any feedback on these sites. Thanks and have a great day!!!

Resale Trends-Destin Florida, Niceville Florida, Crestview Florida, Fort Walton Beach Florida

The following are the market trend reports for Destin, Niceville, 30a, Crestview, Fort Walton Beach, and Pensacola Florida

http://www.narreia.com/market/Reports2008/Crestview_Resale_Trends_2008.pdf

http://www.narreia.com/market/Reports2008/Destin_Resale_Trends_2008.pdf

http://www.narreia.com/market/Reports2008/Fort_Walton_Resale_Trends_2008.pdf

http://www.narreia.com/market/Reports2008/Navarre_Resale_Trends_2008.pdf

http://www.narreia.com/market/Reports2008/Niceville_Resale_Trends_2008.pdf

http://www.narreia.com/market/Reports2008/Pensacola_Resale_Trends_2008.pdf

For more information on listings in these areas please find more information below:

www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.Destin-Florida-Commercial-Real-Estate.com
www.30A-Florida-MLS.com
www.RandBCoastalRealEstate.com
www.InvestSmarter.com

New FHA Limits to Loans

Daily Real Estate News February 20, 2008

How New FHA, GSE Loan Limits Impact You

Last week, President Bush signed into law a $152 billion economic stimulus bill that includes temporary increases in loan limits for the government sponsored enterprises (GSEs) — Fannie Mae and Freddie Mac — and the Federal Housing Administration until Dec. 31. But what does this mean for you and your clients? The NATIONAL ASSOCIATION OF REALTORS® launched a new resource Web page, What Economic Stimulus Means for REALTORS®, devoted to educating you about the new loan limits, which loans are eligible, and the implementation of these temporary limit increases. NAR has developed estimates of the FHA and GSE single-family loan limits by state and county so that you can get a sense of how the loan limits will rise in your markets.

"The importance of immediately implementing the new limits cannot be overstated," said NAR President Richard Gaylord last week in a public statement. (Listen and watch Gaylord's video podcast on the topic at REALTOR.org). "Mortgage markets throughout the country need liquidity. Our research indicates that the increased FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their homes.”

The FHA limit will increase to as much as $729,750 in high cost areas (to 125 percent of local median home prices). The GSE limit will jump to $729,750 for loans; currently Fannie Mae and Freddie Mac loans are capped at $417,000.

Eligible loans from FHA include mortgages that were issued for credit approval on or before Dec. 31, 2008. GSE loans that are eligible include loans that originated after July 1, 2007 to Dec. 31, 2008.

The U.S. Department of Housing and Urban Development is required to publish the new mortgage limits by March 14; the limits will be effective for FHA immediately upon publication.
Visit REALTOR.org for more on the FHA and GSE changes so that you can educate yourself and, in turn, your clients about their options. "This will be a major stimulus for the housing industry and for people who want to own a home,” Gaylord said.

— REALTOR® Magazine Online

For more information on property in the Destin or Panama City Beach Florida Areas please visit
www.InvestSmarter.com
www.Panama-City-Beach-Florida-MLS.com
www.Destin-Florida-MLS.com
www.RandBCoastalRealEstate.com

Market Trends for Destin Florida and Surrounding Areas

The following links provide market trends for the Destin, Fort Walton Beach, Niceville, Crestview and 30a Areas.

Destin Florida Real Estate:
http://www.narreia.com/market/Reports2008/Destin_Resale_Trends_2008.pdf

Fort Walton Beach Florida Real Estate:
http://www.narreia.com/market/Reports2008/Fort_Walton_Resale_Trends_2008.pdf

Niceville Florida Real Estate:
http://www.narreia.com/market/Reports2008/Niceville_Resale_Trends_2008.pdf

Crestview Florida Real Estate:
http://www.narreia.com/market/Reports2008/Crestview_Resale_Trends_2008.pdf

Available properties in the Destin, Niceville, Crestview and Fort Walton Beach Florida Areas:
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
http://www.randbcoastalrealestate.com/destin-real-estate/
http://www.randbcoastalrealestate.com/ft-walton-beach/
http://www.randbcoastalrealestate.com/niceville/

For more information on investing in real estate please also visit www.InvestSmarter.com

Auctions and Real Estate-Interesting Opportunities for Savy Investors and Buyers

Daily Real Estate News February 7, 2008

Real Estate Market Sold on Auctions

The real-estate auction market rose 5.3 percent in 2007, generating $58.4 billion in revenues – 39 percent more than it did in 2003, according to the National Auctioneers Association.Arkansas auctioneer Joe R. Wilson predicts that a sluggish real-real estate market will make 2008 even stronger. "Sellers like it because it's fast, efficient and effective," says Wilson of Wilson Auctioneers Inc. in Hot Springs. "Buyers like it because they believe they're getting a deal."In December, the National Auctioneers Association launched what is believed to be the first real-estate auction multiple-listing service. Prospective bidders can view coming auctions on AuctionMLS.com. The association also teamed up with the Auction Network to develop a multimedia cable television network devoted to the auction industry.Source: The Wall Street Journal, Jilian Mincer (02/06/2008)

www.InvestSmarter.com

Some Buyers Owe Too Much

Daily Real Estate News February 12, 2008Some Home Buyers Owe Too MuchMore than 30 percent of home owners who bought in the last two years owe more on their mortgage than their homes are currently worth, says Zillow.com in its quarterly home value report.Zillow calculated that 39 percent of home buyers in 2006 who put down 10 percent, now have negative home equity, compared to 30 percent of those who purchased in 2007.Overall, only 3 percent of those who purchased in 2003, and less than 1 percent of all homes in the United States, regardless of when they were purchased, have negative equity.Source: Reuters News (02/12/08)


For more information about investing in real estate or personal finance, please visit our new website at www.InvestSmarter.com.

Lenders Team Up to Curb Foreclosures

Daily Real Estate News February 12, 2008

Lenders Team up to Curb Foreclosures

Six major lenders have agreed to allow seriously overdue home owners to suspend foreclosures for 30 days, giving them time to work out affordable loans.The plan called Project Lifeline is being announced today by the Department of Housing and Urban Development.Initially, the pilot program will involve Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc., and Wells Fargo & Co.All six lenders are currently involved in the Hope Now plan, the deal the Bush administration brokered last year to freeze rates on some high-cost subprime mortgages for five years to aid borrowers whose introductory rates had jumped.The new plan applies to seriously delinquent home owners whose mortgages are 90 or more days past due.Source: The Associated Press, Marcy Gordon (02/11/08)

For more information about investing in real estate or personal finance, please visit our new website at www.InvestSmarter.com.

For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Air force Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida
www.30a-Florida-MLS.com
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.Destin-Florida-Commercial-Real-Estate.com

Jumbo Limits to Possibly Increase

Stimulus to Benefit Jumbo Borrowers

The biggest winners in the economic rescue plan that passed the U.S. Congress on Thursday and awaits President Bush’s signature are middle- to upper-income Americans who can refinance their jumbo home loans at cheaper rates.The stimulus package temporarily raises the maximum size of mortgages that Fannie Mae and Freddie Mac can purchase and market as securities from $417,000 to as high as $729,750 in expensive parts of the country like New York City and California.It makes a similar change for loans backed by the Federal Housing Administration, which insures loans to borrowers with weak credit.Right now, borrowers in expensive areas are "really stuck between a rock and a hard place," says Mark Vitner, senior economist with Wachovia Corp. Raising the caps, he says, will result in a refinancing boom for those properties."We're more likely to see an immediate improvement at the upper end than we are at the lower end" of the housing market, he says.Source: The Associated Press, Alan Zibel (02/08/2008)

For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:

www.RandBCoastalRealEstate.com

For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida

www.Panama-City-Beach-Florida-MLS.com

www.Panama-City-Beach-Florida-Condominiums.com

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida

www.30a-Florida-MLS.com

www.Destin-Florida-MLS.com

www.Destin-Florida-Condominiums.info

www.Destin-Florida-Commercial-Real-Estate.com


We have developed a few Panama City Beach Florida and Panama City Florida Related Real Estate Websites along with sites for Destin Florida and the Niceville area. We would appreciate any feedback on these sites. Thanks and have a great day!!!

Amendment 1 Approved!

On Tuesday, Florida Constitutional Amendment 1 was approved by Florida voters with 64% yes and 36% no. Expected to cut taxes $9.3 billion total, Amendment 1 will double the current homestead tax exemption from $25,000 to $50,000, it will allow portability so that homeowners can transfer their Save Our Homes tax benefits, provide a 10% assessment cap on ALL properties (including rental homes, second homes, business properties, etc.), and it will include an exemption on the first $25,000 from taxes for tangible personal property for business owners.
Those opposing the Amendment claim that if passed, important public services such as fire protection and law enforcement would suffer. In addition, the public school system would be under funded.

For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:

www.RandBCoastalRealEstate.com

For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida

www.Panama-City-Beach-Florida-MLS.com

www.Panama-City-Beach-Florida-Condominiums.com

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida

www.30a-Florida-MLS.com

www.Destin-Florida-MLS.com

www.Destin-Florida-Condominiums.info

www.Destin-Florida-Commercial-Real-Estate.com

Property-tax cuts unlikely to lift housing market soon

Karen Azari wasted no time after Florida voters overwhelmingly approved the property-tax amendment last week. Azari, who owns a Miami granite countertop business, promptly put her longtime home in Bay Harbor Islands up for sale with Coldwell Banker.
She figures that the portability provision, which allows homeowners to transfer tax savings to another home when they move, will help her out.
How much the amendment will help jump-start the sluggish real-estate market overall is another question. Most analysts say it will boost sales only modestly in the short term.
The amendment enables owners of homesteaded property to carry up to $500,000 in tax benefits to a new home if they have sold one property after Jan. 1, 2007, and purchase another within two years.
Homeowners who downsize to less expensive properties can carry a proportionate amount of savings. If they had shielded 40 percent of the market value of the old home from the tax collector, they can shield 40 percent of the market value of the new one.
For Azari, the numbers add up.
''I didn't want to sell before, because no matter what I bought instead, the taxes would be too high,'' said Azari, who bought the three-bedroom, two-bath home in 1995 and is shielding about $640,000 from taxable value under the earlier Save Our Homes cap. That is 69 percent of the $927,000 market value that is excluded from taxes under the cap, which limits increases in tax assessments to a maximum of 3 percent a year, no matter how much home values may rise.
''Now I can take the tax savings with me, and it kind of keeps it level,'' Azari said. ``My taxes won't jump from $5,000 to $10,000.''
Local property appraisers offices have been beset with calls from bewildered homeowners since the amendment was approved Tuesday. But several inquiries from The Miami Herald suggest that some county workers are not well briefed on the new law and that property owners would do better to keep up with the news media and check the property appraisers' websites.
A political action committee known as Yes on 1 -- Save Our Homes Now spent more than $3.7 million to promote the adoption of Amendment 1. That included more than $1 million from the Florida Association of Realtors and numerous contributions from other real-estate-related firms that hope the measure will stimulate sales in Florida's worst real-estate market in decades.
FREEDOM TO MOVE
''There's not going to be a running of the bulls,'' said Richard Barkett, chief executive officer of the Realtors Association of Greater Fort Lauderdale. ``But now, people are not chained to their homes, and now they have the freedom to trade up or trade down and take their tax savings with them.
``I'm sure there is pent-up demand of people who have been waiting to see if this amendment would pass. We definitely anticipate it will help some sales.''
While the portability of tax savings will help many homeowners switch homes over time, experts agree, the near-term impact may be muted.
For one thing, the measure already faces a court challenge in Leon County on grounds that portability discriminates against newcomers and violates state and federal constitutional rights to equal protection and the right to move across state lines without facing economic harm.
That cloud hanging over the amendment may prompt some homeowners to hold off on selling a longtime homestead property and buying another place for fear that the measure will be invalidated.
But a bigger roadblock is that many potential buyers are waiting for signs of a market bottom. Nobody wants to buy a house when prices are on the way down.
''It certainly will have some effect,'' said Ron Shuffield, president of Esslinger Wooten Maxwell, a real-estate brokerage firm in Coral Gables. ``But will it eat up all the excess inventory of homes on the market? No. We still have the market we're in. If someone wants to move, they still have to sell their home before they will buy another one.''
Indeed, Azari -- the eager seller in Bay Harbor Islands -- said that if her house sells, she'll scour the market until she finds a sure bargain, ``maybe a foreclosure.''
LITTLE FOR NEW BUYERS
Meanwhile, the measure does little for first-time buyers who don't have tax benefits to transfer to a new home. They still face the prospect of paying huge tax bills because newly purchased homes are assessed at full market value.
''First-time buyers didn't get anything,'' said Shuffield, who hopes that more tax reform is on the horizon. ``The governor has said he's working on it. He's not finished.''
Most real-estate agents agree that the tax cut is a good start -- but only that.
''This is just the first step,'' said Barkett, of the Realtors Association. ``More has to be done to get our economy going and to get property taxes in Florida back on an equal, stable level. We're looking for further relief from our Legislature and the Taxation and Budget Reform Commission. We're optimistic some additional measure will be on the November ballot.''
The Taxation and Budget Reform Commission, a blue-ribbon panel that is studying various options, can make recommendations to the Legislature or place proposals directly on the ballot for voter consideration.
While portability -- aimed at longtime property owners -- is the centerpiece, the amendment includes several other tax cuts:
• The homestead exemption will increase to $50,000 from $25,000, except for the school-tax portion of the bill. That is equivalent to about a $15,750 additional homestead exemption in Miami-Dade County and $16,000 in Broward County, or an average of $240 a year per home in tax savings statewide.
• For non-homesteaded residences and business properties, the amendment caps the annual increase in assessments at 10 percent. That would have helped snowbirds and others who are not eligible for homestead status back in the boom era when property values were bounding higher 25 percent or more a year. But the measure does little during the current sagging market.
A RENTAL ISSUE
The amendment ''helps some, but it's far from being the answer,'' said Martha Gomez, who owns several rental properties in Miami-Dade.
The $8,500 tax bill for one home on Southwest 63rd Place, which rents for $1,900 a month, ate up more than four months of income, she said. ``When you couple the taxes with the insurance and maintenance, we're losing money on these rentals.''
Under the amendment, businesses also received a new $25,000 exemption for tangible personal property, such as office furniture and equipment. That will save a few hundred dollars on average and the trouble of filing the paperwork.

For more information on available properties in and around Panama City, Panama City Beach, Destin Flordia, please see below.

www.panama-city-beach-florida-mls.com

www.panama-city-beach-florida-condominiums.com

www.panama-city-beach-florida-commercial-real-estate.com

www.RandBCoastalRealEstate.com

www.30a-florida-mls.com

www.destin-florida-mls.com

www.destin-florida-condominiums.info

www.destin-florida-commercial-real-estate.com