Friday, November 5, 2010
What the Rick Scott, our new Governor, will mean for Real Estate
Hi all. I just read a great article on The RealDeal.com website that addresses what the change in administration means for real estate in Florida. Looking good. Take a look. http://therealdeal.com/miami/articles/what-rick-scott-will-mean-for-real-estate
Friday, October 29, 2010
New credit score for mortgage loans
This just in from Florida Association of Realtors.... MINNEAPOLIS – Oct. 29, 2010 – FICO announced that its latest credit scoring product, the FICO 8 Mortgage Score, is now available from all three major U.S. credit reporting agencies.
The FICO 8 Mortgage Score was built specifically to help lenders better predict mortgage performance and improve credit decisions. The score analyzes the full credit history on file to deliver a better assessment of mortgage repayment risk, with an eye toward cutting down on the number of future foreclosures. FICO claims a 15 percent performance improvement over credit scores currently available.
“To do the best job of evaluating risk and increasing profits, lenders need updated credit scoring analytics that incorporate mortgage credit performance since the subprime mortgage meltdown,” says Craig Focardi, senior research director at TowerGroup.
The FICO 8 Mortgage Score retains the same 300-850 scoring range, minimum scoring criteria, authorized user and inquiry treatment as the general-risk FICO score. To achieve its increase in predictive strength for mortgages, the FICO 8 Mortgage Score assesses additional data from consumer credit files to predict mortgage repayment risk.
The FICO 8 Mortgage Score also includes additional score reason codes, compliant with the Fair Credit Reporting Act, to help lenders understand and explain the scores to applicants.
© 2010 Florida Realtors®
The FICO 8 Mortgage Score was built specifically to help lenders better predict mortgage performance and improve credit decisions. The score analyzes the full credit history on file to deliver a better assessment of mortgage repayment risk, with an eye toward cutting down on the number of future foreclosures. FICO claims a 15 percent performance improvement over credit scores currently available.
“To do the best job of evaluating risk and increasing profits, lenders need updated credit scoring analytics that incorporate mortgage credit performance since the subprime mortgage meltdown,” says Craig Focardi, senior research director at TowerGroup.
The FICO 8 Mortgage Score retains the same 300-850 scoring range, minimum scoring criteria, authorized user and inquiry treatment as the general-risk FICO score. To achieve its increase in predictive strength for mortgages, the FICO 8 Mortgage Score assesses additional data from consumer credit files to predict mortgage repayment risk.
The FICO 8 Mortgage Score also includes additional score reason codes, compliant with the Fair Credit Reporting Act, to help lenders understand and explain the scores to applicants.
© 2010 Florida Realtors®
Wednesday, February 24, 2010
Property tax savings with Homestead Exemption. Deadline to apply is March 1.
If you purchased your primary residence last year, don't forget to file for your Homestead Exemption Application so that you can take advantage of the 'Save our Homes' feature in the state of Florida. All Property Tax Exemption Applications are due on or before March 1st.
State law in Florida allows Florida homeowners to claim up to a $50,000 Homestead Exemption on their primary residence. The first $25,000 of this exemption applies to all taxing authorities.
The second $25,000 excludes School Board taxes and applies to properties with assessed values greater than $50,000. That means that amount is deducted from the assessed value before tax rate is applied.
To be eligible for a 2010 exemption, you must be on the title and your property must be your permanent residence as of January 1, 2010
To get your application, go to the following websites and follow the links. If you already have a homestead exemption and still reside in your property, you don't have to do anything.
Miami Dade County, go on to www.miamidade.gov
Broward County, go to www.bcpa.net
I reminded all my clients who purchased their primary residence and moved in before January 1. If you bought your condo, townhouse or home in Aventura, Miami Beach, Hollywood, Hallandale or anywhere in Florida, and you are eligible if it is your primary and permanent residence. Time is running out. Click on the links above and go get your tax savings, today!
State law in Florida allows Florida homeowners to claim up to a $50,000 Homestead Exemption on their primary residence. The first $25,000 of this exemption applies to all taxing authorities.
The second $25,000 excludes School Board taxes and applies to properties with assessed values greater than $50,000. That means that amount is deducted from the assessed value before tax rate is applied.
To be eligible for a 2010 exemption, you must be on the title and your property must be your permanent residence as of January 1, 2010
To get your application, go to the following websites and follow the links. If you already have a homestead exemption and still reside in your property, you don't have to do anything.
Miami Dade County, go on to www.miamidade.gov
Broward County, go to www.bcpa.net
I reminded all my clients who purchased their primary residence and moved in before January 1. If you bought your condo, townhouse or home in Aventura, Miami Beach, Hollywood, Hallandale or anywhere in Florida, and you are eligible if it is your primary and permanent residence. Time is running out. Click on the links above and go get your tax savings, today!
Friday, February 12, 2010
Real estate headlines
Every day real estate is in the news. Here is a smattering of this week's headlines and experiences:
Mortgage rates: 30 year fixed rate drops below 5% again. Expected to stay low in the short term. The Florida Association of Realtors reports that Federal Reserve Chairman Ben Bernanke "said Wednesday he doesn’t expect the central bank to sell its ...mortgage securities anytime soon, easing fears the move would raise borrowing costs for home buyers. "
This just in from the Florida Association of Realtors: "Sales of existing single-family homes in Florida rose 44 percent in fourth quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 43,926 existing homes sold statewide in 4Q 2009; during the same period the year before, a total of 30,610 existing homes sold. It marks the sixth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association." Read more here: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=232582
With the number of sales so high, the inventory of homes and condos priced appropriately has declined. This should lead to a shift in the market and we already are seeing it turn into a buyer's market in some neighborhoods. Yes, some properties are receiving multiple offers. Location, location, location. It's important for buyers and sellers to be informed and up to date on market factors, what's happening with short sales and foreclosures and inventory in order to make informed decisions. Stay tuned or follow me here or on Twitter or call anytime to stay informed.
Reprinted with permission. Florida Realtors®. All rights reserved
Mortgage rates: 30 year fixed rate drops below 5% again. Expected to stay low in the short term. The Florida Association of Realtors reports that Federal Reserve Chairman Ben Bernanke "said Wednesday he doesn’t expect the central bank to sell its ...mortgage securities anytime soon, easing fears the move would raise borrowing costs for home buyers. "
This just in from the Florida Association of Realtors: "Sales of existing single-family homes in Florida rose 44 percent in fourth quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 43,926 existing homes sold statewide in 4Q 2009; during the same period the year before, a total of 30,610 existing homes sold. It marks the sixth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association." Read more here: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=232582
With the number of sales so high, the inventory of homes and condos priced appropriately has declined. This should lead to a shift in the market and we already are seeing it turn into a buyer's market in some neighborhoods. Yes, some properties are receiving multiple offers. Location, location, location. It's important for buyers and sellers to be informed and up to date on market factors, what's happening with short sales and foreclosures and inventory in order to make informed decisions. Stay tuned or follow me here or on Twitter or call anytime to stay informed.
Reprinted with permission. Florida Realtors®. All rights reserved
Tuesday, February 2, 2010
HUD and CPSC issue guide on identifying toxic drywall
The Florida Association of Realtors posted an article on guidelines issued by U.S. Department of Housing and Urban Development (HUD) and the U.S. Consumer Product Safety Commission (CPSC) on how to identify the presence of metal corrosion, as well as other indicators of problem drywall in homes.
Here's what they wrote: "The guidance takes into account visual signs of metal corrosion, evidence of drywall installation in the relevant time period, and the identification of other corroborating evidence or characteristics.HUD and CPSC’s two-step guidance requires a visual inspection that must show blackening of copper electrical wiring and/or air conditioning evaporator coils; and the installation of new drywall (for new construction or renovations) between 2001 and 2008. " Click on link for more information.
Here's what they wrote: "The guidance takes into account visual signs of metal corrosion, evidence of drywall installation in the relevant time period, and the identification of other corroborating evidence or characteristics.HUD and CPSC’s two-step guidance requires a visual inspection that must show blackening of copper electrical wiring and/or air conditioning evaporator coils; and the installation of new drywall (for new construction or renovations) between 2001 and 2008. " Click on link for more information.
Friday, January 22, 2010
Rates on 30 Year Mortgages Below 5%
Mortgage rates declined for the third straight week. Great news for all home and condo buyers but really great news for first time home buyers who qualify for the $8,000 tax credit and long time homeowners who want to buy a new home and qualify for $6400 tax credit. Both expire in a few months so buyers must go under contract for their new home by April 30. Look for condos in Aventura, Miami Beach and Sunny Isles Beach where the number of sales have increased while home prices are beginning to bottom out.
Need help finding the right home or condo for you? Call me or go to my website property search at www.feinrealtor.com.
Need help finding the right home or condo for you? Call me or go to my website property search at www.feinrealtor.com.
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