Friday, January 26, 2007
LIGERA SUBIDA DE INTERESES HIPOTECARIOS EN PRESTAMOS DE 30 ANOS
MARRERO REA ESTATE BROKERAGE LLC
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN GRANDIOSO DIA PARA TODOS
HOY PRESENTAMOS INFORMACION SOBRE UNA LIGERA SUBIDA EN LOS INTERESES HIPOTECARIOS A 30 ANOS.ALGUNOS ANALISTAS INTERPRETAN ESTO COMO UNA PEQUENA SENAL DE QUE EL MERCADODE BIENES RAICES PUDIERA ESTAR CERCA DE UNA ESTABILIZACION.AUNQUE ESTE ES UN ANALISIS A NIVEL NACIONAL YA QUE CADA REGION SE COMPORTA DISTINTO MUCHAS VECES ESTAS SENALES PUDIERAN REFLEJARSE EN EL RESTO DE LOS MERCADOS MAS ADELANTE.
ADJUNTO LA NOTICIA EN DETALLE
30-yr. mortgage rates up to 6.25 percent
WASHINGTON – Jan. 26, 2007 – Rates on 30-year mortgages edged up to the highest level since early November as the economy continued to show surprising signs of strength.
The mortgage company Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.25 percent this week, compared with 6.23 percent last week.
It was the third consecutive weekly increase and the highest level since 6.33 percent the week of Nov. 9.
Analysts said financial markets were reacting to various economic reports showing the economy was doing better than expected at the end of 2006. That, in turn, reduces the chance the Federal Reserve will see a need to cut interest rates.
Frank Nothaft, Freddie Mac’s chief economist, said next week’s Fed meeting as well as a government report on how the overall economy performed during the final three months of 2006 will help determine the next moves on interest rates.
The Freddie Mac survey showed that other types of mortgage rates were mixed this week.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, were unchanged at 5.98 percent.
Five-year adjustable rate mortgages fell to 6 percent from 6.04 percent last week. One-year ARMs dipped to 5.49 percent from 5.51 percent last week.
The mortgage rates do not include add-on fees known as points. Thirty-year, 15-year and five-year mortgages each carried a nationwide average fee of 0.4 point. One-year adjustable rate mortgages carried a fee of 0.5 point.
A year ago, rates on 30-year mortgages stood at 6.12 percent while 15-year mortgages were at 5.70 percent, five-year ARMs averaged 5.75 percent and one-year ARMs were at 5.20 percent.
JOSE RAUL MARRERO
407-436-5140
787-486-7906
TODOS SOMOS GUERREROS DE LUZ!
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN GRANDIOSO DIA PARA TODOS
HOY PRESENTAMOS INFORMACION SOBRE UNA LIGERA SUBIDA EN LOS INTERESES HIPOTECARIOS A 30 ANOS.ALGUNOS ANALISTAS INTERPRETAN ESTO COMO UNA PEQUENA SENAL DE QUE EL MERCADODE BIENES RAICES PUDIERA ESTAR CERCA DE UNA ESTABILIZACION.AUNQUE ESTE ES UN ANALISIS A NIVEL NACIONAL YA QUE CADA REGION SE COMPORTA DISTINTO MUCHAS VECES ESTAS SENALES PUDIERAN REFLEJARSE EN EL RESTO DE LOS MERCADOS MAS ADELANTE.
ADJUNTO LA NOTICIA EN DETALLE
30-yr. mortgage rates up to 6.25 percent
WASHINGTON – Jan. 26, 2007 – Rates on 30-year mortgages edged up to the highest level since early November as the economy continued to show surprising signs of strength.
The mortgage company Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.25 percent this week, compared with 6.23 percent last week.
It was the third consecutive weekly increase and the highest level since 6.33 percent the week of Nov. 9.
Analysts said financial markets were reacting to various economic reports showing the economy was doing better than expected at the end of 2006. That, in turn, reduces the chance the Federal Reserve will see a need to cut interest rates.
Frank Nothaft, Freddie Mac’s chief economist, said next week’s Fed meeting as well as a government report on how the overall economy performed during the final three months of 2006 will help determine the next moves on interest rates.
The Freddie Mac survey showed that other types of mortgage rates were mixed this week.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, were unchanged at 5.98 percent.
Five-year adjustable rate mortgages fell to 6 percent from 6.04 percent last week. One-year ARMs dipped to 5.49 percent from 5.51 percent last week.
The mortgage rates do not include add-on fees known as points. Thirty-year, 15-year and five-year mortgages each carried a nationwide average fee of 0.4 point. One-year adjustable rate mortgages carried a fee of 0.5 point.
A year ago, rates on 30-year mortgages stood at 6.12 percent while 15-year mortgages were at 5.70 percent, five-year ARMs averaged 5.75 percent and one-year ARMs were at 5.20 percent.
JOSE RAUL MARRERO
407-436-5140
787-486-7906
TODOS SOMOS GUERREROS DE LUZ!
Thursday, January 25, 2007
ANALISTAS PREDICEN ALTA CANTIDAD DE PROPIEDADES SERAN REPOSEIDAS POR EL BANCO EN LOS PROXIMOS MESES
MARRERO REAL ESTATE BROKERAGE LLC
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN MARAVILLOSO DIA A TODOS
DURANTE LOS PASADOS CINCO ANOS, ESPECIALMETE ESTOS ULTIMOS DOS, EN EL ESTADO DE LA FLORIDA COMO EN OTROS TERRITORIOS DE E.U.DONDE SE DESARROLLO UN DRAMATICO CRECIMIENTO EN EL AUMENTO DE VALOR DE LAS PROPIEDADES, SE DESARROLLO UN MERCADO DE TRANSACCIONES DE BIENES RAICES UTILIZANDO PRESTAMOS AJUSTABLES.
MUCHOS MORTGAGES BROKER OFRECIERON A SUS CLIENTES DIVERSOS PROGRAMAS DE PRESTAMOS, PERO ALGUNOS MOTIVARON A LOS COMPRADORES A ELEGIR UN TIPO DE PRESTAMO DONDE SE FINANCIA EL 100% DE EL VALOR DE LA PROPIEDAD Y CON UN INTERES FIJO POR LOS PRIMEROS ANOS, ALGUNOS CON PENALIDADES SI USTED QUISIERA REFINANCIAR O VENDER SU PROPIEDAD EN ALGUN MOMENTO DURANTE LOS PRIMEROS DOS ANOS.
MUCHOS PENSARON QUE CUANDO SE ACERCARA LA FECHA DE CUMPIR LOS DOS ANOS VENDERIAN SIN PROBLEMAS SU PROPIEDAD, POR QUE COMPRARON ESTAS SEGUNDAS RESIDENCIAS COMO INVERSION.
PERO ESTO ESTA AFECTANDO EL VALOR DE TODAS LAS PROPIEDADES.
EL FENOMENO ES QUE MUCHOS PENSARON LO MISMO Y SE INUNDO EL MERCADO DE PROPIEDADES. AHORA USTED VE LA GRAN CANTIDAD DE FORSALE O RENTA. AL NO HABER PODIDO VENDER RAPIDO COMENZARON A BAJAR PRECIOS Y AHORA EXISTEN CASOS EN DONDE LA PROPIEDAD ESTA TAZANDO MENOS QUE EL VALOR QUE TENIA CUANDO HIZO EL PRESTAMO CON EL 100% DE EL VALOR UN ANO ATRAS.
CUANDO CONTRATAN UN CORREDOR DE BIENES RAICES, ESTE LE INDICA LO QUE ESTA SUCEDIENDO Y EL PRECIO QUE EL MERCADO ESTA PROYECTANDO SOBRE DICHA PROPIEDAD.ENTONECES CUANDO SACAN SUS NUMEROS, DE LOS GASTOS DE COMISION, APORTACIONES AL COMPRADOR,LIQUIDACION DE LA HIPOTECA, ECT,Y NI HABLAR SI EL PRESTAMO TENIA EL HARD O EL SOFT PENALTY POR VENDER ANTES DE DOS ANOS, OBSERVAN QUE ENTONCES LOS NUMEROS LES DAN EN ROJO.
UNIDO A ESTO LOS BUILDERS DE PROYECTOS NUEVOS ESTAN OFRECIENDO AGRESIVAMENTE INCENTIVOS PARA LOS POSIBLES COMPRADORES.ESTAS SITUACIONES ANTERIORMENTE MENSIONADAS ESTA AFECTANDO EL VALOR DE TODAS LAS PROPIEDADES
AHORA BIEN, CON TODOS ESTOS HECHOS DEFINITIVAMENTE COMPRAR AHORA ES UNA VENTAJA PARA AQUELLOS QUE NECESITAN UNA PROPEDAD O HAN VIVIDO MUCHOS ANOS DE LA RENTA.
AQUELLOS QUE NUNCA HAN COMPRADO UNA RESIDENCIA Y SOLO HAN PAGADO DURANTE MUCHOS ANOS DINERO A OTRA PERSONA QUE HA CAPITALIZADO, SE PUEDEN APROVECHAR DE ESTA SITUACION ANTES DE QUE EL MERCADO SE ESTABILIZE Y COMIENZEN OTRA VEZ A VALORIZAR LAS PROPIEDADES POR EL AUMENTO POBLACIONAL PRONOSTICADO.
EN MARRERO REAL ESTATE BROKERAGE LLC ESTAMOS PARA ORIENTARLE CON INTEGRIDAD. NO OPERAMOS POR GANAR UNA COMISION SOLAMENTE. LE ORIENTAMOS DE LAS REALIDADES DE EL MERCADO. CUIDADO CON LAS OFERTAS DONDE LE PRESENTAN UN CUADRO DE QUE TODO ESTA BIEN.
AUNQUE CREEMOS EN LA FILOSOFIA DE EL VALIENTE, OFRECEMOS INFORMACION FIDELIGNA DE LA SITUACION Y OFERTAS DE FINANCIAMIENTO CON COMPANIAS DE MORTGAGE DE REPUTACION Y DE INTEGRIDAD.
A CONTINUACION UNA NOTICIA DE TEMA RELACIONADO
Prediction: Trouble ahead for subprime borrowers
NEW YORK – Jan. 24, 2007 – Expect to see foreclosures on subprime or nontraditional loans – mortgages made to consumers with impaired credit – to accelerate, according to the Center for Responsible Lending (CNL) (http://www.responsiblelending.org), a nonprofit research organization.
A recent CDL report, which analyzed more than 6 million subprime mortgages made from 1998 through the third quarter of 2006, estimates that 2.2 million households in the subprime market have either lost their homes to foreclosure or hold mortgages that will fail this year. The cost to homeowners could be as high as $164 billion, primarily from lost home equity.
Even during years of strong appreciation, as many as one in eight subprime loans ended in foreclosure within five years of origination, according to CDL.
In the past couple of years, many subprime borrowers chose nontraditional mortgage products, including interest-only loans and payment-option adjustable-rate mortgages (option ARMs), in which the borrower has flexible payment options, says Federal Reserve Gov. Susan Schmidt Bies. Recent estimates show these types of mortgages accounted for about one-third of all U.S. mortgage originations in 2006, compared with less than one-tenth a few years earlier. Bies spoke Jan. 11 at a Risk Mitigation Summit sponsored by the National Credit Union Administration.
Catch 22 of subprime loans
The CDL maintains that “borrowers already financially vulnerable are receiving loans known to pose a higher risk.” Balloon payments, prepayment penalties and limited documentation make subprime mortgages particularly vulnerable to foreclosure. A good example, according to CDL, is the “exploding ARM.” It features semi-annual rate adjustments following an artificially low introductory rate.
“It isn’t surprising that some borrowers can’t keep up with their payments once their loans fully adjust,” said Bies, noting that it’s not unusual to find margins of 6 percent or higher.
Loose underwriting practices and a lack of accountability can also add risk for subprime borrowers, some analysts say. “Mortgage lenders have relaxed credit standards and issued loans with a much higher risk of foreclosure,” says Mark Dotzour, chief economist for the Real Estate Center at Texas A&M University.
Additionally, according to CDL, many subprime lenders don’t take into account whether the homeowner will be able to pay the interest rate when the loan resets, nor do they take into account insurance premiums and real estate taxes.
Subprime borrows also struggle to accumulate equity since some loans limit the amount of equity a borrower builds. Plus, some borrowers have difficulty refinancing to avoid foreclosure, particularly due to prepayment penalties and slowing home price appreciation.
Source: By Camilla McLaughlin for REALTOR® Magazine Onlin
JOSE RAUL MARRERO
787-486-7906
407-436-5140
RAULMARREROJR@YAHOO.COM
TODOS SOMOS GUERREROS DE LUZ!
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN MARAVILLOSO DIA A TODOS
DURANTE LOS PASADOS CINCO ANOS, ESPECIALMETE ESTOS ULTIMOS DOS, EN EL ESTADO DE LA FLORIDA COMO EN OTROS TERRITORIOS DE E.U.DONDE SE DESARROLLO UN DRAMATICO CRECIMIENTO EN EL AUMENTO DE VALOR DE LAS PROPIEDADES, SE DESARROLLO UN MERCADO DE TRANSACCIONES DE BIENES RAICES UTILIZANDO PRESTAMOS AJUSTABLES.
MUCHOS MORTGAGES BROKER OFRECIERON A SUS CLIENTES DIVERSOS PROGRAMAS DE PRESTAMOS, PERO ALGUNOS MOTIVARON A LOS COMPRADORES A ELEGIR UN TIPO DE PRESTAMO DONDE SE FINANCIA EL 100% DE EL VALOR DE LA PROPIEDAD Y CON UN INTERES FIJO POR LOS PRIMEROS ANOS, ALGUNOS CON PENALIDADES SI USTED QUISIERA REFINANCIAR O VENDER SU PROPIEDAD EN ALGUN MOMENTO DURANTE LOS PRIMEROS DOS ANOS.
MUCHOS PENSARON QUE CUANDO SE ACERCARA LA FECHA DE CUMPIR LOS DOS ANOS VENDERIAN SIN PROBLEMAS SU PROPIEDAD, POR QUE COMPRARON ESTAS SEGUNDAS RESIDENCIAS COMO INVERSION.
PERO ESTO ESTA AFECTANDO EL VALOR DE TODAS LAS PROPIEDADES.
EL FENOMENO ES QUE MUCHOS PENSARON LO MISMO Y SE INUNDO EL MERCADO DE PROPIEDADES. AHORA USTED VE LA GRAN CANTIDAD DE FORSALE O RENTA. AL NO HABER PODIDO VENDER RAPIDO COMENZARON A BAJAR PRECIOS Y AHORA EXISTEN CASOS EN DONDE LA PROPIEDAD ESTA TAZANDO MENOS QUE EL VALOR QUE TENIA CUANDO HIZO EL PRESTAMO CON EL 100% DE EL VALOR UN ANO ATRAS.
CUANDO CONTRATAN UN CORREDOR DE BIENES RAICES, ESTE LE INDICA LO QUE ESTA SUCEDIENDO Y EL PRECIO QUE EL MERCADO ESTA PROYECTANDO SOBRE DICHA PROPIEDAD.ENTONECES CUANDO SACAN SUS NUMEROS, DE LOS GASTOS DE COMISION, APORTACIONES AL COMPRADOR,LIQUIDACION DE LA HIPOTECA, ECT,Y NI HABLAR SI EL PRESTAMO TENIA EL HARD O EL SOFT PENALTY POR VENDER ANTES DE DOS ANOS, OBSERVAN QUE ENTONCES LOS NUMEROS LES DAN EN ROJO.
UNIDO A ESTO LOS BUILDERS DE PROYECTOS NUEVOS ESTAN OFRECIENDO AGRESIVAMENTE INCENTIVOS PARA LOS POSIBLES COMPRADORES.ESTAS SITUACIONES ANTERIORMENTE MENSIONADAS ESTA AFECTANDO EL VALOR DE TODAS LAS PROPIEDADES
AHORA BIEN, CON TODOS ESTOS HECHOS DEFINITIVAMENTE COMPRAR AHORA ES UNA VENTAJA PARA AQUELLOS QUE NECESITAN UNA PROPEDAD O HAN VIVIDO MUCHOS ANOS DE LA RENTA.
AQUELLOS QUE NUNCA HAN COMPRADO UNA RESIDENCIA Y SOLO HAN PAGADO DURANTE MUCHOS ANOS DINERO A OTRA PERSONA QUE HA CAPITALIZADO, SE PUEDEN APROVECHAR DE ESTA SITUACION ANTES DE QUE EL MERCADO SE ESTABILIZE Y COMIENZEN OTRA VEZ A VALORIZAR LAS PROPIEDADES POR EL AUMENTO POBLACIONAL PRONOSTICADO.
EN MARRERO REAL ESTATE BROKERAGE LLC ESTAMOS PARA ORIENTARLE CON INTEGRIDAD. NO OPERAMOS POR GANAR UNA COMISION SOLAMENTE. LE ORIENTAMOS DE LAS REALIDADES DE EL MERCADO. CUIDADO CON LAS OFERTAS DONDE LE PRESENTAN UN CUADRO DE QUE TODO ESTA BIEN.
AUNQUE CREEMOS EN LA FILOSOFIA DE EL VALIENTE, OFRECEMOS INFORMACION FIDELIGNA DE LA SITUACION Y OFERTAS DE FINANCIAMIENTO CON COMPANIAS DE MORTGAGE DE REPUTACION Y DE INTEGRIDAD.
A CONTINUACION UNA NOTICIA DE TEMA RELACIONADO
Prediction: Trouble ahead for subprime borrowers
NEW YORK – Jan. 24, 2007 – Expect to see foreclosures on subprime or nontraditional loans – mortgages made to consumers with impaired credit – to accelerate, according to the Center for Responsible Lending (CNL) (http://www.responsiblelending.org), a nonprofit research organization.
A recent CDL report, which analyzed more than 6 million subprime mortgages made from 1998 through the third quarter of 2006, estimates that 2.2 million households in the subprime market have either lost their homes to foreclosure or hold mortgages that will fail this year. The cost to homeowners could be as high as $164 billion, primarily from lost home equity.
Even during years of strong appreciation, as many as one in eight subprime loans ended in foreclosure within five years of origination, according to CDL.
In the past couple of years, many subprime borrowers chose nontraditional mortgage products, including interest-only loans and payment-option adjustable-rate mortgages (option ARMs), in which the borrower has flexible payment options, says Federal Reserve Gov. Susan Schmidt Bies. Recent estimates show these types of mortgages accounted for about one-third of all U.S. mortgage originations in 2006, compared with less than one-tenth a few years earlier. Bies spoke Jan. 11 at a Risk Mitigation Summit sponsored by the National Credit Union Administration.
Catch 22 of subprime loans
The CDL maintains that “borrowers already financially vulnerable are receiving loans known to pose a higher risk.” Balloon payments, prepayment penalties and limited documentation make subprime mortgages particularly vulnerable to foreclosure. A good example, according to CDL, is the “exploding ARM.” It features semi-annual rate adjustments following an artificially low introductory rate.
“It isn’t surprising that some borrowers can’t keep up with their payments once their loans fully adjust,” said Bies, noting that it’s not unusual to find margins of 6 percent or higher.
Loose underwriting practices and a lack of accountability can also add risk for subprime borrowers, some analysts say. “Mortgage lenders have relaxed credit standards and issued loans with a much higher risk of foreclosure,” says Mark Dotzour, chief economist for the Real Estate Center at Texas A&M University.
Additionally, according to CDL, many subprime lenders don’t take into account whether the homeowner will be able to pay the interest rate when the loan resets, nor do they take into account insurance premiums and real estate taxes.
Subprime borrows also struggle to accumulate equity since some loans limit the amount of equity a borrower builds. Plus, some borrowers have difficulty refinancing to avoid foreclosure, particularly due to prepayment penalties and slowing home price appreciation.
Source: By Camilla McLaughlin for REALTOR® Magazine Onlin
JOSE RAUL MARRERO
787-486-7906
407-436-5140
RAULMARREROJR@YAHOO.COM
TODOS SOMOS GUERREROS DE LUZ!
Thursday, January 18, 2007
PROXIMO A FIRMARSE PROYECTO EN LA LEGISLATURA SOBRE EL COSTO DE LOS SEGUROS DE VIVIENDA EN LA FLORIDA QUE REDUNDARA EN UNA REDUCION HASTA DE UN 30%
MARRERO REAL ESTATE BROKERAGE LLC
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN MARAVILLOSO DIA PARA TODOS
A CONTINUACION UNA NOTICIA POSITIVA PARA TODOS LOS DUENOS DE RESIDENCIAS EN LA FLORIDA. DEBIDO AL INCREMENTO SIGNIFICATIVO DE EL COSTO EN LOS SEGUROS DE PROPIEDADES EN LA FLORIDA Y UN FUERTE MOVIMIENTO DE PROTESTA POR ESTE ASUNTO, SE PRESENTO EN LA LEGISLATURA DE LA FLORIDA UN PROYECTO PARA MANEJAR DE MANERA MAS ADECUADA ESTOS COSTOS.
A CONTINUACION LA NOTICIA EN DETALLE
House, Senate pass competing insurance bills
TALLAHASSEE, Fla. – Jan. 18, 2007 – House leaders edged closer to common ground with the state Senate on Wednesday by passing a bill to cover more risk for property insurers in the event of a catastrophic hurricane, a plan they claimed could slash windstorm insurance rates by as much as 65 percent.
The proposal, one of a series passed by the full House, nonetheless met with mixed reviews in the Senate, where some members questioned whether it could actually deliver on its promises.
Both chambers passed competing property insurance legislation Wednesday, setting up negotiations on a final product that are expected to continue through the weekend.
Lawmakers spent much of the second day of their special session grappling with the issue of costly reinsurance, which private insurance companies buy to guard against massive losses but which also drives up rates for policyholders.
The new House plan, hammered out late Tuesday night by a contingent of Democratic and Republican members, appeared for the first time in a House council meeting Wednesday morning. It would expand the Florida Hurricane Catastrophe Fund to cover damages up to as much as $30 billion of losses in a single season. The state-backed “cat fund” currently kicks in after insurers’ season’s losses reach $6 billion, providing an additional $16 billion.
State fund costs considerably less
Insurers would have to pay for that additional $8 billion of coverage through the cat fund, at a cost of 10 cents for every dollar of reinsurance above the $22 billion mark, significantly cheaper than private reinsurance rates. Participating insurers would have to pass along 100 percent of the savings to policyholders, filing new rate requests as part of the process of applying for the additional state-backed insurance.
“Conceptually, I think it is an opportunity to create more capacity for State Farm in this marketplace,” State Farm Insurance lobbyist Mark Delegal told members of the House Policy and Budget Council.
Insurers would have to provide consumers with a minimum of 25 percent savings on windstorm insurance rates. Rep. Dick Kravitz, R-Jacksonville, said the plan could bring down windstorm rates by as much as 60 percent, and other negotiators of the plan predicted as much as 65 percent, citing a combination of input from the Office of Insurance Regulation, officers at the state cat fund and industry representatives.
Rates should fall at least 30 percent
Overall rate reductions for homeowner policies could exceed 30 percent, Kravitz said, though final numbers are still in the works.
Dave Foy, chief of staff for the state Office of Insurance Regulation, confirmed in an e-mail sent to the House Majority Office that rate savings of 33 percent to 38 percent would be a reasonable expectation.
The bill could bridge at least some of the divide between the House and Senate, which wants to create a state-backed “super reinsurance pool” for insurers. This superfund would cover insurers’ losses above $22 billion, the amount that includes the first $6 billion in damages covered by the industry and the additional $16 billion offered by the catastrophe fund. It was conceived with no specific funding source, and funding would not be secured until losses above $22 billion were incurred.
Both the House and Senate plans now include greater state participation at the high end of the damage scale. Earlier, House leaders were critical of the Senate plan, characterizing it as dangerous.
“I’m thrilled at the direction that they’re moving in,” said Senate Banking and Insurance Committee Chairman Bill Posey, R-Rockledge. “We’re coming closer together.”
However, Sen. Steven Geller, architect of the Senate plan, took issue with claims that the House plan could result in a rate rollback of as much as 60 percent or 65 percent on the wind portion of a policy.
The Senate plan offers the state backstop with no strings attached, yet windstorm policy savings from the Senate plan had been pegged at only 25 percent to 40 percent below current rates, he said.
There is “massive confusion,” he said, over how much savings each plan would offer.
Under the House plan, any losses exceeding the $30 billion covered by the pumped-up cat fund would revert to private insurers. The Senate superfund has no ceiling.
House, Senate differences remain
House Speaker Marco Rubio continued to balk at the “Geller plan” in the Senate on Wednesday, saying it was too risky to pass during the special session.
Another deal breaker for Rubio is any expansion of Citizens Property Insurance Corp., the quasigovernmental insurer of last resort that the speaker called “broken.” Rubio did not rule out expanding Citizens’ role in the insurance market, as the Senate has proposed, but objects to addressing it during the special session.
The House and Senate packages do provide rate relief for Citizens consumers by rolling back this month’s rate increase and canceling one planned for the future, which was mandated by a bill passed last legislative session.
Citizens customers would see no direct benefit from expanding the cat fund or creating the Senate’s super reinsurance fund, however, as Citizens is not paying for reinsurance now. Market forces suggest that if private rates fall, Citizens’ would follow suit.
Both the House and Senate plans have provisions requiring insurance companies writing other lines of insurance in Florida to also offer homeowners insurance here if they do so in other states. The move to prohibit “cherry-picking” of lucrative lines while avoiding riskier business was popular, but controversial. Opponents fear it could send even more insurers packing, or force up rates in other lines to make up for the higher risk of property coverage.
Gov. Charlie Crist lauded lawmakers on Wednesday while avoiding taking sides. “What’s most important to me, and I’ve said it over and over again, is that we have significant rate reduction,” he said. “How we get there is not important to me. What is important to me is that we get there, and we get there as soon as we possibly can.”
JOSE RAUL MARRERO
787-486-7906
407-436-5140
TODOS SOMOS GUERREROS DE LUZ!
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN MARAVILLOSO DIA PARA TODOS
A CONTINUACION UNA NOTICIA POSITIVA PARA TODOS LOS DUENOS DE RESIDENCIAS EN LA FLORIDA. DEBIDO AL INCREMENTO SIGNIFICATIVO DE EL COSTO EN LOS SEGUROS DE PROPIEDADES EN LA FLORIDA Y UN FUERTE MOVIMIENTO DE PROTESTA POR ESTE ASUNTO, SE PRESENTO EN LA LEGISLATURA DE LA FLORIDA UN PROYECTO PARA MANEJAR DE MANERA MAS ADECUADA ESTOS COSTOS.
A CONTINUACION LA NOTICIA EN DETALLE
House, Senate pass competing insurance bills
TALLAHASSEE, Fla. – Jan. 18, 2007 – House leaders edged closer to common ground with the state Senate on Wednesday by passing a bill to cover more risk for property insurers in the event of a catastrophic hurricane, a plan they claimed could slash windstorm insurance rates by as much as 65 percent.
The proposal, one of a series passed by the full House, nonetheless met with mixed reviews in the Senate, where some members questioned whether it could actually deliver on its promises.
Both chambers passed competing property insurance legislation Wednesday, setting up negotiations on a final product that are expected to continue through the weekend.
Lawmakers spent much of the second day of their special session grappling with the issue of costly reinsurance, which private insurance companies buy to guard against massive losses but which also drives up rates for policyholders.
The new House plan, hammered out late Tuesday night by a contingent of Democratic and Republican members, appeared for the first time in a House council meeting Wednesday morning. It would expand the Florida Hurricane Catastrophe Fund to cover damages up to as much as $30 billion of losses in a single season. The state-backed “cat fund” currently kicks in after insurers’ season’s losses reach $6 billion, providing an additional $16 billion.
State fund costs considerably less
Insurers would have to pay for that additional $8 billion of coverage through the cat fund, at a cost of 10 cents for every dollar of reinsurance above the $22 billion mark, significantly cheaper than private reinsurance rates. Participating insurers would have to pass along 100 percent of the savings to policyholders, filing new rate requests as part of the process of applying for the additional state-backed insurance.
“Conceptually, I think it is an opportunity to create more capacity for State Farm in this marketplace,” State Farm Insurance lobbyist Mark Delegal told members of the House Policy and Budget Council.
Insurers would have to provide consumers with a minimum of 25 percent savings on windstorm insurance rates. Rep. Dick Kravitz, R-Jacksonville, said the plan could bring down windstorm rates by as much as 60 percent, and other negotiators of the plan predicted as much as 65 percent, citing a combination of input from the Office of Insurance Regulation, officers at the state cat fund and industry representatives.
Rates should fall at least 30 percent
Overall rate reductions for homeowner policies could exceed 30 percent, Kravitz said, though final numbers are still in the works.
Dave Foy, chief of staff for the state Office of Insurance Regulation, confirmed in an e-mail sent to the House Majority Office that rate savings of 33 percent to 38 percent would be a reasonable expectation.
The bill could bridge at least some of the divide between the House and Senate, which wants to create a state-backed “super reinsurance pool” for insurers. This superfund would cover insurers’ losses above $22 billion, the amount that includes the first $6 billion in damages covered by the industry and the additional $16 billion offered by the catastrophe fund. It was conceived with no specific funding source, and funding would not be secured until losses above $22 billion were incurred.
Both the House and Senate plans now include greater state participation at the high end of the damage scale. Earlier, House leaders were critical of the Senate plan, characterizing it as dangerous.
“I’m thrilled at the direction that they’re moving in,” said Senate Banking and Insurance Committee Chairman Bill Posey, R-Rockledge. “We’re coming closer together.”
However, Sen. Steven Geller, architect of the Senate plan, took issue with claims that the House plan could result in a rate rollback of as much as 60 percent or 65 percent on the wind portion of a policy.
The Senate plan offers the state backstop with no strings attached, yet windstorm policy savings from the Senate plan had been pegged at only 25 percent to 40 percent below current rates, he said.
There is “massive confusion,” he said, over how much savings each plan would offer.
Under the House plan, any losses exceeding the $30 billion covered by the pumped-up cat fund would revert to private insurers. The Senate superfund has no ceiling.
House, Senate differences remain
House Speaker Marco Rubio continued to balk at the “Geller plan” in the Senate on Wednesday, saying it was too risky to pass during the special session.
Another deal breaker for Rubio is any expansion of Citizens Property Insurance Corp., the quasigovernmental insurer of last resort that the speaker called “broken.” Rubio did not rule out expanding Citizens’ role in the insurance market, as the Senate has proposed, but objects to addressing it during the special session.
The House and Senate packages do provide rate relief for Citizens consumers by rolling back this month’s rate increase and canceling one planned for the future, which was mandated by a bill passed last legislative session.
Citizens customers would see no direct benefit from expanding the cat fund or creating the Senate’s super reinsurance fund, however, as Citizens is not paying for reinsurance now. Market forces suggest that if private rates fall, Citizens’ would follow suit.
Both the House and Senate plans have provisions requiring insurance companies writing other lines of insurance in Florida to also offer homeowners insurance here if they do so in other states. The move to prohibit “cherry-picking” of lucrative lines while avoiding riskier business was popular, but controversial. Opponents fear it could send even more insurers packing, or force up rates in other lines to make up for the higher risk of property coverage.
Gov. Charlie Crist lauded lawmakers on Wednesday while avoiding taking sides. “What’s most important to me, and I’ve said it over and over again, is that we have significant rate reduction,” he said. “How we get there is not important to me. What is important to me is that we get there, and we get there as soon as we possibly can.”
JOSE RAUL MARRERO
787-486-7906
407-436-5140
TODOS SOMOS GUERREROS DE LUZ!
Thursday, January 11, 2007
OFERTAS TENTADORAS PARA COMPRAR AHORA
MARRERO REAL ESTATE BROKER LLC
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN GRANDIOSO DIA PARA USTED
CONTINUAN LLEGANDO REPORTES DE DIFERENTES CONTRATISTAS DE PROYECTOS NUEVOS CON NUMEROS EN ROJO. ESTO ES UNA VENTAJA GRANDISIMA PARA LOS COMPRADORES POR LA CANTIDAD DE OFERTAS ESPECIALES Y AGRESIVAS. POR EJEMPLO AYER RECIBIMOS INFORMACION DE UN VENDEDOR DE APARTAMENTOS NUEVOS DONDE ESTABAN OFECIENDO 7,000 DOLARES PARA GASTOS DE CIERRE O LO MAS INTERESANTE AUN 12 MESES DE RENTA PREPAGADA DANDO UN TREMENDO ALIVIO AL PAGO DE EL PRESTAMO POR ESE PERIODO.
ESTO ES MAGNIFICO PARA AQUELOS QUE QUIEREN COMPRAR AHORA PERO NESECITAN UN TIEMPO PARA PONER LAS COSAS EN ORDEN ANTES DE LA MUDANZA.
A CONTINUACION EL DETALLE DE LA NOTICIA SOBRE REPORTES DE VENTA DE ALGUNOS CONTRATISTAS QUE SON FAVORABLES A LOS COMPRADORES.
Homebuilders report drop in sales
DALLAS – Jan. 10, 2007 – D.R. Horton Inc., one of the nation’s largest homebuilders, said Tuesday its late-2006 sales orders fell 28 percent, dampening sentiment that the housing sector may be recovering from a slump.
The news was even worse from another builder, Meritage Homes Corp., which said net sales orders fell 42 percent and cancellations hit a record 48 percent.
Housing contracts and sales of new homes have been falling for about a year after the industry enjoyed an unprecedented five-year boom. Economists and analysts are split about whether the housing market has bottomed. Each camp can cite economic statistics to support its view.
Fort Worth-based D.R. Horton said it received orders for 8,771 homes worth $2.29 billion in the last three months of the year, compared with orders for 11,463 homes worth $3.17 billion a year earlier.
Meritage, based in Scottsdale, Ariz., said net sales in the quarter were 1,201 homes totaling $356 million, down from a record 2,072 orders for $723 million a year earlier.
But Horton also provided a glimmer of hope for those who believe housing is recovering, saying its cancellation rate – the number of orders canceled divided by gross sales orders – fell to 33 percent in the last three months of 2006 from 40 percent in the July-September quarter.
Still, that’s about twice the company’s typical cancellation rate in the high teens, and Chairman Donald R. Horton said the company was forced to offer buyer incentives in many areas of the country.
Daniel Oppenheim, an analyst for Bank of America, said the company appeared to suffer fewer last-minute cancellations, indicating it was more flexible in working with buyers who planned to back out.
Margaret Whelan, an analyst for UBS, said the decline in the cancellation rate indicates that the housing market is stabilizing and buyers are increasingly confident. She predicted that price declines will slow over the coming months.
In recent years, builders have bullishly bought up land with plans to take advantage of a hot real estate market. But they have retrenched in recent months.
Last summer, Horton took pretax charges of $199 million to write down the value of land, options to purchase additional land, and pre-acquisition costs.
Figures that Horton released Tuesday gave clues about geographic differences in the housing market.
Net sales orders fell in every region, but the decline was sharpest in the Northeast (31.8 percent), the south central states including Texas (29.7 percent), and the West other than California (23.1 percent).
Despite the slump in sales, average selling prices rose in those three regions. That didn’t surprise Delores Conway, director of the Casden Real Estate Economics Forecast at the University of Southern California.
Conway said builders will offer incentives – from granite countertops to a free car – before cutting prices in a development.
“The price is going to be the last thing to fall,” she said. “If they cut prices for new buyers, the previous buyers feel ripped off and they want the price cut too. (Builders) don’t do that.”
Nationwide, Horton’s average selling price fell 5.4 percent, with the sharpest declines in the Southwest (22.2 percent) and the Southeast (10.2 percent).
Some areas in those regions, notably Phoenix, Las Vegas, and parts of Florida, had attracted investors who hoped to flip the houses or rent them rather than live in them. Added to the normal traffic of people selling their homes, this led to a glut of for-sale signs that depressed prices.
Prices edged down 1.9 percent in California, where net orders fell 18.1 percent.
The company didn’t provide cancellations or cancellation rates by region.
Conway said Horton’s report, particularly the slowdown in cancellations, suggested that the housing market is nearing its bottom.
But the slump could be prolonged, she said, if owners of existing homes who have delayed selling dump their houses on the market this spring.
D.R. Horton plans to report quarterly earnings Jan. 23.
Shares of Horton rose 8 cents, to $25.47, and Meritage shares fell 8 cents, to $43.34 in trading on the New York Stock Exchange.
Copyright © 2007 The Associated Press, David Koenig (AP Business Writer). All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
JOSE RAUL MARRERO
407-436-5140
787-486-7906
TODOS SOMOS GUERREROS DE LUZ!
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN GRANDIOSO DIA PARA USTED
CONTINUAN LLEGANDO REPORTES DE DIFERENTES CONTRATISTAS DE PROYECTOS NUEVOS CON NUMEROS EN ROJO. ESTO ES UNA VENTAJA GRANDISIMA PARA LOS COMPRADORES POR LA CANTIDAD DE OFERTAS ESPECIALES Y AGRESIVAS. POR EJEMPLO AYER RECIBIMOS INFORMACION DE UN VENDEDOR DE APARTAMENTOS NUEVOS DONDE ESTABAN OFECIENDO 7,000 DOLARES PARA GASTOS DE CIERRE O LO MAS INTERESANTE AUN 12 MESES DE RENTA PREPAGADA DANDO UN TREMENDO ALIVIO AL PAGO DE EL PRESTAMO POR ESE PERIODO.
ESTO ES MAGNIFICO PARA AQUELOS QUE QUIEREN COMPRAR AHORA PERO NESECITAN UN TIEMPO PARA PONER LAS COSAS EN ORDEN ANTES DE LA MUDANZA.
A CONTINUACION EL DETALLE DE LA NOTICIA SOBRE REPORTES DE VENTA DE ALGUNOS CONTRATISTAS QUE SON FAVORABLES A LOS COMPRADORES.
Homebuilders report drop in sales
DALLAS – Jan. 10, 2007 – D.R. Horton Inc., one of the nation’s largest homebuilders, said Tuesday its late-2006 sales orders fell 28 percent, dampening sentiment that the housing sector may be recovering from a slump.
The news was even worse from another builder, Meritage Homes Corp., which said net sales orders fell 42 percent and cancellations hit a record 48 percent.
Housing contracts and sales of new homes have been falling for about a year after the industry enjoyed an unprecedented five-year boom. Economists and analysts are split about whether the housing market has bottomed. Each camp can cite economic statistics to support its view.
Fort Worth-based D.R. Horton said it received orders for 8,771 homes worth $2.29 billion in the last three months of the year, compared with orders for 11,463 homes worth $3.17 billion a year earlier.
Meritage, based in Scottsdale, Ariz., said net sales in the quarter were 1,201 homes totaling $356 million, down from a record 2,072 orders for $723 million a year earlier.
But Horton also provided a glimmer of hope for those who believe housing is recovering, saying its cancellation rate – the number of orders canceled divided by gross sales orders – fell to 33 percent in the last three months of 2006 from 40 percent in the July-September quarter.
Still, that’s about twice the company’s typical cancellation rate in the high teens, and Chairman Donald R. Horton said the company was forced to offer buyer incentives in many areas of the country.
Daniel Oppenheim, an analyst for Bank of America, said the company appeared to suffer fewer last-minute cancellations, indicating it was more flexible in working with buyers who planned to back out.
Margaret Whelan, an analyst for UBS, said the decline in the cancellation rate indicates that the housing market is stabilizing and buyers are increasingly confident. She predicted that price declines will slow over the coming months.
In recent years, builders have bullishly bought up land with plans to take advantage of a hot real estate market. But they have retrenched in recent months.
Last summer, Horton took pretax charges of $199 million to write down the value of land, options to purchase additional land, and pre-acquisition costs.
Figures that Horton released Tuesday gave clues about geographic differences in the housing market.
Net sales orders fell in every region, but the decline was sharpest in the Northeast (31.8 percent), the south central states including Texas (29.7 percent), and the West other than California (23.1 percent).
Despite the slump in sales, average selling prices rose in those three regions. That didn’t surprise Delores Conway, director of the Casden Real Estate Economics Forecast at the University of Southern California.
Conway said builders will offer incentives – from granite countertops to a free car – before cutting prices in a development.
“The price is going to be the last thing to fall,” she said. “If they cut prices for new buyers, the previous buyers feel ripped off and they want the price cut too. (Builders) don’t do that.”
Nationwide, Horton’s average selling price fell 5.4 percent, with the sharpest declines in the Southwest (22.2 percent) and the Southeast (10.2 percent).
Some areas in those regions, notably Phoenix, Las Vegas, and parts of Florida, had attracted investors who hoped to flip the houses or rent them rather than live in them. Added to the normal traffic of people selling their homes, this led to a glut of for-sale signs that depressed prices.
Prices edged down 1.9 percent in California, where net orders fell 18.1 percent.
The company didn’t provide cancellations or cancellation rates by region.
Conway said Horton’s report, particularly the slowdown in cancellations, suggested that the housing market is nearing its bottom.
But the slump could be prolonged, she said, if owners of existing homes who have delayed selling dump their houses on the market this spring.
D.R. Horton plans to report quarterly earnings Jan. 23.
Shares of Horton rose 8 cents, to $25.47, and Meritage shares fell 8 cents, to $43.34 in trading on the New York Stock Exchange.
Copyright © 2007 The Associated Press, David Koenig (AP Business Writer). All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
JOSE RAUL MARRERO
407-436-5140
787-486-7906
TODOS SOMOS GUERREROS DE LUZ!
Monday, January 08, 2007
COMIENZA EL ANO CON UNA BAJA TAZA DE INTERES HIPOTECARIO
MARRERO REAL ESTATE BROKERGE LLC
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN GRANDIOSO DIA PARA TODOS
A TODO VAPOR COMENZAMOS ESTE NUEVO ANO DESPUES DE UNAS TREMENDAS Y EXITOSAS VACACIONES MUSICALES Y FAMILIARES EN P.R. COMO DIRECTOR DE DE LOS CANTORES DE BAYAMON AGRADESCO A MI PUEBLO EL PERMITIRME VIVIR MOMENTOS DE MUCHA FELICIDAD E INTENSIDAD ESPIRITUAL EN LA ISLA. GRACIAS AL TODO PODEROSO QUEDO PARA MI UN RECUERDO DURADERO DE UNA BONITA TEMPORADA 2006-2007.
DESEANDO A TODOS UN ANO 2007 LLENO DE BENDICIONES Y SUENOS ALCANZADOS
HOY NOS PRESENTAMOS FORMALMENTE EN NUESTRA OFICINA CON MUCHAS DECLARACIONES NUEVAS Y MUCHOS DESEOS DE AYUDAR A OTROS A ALCANZAR SU SUENO DE INVERTIR O ADQUIRIR SU PROPIEDAD EN EL ESTADO DE LA FLORIDA DURANTE ESTE ANO 2007.
ESTAREMOS RENOVANDO ESTRATEGIAS Y DECLARAMOS UN ANO DE SERVICIO EN EXCELENCIA PARA AQUELLOS QUE UTILIZAN NUESTROS SERVICIOS DE VENTA DE PROPIEDADES.
HOY OBSERVAMOS COMO EMPIEZA EL NUEVO ANO CON UNA TAZA DE INTERES HIPOTECARIO MUY ATRACTIVAS AL MERCADO. SIGUE SIENDO UN MOMENTO PROPICIO A LOS COMPRADORES.
A CONTINUACION EL DETALLE DE LA NOTICIA.
Rates on 30-year mortgages unchanged in first week of new year
Mortgage Trends
Fifty percent of the mortgage experts polled by Bankrate.com expect no change in mortgage rates over the next 30 to 45 days. Meanwhile, 30 percent predict a rise while 20 percent foresee a reduction.
WASHINGTON – Jan. 5, 2007 – Rates on 30-year mortgages were unchanged in the first week of the new year after posting three consecutive increases to close out 2006.
Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.18 percent this week, the same as last week.
Analysts said the markets in recent days have gotten some confusing messages about how serious the current economic slowdown will be.
“Currently, the market is waiting for a clearer signal on the direction in which the economy is headed,” said Frank Nothaft, Freddie Mac’s chief economist.
For 2006, 30-year mortgages peaked at 6.80 percent in late July with rates trending lower for most of the rest of the year. That decline was welcomed by the embattled housing industry, which is in the grips of a severe downturn after five boom years.
The Freddie Mac survey showed that other types of mortgage rates were mixed this week.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, edged up slightly to 5.94 percent, compared to 5.93 percent last week.
Five-year adjustable rate mortgages rose to 6.02 percent, up from 5.98 percent, but one-year adjustable rate mortgages fell to 5.42 percent, down from 5.47 percent last week.
The mortgage rates do not include add-on fees known as points. Thirty-year, 15-year and five-year mortgages each carried a nationwide average fee of 0.4 point. One-year ARMs carried a fee of 0.6 point.
A year ago, rates on 30-year mortgages stood at 6.21 percent while 15-year mortgages were at 5.76 percent, five-year ARMs averaged 5.78 percent and one-year ARMs were at 5.16 percent.
On the Net: Freddie Mac: http://www.freddiemac.com
Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
JOSE RAUL MARRERO
407-436-5140
787-486-7906
TODOS SOMOS GUERREROS DE LUZ!
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN GRANDIOSO DIA PARA TODOS
A TODO VAPOR COMENZAMOS ESTE NUEVO ANO DESPUES DE UNAS TREMENDAS Y EXITOSAS VACACIONES MUSICALES Y FAMILIARES EN P.R. COMO DIRECTOR DE DE LOS CANTORES DE BAYAMON AGRADESCO A MI PUEBLO EL PERMITIRME VIVIR MOMENTOS DE MUCHA FELICIDAD E INTENSIDAD ESPIRITUAL EN LA ISLA. GRACIAS AL TODO PODEROSO QUEDO PARA MI UN RECUERDO DURADERO DE UNA BONITA TEMPORADA 2006-2007.
DESEANDO A TODOS UN ANO 2007 LLENO DE BENDICIONES Y SUENOS ALCANZADOS
HOY NOS PRESENTAMOS FORMALMENTE EN NUESTRA OFICINA CON MUCHAS DECLARACIONES NUEVAS Y MUCHOS DESEOS DE AYUDAR A OTROS A ALCANZAR SU SUENO DE INVERTIR O ADQUIRIR SU PROPIEDAD EN EL ESTADO DE LA FLORIDA DURANTE ESTE ANO 2007.
ESTAREMOS RENOVANDO ESTRATEGIAS Y DECLARAMOS UN ANO DE SERVICIO EN EXCELENCIA PARA AQUELLOS QUE UTILIZAN NUESTROS SERVICIOS DE VENTA DE PROPIEDADES.
HOY OBSERVAMOS COMO EMPIEZA EL NUEVO ANO CON UNA TAZA DE INTERES HIPOTECARIO MUY ATRACTIVAS AL MERCADO. SIGUE SIENDO UN MOMENTO PROPICIO A LOS COMPRADORES.
A CONTINUACION EL DETALLE DE LA NOTICIA.
Rates on 30-year mortgages unchanged in first week of new year
Mortgage Trends
Fifty percent of the mortgage experts polled by Bankrate.com expect no change in mortgage rates over the next 30 to 45 days. Meanwhile, 30 percent predict a rise while 20 percent foresee a reduction.
WASHINGTON – Jan. 5, 2007 – Rates on 30-year mortgages were unchanged in the first week of the new year after posting three consecutive increases to close out 2006.
Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.18 percent this week, the same as last week.
Analysts said the markets in recent days have gotten some confusing messages about how serious the current economic slowdown will be.
“Currently, the market is waiting for a clearer signal on the direction in which the economy is headed,” said Frank Nothaft, Freddie Mac’s chief economist.
For 2006, 30-year mortgages peaked at 6.80 percent in late July with rates trending lower for most of the rest of the year. That decline was welcomed by the embattled housing industry, which is in the grips of a severe downturn after five boom years.
The Freddie Mac survey showed that other types of mortgage rates were mixed this week.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, edged up slightly to 5.94 percent, compared to 5.93 percent last week.
Five-year adjustable rate mortgages rose to 6.02 percent, up from 5.98 percent, but one-year adjustable rate mortgages fell to 5.42 percent, down from 5.47 percent last week.
The mortgage rates do not include add-on fees known as points. Thirty-year, 15-year and five-year mortgages each carried a nationwide average fee of 0.4 point. One-year ARMs carried a fee of 0.6 point.
A year ago, rates on 30-year mortgages stood at 6.21 percent while 15-year mortgages were at 5.76 percent, five-year ARMs averaged 5.78 percent and one-year ARMs were at 5.16 percent.
On the Net: Freddie Mac: http://www.freddiemac.com
Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
JOSE RAUL MARRERO
407-436-5140
787-486-7906
TODOS SOMOS GUERREROS DE LUZ!
Wednesday, January 03, 2007
BAJA EN LA VENTA DE RESIDENCIAS EN EL ESTADO DE LA FLORIDA
MARRERO REAL ESTATE BROKERAGE LLC
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN MARAVILLOSO DIA PARA TODOS
UNA BUENSA NOTICIA PARA LOS QUE ESTAN PENSANDO COMPRAR UNA RESIDENCIA PROXIMAMENTE EN EL ESTADO DE LA FLORIDA ES QUE EL MERCADO SE MATIENE FAVORABLE PARA HACERLO AHORA A PRINCIPIOS DE ESTE ANO 2007.EL MES DE NOVIEMBRE REFEJO UNA BAJA EN VENTAS AUNQUE EL MES DE DICIEMBRE SE VIO UN COMPORTAMIENTO FAVORABLE. A CONTINUACION EL DETALLE DE ESTA NOTICIA.
Florida’s existing home sales down in November
ORLANDO, Fla. – Jan. 2, 2007 – Sales of existing homes and condos in Florida were down in November – traditionally a slow month for the housing sector; at the same time, many markets reported that the inventory of homes available for sale continued to stabilize. A total of 11,912 existing single-family homes sold statewide last month, a decrease of 30 percent from the 17,088 homes sold during the previous November, according to the Florida Association of Realtors® (FAR). The statewide existing-home median price was $242,500 last month; a year ago, it was $250,400 for a decrease of 3 percent, according to FAR. In November 2001, the statewide median sales price was $128,800, representing an increase of about 88.3 percent over the five-year period, according to FAR records. The median is a typical market price where half the homes sold for more, half sold for less.
Nationally, the median sales price for existing single-family homes was $221,300 in October, down 3.4 percent from a year ago, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $548,680 in October; in Massachusetts, it was $341,000; in Maryland, it was $307,135; and in New York, it was $235,000.
Housing market fundamentals are improving, according to NAR’s latest market outlook, and 2006 is expected to be the third strongest sales year on record nationally. NAR Chief Economist David Lereah notes that strong job creation, historically low and declining mortgage interest rates and the demographics of a growing population provide a solid foundation for homeownership opportunities. Following a period of price adjustment, Lereah predicts buyers will show more confidence in the market, adding that “a lift to home sales should be apparent in the first quarter of 2007.”
Looking to Florida’s existing condominium market, sales also declined in November with a total of 3,346 condos sold statewide compared to 5,198 in November 2005 for a 36 percent decrease, according to FAR. The statewide median sales price for condos last month was $206,000; a year ago, it was $215,100 for a 4 percent decrease. The national median existing condo price in October 2006 was $214,300, according to NAR.
According to Freddie Mac, a 30-year fixed-rate mortgage averaged 6.24 percent last month, down from 6.33 percent in November 2005. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s larger markets, theOrlando metropolitan statistical area (MSA) reported 1,705 existing homes sold last month, compared to 2,656 homes sold a year ago for a 36 percent decrease. The market’s median existing home price increased 4 percent to $263,600; a year ago, it was $254,600. A total of 276 existing condos changed hands in Orlando in November for a 41 percent decrease over the 467 condos sold the previous year. The market’s median existing condo price was $171,800; a year ago, it was $182,400 for a 6 percent decrease.
Randy Martin, president of the Orlando Regional Realtor Association and a broker-associate with RE/MAX 200 Realty Inc. in Winter Park, says that the Orlando area housing market is expected to finish out 2006 as the second best year on record in terms of sales of single-family existing homes. “With inventory at an all-time high and mortgage interest rates at an all-time low, it offers a great opportunity for buyers – one that is unlikely to be replicated,” he says. “The latest economic forecasts suggest that the real estate market correction is coming to an end and that home prices will not be going any lower.”
Of the state’s smaller markets, the Fort Pierce-Port St. Lucie MSA reported a total of 305 existing homes sold in November compared to 459 homes sold a year earlier for a 34 percent decrease. The area’s median existing home sales price was $247,600 last month; a year ago, it was $261,000 for a 5 percent decrease. Fifty-three existing condos sold in the MSA last month for a 2 percent decrease from the 54 condos sold a year ago. The market’s median existing condo price remained relatively flat at $174,000; a year ago, it was $173,300.
“New business and industries are taking a strong interest in the region, following the lead of the Torrey Pines molecular research institute,” says Jerry Mabus, president of the Realtors Association of St. Lucie and broker associate with All Florida Realty Services in Port St. Lucie. “Once an international player comes into a community, it changes everything. Our area is prime for this kind of business development, and all factors are in play for the area to experience booming growth. Looking to 2007 and beyond, I see only good things ahead for the St. Lucie area.”
© 2007 FLORIDA ASSOCIATION OF REALTORS®
JOSE RAUL MARRERO
407-436-5140
787-486-7906
TODOS SOMOS GUERREROS DE LUZ!
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN MARAVILLOSO DIA PARA TODOS
UNA BUENSA NOTICIA PARA LOS QUE ESTAN PENSANDO COMPRAR UNA RESIDENCIA PROXIMAMENTE EN EL ESTADO DE LA FLORIDA ES QUE EL MERCADO SE MATIENE FAVORABLE PARA HACERLO AHORA A PRINCIPIOS DE ESTE ANO 2007.EL MES DE NOVIEMBRE REFEJO UNA BAJA EN VENTAS AUNQUE EL MES DE DICIEMBRE SE VIO UN COMPORTAMIENTO FAVORABLE. A CONTINUACION EL DETALLE DE ESTA NOTICIA.
Florida’s existing home sales down in November
ORLANDO, Fla. – Jan. 2, 2007 – Sales of existing homes and condos in Florida were down in November – traditionally a slow month for the housing sector; at the same time, many markets reported that the inventory of homes available for sale continued to stabilize. A total of 11,912 existing single-family homes sold statewide last month, a decrease of 30 percent from the 17,088 homes sold during the previous November, according to the Florida Association of Realtors® (FAR). The statewide existing-home median price was $242,500 last month; a year ago, it was $250,400 for a decrease of 3 percent, according to FAR. In November 2001, the statewide median sales price was $128,800, representing an increase of about 88.3 percent over the five-year period, according to FAR records. The median is a typical market price where half the homes sold for more, half sold for less.
Nationally, the median sales price for existing single-family homes was $221,300 in October, down 3.4 percent from a year ago, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $548,680 in October; in Massachusetts, it was $341,000; in Maryland, it was $307,135; and in New York, it was $235,000.
Housing market fundamentals are improving, according to NAR’s latest market outlook, and 2006 is expected to be the third strongest sales year on record nationally. NAR Chief Economist David Lereah notes that strong job creation, historically low and declining mortgage interest rates and the demographics of a growing population provide a solid foundation for homeownership opportunities. Following a period of price adjustment, Lereah predicts buyers will show more confidence in the market, adding that “a lift to home sales should be apparent in the first quarter of 2007.”
Looking to Florida’s existing condominium market, sales also declined in November with a total of 3,346 condos sold statewide compared to 5,198 in November 2005 for a 36 percent decrease, according to FAR. The statewide median sales price for condos last month was $206,000; a year ago, it was $215,100 for a 4 percent decrease. The national median existing condo price in October 2006 was $214,300, according to NAR.
According to Freddie Mac, a 30-year fixed-rate mortgage averaged 6.24 percent last month, down from 6.33 percent in November 2005. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s larger markets, theOrlando metropolitan statistical area (MSA) reported 1,705 existing homes sold last month, compared to 2,656 homes sold a year ago for a 36 percent decrease. The market’s median existing home price increased 4 percent to $263,600; a year ago, it was $254,600. A total of 276 existing condos changed hands in Orlando in November for a 41 percent decrease over the 467 condos sold the previous year. The market’s median existing condo price was $171,800; a year ago, it was $182,400 for a 6 percent decrease.
Randy Martin, president of the Orlando Regional Realtor Association and a broker-associate with RE/MAX 200 Realty Inc. in Winter Park, says that the Orlando area housing market is expected to finish out 2006 as the second best year on record in terms of sales of single-family existing homes. “With inventory at an all-time high and mortgage interest rates at an all-time low, it offers a great opportunity for buyers – one that is unlikely to be replicated,” he says. “The latest economic forecasts suggest that the real estate market correction is coming to an end and that home prices will not be going any lower.”
Of the state’s smaller markets, the Fort Pierce-Port St. Lucie MSA reported a total of 305 existing homes sold in November compared to 459 homes sold a year earlier for a 34 percent decrease. The area’s median existing home sales price was $247,600 last month; a year ago, it was $261,000 for a 5 percent decrease. Fifty-three existing condos sold in the MSA last month for a 2 percent decrease from the 54 condos sold a year ago. The market’s median existing condo price remained relatively flat at $174,000; a year ago, it was $173,300.
“New business and industries are taking a strong interest in the region, following the lead of the Torrey Pines molecular research institute,” says Jerry Mabus, president of the Realtors Association of St. Lucie and broker associate with All Florida Realty Services in Port St. Lucie. “Once an international player comes into a community, it changes everything. Our area is prime for this kind of business development, and all factors are in play for the area to experience booming growth. Looking to 2007 and beyond, I see only good things ahead for the St. Lucie area.”
© 2007 FLORIDA ASSOCIATION OF REALTORS®
JOSE RAUL MARRERO
407-436-5140
787-486-7906
TODOS SOMOS GUERREROS DE LUZ!
