Using $5.22M in federal funds, Volusia County will begin dealing with the foreclosure crisis. The County Council June 4 approved a plan that effectively makes the county a major player in the market for homes already repossessed or abandoned.
The county received $5.22 million under the Housing and Economic Recovery Act of 2008, from the US Dept. of Housing and Urban Development, and has 18 months to spend the funds.
Community Assistance Director Ed Jasper said, "The lion’s share of the grant — 60 percent — must be spent to buy homes in targeted areas identified by the HUD as having a high risk of foreclosure. The primary target areas are DeLand, Edgewater, Holly Hill and Orange City. Secondary target areas are DeBary, Lake Helen, Ormond Beach and South Daytona."
According to the West Volusia Beacon, here are some requirements of the program:
1. Prospective buyers in the program must qualify for assistance in the deal, and any housing purchased with the funds is subject to county approval.
2. The homes — single-family dwellings, town homes or condominiums — must be listed for sale at no more than $189,750. Prices will be determined by professional appraisals.
3. In addition, the homes must be unoccupied and owned by the lender. Jasper said the county will seek to buy the foreclosed homes at a discount, perhaps as much as 15 percent.
4. The home must have been foreclosed as a result of the sub-prime market.
5. None of the grant funds may be used to help distressed homeowners avert the loss of their homes.
6. First-time home-buyers may qualify for financial assistance based on their income in relation to the median income of the area and the price of the home. Assistance may be given to households with an income equal to 120% of the area’s median income.
To read the full article, and find out how the county will deal with repairs and resales, visit West Volusia Beacon Online.
I can help you avoid foreclosure. Contact me now if you are having trouble paying your mortgage.
Sherry Armstrong, Realtor
Certified Distressed Property Expert
386-679-3191
sherry@sherryarmstrong.com
http://www.daytonabeachflhome.com/
http://www.sherryarmstrong.com/
Showing posts with label Daytona Beach market news. Show all posts
Showing posts with label Daytona Beach market news. Show all posts
Friday, June 12, 2009
Daytona Beach Sellers Now Have More Flexibility with Freddie Mac Changes
In a move aimed at furthering the success of President Obama's Making Home Affordable Program, Freddie Mac has announced several changes to its refinance offering under the program.
Freddie Mac's Relief Refinance Mortgage is designed to assist borrowers who are current on their mortgage payments but who would benefit from refinancing into mortgages with terms that better position them for long-term homeownership.
Once these changes are available, borrowers will be able to refinance a Freddie Mac-owned or guaranteed mortgage with any lender affiliated with Freddie Mac. Previously, borrowers had to work with the lender who currently services their mortgage. In addition, to help reach more borrowers, Freddie Mac is increasing the amount of closing costs that can be rolled into the new refinance mortgage.
Freddie Mac will allow the lesser of 4 percent of the new refinance mortgage amount or $5,000 of closing costs, financing costs and prepaids/escrows to be rolled into the new refinance mortgage.
Borrowers should visit https://www.freddiemac.com/corporate/ and complete the online form to determine if Freddie Mac owns their mortgage.
Contact me if you need help with refinance programs. I'm a CDPE: Certified Distressed Property Expert - and I can help you avoid foreclosure.
Sherry Armstrong, Realtor
386-679-3191
sherry@sherryarmstrong.com
www.daytonabeachflhome.com
www.sherryarmstrong.com
Freddie Mac's Relief Refinance Mortgage is designed to assist borrowers who are current on their mortgage payments but who would benefit from refinancing into mortgages with terms that better position them for long-term homeownership.
Once these changes are available, borrowers will be able to refinance a Freddie Mac-owned or guaranteed mortgage with any lender affiliated with Freddie Mac. Previously, borrowers had to work with the lender who currently services their mortgage. In addition, to help reach more borrowers, Freddie Mac is increasing the amount of closing costs that can be rolled into the new refinance mortgage.
Freddie Mac will allow the lesser of 4 percent of the new refinance mortgage amount or $5,000 of closing costs, financing costs and prepaids/escrows to be rolled into the new refinance mortgage.
Borrowers should visit https://www.freddiemac.com/corporate/ and complete the online form to determine if Freddie Mac owns their mortgage.
Contact me if you need help with refinance programs. I'm a CDPE: Certified Distressed Property Expert - and I can help you avoid foreclosure.
Sherry Armstrong, Realtor
386-679-3191
sherry@sherryarmstrong.com
www.daytonabeachflhome.com
www.sherryarmstrong.com
Friday, May 22, 2009
Buying a Daytona Beach Short Sale
Short sales are making up a larger percentage of distressed home listings and total sales in real estate closings in the Daytona Beach area and Volusia County as a whole. While it's Buyer Beware, and a buyer can't be in a hurry for closing, the banks aren't helping speed the process.
Here are some reflections on my experience with short sales, so you will know what you may expect if your offer is accepted.
Often, mass confusion and exhaustive delays are the norm at a bank’s loss-mitigation department. It is not unusual for the transaction to fall apart because of the extremely long period of time it takes to get any meaningful response from the financial institutions, or they decide to change the agreed-upon terms at the last minute. The buyers by then have found another home or don't want to change (or can't qualify) to meet the new requirements.
Because short sales are more frequent and represent a growing percentage of real estate sales, servicers, who are set up to receive and process mortgage payments, are faced with managing and approving home sales. Short sales are complicated and take time. It’s not like submitting a bid to a private owner. The servicer has to do its due diligence, both for its own purposes and on behalf of the investor or the entity that actually owns the mortgage on the property. Each offer must be evaluated individually, which clogs the pipeline and slows the process.
On the buyer's side, presenting a very low offer makes the process longer as well. Just because it's a short sale and the bank doesn't want to own the property, the bank is not going to sell the home far below what it has determined is the true market value of the property.
Buying a short sale is not for those who want to close quickly or get a bargain price. I'm a CDPE, or Certified Distressed Property Expert, and have handled many short sales for both buyers and sellers. I know how to present the package properly to the lender to expedite approval.
And I definitely know the Daytona Beach area real estate market - which asking and offer prices are fair and reasonable. Contact me with your questions on short sales.
Sherry Armstrong, Realtor
386-679-3191
sherry@sherryarmstrong.com
www.sherryarmstrong.com
Here are some reflections on my experience with short sales, so you will know what you may expect if your offer is accepted.
Often, mass confusion and exhaustive delays are the norm at a bank’s loss-mitigation department. It is not unusual for the transaction to fall apart because of the extremely long period of time it takes to get any meaningful response from the financial institutions, or they decide to change the agreed-upon terms at the last minute. The buyers by then have found another home or don't want to change (or can't qualify) to meet the new requirements.
Because short sales are more frequent and represent a growing percentage of real estate sales, servicers, who are set up to receive and process mortgage payments, are faced with managing and approving home sales. Short sales are complicated and take time. It’s not like submitting a bid to a private owner. The servicer has to do its due diligence, both for its own purposes and on behalf of the investor or the entity that actually owns the mortgage on the property. Each offer must be evaluated individually, which clogs the pipeline and slows the process.
On the buyer's side, presenting a very low offer makes the process longer as well. Just because it's a short sale and the bank doesn't want to own the property, the bank is not going to sell the home far below what it has determined is the true market value of the property.
Buying a short sale is not for those who want to close quickly or get a bargain price. I'm a CDPE, or Certified Distressed Property Expert, and have handled many short sales for both buyers and sellers. I know how to present the package properly to the lender to expedite approval.
And I definitely know the Daytona Beach area real estate market - which asking and offer prices are fair and reasonable. Contact me with your questions on short sales.
Sherry Armstrong, Realtor
386-679-3191
sherry@sherryarmstrong.com
www.sherryarmstrong.com
Wednesday, May 13, 2009
April Brings Turnaround for Homebuilders in Daytona Beach
For the first three months of 2009, homebuilders in Volusia and Flagler counties received 194 single-family and multi-family residential construction permits, down 63 percent from 531 in the first quarter of 2008, according to a report Monday from Hanley Wood Market Intelligence. Single-family home permits declined 49 percent while multifamily permits slid 88 percent in the region.
According to News-Journal Online, "The January-through-March quarterly numbers come on top of last year's dire report that the 905,000 home building permits issued in 2008 was the lowest since 1945 when there were half the people living in the United States. The 2008 total was down 35 percent from 2007 and down 67 percent from 2005 when homebuilding permits peaked at 2.155 million. The year-to-year decline was worse in Volusia than Flagler. Home building permits in the first quarter fell 68 percent, from 465 to 150."
Bob Fitzsimmons, of Gallery Homes of DeLand, agreed the first quarter was very slow, but in April, more buyers visited the models and more contracts were written, 6 compared to 2.5 in previous months. Sales centers for ICI Homes have seen increased activity in recent weeks, and a company spokesperson said April was the best month for sales in the last 3 years. Daytona-based ICI builds in East Volusia, Palm Coast, and other central Florida areas.
New home costs are down as much as 25%, interest rates are at historic lows, and the $8,000 first-time homebuyer credit are all strong incentives to purchase real estate in Volusia County. Although builders have plenty of new home inventory, the properties still are competing with resales of foreclosures and short sales. That's why they have slashed prices, raised incentives, and generally have become more aggressive in marketing their new home products.
Contact me to find out where in Volusia County you can shop for a new home, and which builders are offering the best incentives.
Sherry Armstrong, Realtor
sherry@sherryarmstrong.com
386-679-3191
www.sherryarmstrong.com
www.daytonabeachflhome.com
According to News-Journal Online, "The January-through-March quarterly numbers come on top of last year's dire report that the 905,000 home building permits issued in 2008 was the lowest since 1945 when there were half the people living in the United States. The 2008 total was down 35 percent from 2007 and down 67 percent from 2005 when homebuilding permits peaked at 2.155 million. The year-to-year decline was worse in Volusia than Flagler. Home building permits in the first quarter fell 68 percent, from 465 to 150."
Bob Fitzsimmons, of Gallery Homes of DeLand, agreed the first quarter was very slow, but in April, more buyers visited the models and more contracts were written, 6 compared to 2.5 in previous months. Sales centers for ICI Homes have seen increased activity in recent weeks, and a company spokesperson said April was the best month for sales in the last 3 years. Daytona-based ICI builds in East Volusia, Palm Coast, and other central Florida areas.
New home costs are down as much as 25%, interest rates are at historic lows, and the $8,000 first-time homebuyer credit are all strong incentives to purchase real estate in Volusia County. Although builders have plenty of new home inventory, the properties still are competing with resales of foreclosures and short sales. That's why they have slashed prices, raised incentives, and generally have become more aggressive in marketing their new home products.
Contact me to find out where in Volusia County you can shop for a new home, and which builders are offering the best incentives.
Sherry Armstrong, Realtor
sherry@sherryarmstrong.com
386-679-3191
www.sherryarmstrong.com
www.daytonabeachflhome.com
Friday, May 8, 2009
Daytona Beach Condos Selling Again
"Deals of a lifetime" is how a spokesperson for developer Ambling Land & Resorts described the prices last week at their auction of 30 units in Ocean Vistas of Daytona Beach Shores. He continued, "I think the auction set the bottom of the market and we have adjusted our new sales numbers accordingly," said Steve Brooks. "Bid prices were just less than $200 a square foot. We could not build for that today."
The auction brought 88 bidders and almost $14 million in sales. Originally homes in Ocean Vistas, open in 2006, listed at $700,000. Today's prices range from $320,000 to $495,000. A penthouse at the auction went for $667,000.
The Florida Assn. of Realtors reported that falling prices have led to a slight increase in condo sales through the first three months of the year as compared to previous years. There were 273 condos sold in Volusia and Flagler counties in January through March, which is more than the 244 sold in the first quarter of 2008.
Nationwide, buyers are taking advantage of the combination of low prices, low rates, and high inventory. Don't let the bottom of the market pass you by - think 2nd home, think rental, think investment - but think Daytona Beach real estate!
Sherry Armstrong, Realtor
www.daytonabeachflhome.com
www.sherryarmstrong.com
sherry@sherryarmstrong.com
386-679-3191
The auction brought 88 bidders and almost $14 million in sales. Originally homes in Ocean Vistas, open in 2006, listed at $700,000. Today's prices range from $320,000 to $495,000. A penthouse at the auction went for $667,000.
The Florida Assn. of Realtors reported that falling prices have led to a slight increase in condo sales through the first three months of the year as compared to previous years. There were 273 condos sold in Volusia and Flagler counties in January through March, which is more than the 244 sold in the first quarter of 2008.
Nationwide, buyers are taking advantage of the combination of low prices, low rates, and high inventory. Don't let the bottom of the market pass you by - think 2nd home, think rental, think investment - but think Daytona Beach real estate!
Sherry Armstrong, Realtor
www.daytonabeachflhome.com
www.sherryarmstrong.com
sherry@sherryarmstrong.com
386-679-3191
Wednesday, May 6, 2009
Tax Break Ballot Proposal to Help Daytona Beach Buyers
Delivering on a priority for Gov. Charlie Crist, the Legislature voted to put a tax break for first-time homebuyers on the 2010 ballot, in the hopes of stimulating our real estate market. First-time homebuyers would be exempt from paying taxes on 25 percent of their home’s value. Any buyer who hasn’t claimed a homestead exemption in the previous eight years would qualify. The savings phase out over five years.
The proposed constitutional amendment also would lower the annual cap on assessment increases for businesses, rental properties and vacation homes from 10 percent to 5 percent. To become law, 60 percent of voters will have to approve the amendment in the November 2010 election. The tax breaks would apply in 2011.
Supporters say there are still 300,000 homes in the inventory to be sold. “Right now, our homes are not being sold at all,” said Sen. Evelyn Lynn, R-Ormond Beach, the sponsor. “People are dropping their payments. They’re walking away from their homes. Nothing is selling.”
According to the Orlando Sentinel, critics say "the property tax amendment would deal another blow to to schools, cities and counties. The first-time break is expected to cost schools and local government just $10 million statewide in the first year, but that number would rise over time.
"The House sponsor, Rep. Carl Domino, R-Jupiter, said he believed the amendment would actually be a boon for governments by warding off further declines in real estate values if fewer homes are sitting empty. 'If there are 100 homes in the neighborhood and 40 of them are up for sale … the consequence of that is the property assessors would have to lower the value in that neighborhood,' Domino said."
The measure passed the House 104-13, and the Senate 26-11.
Personally, I'm optimistic. We won't have 300,000 homes in our inventory by the time this would become law. And I'll keep helping buyers and sellers of Daytona Beach homes get fair prices for their real estate in any market.
Sherry Armstrong, Realtor
386-679-3191
http://www.sherryarmstrong.com/
sherry@sherryarmstrong.com
The proposed constitutional amendment also would lower the annual cap on assessment increases for businesses, rental properties and vacation homes from 10 percent to 5 percent. To become law, 60 percent of voters will have to approve the amendment in the November 2010 election. The tax breaks would apply in 2011.
Supporters say there are still 300,000 homes in the inventory to be sold. “Right now, our homes are not being sold at all,” said Sen. Evelyn Lynn, R-Ormond Beach, the sponsor. “People are dropping their payments. They’re walking away from their homes. Nothing is selling.”
According to the Orlando Sentinel, critics say "the property tax amendment would deal another blow to to schools, cities and counties. The first-time break is expected to cost schools and local government just $10 million statewide in the first year, but that number would rise over time.
"The House sponsor, Rep. Carl Domino, R-Jupiter, said he believed the amendment would actually be a boon for governments by warding off further declines in real estate values if fewer homes are sitting empty. 'If there are 100 homes in the neighborhood and 40 of them are up for sale … the consequence of that is the property assessors would have to lower the value in that neighborhood,' Domino said."
The measure passed the House 104-13, and the Senate 26-11.
Personally, I'm optimistic. We won't have 300,000 homes in our inventory by the time this would become law. And I'll keep helping buyers and sellers of Daytona Beach homes get fair prices for their real estate in any market.
Sherry Armstrong, Realtor
386-679-3191
http://www.sherryarmstrong.com/
sherry@sherryarmstrong.com
Thursday, April 30, 2009
Good News on National Real Estate Prices
Prices of single-family homes in 20 U.S. metropolitan areas in February were down 18.6 percent from a year earlier, and the fact that the rate of decline slowed signaled some hope for the housing market, reported Tuesday by the Florida Assn. of Realtors.
In 15 markets, annual declines were in excess of 10 percent and average home prices nationwide hit 2003 levels, according to the Standard & Poor’s/Case-Shiller index.Yet the drop in the 20-city index was less than the 19 percent year-over-year decline in January. Also, it was the first time in 16 months that annual declines didn’t set records.
The National Association of Realtors said last week that home prices rose more than normal from February to March and that the market may be stabilizing.
Our Daytona Beach real estate market is still experiencing a glut of inventory of foreclosed homes, which will keep prices down until they have been absorbed into the market.
A new plan announced by the administration will help even more borrowers. The new plan may reduce payments for up to 1.5 million at-risk homeowners, as the government taps a $50 billion housing fund, to entice mortgage servicers to modify second mortgages and cut monthly payments for borrowers.
According to our Realtor Association, "Half the troubled mortgages have second loans, given by lenders to help buyers avoid mortgage insurance and reduce their down payments. The second loans make it harder to modify first loans, because more parties are involved, and the home may still be unaffordable even if a first loan is changed, the administration says."
Daytona Beach sellers are certainly dealing with troubled times, but Daytona Beach buyers have a great opportunity. Contact me for details.
Sherry Armstrong, Realtor
www.daytonabeachflhome.com
www.sherryarmstrong.com
sherry@sherryarmstrong.com
386-679-3191
In 15 markets, annual declines were in excess of 10 percent and average home prices nationwide hit 2003 levels, according to the Standard & Poor’s/Case-Shiller index.Yet the drop in the 20-city index was less than the 19 percent year-over-year decline in January. Also, it was the first time in 16 months that annual declines didn’t set records.
The National Association of Realtors said last week that home prices rose more than normal from February to March and that the market may be stabilizing.
Our Daytona Beach real estate market is still experiencing a glut of inventory of foreclosed homes, which will keep prices down until they have been absorbed into the market.
A new plan announced by the administration will help even more borrowers. The new plan may reduce payments for up to 1.5 million at-risk homeowners, as the government taps a $50 billion housing fund, to entice mortgage servicers to modify second mortgages and cut monthly payments for borrowers.
According to our Realtor Association, "Half the troubled mortgages have second loans, given by lenders to help buyers avoid mortgage insurance and reduce their down payments. The second loans make it harder to modify first loans, because more parties are involved, and the home may still be unaffordable even if a first loan is changed, the administration says."
Daytona Beach sellers are certainly dealing with troubled times, but Daytona Beach buyers have a great opportunity. Contact me for details.
Sherry Armstrong, Realtor
www.daytonabeachflhome.com
www.sherryarmstrong.com
sherry@sherryarmstrong.com
386-679-3191
Friday, April 24, 2009
Daytona Beach Real Estate Sees Rise in March
As reported by the RealEstate Channel, "Florida's existing home sales increased in March, making it the seventh month in a row that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR). March's statewide sales also increased over the previous month's sales level in both the existing home and existing condo markets.
"Florida Realtors also reported a 25 percent rise in statewide sales of existing condominiums in March, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 37.2 percent over the total units sold in February.
"Interest rates for a 30-year fixed-rate mortgage averaged 5 percent last month, down significantly from the average rate of 5.97 percent in March 2008, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written. "
For Daytona Beach, 577 sales closed, up from 486 in March, 2008, a 19% gain. Sales of condos rose to 104 from 71, a 46% increase.
This is great news for sellers and buyers of Daytona Beach real estate.
Sherry Armstrong, Realtor
http://www.daytonabeachflhome.com/
http://www.sherryarmstrong.com/
sherry@sherryarmstrong.com
386-679-3191
Read the full report at RealEstate Channel.
"Florida Realtors also reported a 25 percent rise in statewide sales of existing condominiums in March, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 37.2 percent over the total units sold in February.
"Interest rates for a 30-year fixed-rate mortgage averaged 5 percent last month, down significantly from the average rate of 5.97 percent in March 2008, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written. "
For Daytona Beach, 577 sales closed, up from 486 in March, 2008, a 19% gain. Sales of condos rose to 104 from 71, a 46% increase.
This is great news for sellers and buyers of Daytona Beach real estate.
Sherry Armstrong, Realtor
http://www.daytonabeachflhome.com/
http://www.sherryarmstrong.com/
sherry@sherryarmstrong.com
386-679-3191
Read the full report at RealEstate Channel.
Monday, March 31, 2008
Daytona Beach FL Home Sales
I have just reviewed the monthly statistics for our area from the Daytona Beach Area Association of Realtors Multiple Listing Service and I thought you'd like to review the current activity from March 1, 2008 to March 31, 2008.
There are currently 6418 Active residential listings. There are 3691 listed houses as of today and 139 houses have sold between March 1, 2008 and March 31, 2008. There are 1828 listed condos as of today with 26 condos having sold between March 1, 2008 and March 31, 2008.
For a breakdown by price ranges, please contact me directly. There are still great buys available in all price ranges in central Florida but you need a local market expert to help you.
For true local knowledgeable service in the Daytona Beach real estate market, contact
Sherry Armstrong
386-679-3191
sherry@sherryarmstrong.com
http://daytonabeachflhome.com/
There are currently 6418 Active residential listings. There are 3691 listed houses as of today and 139 houses have sold between March 1, 2008 and March 31, 2008. There are 1828 listed condos as of today with 26 condos having sold between March 1, 2008 and March 31, 2008.
For a breakdown by price ranges, please contact me directly. There are still great buys available in all price ranges in central Florida but you need a local market expert to help you.
For true local knowledgeable service in the Daytona Beach real estate market, contact
Sherry Armstrong
386-679-3191
sherry@sherryarmstrong.com
http://daytonabeachflhome.com/
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