Tampa Bay Appraiser's Blog

Pacific Investment Management’s Bill Gross plugged a plan floated a few weeks ago that would allow millions of homeowners to refinance their mortgages at today’s rates, which are the lowest in generations.

With Treasury Secretary Timothy Geithner moderating a panel, Mr. Gross said the U.S. could easily refinance every current mortgage borrower, who is paying a rate above 5%, with a loan backed by Fannie Mae, Freddie Mac, and the Federal Housing Administration, returning tens of billions in savings.

With mortgage rates at their lowest levels in more than 50 years, some economists say the answer is a slam dunk: Make it easier for homeowners to refinance.  In turn, some analysts are saying the result of such a refinance boom would lift housing prices by 10%- 15%.

continue reading…

The lure of playing the lottery and winning millions for doing nothing might sound hard to do.  The odds of winning are extremely low and even lower if no ticket is bought.  Successfully getting a loan modification has a lot in common with winning a lottery jackpot.  Getting your lender to agree to a drastic reduction in payments and principal reduction is similar to winning the lottery.  The old adage, “the lottery is for those who don’t know how to do math” is very true.  Less than 1% of all loan modifications become permanent.   

A recent article in the Wall Street Journal points out a new trend in trying to help underwater borrowers- Loan Vultures.  Scavenger funds are growing in numbers, however, they are receiving friction from lenders.  According to the Wall Street Journal, “Most delinquent mortgages aren’t available for sale because they are locked up in so-called private-label securities (the ones packaged by Wall Street during the boom) or in the hands of Fannie Mae or Freddie Mac.” 

continue reading…

“If these statistics do not show stabitlty and an increrase in home values in a  “DOWN ECONOMY” I will eat my appraisers Hat”.  THERE IS NO BETTER TIME TO BUY OR REFINANCE IN THE FISHHAWK RANCH MARKET.

AVERAGE # OF SALES PER MONTH (LAST YEAR) = 65                      STABLE

AVERAGE ABSORPTION RATE/MONTH (LAST YEAR) = 17.61  INCREASING

AVERAGE MONTHS OF HOUSING SUPPLY =  9.14 MONTHS        DECREASING  

CURRENT MEDIAN SALES PRICE = $295,000                                       INCREASING

CURRENT AVERAGE SALES PRICE = $328,931                                      INCREASING

MEDIAN SALES DAYS ON MARKET = 68                                                    STABLE

MEDIAN LISTING PRICE = $289,950                                                           INCREASING

MEDIAN LISTINGS DAYS ON MARKET = 73                                           DECREASING    

MEDIAN SALES % OF LIST PRICE = 96%                                                     STABLE 

Criteria:  MLS data, 3 and 4 bedrooms over the last two years in FishHawk Ranch Subdivision Lithia, FL

If you are planning on buying, selling, or refinancing give me a call.  Florida’s Beautiful Homes is your one-stop shop for your residential real estate needs. 

Here to help!!!

Jon Tipton, Realtor/Certified Appraiser

813-391-6121

Since November 2008 at the time of HVCC’s inception, I’ve been awaiting its demise. “This too shall pass” have been words of wisdom passed down for generations. Last Thursday’s passage of legislation makes sweeping changes to the nation’s financial regulatory system.  HR 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act includes the first modernization of real estate appraisal regulations in more than 20 years. This act provides grant funding for state oversight and enforcement of those regulations.

continue reading…

Call it the temporary tax credit that just won’t end.

Congress approved late Wednesday an extension to the June 30 closing deadline for the home buyer tax credit, hours before it was set to expire. The move will give would-be buyers who signed a purchase agreement by April 30 more time to close on those deals and receive the credit that is worth up to $8,000. The new deadline is Sept. 30.

continue reading…