In The News

Latest Area Stats       
From The Sarasota Association
of Realtors

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Sarasota real estate market returns to pre-tax credit numbers
As expected, property sales in the Sarasota real estate market in July 2010 slowed to pre-tax credit numbers following the expiration of the federal $8,000 homebuyer incentive. READ MORE

Articles of Interest       
From The Florida Association of Realtors and various publications.

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The best moves for home buyers and sellers

By Beth Braverman
August 25, 2010

(Money Magazine) -- Plenty of forces, from overly cautious lenders to inaccurate appraisals, are wrecking real estate deals right now. But one of the biggest roadblocks to getting a house sold these days is the disconnect between buyers and sellers.

In general, sellers have gotten more realistic in pricing their homes than they were right after the housing bubble burst, but agents say that many still don't grasp how much they must concede to close a deal. And buyers are still spraying lowball offers around in hopes that sellers will be desperate enough to bite. READ MORE

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New home sales drop 12.4% to record low

By Hibah Yousuf, staff reporter
August 25, 2010

NEW YORK (CNNMoney.com) -- New home sales unexpectedly fell in July to the lowest level on record as the housing market continued to suffer from the end of the homebuyer tax credit boost.

New home sales dropped 12.4% to a seasonally adjusted annual rate of 276,000 last month, down from a downwardly revised 315,000 in June, the Commerce Department reported Wednesday. Sales year-over-year fell 32.4%. READ MORE

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Plunging home sales could sink recovery

By Hibah Yousuf, staff reporter
August 24, 2010

NEW YORK (CNNMoney.com) -- With home sales plunging to their lowest level in 15 years, economists warn that a double-dip in housing prices is just around the corner, threatening to further slow the overall recovery. Existing home sales sank 27.2% in July, twice as much as analysts expected, to a seasonally adjusted annual rate of 3.83 million units. Much of that drop is attributed to the end of the $8,000 homebuyer tax credit. READ MORE

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`Buy and Bail' Homeowners Get Past Loan Restrictions

By Kathleen M. Howley
Aug 10, 2010

www.bloomberg.com - Harvey Collier, a mortgage broker in Fort Lauderdale, Florida, says he gets as many as 10 calls a month from people planning to default on their loans. The twist: They first want financing to buy another home. Real estate professionals call it “buy and bail,” acquiring a new house before the buyer’s credit rating is ruined by walking away from the old one because it’s “underwater,” or worth less than the mortgage. It’s an attempt to escape payments on a home whose value may never recover while securing a new property, often at a lower price with a more affordable loan. READ MORE

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Foreclosure prevention programs let homeowners down

Sarasota Herald Tribune - SARASOTA COUNTY - In hopes of saving their homes, troubled homeowners in the Sarasota area worked out deals with their lenders to reduce their monthly mortgage payments.

The idea was to prove their commitment to avoiding foreclosure by paying what they could to keep money flowing to the lender. READ MORE

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Mortgage rates hit low of 4.54 percent

NEW YORK – July 30, 2010 – Mortgage rates are the most affordable in decades for those who can qualify for a loan. For many, the opportunity to buy a home or refinance at this time is lost because of the tough economy and tight credit standards. But those who have secure jobs, superior credit and strong finances could do even better than the 4.54 average rate that Freddie Mac reported Thursday, according to experts. READ MORE

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Economy just right for some to build a home

PHILADELPHIA – July 29, 2010 – Forget the still-sputtering economy, tight credit and all the other reasons not to take that giant leap of real estate faith right now. READ MORE