Events in Ocala / Marion County FL for the weekend of September 29th & 30th, 2011

Posted by Duke Rountree on

Whats happening in Ocala this weekend? WOW, there is a lot going on!

FRIDAY:

FRIDAY NIGHT PAINTING PARTY

HERSHBERGER & HUFF STUDIOS offers workshops and classes!! Don’t miss the fun! Create an original 12×12″ studio wrapped canvas with textures in acrylic. They provide everything, you just show up.

When & Where: Friday September 30th 7PM-10PM @ 1735 NE Jacksonville Road, Ocala FL 34470 DIRECTIONS & MAP

Ocala Civic Theater: Presents “CHICAGO The Musical”

A Tony Award-winning musical that ran 14 years on Broadway is still going strong. Set in the roaring 20’s in Chicago, a band of merry murderesses, each one on death row for murdering a former lover – sing and dance their way to fame and fortune.

When: Friday September 30, 2011 click here for more details or call 352-236-2274.

SCARING OCALA BACK TO LIFE – 18 & UP HAUNTED HOUSE – Ocala Entertainment Complex

Bringing your childhood fears to life. The FEAR FEST HAUNT is 18 & up for intensity and graphic scenes. There will be toned down version for persons under 18 scheduled throughout the month.

Where & When: Friday September 30 8:00PM to Saturday October 1 – 2:00 AM Ocala Entertainment Complex  1227 SW 17th Ave. Ocala, FL 34471 DIRECTIONS & MAP

SATURDAY:

PRESCHOOL CLUB – Ocala Public Library

3-5 year olds and their caregivers to join in this new adventure. Includes activities, dramatic play, and games designed to boost your childs reading skills

When & Where: Saturday October 1  – 2:00 PM @ Ocala Public Library DIRECTION & MAP

YMCA “GET MOVING MARION COUNTY”

It’s time to get moving Marion County, and the Y is here to help you get started. Local Marion County YMCA is providing FREE facility access for 21 days. Mention to the front desk staff the online event at www.Ocala.com  and their professional staff will help you get moving.

When & Where: Saturday, September 30 5:00 AM-9:00PM @ 3200 SE 17th Street Ocala, FL 34471 DIRECTIONS & MAP

JOHN LAWLER: Acoustic Guitarist – Brick City Center for the Arts

When & Where: Saturday October 1  –  8:00 PM –   23 W. Broadway St. Ocala, FL 34474 DIRECTIONS & MAP

OCALA GHOST WALKS & HISTORICAL TOURS – Doc of Rock Downtown Square

Start at 8:00 PM on Friday and Saturday nights. Also offers year round tours, reservation are required for all tours!!! Ocala Ghost Walks introduce the realm of possibility to both the greatest enthusiasts and the most daring skeptics of the paranormal. Catherine Wendell / Owner has lived in Historic District for 13 years and seen her share of spirits.

When & Where: Every Friday & Saturday night 8:00 PM – Phone 352-690-7933 @ DIRECTIONS & MAP

JASON HUNTER – Ocala Entertainment Complex

Comic performs at Bonkerz Comedy Club /  $12

Where & When: Saturday October 1 – OEC 1227 SW 17TH Ocala, FL 34475 –DIRECTIONS & MAP

 

 

 

 

 

 

August- Existing Home Sales Surge

Posted by Duke Rountree on
Existing home sales increased in August despite tightened credit and issues with low appraisals problems.Total existing-home sales rose 7.7% to seasonally adjusted average of 5.03 million, which is up from July’s 4.67 million and 18.6% higher than August of 2010.

Lawrence Yun, NAR chief economist, says the uptick can be attributed to favorable affordability conditions, rising rents and “Investors were more active in absorbing foreclosed properties.

Investors accounted for 22% of purchase activity and FIrst-time homebuyers purchased 32% of home in August. All cash sales accounted for 29% which was unchanged from July.

Why is the market taking so long to get back on track?

The biggest factors keeping home sales from a healthy recover are mortgages being denied to creditworthy buyers, and lower appraised valuations. This leads to “contract failures, or cancellations because of declined mortgage applications. 18% of NAR members reported contract cancellations which is up from 16% in July and 9% in August 2010.

Median existing single-family homes price was 168,400 in August, which is 5.4% below a year ago. In the South, existing-home sales increased 5.4%, which is 16.9% higher than a year ago and the median sales price ONLY went down .8% below August 2010.

It is a great sign to see the year to year median price slowly narrowing the gap from the years past sales. In my opinion, depending on shadow inventories and the economy, we should start seeing a smaller gap in existing median homes sales prices over the next year or two. This would be great news for existing home owners too see their largest investment stop losing value month after month and yearly drop in values since 2007.

“Until Next Time”

Source: http://realtormag.realtor.org/daily-news/2011/09/21/august-existing-home-sales-leap-despite-headwinds

Cleaning House: Secrets of Truly Deep Cleaning

Posted by Duke Rountree on

Cleaning House: Secrets of a Truly Deep Clean

By: Jane Hoback

Published: January 14, 2011

Deep clean your house and you’ll brighten rooms and help maintain your home’s value.

 

De-bug the light fixtures

See that bug burial ground within your overhead fixtures? Turn off the lights and carefully remove fixture covers, dump out flies and wash with hot soapy water. While you’re up there, dust bulbs. Dry everything thoroughly before replacing the cover.

Vacuum heat vents and registers

Dirt and dust build up in heat vents and along register blades. Vents also are great receptacles for coins and missing buttons. Unscrew vent covers from walls or pluck them from floors, remove foreign objects, and vacuum inside the vent. Clean grates with a damp cloth and screw back tightly.

Polish hardware

To deep clean brass door hinges, handles, and cabinet knobs, thoroughly wipe with a damp microfiber cloth, then polish with Wright’s or Weiman brass cleaner ($4). Dish soap shines up glass or stainless steel knobs. Use a Q-tip to detail the ornamental filigree on knobs and handles.

Replace grungy switch plates

Any amateur can wipe a few fingerprints off cover plates that hide light switches, electric outlets, phone jacks, and cable outlets. But only deep cleaners happily remove plates to vacuum and swipe the gunk behind. (OK, we’re a little OCD when it comes to dirt!) Make sure cover plates are straight when you replace them. And pitch plates that are beyond the help of even deep cleaning. New ones cost less than $2 each.

Neaten weather stripping

Peeling, drooping weather stripping on doors and windows makes rooms look old. If the strip still has some life, nail or glue it back. If it’s hopeless, cut out and replace sections, or just pull the whole thing off and start new. A 10-ft. roll of foam weather stripping costs $8; 16-ft. vinyl costs about $15.

Replace stove drip pans

Some drip pans are beyond the scrub brush. Replacing them costs about $3 each and instantly freshens your stove.

Jane Hoback is a veteran business writer who has written for the Rocky Mountain News, Natural Foods Merchandiser magazine, and ColoradoBIZ Magazine.

Delays in Foreclosures Reach New Records!

Posted by Duke Rountree on

Delays in Foreclosures Reach New Records! Home owners are living in their homes, mortgage & rent free, on average for 20 months or 599 days which is a new record according to data collected by Lender Processing Services, LLP.

There are approximately 1.9 million homes loans that are 90 or more days late, but not yet in foreclosure and 42% of those home owners have not made a payment in more than one year, with average delinquency of 397 days.

Why so long? Well there are judicial states and non-judicial states and the time frame to complete the foreclosure process varies greatly. Florida is non-judicial state and could possible clear inventories within 32 months, compared to a judicial state, like Las Vegas, that would require up to 111months. OUCH!! Yes that is correct, 111 MONTHS to work through inventories that are more than 90 days late.

In my opinion we will be working through these issue for many years to come, maybe upwards of 5-10 years and who really knows. I do know if we do not start creating jobs and help small business owners, it will take even longer because there are not enough qualified people to purchase new or existing homes.

“Until Next Time”

Florida Still Highest Among Foreclosures

Posted by Duke Rountree on

Florida Still Highest Among Foreclosures

Almost 1 in 4 mortgages are either past due or already in foreclosure during the second quarter, according to Mortgage Bankers Association. We also have the highest inventory of homes in foreclosure currently at 14.4%. The national average delinquency rate was 8.44% in the second quarter and up slightly from the first quarter.

Foreclosures continue to be found in just a few states, with ONLY five states accounting for 52 percent of the foreclosure inventory in second quarter.

1. Florida (14.4%)

2. Nevada (8.2%)

3. New Jersey (8%)

4. Illinois (7%)

5. Maine and New York (5.5%)

 

Source: Realtor Magazine August 23, 2011 http://realtormag.realtor.org/daily-news/2011/08/23/which-state-has-highest-foreclosure-inventory

USDA Still has NO Downpayment Loans

Posted by Duke Rountree on

USDA still has No Down Payment loans.

U.S. department of agriculture has 11.2 Billion, yes billion, earmarked for mortgage loans thanks to funding from federal programs. Called a Section 502 loan, the loan is one of the few zero down products available in the mortgage market.

In years past money would run out during the summer and buyers would have to wait for more money to be available. Most low to middle income Florida residents can qualify for the USDA Loan if they live in rural, small town cities.

The program will change slightly after Oct. 1, when buyers will be required to pay a 0.3 percent premium for mortgage insurance monthly; however, the cost of upfront mortgage insurance will be reduced to 2 percent from its current 3.5 percent.

For more information, visit the USDA’s website or Call/Text me to find a local lender to answer all of your questions.

“Until Next Time”

John Wayne “DUKE” Rountree

 

 

 

Mortgage Rates @ All Time LOW!

Posted by Duke Rountree on

Question is? Who can qualify for a mortgage? Banks will need to loosen their requirements for borrowers if we are going to get more homeowners and refinances done. The 30 year fixed rate(most popular choice among buyers), averages 4.39% this week and lowest average for 2011, reports Freddie Mac.

What was the factor dropping the rates again? Weakening economy is the major factor! It’s not good news for the economy but great news for buyers who can qualify!

Housing market has still shown modest improvement with another rise in “pending” home sales for the month of June.

Interested in July and August 2011 Market Pulse? Click here:http://realtormag.realtor.org/news-and-commentary/market-pulse/article/2011/07/julyaugust-2011-market-pulse

“Until Next Time” and thank you very much for your time!

Turned Down for Credit Card or Loan?

Posted by Duke Rountree on

I assume we all know that your credit score determines your interest rate on a loan or whether you get a loan or not. In the past this score has always been a secret and little if no explanation given to the applicant on the reason for being denied credit. Starting today this all changes with provision in the Dodd-Frank financial reform.

How do things change for consumer? It means lenders will be required to supply the applicants credit score upon any of the following;

1.  Reject an applicant for a loan; they must provide reason why they are denied

2. Approve a loan but at a higher rate than their best customers, and explain why they are charging a higher rate

3. They must provide which score they used to make decision about loan and explain the factors that adversely affected your score.

Mark Green, CEO of FICO says about half of about 1 billion annual credit applications will fall under one of the 2 categories. Borrowers will be shocked to find out they are not being offered the same rates as the lenders best customers. It will encourage consumers to shop around for better rates and to improve their scores for the future.

In 2003 a federal law required the 3 major credit bureaus to provide consumers with their free annual reports but not with a “credit score.” The Dood-Frank reform does not change the 2003 Federal Law however a consumer can purchase their credit score when ordering their free credit reports. It is important to note that these credit scores are not the same scores used by the lenders, so called “educational score.

These changes will be great for consumers, especially in these difficult financial times. As a Real Estate Broker working with buyers and sellers daily we are experiencing overly tight lending standards compared to years past. I am not saying banks should make “fog the mirror” or sketchy loans but they do need to loosen their standards to help provide more homeownership.

“Until Next Time”

What Happens After Foreclosure? How Long Before You Can Qualify For Mortgage?

Posted by Duke Rountree on

Can You Say Tricky Question?

With so many people struggling to find work and therefore, keeping their mortgages current. Foreclosure and Short Sales are at an all time high for our country. The question posed above is not really tricky, but has many variables. The New York Times notes that a past foreclosure will result in the longest wait before you can buy again. Fannie Mae and Freddie Mac properties have a 3 year waiting period after filing foreclosure and 2 year waiting period following a short sale, deed in lieu of foreclosure & discharge or dismissal of bankruptcy. However, there may be certain circumstances, job loss or transfer from job, that may reduce the wait period to qualify for mortgage.

FHA loans also have 3 year waiting period for foreclosure / short sale and 2 years for bankruptcy as well, but note there are plenty of exceptions. Based on New York Time article and example would be, if a borrower was current on payments for year prior to short sale there may be not waiting period and might even qualify for FHA loan immediately.

In conclusion, none of these rules are steadfast or set in stone. With such a large number of people struggling and facing loss of their homes(at the time of this post there are over approximately 1,000,000 properties foreclosed or in the process), poor credit ratings and lack of jobs, lenders will need to take into account circumstances that may have lead to default. I firmly believe these standards will change in years to come. Fannie Mae spokesman says, ” The key is to avoid foreclosure”  and “That is what will help you be eligible for the shorter period.”

“Until Next Time”

 

 

Source: “The Post-Foreclosure Wait,” The New York Times (June 23, 2011)

Ocala, Marion Market Report 1st Quarter 2011

Posted by Duke Rountree on

Ocala homes for sale and they always will be! How is that for a bold prediction.

Now for the meat of this blog post. What is our local housing market doing and which direction are we going?

Well, we are taking a beating in Ocala with the median home price at $75,400, compared to U.S. at $157,933. However this does mean Ocala is probably one of the most affordable cities to live in(BRIGHT SPOT!) 1 year Appreciation is at -18.8% and 3 years sits at -48.2% or a negative housing equity gain of -$70,100. If you’ve owned own your home for  7 years the Housing Equity Gain(?) is -$20,800. IN SHORT, the recent correction in local home prices wiped out most of the 7 years of gained equity.

Why the drastic drops?

Unemployment has lead to tremendous number of foreclosures on the market not just locally but throughout the state. The State of Florida foreclosure rate is around 14% with the National Average around 5%. Marion Counties current unemployment rate hovers around 12.5% compared to 8.8 nationally, both numbers are down slightly from one year ago which is a good sign.

What to expect?

Well I am surely no professional analyst soon to be hired by Fox or one of the alphabet channels, but I do study and know what’s happening locally. My lovely wife, the appraiser, says the market is still being adjusted at approx. -2% per month and our month to month comparisons from 2010 to 2011 reflect the same trend. Many experts think the end of 2011 will be the stabalizing point for the housing market. The best part about real estate is there is always a good market, for someone, whether its buyers or sellers. Do you know, or have you heard about shadow inventories?

For The Full Report: http://www.realtor.org/files/research/localmarket/fl_ocala.pdf

UNTIL NEXT TIME.