Despite the economy, despite the unemployment figures, many people are buying homes...CNN reports that existing home sales at highest level since 2007!  It must be the tax credit?  In addition, the median home price has declined...and so has the supply. 

It's good news and I'll take it!

http://money.cnn.com/2009/11/23/real_estate/existing_home_sales/index.htm

Below please see the actual numbers for real estate sold/pending in Fort Lauderdale, FL, for 7/08 through 9/09.

The important information to note is the Sold properties have INCREASED 34.7% during this time period.  In addition, pending sales have increased 95.7%--however, the question will be--do all pending sale close?  The average price per square foot currently is $192.00.  Finally, in all property on the market (condos and single-family homes) there is a 13.2 month supply.  While a normal supply of properties is about 6-9 months, this number isn't bad--considering how much of an inventory we've had in the past.

If anyone is interested in buying or selling property in Fort Lauderdale, FL, please give me a call. 

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Facts and TrendsTM
Published Oct. 2009
Location : Ft Lauderdale Beach , Ft Lauderdale North East , Ft Lauderdale North West , Ft Lauderdale South East , Ft Lauderdale South West
Number of Homes For Sale vs. Sold vs. Pended    (Jul. 2008 - Sep. 2009)
Price Range: $0 - No Limit
SQFT Range: 0 - No Limit
All Res. Proptypes - All Properties		Prepared for you by: Amanda Wilson

	1 month	1 year	15 months
	Aug 09	Sep 09	% Change	Sep 08	Sep 09	% Change	July 08	Sep 09	% Change
For Sale	4583	4425	-3.4%	6326	4425	-30.1%	6531	4425	-32.2%
Sold	348	334	-4%	207	334	61.4%	248	334	34.7%
Pended	492	542	10.2%	250	542	116.8%	277	542	95.7%

Facts and TrendsTM
Published Oct. 2009
Location : Ft Lauderdale Beach , Ft Lauderdale North East , Ft Lauderdale North West , Ft Lauderdale South East , Ft Lauderdale South West
Average Home Sold Price per SQFT    (Jul. 2008 - Sep. 2009)
Price Range: $0 - No Limit
SQFT Range: 0 - No Limit
All Res. Proptypes - All Properties		Prepared for you by: Amanda Wilson

	1 month	1 year	15 months
	Aug 09	Sep 09	% Change	Sep 08	Sep 09	% Change	July 08	Sep 09	% Change
Avg. Sq. Ft. Price	176	192	9.2%	249	192	-22.8%	247	192	-22.3%

Facts and TrendsTM
Published Oct. 2009
Location : Ft Lauderdale Beach , Ft Lauderdale North East , Ft Lauderdale North West , Ft Lauderdale South East , Ft Lauderdale South West
Months of Inventory based on Closed Sales    (Jul. 2008 - Sep. 2009)
Price Range: $0 - No Limit
SQFT Range: 0 - No Limit
All Res. Proptypes - All Properties		Prepared for you by: Amanda Wilson

	1 month	1 year	15 months
	Aug 09	Sep 09	% Change	Sep 08	Sep 09	% Change	July 08	Sep 09	% Change
Months of Inventory (Closed Sales)	13.2	13.2	0%	30.6	13.2	-56.9%	26.3	13.2	-49.8%

Step inside this enchanting oceanfront condo tucked away on desirable Galt Ocean Drive-where the beach is your backyard.  Serene color palette & stunning finishes describe this large one bedroom condo unit. (LOW electric bill, as condo fee incl. AC, hot water & Cable TV.) Updated kitchen & cabinetry, Italian tile, new lighting fixtures & hurricane shutters--new hardwood floors!  Experience soothing ocean views and enjoy resort-styled living at an affordable price-right on the beach of Fort Lauderdale! The condo fees are $448.00 per month and include Air conditioning costs, cable TV and hot water!  The property is located on the beach in Fort Lauderdale at 4250 Galt Ocean Drive, #7R, Fort Lauderdale, FL  33308.  The list price is $179,000--it is an updated 1 bedroom, 1.5 bath condo!  Please call me directly for more detail and showing information -- Amanda Wilson @ 954.790.0377).

It was a sunny and warm day in Fort Lauderdale, FL--like many days are in South Florida.  And I had a client, the buyer.  After much home searching, we found the perfect Victoria Park townhouse!  We submitted the offer and the seller accepted. The contract was executed for a purchase price of $470,000...and my buyer was a solid candidate for financing (great credit score, low debt-ratio and fantastic job)...AND THEN CAME THE BANK....

AND THEN CAME THE APPRAISERS....The first one appraised the townhouse at $330,000.  The bank said no, thanks and silently walked away!  The next bank sent out another appraiser and the property appraised at $516,000 (within a week of the first appraisal)!  We were happy...yes, it appraised.  Wrong!  The bank advised us that the 'appraisal was too high, based on the underwriter's recommendation.  The bank suggested the appraiser 'modify' the appraisal, so it was done.  The third time (after modification) the appraiser submitted an appraisal for $487,000.  The second bank said, no!

Then, my client continues for another bank.  From the third bank, we get a 4th appraisal for $478,000!  Yes!  However, now Bank No. 2 comes back into play--and decides may be they do want to lend my client money....I just say Yippee...my client is happy with the interest rate and details of the loan--I'm happy to finally close.

Tomorrow is the closing!  Banks, appraisers--we can't live with them and can't live without them!

Despite some tentative signs of recovery, the U.S. housing market remains vulnerable to further price drops-especially in areas where large numbers of mortgages are headed toward foreclosure over the next few years.  http://online.wsj.com/article/SB10001424052748703816204574487240805281318.html

It's only natural that home prices will continue to decline, as we are facing more foreclosures and short sales in areas of the country...however, it's still a great time to buy...especially if you plan on owning your home or investment property for the next 7-10 years!

After giving billions in taxpayer's money away to 'struggling' banks, it unrealistic to think we're going to get all of that money back, so says Inspector General Neil Barofsky--the man who watches over the TARP program.  The Treasury Department has spent more than $454 billion through TARP programs--47 recipients have paid back nearly $73 billion.  That means more than $317 Billion remains outstanding--with the program set to expire December 31, 2009. 

 Now, the Obama administration plans to CUT the pay of executives at the 7 companies that have received the most bailout money.  Too little too late.  This should have been done when the money was distributed to the banks...where was the oversight then, not now!  While Americans are angry-as we struggle, financial firms have begun recovery, and are passing out their bonuses..  Where was Timothy Geithner then, not now!  How can we change pay culture when so much was given, and so little asked!

Let's create banking regulations for the entire Global Banking Industry....much like air traffic control!  There are very few global standards in the world, but air traffic control has to be global to prevent crashes.  In the financial banking industry, we've had the equivalent of a mid-air collusion...so let's regulate the banking industry so there are no more global mishaps!

The banks, especially after receiving taxpayer monies, have a responsiblity to be part of the solution, as well.  There has been very modest, if any, increase in lending (NOT to small businesses or individuals) and now the banks are defensive about putting any new regulations in place that would prevent a future financial crisis.  Banks would rather pay millions of dollar to lobbyists to make certain there are NO new regulations. 

A quick background of the banking industry helps us to understand just how much the industry has gained:

• The federal government started chartering and regulating banks during the Civil War.  These national banks were subjedct to state and laws unless they received an exemption from the federal regulator, the Office of the Comptroller of the Currency. 
• Beginning in the 1980s (Reagan Administration), as the government allowed national banks to expand across state lines, the banks began pressing the government (through lobbyists and other influential powers) for more exemptions--more often.
• The banks used the expansion of exemptions as a further need to efficiency, which was supposed to result in lower prices for customers.
• And...the rise of the federal pre-exemptions were gradual.
• In 1999 (Clinton Administration), the Office of the Comptroller of the Currency (OCC) ruled that national banks did not need to comply with a California law limiting the fees banks could charge for ATM withdrawals.
• In 2000, it lifted a Rhode Island law limiting changes in the interest rates on credit cards.
• Finally, in 2002 (Bush Administration), the OCC lifted a Texas law that barred banks from charging check-cashing fees. 
• And, then--in 2004, the OCC issued a blanket exemption, asserting sole authority to police natinoal banks.  That stance has since been upheld by federal courts. The National Association of Realtors, in testimony before the House Financial Services Subcommittee on Oversight and Investigations, on January 28, 2004, sharply criticized the preemption rules as twisting legal precedent, maximizing the value of the federal bankcharter at the expense of the state bank charter, and diluting consumer protections, with worsening implications if bankers are permitted to be real estate brokers and managers.

Bring back the regulations--create a new era for the banking industry in a Global Way!  Let's enact a new policy much like the air traffic controllers...and by the way, let's pay the bankers the same wages as air traffic controllers make with NO bonuses, while keeping air traffic and bank traffic safe!

 Raising awareness that discrimination still exists and this is is unacceptable, Teresa Henderson filed a lawsuit Thursday in U.S. District Court in Fort Lauderdale claiming a local condo association property manager and association president committed housing discrimination based on race!

In another lawsuit filed in Federal Court in Fort lauderdale, a local housing complex was named in a complaint of discrimination based on familial status.  An apartment manager apparently refused to rent an apartment to a family with children under the age of 10.

Will we see more of this to come?  Is this another sign of the times or just a sign of more prejudice?

 Cash for Clunker for appliances program has been tentatively scheduled for 10 days in April, 2010.  Retailers would offer rebates for 20% off before taxes, up to a total of $1,500 per household, on most energy-efficient appliances from April 16-25.  In addition, consumers would receive an additional $75 for sending their old appliances to the landfill rather than reselling them.  Only federally designated Energy Star home appliances are eligible. 

How will you get your rebate?  No one is sure  yet...Some stores may be able to give you a rebate on site, while others may require paperwork--details are still to be worked out.

What appliances are covered?  Gas and tankless water heaters, heaters, refrigerators, AC units.  Some appliances will be excluded...i.e., clothes dryers, as they don't carry an Energy Star rating.  Trade-ins are not required in the program.  For more details, contact www.myfloridaclimate.com.

GE's quarterly profit hints at stability-as it's third quarter numbers exceeded Wall Street's expectations showing signs that orders for business may be improving.  Jeffrey R. Immelt, GE's chief executive describes the company's performance as "solid" in a "global economic environment that is beginning to slowly recover." http://www.nytimes.com/2009/10/17/business/17electric.html?hp 

Goldman Sach's bonus pushes the company into a public relations bind-Goldman and its employees are enjoying one of the most fruitful period in the bank's 140 year history.  Goldman executives are disturbed by the resentment directed at their bank and believe this criticism is unjustified.  The company finds itself having to defend their blowout profits (3.19B in the third quarter); even though, they paid back billions of taxpayers dollars.  The company's top producers are expecting multi-million-dollar payouts.  Goldman has set aside nearly half of its revenue to reward employees, a common practice on Wall Street, especially after such a successful quarter.  Afterall, Goldman has a duty to it's employees to retain staff. In addition, Goldman Sachs may up it's charity contribution from $200M to $1B to it's own educational foundation. http://www.nytimes.com/2009/10/16/business/16bonus.html?ref=business

And from Washington, DC-Bill Shields Most Banks from Review--Bowing to political pressure from community bankers, the House Financial Services Committee approved an exemption on Thursday for more than 98% of the nation's banks from oversight by a new agency created to protect consumers. This legislation would prevent the new consumer financial protection agency from conducting annual examinations of the lending practices at more than 8,000 of the nation's 8,200 banks.  http://www.nytimes.com/2009/10/16/business/16regulate.html?ref=business

 Bank of America's Kenneth D. Lewis agreed on Thursday to forgo his salary and bonus as chief executive, as questions emerged about the takeover of Merrill Lynch, which may have led to his downfall.  Remember, Mr. Lewis abruptly announced his resignation about two weeks ago.  However, Mr. Lewis, who plans to retire on December 31, 2009, still stands to collect $53.2M pension. http://www.nytimes.com/2009/10/16/business/16lewis.html?ref=business

Meanwhile, Bank of America-the nation's largest bank-is hit by bad loans and lost $2.2B in the third quarter. 

 Not so good news for Citigroup-their profits the third quarter slipped to a loss of $3.2B citing spiraling consumer losses.  Citigroup is one-third owned by taxpayers, with no voting power.  http://www.nytimes.com/2009/10/16/business/16citi.html?ref=business

This is something to think about----- The nation's largest banks may have been preserved from failure by federal aid and are racking up vast profits even though the economy struggles to advance.  The results have undercut conventional wisdom that the prosperity of banks depends on the prosperity of the customers.  Generally, bank profits lag behind economic recoveries as banks wait for people and businesses to start borrowing again.  But the federal government has reversed that relationship by investing more than $1 TRILLION in its efforts to  prop up financial institutions.

 And banks (especially Goldman Sachs, since there is no Lehman Brothers and Bear Stearns left) are benefiting from a ‘survivor effect.' There are fewer companies left on Wall Street; hence, there is less competition.  Now, they can return to their high-risk practices again. http://www.washingtonpost.com/wp-dyn/content/article/2009/10/15/AR2009101504007.html