Brevard County Mortgage and Real Estate Market Data For July 2009 - 08/30/09 02:28 PM
Another Great month For  Brevard County Real Estate!
Here is a powerful and positive little fact: sales for single family residences for Brevard County are up over 22% for July of 2009 verses July of 2008.  That is an astounding year over year number.  Additionally, new listings are down slightly over 20% this July verses last July.  So, it looks like sales are up and inventory is down; this is a strong sign that the market is improving, and we are bottomed out.  If we continue on this track, this current real estate "sale" could end.
There are no real surprises … (0 comments)

Brevard County FHA Mortgage update: Current County Limits - 08/25/09 08:07 PM
The FHA is a great loan as it gives home owners a very low down payment option, allows features that conventional loans do not (a conventional loan is any loan that is not a government loan), and has historically very low interest rates.  Currently the FHA will allow a loan amount up to $291,250 for a single family residence in Brevard County, Fl.  Right now this limit is good through the calendar year 2009, however, there is talks of extending the limits into 2010.
Just to recap, here is a list of some features of the FHA loan:
Source of Down … (0 comments)

Brevard County Foreclosure Myth's - 08/01/09 02:15 PM
According to the  Brevard County MLS, 30% of the single family residence sales, year to date, are marked as bank owned properties.  I am not sure of the exact amount that are short sales, however, these are also dominating the market. While we may be reaching the bottom of the market, these transactions are not going away anytime soon.
 
With the continual arrival of new foreclosed properties in the market place, I thought it would important to review and dispel some myths about bank owned properties from my personal experience.  This information comes purely from personally experience, and has not … (2 comments)

What is a short sale? - 08/01/09 02:07 PM
Simply put: a short sale is when the seller of a property owes more on the property than they are selling it for.  So if the sellers owe $200,000 on a house, and they are selling it for $150,000, then they are asking the lien holder to take the loss for the difference or the short. 
Short sales are very common in this market environment due to decreased valued.  Short sales typically take longer than regular transaction because the bank has to approve of the sale.  The approval process may be lengthy because the bank may only service the loan, and … (1 comments)

 
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Joe Harris

Melbourne, FL

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Morgan Financial

Address: 2720 N Harbor Blvd, Melbourne, Fl, 32935

Office Phone: (321) 757-3570 x 201

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As a Brevard County Mortgage Expert, Joe writes on all things related to the mortage industry and other related events for Brevard County, Fl.


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