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santa rosa beach: Mortgage Applications Jump 28% - 01/19/08 04:26 PM
Mortgage application volume skyrocketed for the second consecutive week, rising 28.4 percent during the week ending Jan. 11, according to the Mortgage Bankers Association's weekly application survey.The MBA's application index rose to 906.4 from 706 the previous week, which was shortened due to the New Year's holiday. Mortgage volume slows during the winter, which can lead to greater volatility. Application volume jumped 39 percent during the same week a year ago.Refinance volume rose 43.4 percent, while purchase volume jumped 11.4 percent. Refinance volume accounted for 62.7 percent of total application volume, compared with 57.7 percent the previous week.The index peaked at … (2 comments)
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santa rosa beach: 2008 Forecast - 01/17/08 03:51 PM
The Real Estate market has been on a wild ride over the past several years. With the huge gains that were experienced for several years it is only natural that the market has now readjusted. Although the readjustment has not been kind to many people, it will be an important factor in the future health of our Real Estate market. In 2006 we had a 45% decrease in sales compared to 2005. Many of the so called economists predicted that the sales would continue to slide for years to come. Not so fast, 2007 sales were up 7.5% over those of … (2 comments)
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santa rosa beach: Long Term Value in Freddie Mac - 01/13/08 01:35 PM
What a difference a day makes for mortgage giant Freddie Mac.
The stock surged 14% on November 28, to $29.42, its largest one-day gain in 19 years. Freddie jumped on news that it will have no problem raising $6 billion of capital in a preferred stock offering to bolster its balance sheet. It also announced that it will halve its $2 per share annual dividend.
Rick Pzena, whose firm, Pzena Investment Management, recently went public, says the mortgage purchaser is still severely undervalued.
Speaking at the annual Value Investing Congress in New York City, Pzena labeled Freddie "the single cheapest stock that I've come … (0 comments)
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santa rosa beach: Real Estate Hits Bottom in 2008? (1/2008) - 01/13/08 01:30 PM
We at Kiplinger's Personal Finance magazine believe housing prices nationally will bottom out in 2008, but the recovery for housing markets will be slow. While lenders and loan servicers, the federal government and consumer credit counselors work out a plan to relieve some homeowners facing unaffordable rate adjustments on their subprime ARMs, home values continue to slide.
Just take a look at where we've been; consider Punta Gorda.
Low-key, low-rise and (prior to the housing boom) low-cost, Punta Gorda sits on Florida's west coast, halfway between Sarasota and Fort Myers. Residents love their slice of paradise. In Punta Gorda and neighboring Port … (0 comments)
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santa rosa beach: St. Joe Picked as Top 10 Stock for 2008 (12/2007) - 01/13/08 01:28 PM
We'll say this for the U.S. economy: It can take a punch. Consider the blows it has absorbed just this year. The worst real estate crash since the Great Depression. Pow! Oil prices up from $50 to $90 a barrel since last January. Bam! A subprime mortgage mess metastasizing into a full-blown credit crisis, with banks swallowing billions in losses and cutting back on loans. Baff!
Yet through all the punishment, the economy has barely flinched. "I'm floored by how resilient it has been," says veteran stock strategist Ed Yardeni of Oak Associates. "Had you told me at the beginning of … (0 comments)
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santa rosa beach: Real Estate Market Hit Bottom? (12/2007) - 01/13/08 01:25 PM
NAR: Worst is over - existing-home sales to trend up in 2008 WASHINGTON - Dec. 11, 2007 - Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of Realtors (NAR). However, a recovery for new-home sales is unlikely before 2009.Lawrence Yun, NAR chief economist, says the worst part of the credit crunch has already worked its way through the data. "The unusual mortgage disruptions that peaked in August were clearly seen in lower home sales that were finalized in September and October, so … (0 comments)
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santa rosa beach: St. Joe Restructures (10/2007) - 01/13/08 01:22 PM
JACKSONVILLE , Fla. - The St. Joe Company announced today that it intends to significantly accelerate its value creation process in Northwest Florida and is restructuring the company to accomplish that objective. The restructured JOE is designed to increase its financial flexibility and strengthen its balance sheet. To improve its financial performance the company intends to: . Significantly reduce capital expenditures; . Meaningfully decrease selling, general and administrative expenses; . Divest non-core assets; . Aggressively lower company debt; and . Eliminate the current dividend and over time return value to shareholders through JOE's share repurchase program. "Going forward, a restructured JOE … (0 comments)
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santa rosa beach: Investor's Eyeing Florida Market (10/2007) - 01/13/08 01:07 PM
Real estate investor Matthew Martinez is the point man for a private equity group that plans to invest $200 million in Florida condo developments. But recent forecasts show many housing markets in the Sunshine State are looking at double-digit drops in home prices. What is he thinking?
"The smart money is thinking about buying there right now," says Martinez. "It may be six to 12 months early, but it's a good time to be searching for deals."
Local housing markets that have fallen far, yet have the potential to recover soon, are ripe targets for "vulture investors," who buy cheap in the hope … (0 comments)
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santa rosa beach: Drop in Insurance Rates (10/2007) - 01/13/08 12:56 PM
Two years of unexpectedly quiet hurricane activity in the US have caused a dramatic drop in insurance premiums that, experts say, could spark consolidation amongst brokers and underwriters.Brokers are predicting cover for hurricanes in the will tumble by at least 10pc in 2008The chief executives of the world's largest insurers and brokers are predicting cover for hurricanes in the US will tumble by at least 10pc in 2008 - on top of a 20pc slump in premiums this year.They forecast the sharp falls as they headed out to Monaco, where they meet over the next few days to estimate demand for … (0 comments)
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santa rosa beach: Foreclosures are a hot commodity! (9/2007) - 01/13/08 12:54 PM
NEW YORK (CNNMoney.com) -- The delinquency rate for mortgage borrowers spiked higher in the second quarter and the number of homes entering the foreclosure process hit a record high, according to a report released Thursday.
Deliquencies hit 5.12 percent of all outstanding mortgages, up from 4.39 percent a year ago, the Mortgage Bankers Association (MBA) said in a quarterly survey.
Serious delinquencies, those 90 days or more late, jumped to 1.11 percent of all loans, from 0.98 percent in the first quarter.
The loans actually entering foreclosure proceedings stood at 0.65 percent, a rise from 0.58 percent in the first three months … (0 comments)
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santa rosa beach: Prices to Bounce back in 2008 (7/2007) - 01/13/08 12:52 PM
Home Prices Expected to Bounce Back in 2008
The prices of existing and new homes are expected to bounce back next year after a dreary 2007, a real estate trade group said Wednesday.
The National Association of Realtors also said it expects existing-home sales to rise to nearly 6.4 million in 2008, up from the 2007 estimate of more than 6.1 million. Nearly 6.5 million existing homes were sold in 2006, the association said.
As for new homes, sales are projected at 865,000 in 2007 and 878,000 next year, but the 2008 projection would still be down more than 20 percent … (0 comments)
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santa rosa beach: Housing Slump Nearing End? (6/2007) - 01/13/08 12:48 PM
Paulson: Housing slump likely near endThe Associated Press, Martin Crutsinger (AP Economics Writer)WASHINGTON - June 21, 2007 - The major slump in the housing market is nearing an end and should not have a significant impact on the overall economy, Treasury Secretary Henry Paulson said Wednesday.Paulson refused to comment specifically on the market impact of troubles confronting two large Bear Stearns hedge funds that invested heavily in subprime mortgages - loans made to borrowers with spotty credit histories."We have had a major housing correction in this country," Paulson said in an interview with a small group of reporters at the Treasury … (0 comments)
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santa rosa beach: Considering Purchasing a Second Home? (3/2007) - 01/13/08 12:39 PM
The Florida market has been hit particularly hard by the current real estate slowdown. Investors, potential owners of second homes and retirees are backing away from buying there, says David Hehman, chief executive of EscapeHomes.com , a vacation home Web site. In the Fort Myers and Cape Coral areas of Southwest Florida , for example, existing home sales plummeted 34 percent between January 2006 and January 2007, according to the Florida Association REALTORS. WCI Communities, a builder based in Bonita Springs , Fla. , saw its net income plunged from $186.2 million in 2005 to $9 million in 2006. CEO Jerry … (0 comments)
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santa rosa beach: Buyer's in Charge (4/2007) - 01/13/08 12:34 PM
You'll find no better experts on the real estate boom and bust than Joyce and Louis Bertulfo. Between 2004 and 2006 the couple successfully navigated a hot San Jose housing market, buying and selling two homes for a profit.
By the time they relocated to Tampa with their three children this January, however, the winds had shifted. The pace of home sales in the area had fallen by 40 percent from a year earlier. Prices were already softening.
So Joyce, 32, and Louis, 33, spent weeks looking for just what they wanted (four bedrooms, three full baths and a three-car garage), … (0 comments)
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santa rosa beach: Buyer's Advantage, the Time is Now! (3/2007) - 01/13/08 12:22 PM
UF study: The price is right, so buy now
GAINESVILLE , Fla. - March 9, 2007 - Hopeful homebuyers in Florida should act now: The price is right as the state's single-family residential housing market bottoms out, according to a University of Florida study released today.
"If you're thinking of buying a house, there's probably not much to be gained by holding out at this point," says Wayne Archer, director of UF's Bergstrom Center for Real Estate Studies. "It doesn't look like prices are going to fall anymore."
The quarterly survey of experts in the real estate industry completed in January … (0 comments)
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santa rosa beach: The Buyer's Advantage (3/2007) - 01/13/08 12:18 PM
REAL ESTATE The Buyer's Advantage In most markets, buyers are calling the shots. Sellers have to be smarter. By Pat Mertz Esswein From Kiplinger's Personal Finance magazine, March 2007 As spring arrives, home sellers and buyers are dredging up tools and tactics that have lain dormant ever since the housing boom shifted the balance of power to the sellers' side. Now, with lots of homes to choose from, buyers are calling the shots in many markets. Bids are calmly offered for less than the asking price, and contingencies for inspections, financing and even appraisals are once again appearing in contracts.
The Office of … (0 comments)
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santa rosa beach: Panama City Airport (1/2007) - 01/12/08 06:57 PM
PANAMA CITY BEACH, Fla. - It will be either a major boon or a boondoggle, depending on who's talking.
But one thing is certain - a proposed new Panama City-Bay County International Airport could within two years change how metro Atlantans think about getting to the sugar-white sands of the Florida Panhandle.
"Atlanta is a major market for northwest Florida," said Bob Warren, executive director of the Bay County Tourist Development Council. "This airport will give us a much more affordable and convenient regional air service for people from Atlanta and other areas trying to get here in a timely manner."
The Panhandle beaches, … (0 comments)
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santa rosa beach: Seagrove Atricle (3/2007) - 01/12/08 06:46 PM
Seagrove Beach an ideal getaway from crowd in Florida panhandle Cassine Garden resort sits quietly near beach
By Linda Howdeshell Tuesday, March 6, 2007 4:40 PM CST
The tiny hamlet of Seagrove Beach in Walton County, Florida, was established in 1946 and has been the vacation destination for generations of returning families.Seagrove Beach gets its name from the oak trees that once lined the shore and is a scenic area rich in history. If you're looking for a truly private sanctuary away from the crowds, but not too far from many attractions, you can find it in Seagrove Beach. The town is … (0 comments)
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santa rosa beach: Panama City Ranked #1 Place to Buy (2/2007) - 01/12/08 06:36 PM
The Best Places to (Still) Invest It's far too late to play the buy-and-flip game. But there are some great opportunities out there for those with the patience to buy and hold. By Paul Kaihla, Janet Rae-Dupree and Michael Fitzhugh, Business 2.0 Magazine February 12 2007: 4:56 PM EST(Business 2.0 Magazine) -- True, America is littered with "for sale" signs these days. And many cities haven't bottomed out yet, and may not for some time. But all the fear and loathing about a housing slump obscures the fact that the end of one cycle marks the start of another.
So it … (0 comments)
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santa rosa beach: Florida Panhandle; No longer the "Redneck Riviera" - 01/12/08 05:24 PM
Florida Panhandle: No Longer the "Redneck Riviera"by Lew SichelmanOnce the province of vacationers and second-home owners from Alabama, Mississippi, Georgia and elsewhere in the Deep South, the strip of the Florida Gulf Coast that stretches from Panama City Beach to Destin and once known as the "Redneck Riviera" is now worthy of another, if less familiar moniker, the Emerald Coast.
Nowadays, you're just as likely to see a Mercedes as a pickup. Cadillac Escalades and Lexis RX330 SUVs are as prevalent as spring break jalopies. And they carry license plates from as far away as Ohio, Michigan, and New York along … (0 comments)
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Josh McLean
Santa Rosa Beach,
FL
More about me…
Clay and Company,LLC
Address: 36008 Emerald Coast Parkway, Suite 601B, Destin, Fl, 32541
Office Phone: (850) 424-5286
Cell Phone: (850) 502-0470
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