Didn't I Warn You Last Week?? Freddie Mac Average Mortgage Interest Rates Went Up This Week - 01/31/08 06:29 PM
I could say " I told you so", but I won't. Today 1/31/08,  Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans moved higher after several weeks of big drops. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 5.68% (5.63% in the southeast), up from 5.48% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.17%, up from 4.95% last week.
If you recall, last week I mentioned that sooner or later interest rates, and/or home prices would begin to rise since lower limits had … (0 comments)

Letting the Buyer Act As His/Her Own Representative And Get All or Part of the Selling Commission - 01/30/08 09:44 PM
A while back in the Q & A section of AR a consumer wondered why he could not act as his own buyers agent and get whatever the listing agent was offering to cooperating brokers taken off the price of the home. There were many replies. The questioner himself added a comment later in the answers that said that it should be a piece of cake since the listing agent would write up the contract and other tasks.
First, in most areas (certainly in most of Florida) the seller is paying the commission, so having a buyers agent on your side … (7 comments)

Federal Reserve Drops Interest Rate 0.5%, Less Than A Week After Similar Drop - 01/30/08 06:40 PM
Just a week ago the Federal Reserve had a late night special meeting and decided to drop their interest rates by a whopping 0.75%. Now just a week later they have dropped the rates an additional 0.50%!
This combined drop of 1.25% places the Fed's rate at just 3%, the lowest it has been since June of 2005. General opinion is that the cuts were made due to continued fears of the housing slump and the trickle down effect this has on the economy as a whole. Even with these large cuts, I heard one commentator say that he believed even … (0 comments)

Floridians Vote For Property Tax Reform and Approve Amendment 1 - 01/29/08 09:51 PM
This evening opponents conceded that supporters of Amendment 1 in Florida had more than enough votes to get it approved. Just over half the votes was not enough for passage. It was required that the amendment get at least 60% of the votes cast for this propety tax reform amendment to pass.
The amendment was opposed by firemen, teachers, many municipalities, and others who feel that the tax losses will criticially affect their organizations. However, most homeowners seemed to feel that, though perhaps imperfect, at least this was reform of a sort.
On the ballot the amendment was 3 pages long! … (0 comments)

Mortgage Interest Rates Plummet For Another Week Says Freddie Mac - 01/24/08 08:23 PM
It may be hard to believe, but today 1/24/08,  Freddie Mac reported that the average mortgage interest rates for 30 year and 15 year fixed-rate interest rates dropped AGAIN substantially! Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 5.48% (5.46% in the southeast), down from 5.69% a week ago. This is the lowest it has been since March of 2004! The average interest rate for 15 year fixed-rate mortgages was 4.95%. down from 5.21% last week and for the first time in a long time it has gone below 5.0%.
Reports of lower housing sales in 2007, … (0 comments)

Federal Reserve Makes Drastic Rate Cut Based on Recession Fears - 01/22/08 05:19 PM
From everywhere it is being reported that the Federal Reserve today dropped its key interest rate from 4.25% to 3.75%. The largest drop since 1990! Fears of a coming (or present) recession in the United States was the apparent reason given for this large drop. With the sluggish housing market being played as a big part of the reason for the Fed's action.
Despite this move by the Fed, the stock market took a dive today.
The Fed hinted that future rate decreases are likely to occur in the near future. It will be interesting to see if this drop … (0 comments)

Now May Be The Time to Purchase a Home, At Least in Florida - 01/21/08 09:05 PM
Notice this image of the scales. Normally, when one side goes down, the other side goes up. That is usually the relationship between mortgage interest rates and home prices. When interest rates are low, more people can get loans for larger amounts. This causes more demand for homes so the sellers can demand higher prices.
When interest rates go up, fewer people can qualify to borrow money, thus the sellers must lower the prices of the homes in order to be able to market them.
At this point in time, though we hear doom and gloom on the news, for buyers … (0 comments)

Early Voting For Property Tax Reform & Presidential Primaries Begins in Florida - 01/17/08 07:20 PM
I was driving past the library near our real estate office yesterday and saw a sign by the road announcing that you could vote early there. For many years voters in Florida have been able to vote before the actual election date in an attempt to diminish delays for citizens when they went to vote. If you decide to wait for the real election day, it will be on January 29, 2008.
So if you can, you may want to vote early. Do be aware that often the site where the early voting will take place will not be the same … (0 comments)

Freddie Mac: And the Interest Rates Just Keep Dropping!! - 01/17/08 06:37 PM
Today 1/17/08,  Freddie Mac reported that the average mortgage interest rates for 30 year and 15 year fixed-rate interest rates dropped AGAIN! Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 5.69% (5.65% in the southeast), down from 5.87% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.21%. down from 5.43% last week. Last year the 30 year rate was sitting at 6.23% and went even higher during 2007. The 15 year fixed-rate interest was at 5.98%. Needless to say, we have seen some serious drops in the past several weeks.
Downward pressure … (0 comments)

Good Hands Company Gets Its Hands Slapped - Allstate Can No Longer Write Any New Policies in Florida - 01/16/08 07:37 PM
Today the Florida Insurance Commissioner told Allstate Insurance that it can no longer write any new policies in Florida. Not just homeowners policies (which they almost never did and usually charged an arm-and-a-leg for) but also life insurance and car insurance policies. These last are cash cows for the company and according to an Allstate spokesman I heard on the TV, this action "Finally got Allstate's attention".
Well, about time! These companies have been cherry picking the best policies and leaving the others without coverage. Apparently this time Allstate had asked for a 40%+ increase to cover past losses and to … (1 comments)

PRICE REDUCED! Spacious Double-Wide Mobile Home on 1 Acre Lot For Sale Near Zephyrhills, Florida - 01/12/08 07:51 PM

This home is located just to the south of Zephyrhills, Florida within commuting distance from Tampa, Lakeland, Plant City, and Dade City. So work in the city and then retreat to a bit of the country where you can relax and enjoy your own piece of Florida.
This 3 bedroom/2 bath double-wide was built in 1998 and features vaulted ceilings throughout. The great room can be used exclusively as living room, or it is large enough to have a formal living area at one end. The room spans the entire width of the home. All of your furniture will comfortable … (0 comments)

Freddie Mac: Lowest Average Interest Rates Since September 2005!! - 01/10/08 10:21 PM
Today 1/10/08,  Freddie Mac reported that the average mortgage interest rates for 30 year and 15 year fixed-rate interest rates dropped again. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 5.87% (5.85% in the southeast), down from 6.07% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.43%. down from 5.68% last week. The 30 year rate has not been seen in 2 and a half years.
A meager 18,000 new jobs were created in December and unemployment jumped to 5%. (When I lived in Europe 12% was not unheard of). Also non-manufacturing … (1 comments)

My January 2008 Monthly Real Estate Newsletter is Now Available For Dowload - 01/09/08 10:45 PM
My January 2008 real estate newsletter is now available for download as a PDF (Adobe Acrobat) file. Just click on the following link: Download january2008_newsletter.PDF
If you would like to receive these newsletters automatically each month, just send me an e-mail and let me know. I would be glad to add you to my e-mailing list. You can e-mail me at: jelwell1@tampabay.rr.com
… (1 comments)

Text of Proposed Property Tax Reform Up For Vote in Florida on January 29 - 01/05/08 05:49 PM
Many people are asking me what the property tax amendment contains and how it will affect them. I am not an attorney, so you will excuse me if I do not interpret the fine points of the amendment. I have, however, put the text of the amendment on my blog so that you can download it using a link further down in this message. In general you will find the text pretty straight forward. But once you have read it, you may wish to contact your local county property appraiser's office to see how it could change your taxes in future … (1 comments)

Freddie Mac: Starting the New Year With Lower Average Interest Rates - 01/03/08 05:07 PM
Today 1/03/08,  Freddie Mac reported that the average mortgage interest rates for 30 year and 15 year fixed-rate interest rates dropped for the start of the New Year. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.07% (6.06% in the southeast), down from 6.17% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.68%. down from 5.79% last week.
As has been the case throughout most of 2007, mixed signals were evident at the start of 2008 concerning the general economy and the housing market. On one hand it was reported that … (0 comments)

 
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John Elwell

Zephyrhills, FL

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CENTURY 21 Bill Nye Realty, Inc.

Address: 34619 State Road 54, Zephyrhills, FL, 33541

Office Phone: (813) 715-6810

Cell Phone: (813) 783-4444

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Real estate news, opinions, and listings from Zephyrhills, Pasco County, Florida and the west central region of Florida in general. Licensed in Florida.


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