Alisa's Blog

Buyer tax credit effective but not available

Stone Real Estate Group, LLC — Mon, 07 Dec 2009 21:19:54 -0600

WASHINGTON - Dec. 7, 2009 - With President Obama's signature on Nov. 6, 2009, the first-time homebuyer tax credit was extended, and some move-up buyers became eligible for up to $6,500 starting on Dec. 1, 2009.

However, the new law changed the way a home sale must be documented to the Internal Revenue Service (IRS), including additional back-up information to minimize the chance of fraud. And that documentation change became effective immediately when the bill was signed.

But that new form is not yet available.

The homebuyer tax credit is claimed using IRS Form 5405, and that won't change under the new program; however, Form 5405 must be revised to adhere to rules in the law signed Nov. 6.

Currently, the IRS has only the old version of Form 5405 on its website - the one that applies to sales that took place Nov 6, 2009, or earlier. The revised Form 5405 applicable to sales on Nov. 7, 2009, and later, will not be on the IRS website, according to IRS officials, until late December.

Buyers who close after Nov. 6 and use the old claim form may have trouble collecting their tax credit quickly.

For more information on the tax credit and Form 5405, visit the IRS website.

© 2009 Florida Realtors®

Pier Park's Late November and December Calendar of Events on Panama City Beach

Stone Real Estate Group, LLC — Tue, 17 Nov 2009 22:40:37 -0600

November

-Nov. 20th-22nd- Modonarro. Italian street painting fair featuring 3-D sidewalk chalk art. Presented by the Visual Arts Center of Bay County.

-Nov. 21st- St. Jude 5K Run

- Nov. 27th- Black Friday- The busiest shopping day of the year featuring lots of special sales and door busters.

- Nov. 27th- Santa's Arrival and Breakfast. Santa will arrive on property at 10am for cookies and hot chocolate with all the naughty and nice boys and girls. He will then be available for pictures at the Santa House located on the boardwalk.

- Nov. 27th-2nd Annual Mayors Tree Lighting. The PCB Mayor will light the 20ft. Christmas tree located in Town Center at 6 pm. Holiday carolers will also perform to help ring in the holiday season.

- Nov. 28th- Rescue Mission Festival of Trees. Christmas trees that have been decorated by local businesses will be on display and auctioned off in the promo area. All proceeds go to benefit the Rescue Mission.

December

- Dec. 5th & 12th- 5pm to 7pm. Pet Photos with Santa. Bring your furry friends out to have their picture made with Santa at the Santa house on the boardwalk.

- Dec. 5th & 6th- Run for Redfish Half-Marathon

- Dec. 12th- 4pm. Panama City Beach Christmas Parade. Parade will begin in Town Center and travel throughout Pier Park down the Boardwalk to Front Beach Road

Obama signs bill: Buyer tax credit extended

Stone Real Estate Group, LLC — Tue, 10 Nov 2009 17:34:09 -0600

WASHINGTON - Nov. 6, 2009 - President Obama signed H.R. 3548 this morning, enacting into law an extension, and adjustment, of the $8,000 tax credit for first-time buyers. Among other things, the extension adds money for certain move-up buyers; creates one deadline for signing a contract and a later deadline for closing; changes income requirements; and limits a purchased home's cost to $800,000.

"Extending the homebuyer tax credit and expanding it to reach more homebuyers is the right thing to do," says 2009 Florida Realtors® President Cynthia Shelton. "It is critical to maintaining the positive momentum we've been experiencing in the housing market and in the overall economy. Florida Realtors applaud congressional leaders for taking action to extend the homebuyer tax credit into 2010, which will help Florida families realize their dream of homeownership, improve our communities and strengthen our economy."

Adds John Sebree, Florida Realtors vice president of public policy, "Florida residents enjoy two additional advantages. The Florida Homebuyer Opportunity Program (FHOP), created by the Florida Legislature earlier this year, still has approximately $28 million that first-time homebuyers can access and use toward their downpayment. And move-up buyers now have the ability to ‘port' their current property tax savings to a new home."

First-time homebuyers

Most details for first-time homebuyers mirror the rules currently in existence. The maximum tax credit remains $8,000 ($4,000 for married individuals filing separately), and anyone who has not owned a home within three years is considered a "first-time buyer."

· A purchase must be under contract by April 30, 2010.

· A purchase under contract by April 30 must close no later than June 30, 2010.

· After Dec. 1, 2009, income limits rise to $125,000 for singles and $225,000 for married couples; up from limits effective through Nov. 30 of $75,000 for singles and $150,000 for married couples. The tax credit phases out incrementally at each $20,000 increase in income.

· Effective immediately: The maximum home value purchased cannot exceed $800,000. Prior to the law being signed, first-time homebuyers had no limitation on a home's cost.

Current homeowner tax credit

An existing homeowner who purchases a home may now claim a tax credit of up to $6,500. To qualify, that owner must have owned and used the same residence as a principal residence for any consecutive five-year period in the previous eight years.

· This new tax credit is effective immediately. Eligible homebuyers do not have to wait until Dec. 1 to close in order to qualify.

· Personal income limits, maximum home value, and contract/closing deadlines are the same as those for first-time homebuyers.

Long-time Florida homeowners who enjoy discounted property taxes resulting from the state's Save Our Homes amendment qualify for property tax portability, notes Sebree. For more information or to calculate how much tax savings can be transferred to a new home, visit floridarealtors.org at: http://www.floridarealtors.org/LegislativeCenter/TopInitiatives/index.cfm

Florida Homebuyer Opportunity Program

Under FHOP, first-time Florida homebuyers can obtain interest-free bridge loans to access their federal tax credit before they complete a home purchase, enabling them to use that money upfront for downpayment and closing costs. Once buyers submit their returns to the IRS and receive their tax credit money, they repay their loans to the state.

The Florida Realtors-backed program came out of the 2009 session of the Florida Legislature. However, as part of the 2009-2010 budget year, did not become effective immediately. They tax credit extension will allow many first-time buyers to tap into the approximately $28 million in the program's remaining funds.

While funded by the state, the money is distributed through the city and county housing offices that operate the State Housing Initiatives Partnership (SHIP) program. There is no standardized program, and each local agency may operate under different rules for distribution. For more information, buyers should contact their local SHIP office.

To find a local SHIP office, go to: http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SHIPLGContacts.aspx.

Additional changes

The tax credit extension includes other new rules, such as:

· The new law also impacts dependent purchases of homes, which weren't addressed under the old rules.

· The new law requires a buyer to attach documentation about the home purchase to his or her income tax return. An audit found that some buyers are claiming the tax credit when they don't deserve it, and investigators continue to seek out fraud. To minimize tax abuse going forward, buyers won't receive the credit without submitting proof to the Internal Revenue Service (IRS).

The homebuyer tax credit is collected as part of the normal income tax process. As a credit, it's calculated separately from an individual's income tax, and paid regardless of taxes owed or withheld from income. As always, however, only a tax planner can render specific advice to anyone seeking the credit. For more information on the credit, contact a tax planner or visit the IRS website at: http://www.irs.gov.

Florida Realtors will update tax credit information and clarify details when available on the Homebuyer Center, part of floridarealtors.org at: http://www.floridarealtors.org/AboutFar/homebuyercenter/index.cfm.

© 2009 Florida Realtors®

More on Southwest going to Bay County- links to find out all the new info...

Stone Real Estate Group, LLC — Fri, 23 Oct 2009 16:41:33 -0500

Things to do this October

Stone Real Estate Group, LLC — Fri, 09 Oct 2009 17:46:31 -0500

St. George Island Oyster Spat Festival
Date: October 9 - 10
Location: St. George Island on the beach
For more information, please call 850-653-8678

Panama City Beach Seafood, Wine & Music Festival Date: October 9 - 11 Location: Frank Brown Park For more info: 850-233-5070 or panamacitybeachfest.com
33rd Annual Boggy Bayou Mullet Festival
Date: October 16 - 18
Location: Mullet Festival Grounds, Niceville, FL
Admission - $10 per person
Children 11 and under free

Heart Walk for American Heart Association Date: October 16 Time: 5:30pm Location: Pier Park For more info: 850-769-3070

Jazz By the Bay Festival Date: October 16 - 17 Time: 6:00pm Location: Oaks By the Bay Park, St. Andrew For more info: 850-872-7208

Making Strides Against Breast Cancer Walk Date: October 17 Location: McKenzie Park, Downtown, PC For more info: 850-785-9205

11th Annual Mexico Beach Art & Wine Festival Date: October 17 Location: Driftwood Inn, Hwy 98 For more info: www.mexicobeach.com

2009 Cystic Fibrosis Foundation Great Strides Walk Date: October 17 Time: Registration - 8:30; Begins - 9:00 Location: St. Andrews State Park

Boo at the Beach Date: October 24 Time: 11:00am until 2:00pm Location: Pier Park, Promo/Green Grass area

Malloween at Pier Park Date: October 31 Time: 6:00pm until 8:00pm Location: Pier Park

Edgewater Beach Resort Map and info

Stone Real Estate Group, LLC — Mon, 05 Oct 2009 09:06:25 -0500

Loooking for a great condo on the gulf? Wanting more than JUST a tower?

Edgewater is it!

Edgewater Beach & Golf Resort offers 110 acres of golf, tennis, shuffleboard, spa, fitness center, aerobics room, 11 swimming pools, 4 whirlpool spas and more. Although everything is in walking distance, we offer a complimentary shuttle to zip you easily around the entire property.

Call or e-mail me today for a list of all properties for sale in Edgewater or any complex for that matter :)

They now start in the low 100s.....Why wait.....your home away from home is waiting...for you to call or e-mail me today....

Alisa@TheBeachPeach.com

New normal for home sales: Buyers have the power

Stone Real Estate Group, LLC — Wed, 09 Sep 2009 15:32:50 -0500

SOUTH FLORIDA - Sept. 9, 2009 - The American dream of homeownership is still attainable. Buyers just have to deal with a new set of realities.

A year after the collapse of the housing market triggered the financial meltdown, lenders are demanding more money up front, high credit scores and proof of income. Paperwork must be in perfect order. Patience and persistence are required. And don't even bother asking about a subprime mortgage.

It's a vastly different set of rules from earlier this decade, when home prices soared and mortgages were easy to come by.

In some ways, it's a return to the standards that emerged as the World War II generation bought its first homes in the suburbs: Buy what you can afford. Stick to a 30-year, fixed-rate mortgage. View your home as a place to live, not as a piggy bank.

For people trying to sell their homes, the standards are different, too: Be patient and maybe even lower your asking price, because the balance of power has swung strongly to buyers.

Housing bubbles have happened before and, experts warn, could happen again. Already, home sales and prices are rising slowly, helped by tax breaks for first-time homebuyers. But real estate agents, mortgage brokers, economists and homebuyers across the country say they've noticed a shift in attitudes that they expect will last for years.

NEW REALITY: Selling your house

Real estate agent Scott Patterson hits the gas and weaves his black Mercedes-Benz across three lanes of Interstate 95 near Plantation, Fla., holding his iPhone with one hand and the steering wheel with the other.

He is rushing to meet with potential buyers of a condo with an ocean view. When he arrives, he turns on lights and opens doors in the four-bedroom place. The prospective buyers, a couple from Venezuela, walk around, ask a few questions - and leave.

Business may be up in South Florida, but the power has shifted to the buyer. And price is the key. "If you're not getting showings, you're overpriced," says Patterson, an agent with Esslinger Wooten Maxwell Realtors Inc.

The record number of foreclosed homes on the market gives buyers even more leverage. "They can afford to wait," says David Baran, a broker with Prudential Preferred Properties in Chicago.

Michael Davies and Nicole Anzia of Washington, D.C., got caught in their first bidding war when they bought their two-bedroom condo in 2003. The seller fielded eight bids within five days of listing. The couple waived an inspection to clinch the deal and paid $372,000.

That was tame compared with what happened when they sold the condo two years later. They listed the property on a Thursday for $479,000 and held two open houses. More than 100 people showed up, and 11 bids were waiting for them by Tuesday. The final price: $605,000. The buyer waived the inspection, too.

When they tried to sell their home this May, things were different. They listed the house at the purchase price and received just one bid. The negotiation process took longer, and they sold at a $21,000 loss. The buyer demanded an inspection.

"We don't feel like we went from boom to bust," Davies says. "We felt like we went from boom to reality."

NEW REALITY: Getting a mortgage

Jim Sahnger, a mortgage broker in Jupiter, Fla., still chuckles over one borrower three years ago who landed a mortgage with no downpayment and two foreclosures and a bankruptcy in his past.

Now, lenders pore over bank statements, tax returns and job histories. The average mortgage application today starts three times thicker than what it was at the start of the housing boom, and often gets thicker as the process drags on.

Sometimes all the extra documentation still isn't enough. Sahnger recently had a customer with a good job and a 20 percent downpayment who couldn't get a mortgage because the lender said there were too many delinquent mortgages in the neighborhood.

"Now, they want to know everything about the buyer," Sahnger says. "It's a true and full underwriting process on every particular loan."

It is common to require a downpayment of 20 percent - sometimes more. And it is virtually impossible to get subprime mortgages, which were written for people with poor credit histories and helped cause the meltdown when the interest rates jumped and borrowers defaulted. In 2005, one in every five mortgages was considered subprime. This year, it's less than 1 percent.

Another category of risky loans, Alt-A mortgages, which required little or no documentation of the borrower's financial health, have plunged to $3 billion this year from $400 billion in 2005.

NEW REALITY: Closing the deal

Mike Delano thought everything was in order. He was set to buy a $785,000 home in Washington, D.C., until he learned his lender now required a 20 percent downpayment instead of 10 percent.

Unlike in years past, there was no wiggle room. He had to raise the extra money from his family. "It was a nightmare," he says.

It's not uncommon nowadays for closings to take 60 days. One big reason: Appraisers have become more strict - or, some would say, more accurate.

During the boom years, agents and brokers often pressured appraisers to "hit the number" that the buyer and seller had agreed on so the deal would close and everyone could collect fees.

Under new industry rules, mortgage brokers are barred from ordering appraisals themselves. Instead, lenders order appraisals in-house or hire independent firms.

Some real estate agents and homebuilders say the rules are causing delays in closing sales, or undermining sales because appraisals are coming in too low.

NEW REALITY: The future

Nearly everyone in the real estate industry agrees on this much: Another dramatic boom-bust cycle isn't likely soon. Albert Saiz, assistant real estate professor at the University of Pennsylvania's Wharton School, expects that new regulations and a different consumer mindset will help real estate return to a more traditional cycle.

There will be some ups and downs, Saiz said, but in the long run, prices should move higher. "In the end, the United States is still growing," he says. "We're going to need more housing."

Pava Leyrer, president of Heritage National Mortgage in Michigan, notes that the majority of people are still paying their debts. She's confident the market will rebound once the unemployment rate begins to fall.

"I really can't imagine we would go back to the same situation because it took an exact wrong mix of everything for that to occur," she says. "If it ever did happen, I'll be long dead."

Source: FAR EarlyBird News

How to Get the First-Time Home Buyer Tax Credit

Stone Real Estate Group, LLC — Tue, 01 Sep 2009 21:50:02 -0500

http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit_how_to

How to Get the First-Time Home Buyer Tax Credit

You've decided to purchase a home and take advantage of the 2009 First-Time Home Buyer Tax Credit. Here's what you have to do to get your benefit:

Close on your home purchase by November 30, 2009,
Ensure that you are a qualified first-time buyer under IRS guidelines,
Decide which year to file under, 2008 or 2009,
File an amended 2008 return or choose to apply the credit to your 2009 tax return.

Breaking News: Tax Credit Can Be Used on Closing Costs (REALTOR® Magazine).

Deciding When to Apply the Credit

If you want the benefits of your credit as soon as possible:

You might choose to file under your 2008 tax year. Since April 15 has already passed, you would have to file an amendment to your return. However, if you've already filed for an extension of your 2008 return, then you can simply claim the credit when you submit your return.

If you anticipate a drop in income next year:

You can wait to claim the credit as part of your 2009 filing. In some cases the value of the credit might be higher, particularly if in 2008 you qualify for only a partial credit because your income is over $75,000 (single) or $150,000 (joint).

Your Next Steps

Once you have determined which year to apply the tax credit, you will need to do two things to claim the credit:

Fill out Form 5405 to determine the amount of your available credit, and
File an amended return for your 2008 taxes, or wait and apply to credit when you file your 2009 tax return.

Determining Your Home Buyer Tax Credit Amount: Form 5405

Applying the Home Buyer Tax Credit to Your 2008 Tax Return

Applying the Home Buyer Tax Credit to Your 2009 Tax Return

Bridge Loans: Using the Home Buyer Tax Credit Up-Front

Happy Fall Ya'll......things to do at the beach this fall.....

Stone Real Estate Group, LLC — Tue, 01 Sep 2009 12:42:36 -0500

September

-Sept. 19th- Gulf Coast Community College Commodore Sun Run 5k, 10k & Fun Run

- Sept. 24th through 27th- Thunder Beach Fall Rally. Bike display and custom bike competition in the promo area.

October

- Oct. 3rd- Woodlawn Church Family Fall Festival. Rides, bounce houses, free food and drinks, contests and entertainment for the whole family. Held at Aaron Bessant Park. Open to the public.

- Oct. 9th, 10th & 11th- Seafood Wine & Music Festival. Held at Frank Brown Park. Gates open at 4pm to 11pm on Friday, 11am to 11pm on Saturday & 11am to 6pm on Sunday. For more info. please visit www.panamacitybeachfest.com or call 1.800.PCBEACH

- Oct. 10th- Breast Cancer Awareness Day. Pink ribbons will be hung in the promo area in remembrance of Cancer victims and in support of Cancer survivors. Ribbons may be purchased at Unique Boutique by Irene & Co. After the ribbon hanging ceremony, there will be pink cookies, cupcakes and pink lemonade served at Unique Boutique.

- Oct. 15th- Treasa Foundation Walk. Charity walk to benefit research of still-born babies. Walk begins at 4 pm

- Oct. 16th- Heart Walk- 2.75 mile route will go through Pier Park. Registration begins at 5:30 pm. Walk begins at 6:30.

-Oct. 17th- Girls Inc. Half Marathon. Join Girls Inc. for our Inaugural Half Marathon & Relay at Pier Park in Panama City Beach. The run begins at 8:00 am. For more information contact Girls Inc. at (850) 769-6703 or girlsinc@girlsincofbaycounty.org. To register go to www.active.com

- Oct. 24th- Boo at the Beach. Bring the kids out to the promo/green grass area to enjoy a hay bale maze, pumpkin carving, spooky stories, arts & crafts and a pet costume contest. 11 am to 2 pm.

-Oct. 24th- Rescues & Runways. Hosted by Maurice's this fashion show will benefit the local Humane Society.

- Oct. 31st- Malloween. Trick or Treating throughout the property, hay bale maze, and costume contests for the kids. 6 pm to 8 pm.

November

- Nov. 6th-Taste of the Beach. This venue will be an international wine tasting experience with over 300 wines to taste and food samplings from various Bay County restaurants. Proceeds from the tasting go to benefit various local charities dedicated to helping underprivileged children. 5:30 pm to 8:30 pm.

- Nov. 9th through 15th- Emerald Coast Cruizin. Classic car show to be held at Frank Brown Park.

- Nov. 11th- 4pm. Emerald Coast Cruizin Parade. Parade of classic cars down the Pier Park boardwalk.

-Nov. 20th-22nd- Modonarro. Italian street painting fair featuring 3-D sidewalk chalk art. Presented by the Visual Arts Center of Bay County.

-Nov. 21st- St. Jude 5K Run

- Nov. 27th- Black Friday- The busiest shopping day of the year featuring lots of special sales and door busters.

- Nov. 27th-2nd Annual Mayors Tree Lighting. The PCB Mayor will light the 20ft. Christmas tree located in Town Center at 6 pm. Holiday carolers will also perform to help ring in the holiday season.

December

- Dec. 5th & 12th- 5pm to 7pm. Pet Photos with Santa. Bring your furry friends out to have their picture made with Santa at the Santa house on the boardwalk.

- Dec. 5th & 6th- Run for Redfish Half-Marathon

- Dec. 12th- 4pm. Panama City Beach Christmas Parade. Parade will begin in Town Center and travel throughout Pier Park down the Boardwalk to Front Beach Road.

Huge Panama City project accelerating

Stone Real Estate Group, LLC — Tue, 25 Aug 2009 08:22:01 -0500

Atlanta Business Chronicle - by Douglas Sams Staff Writer
St. Joe Co. is planning several more waves of development in the Florida Panhandle - a potential building boom spurred by the region's new international airport.

St. Joe, one of the Panhandle's largest developers, has several projects in the works around Panama City-Bay County International Airport, which is being built on a 4,000-acre site in western Bay County.

St. Joe donated land to the Panama City/Bay County Airport and Industrial District.

Construction on the airport began in late 2007.

St. Joe has land entitlements near the airport for at least 4 million square feet of commercial and industrial development and at least 5,800 residential units.

The Panhandle is one of the most popular summer vacation destinations for Atlantans and the location many choose for second homes.

But, the expansion of the airport gives cities such as Atlanta - about a five-hour drive from the Panhandle - greater connectivity to the Bay County region, economic development officials say.

St. Joe is banking on that connection to spur residential and commercial real estate demand not just from Atlanta but from across the South.

"Within this area we have a lot of residential projects in development, and the dirt is turning on those lots," said Jerry Ray, a spokesman with St. Joe (NYSE: JOE).

"Some of those sites are ready for development," he said. "In some cases houses are already there and builder programs are in place."

In recent months, St. Joe Co. met with officials from Delta Air Lines Inc. (NYSE: DAL).

The meetings focused on the potential for more routes between the expanded Panama City airport and Hartsfield-Jackson Atlanta International Airport, Ray said.

"Here is the advantage the airport gives us," Ray said. "We were always a drive-in market. But, once we have the new airport, it's going to give us a chance to broaden our market and move from a regional destination to reach a much broader part of the country."

The Panhandle is Florida's second-largest tourism market behind Orlando.

With the airport's planned opening in May 2010, Bay County officials think it might be enough of an economic engine to pull the residential market out of its slide.

Florida has one of the hardest-hit housing markets of any state.

"It's going to be a catalyst," said Janet Watermeier, director of economic development for the Bay County Chamber of Commerce.

"The airport is getting national media attention," she said. "We're getting calls from people with business interests in our region from as far away as California and Texas as well as the usual states, such as Mississippi and Georgia."

The airport is one of the largest planned mixed-use developments in the United States.

St. Joe owns all of the land surrounding the airport, or about 71,000 acres. More than half of that is dedicated to preservation.

Free legal advice for at-risk homeowners

Stone Real Estate Group, LLC — Wed, 05 Aug 2009 23:08:45 -0500

The Fla. Bar offers advice to Floridians facing foreclosure and the ability to search for a local pro bono lawyer at www.floridabar.org.

See below pulled from the site:

Weathering Florida's Housing Crisis
A service of The Florida Bar Consumer Protection Law Committee
RESOURCES FOR CONSUMERS

With one of the highest foreclosure rates in the nation and a jobless rate topping 9 percent, Florida has many homeowners who are out of work, facing financial problems and trying to save their homes. This page has links to information about free clinics and other help; about finding an attorney; and about how not to become a victim of a foreclosure-rescue, loan-modification or debt- or credit-repair scam. If you know of additional resources, please e-mail the Consumer Protection Law Committee at slyle@flabar.org.

Information for consumers includes:

Free Help, Workshops and Clinics : A calendar of foreclosure, bankruptcy and housing help workshops and clinics being held through Florida.
·
Finding an Attorney/ Legal Aid Resources: Information about the Florida Attorneys Saving Home program, the Florida Bar Lawyer Referral Service and Legal Aid agencies and questions to ask an attorney.
·
Tips / Avoiding Scams: Homeowners can find tips and help from state and federal agencies to deal with housing issues and avoid becoming victims of scammers. Also relevant terms to know.
_________________________________________________________

FREE HELP
Help is available. Begin looking for help as soon as you know you may not be able to pay any of your bills, particularly your mortgage

Intake Form Available To Help Pre-Foreclosure Homeowners Who Are Facing Or Fear The Possibility Of Foreclosure. An online intake form (the actual link to the intake form is at the bottom of the page under instructions) is available for Floridians hoping to avoid foreclosure and to bypass the toll-free hot line of the Florida Attorneys Saving Homes program is available from 10 a.m. to 4 p.m. weekdays at 1-866-607-2187. Because of the number of requests for help, there can be a wait time of up to 45 days for assistance.

Housing Help/Foreclosure Workshops

Please check periodically for new events.

If you've been served with a mortgage foreclosure lawsuit, bring all of the papers you signed when you got the loan and any court or other papers or letters you have received.

Aug. 5 , 6 p.m., Bradenton
Foreclosure-prevention seminar
Manatee County Central Library meeting room
1301 Barcarrota Blvd. W.
At the seminar, attorneys, real estate agents and certified public accountants outlined various options and government programs designed to forestall foreclosure. They also cover ways to avoid foreclosure-rescue scams.For more information or to register, visit www.SBAREC.org.

Aug. 6, 6 to 8:30 p.m., Sanford
Facing the Mortgage Crisis
Seminole Community College, Lake Mary Campus
Concert Hall
100 Weldon Blvd.
The forum will include a presentation from a panel of representatives from the U.S. Department of Housing and Urban Development, Consumer Credit Counseling Service, experts from the banking/lending industry and a housing attorney. Information on resources, free programs and tips for homeowners will be provided.There will also be a question and answer session around the following topics: How to avoid foreclosure and mortgage scams
Moderator will be Robert E. "Bob" Dallari, Seminole County Commission chairman. Presented by WMFE and Heart of Florida United Way. Free of charge and open to the public. For more information, including parking and building maps, please visit www.wmfe.org/mortgage, www.hfuw.org or simply dial 2-1-1.

Aug. 8, 10 a.m., Deltona
Florida Housing Help Workshop
Deltona City Hall
2345 Providence Blvd.
Florida Housing Help and the Department of Financial Services, in partnership with the City of Deltona, FL will hold a foreclosure workshop for consumers to meet with mortgage lenders, HUD-certified housing counselors, legal services, and other foreclosure
assistance programs. Pre-registration is recommended. To register, please call 1-877-693-5236.

Aug. 12, 5:30 p.m., Sarasota
Foreclosure-prevention seminar
Selby Public Library downstairs meeting room
1331 First St.
At the seminar, attorneys, real estate agents and certified public accountants outlined various options and government programs designed to forestall foreclosure. They also cover ways to avoid foreclosure-rescue scams. For more information or to register, visit www.SBAREC.org.

Aug. 13, 6:30-8:30 p.m., Fort Myers
The Do's and Don't's: Avoiding Fear, Mistakes and Scams
Alliance for the Arts, Ned Foulds Theater, 10091 McGregor Blvd.
The forum will feature a discussion and Q&A with a panel of experts, including a HUD-certified counselor, an attorney, a banker and an average citizen. The forum will focus on educating homeowners on things they can do if they might face or are currently in foreclosure. Cost: Free but there is limited seating. You must RSVP by Monday, Aug. 10, to Fort Myers News Press Community Conversation Editor David Plazas at (239) 335-0224 or dplazas@news-press.com. First come, first serve. If you are unable to make it, you can watch a live stream video on news-press.com. You may also participate in a live chat and type in questions to panelists in real time. Sponsored by The News-Press, with the Home Ownership Resource Center and the Alliance for the Arts.

Aug. 15, 10 a.m., Parrish
Foreclosure-prevention seminar
Leslie Wells Realty, 8338 U.S. 301 N
At the seminar, attorneys, real estate agents and certified public accountants outlined various options and government programs designed to forestall foreclosure. They also cover ways to avoid foreclosure-rescue scams. For more information or to register, visit www.SBAREC.org.

Aug. 15, 9 to 1 p.m., Tampa
Town Hall meeting on The Housing Crisis: Who to Trust and Where to Turn
Stetson University Law School
1700 North Tampa St.
Facing Foreclosure? Concerned about how to tell which housing services are legitimate and which are scams? Want to report mortgage fraud or a foreclosure rescue scam? Need more information about mortgage loan modifications? Wondering whether you need housing advice from a lawyer? This town hall meeting sponsored by Attorney General Bill McCollum and Florida's Interagency Mortgage Fraud Task Force will provide home owners with a chance to speak directly with government representatives, local lawyers and other community resources. After the program, volunteer lawyers, state and local government representatives and community leaders will be available to provide information and answer individual questions. Doors open at 8:30 am and parking is free. Space is limited. Call toll free to reserve a seat: 877-385-1621

Aug. 15, 1 to 4 p.m., West Palm Beach
Mortgage Foreclosure Prevention Clinic
West Palm Beach Public Library (3rd Floor)
411 Clematis St.
Individuals will have the opportunity to speak one-on-one with Legal Aid Society attorneys, housing counselors, lenders, representatives from Freddie Mac, staff from the Urban League of Palm Beach County and area real estate agents regarding the foreclosure process and alternatives to foreclosure. Individuals who have been served with mortgage foreclosure lawsuits are encouraged to bring their mortgage closing documents and court papers with them to the clinic. Job seekers and prospective and current small business owners will have the opportunity to speak with representatives from the Workforce Alliance Mobile Unit and the Palm Beach County Office of Small Business Assistance. Hosted by Palm Beach County Commissioner Priscilla Taylor and the Legal Aid Society of Palm Beach County.

Aug. 18, 6 to 8:30 p.m., Orlando
Facing the Mortgage Crisis
Valencia Community College - West Campus
Health Sciences Building (HSB) - Room 105
1800 S. Kirkman Road
The forum will include a presentation from a panel of representatives from the U.S. Department of Housing and Urban Development, Consumer Credit Counseling Service, experts from the banking/lending industry and a housing attorney. Information on resources, free programs and tips for homeowners will be provided.There will also be a question and answer session around the following topics: How to avoid foreclosure and mortgage scams. Moderator will be Congressman Alan Grayson. Presented by WMFE and Heart of Florida United Way. Free of charge and open to the public. For more information, including parking and building maps, please visit www.wmfe.org/mortgage, www.hfuw.org or simply dial 2-1-1

Aug. 20, 7 p.m., Wellington
Home Preservation Educational Symposium
Wellington Community Center
12165 W. Forest Hill Blvd.
This is the sixth Foreclosure 911 event held from 7 to 9 p.m. CFO Alex Sink's representative will be a panelist speaking about the resources available to consumers. Input from residents is being sought and attendees will be provided with the most relevant and up-to-date information about foreclosure assistance. Individual assistance will be provided after a brief presentation by the group of panelists. Contact: Victoria Williams, (561) 640-6712

Aug. 22, 9 .m. to 1 p.m., St. Petersburg
Florida Housing Help Workshop
Enoch Davis Community Center
1111 18th Ave South
HUD-certified counselors and other lenders will be available to meet with consumers facing foreclosure and discuss their options. In addition, there will be a variety of experienced professionals to talk with consumers on other issues and concerns related to financial literacy and home ownership. Contact: Karen Bolin, (727) 587-7280

Sept. 14 , 7 p.m., Bradenton
Foreclosure-prevention workshop
Moose Lodge, 310 44th Ave. E.
At the seminar, attorneys, real estate agents and certified public accountants outlined various options and government programs designed to forestall foreclosure. They also cover ways to avoid foreclosure-rescue scams. For more information or to register, visit www.SBAREC.org.

Sept. 19, 10 a.m., Parrish.
Foreclosure-prevention seminar
Leslie Wells Realty, 8338 U.S. 301 N.
At the seminar, attorneys, real estate agents and certified public accountants outlined various options and government programs designed to forestall foreclosure. They also cover ways to avoid foreclosure-rescue scams. For more information or to register, visit www.SBAREC.org.

_________________________________________________________

Free Clinics You Can Attend

If you've been served with a mortgage foreclosure lawsuit, bring all of the papers you signed when you got the loan and any court or other papers or letters you have received afterwards.

Duval County
Learn tips from Jacksonville Area Legal Aid on how to avoid foreclosure, foreclosure scams and predatory lending. Foreclosure Clinics are held the second Wednesday of every month at 5 p.m. , 126 W. Adams St., Downtown Jacksonville. Details: (904) 356-8371.
Upcoming dates:
Aug. 12, Sept. 9 and Oct. 14

Duval County
Learn from Jacksonville Area Legal Aid about your consumer rights and debt collection and credit reports on the third Wednesday of every month at 5 p.m., 126 W. Adams St., Downtown Jacksonville. Details: (904) 356-8371.
Upcoming dates
Aug. 19, Sept. 16 and Oct. 21

Duval County
Learn from Jacksonville Area Legal Aid about consumer bankruptcy on the first Thursday of every month at 5 p.m., 126 W. Adams St., Downtown Jacksonville 32202. For additional information: (904) 356-8371.
Upcoming dates
Aug. 6, Sept. 3 and Oct. 1.

Lee County
The Lee County Foreclosure Task Force sponsors monthly workshops, with attorneys present to help answer questions. Workshops are held on the first Friday of the month (Spanish workshop); second Saturday and the third Thursday of the month. Reserve a seat by calling United Way of Lee County at (239) 433-3900 or 211 from any landline phone.

Osceola County
Tuesdays and Thursday beginning June 16, between 10 a.m. and 3 p.m., pre-foreclosure counseling and legal assistance is available through Community Legal Services of Mid-Florida in Kissimmee at 800 North Main St. Clients can call (800) 984-2920 for assistance.

Palm Beach County
Legal Aid Society of Palm Beach County offers Foreclosure Intake clinics every Wednesday from 9:30 a.m. - 3:30 p.m. by appointment. Phone: (561) 655-8944.

This PDF has additional information about foreclosure from the Legal Aid society of Palm Beach County.

Volusia County
East Volusia Foreclosure and Bankruptcy Clinics are offered by Community Legal Services of Mid-Florida Inc. on Fridays beginning at 8:45 a.m. 128-A Orange Ave. No. 100, Daytona Beach. Call (800) 363-2357. My House is Being Foreclosed brochure is also available for download.

Other legal, more general advice clinics may be available; call or check Web sites.

Legal Call-In /Dial-A-Lawyer

Hillsborough County
FOX 13 Tampa Bay and the Hillsborough County Bar Association partner to offer Ask-A-Lawyer on the first Thursday of the month at 7 a.m. Viewers can lawyers in the studio to receive free legal advice.

Miami-Dade County
Dade County Bar Association Legal Line at (888) 596-0399 operates on the first Wednesday of the month from 6 p.m. to 9 p.m. offering free legal advice. Residents of South Florida are invited to call the DCBA and volunteer attorneys will answer simple legal questions, give brief legal advice or refer the call to the appropriate social service agency for further assistance.

________________________________________________________

FINDING AN ATTORNEY/LEGAL AID

Throughout Florida, Legal Aid offices offer free or reduced cost assistance. To find a Legal Aid office near you, check The Florida Bar Web site.

The Florida Bar's Lawyer Referral Service can help you find an attorney to help you defend against a foreclosure. Call The Florida Bar Lawyer Referral Service to receive a referral at 1-800-342-8011. Attorneys who receive referrals have agreed to provide a half-hour office consultation for no more than $ 25. Lawyers who belong to the service have to be Members In Good Standing of The Florida Bar and have to carry minimum of $100,000 in professional liability insurance.

Pamphlet offers helpful questions
How do you find the right lawyer for your needs? And, once you do, how can you figure out what it might cost? The Florida Bar consumer pamphlet How to Find a Lawyer in Florida does not address every situation or legal question that may arise, but it gives guidance in getting the right legal help.

Questions to ask an attorney you are considering hiring to help you with your mortgage situation:

Have you had experience with this type of problem (defending a foreclosure) before?
How recently?
How often?
What was involved?
Were you successful?
What percentage of your practice is devoted to this kind of problem?
What are the strengths and weaknesses of my case?
Can a timetable be set for my case?
What do you charge for your services, and can you give me an estimate for what the expected fees and costs will be for this matter?

Other places to look for legal assistance
The National Association of Consumer Advocates, a nationwide organization of more than 1,000 attorneys who represent consumers, can be a resource in finding an attorney to help you.
______________________________________________________

[Revised: 08-04-2009 ]

Pending home sales: Upward trend continues

Stone Real Estate Group, LLC — Wed, 05 Aug 2009 23:05:14 -0500

WASHINGTON - Aug. 4, 2009 - Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May; and it's 6.7 percent above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was July 2003.

"Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who've been on the sidelines," says Lawrence Yun, NAR chief economist. "Activity has been consistently much stronger for lower priced homes. Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by Nov. 30."

The Pending Home Sales Index in the Northeast rose 0.4 percent to 81.2 in June and is 5.8 percent above a year ago. In the Midwest the index increased 0.8 percent to 89.9 and is 11.6 percent above June 2008. The index in the South jumped 7.1 percent to 100.7 in June and is 8.9 percent higher than a year ago. In the West the index rose 2.9 percent to 100.4 but is 0.2 percent below June 2008.

NAR President Charles McMillan is hopeful that a recently elevated level of contract cancellations will ease. "Last month, Freddie Mac and Fannie Mae clarified that appraisals should be done by professionals with clear local expertise," he said. "This should mitigate the situation of many valuations done by out-of-area appraisers coming in below the price negotiated between buyers and sellers. Hopefully, in the months ahead, we'll see an even closer relationship between contract activity and closed transactions."

McMillan said NAR is continuing to press the appraisal issue. "We have asked Congress and the Federal Housing Finance Agency to immediately implement an 18-month moratorium on the new appraisal rules to further address unintended consequences of the new guidelines," he said.

NAR's Housing Affordability Index remains very favorable. The affordability index stood at 159.2 in July, down from record peaks in recent months but it remains 36.6 percentage points above a year ago. Under these conditions, the typical family would devote 15.7 percent of gross income to mortgage principal and interest, well below the standard allowance of 25 percent.

The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.

"A monthly rise in home prices and somewhat higher mortgage interest rates led to a modest decline in affordability in June, but it was still the sixth highest index on record dating back to 1970," Yun said. "Because housing is so affordable in today's market, job security and the first-time buyer tax credit are bigger factors in influencing home sales."

A median-income family earning $60,700 could afford a home costing $289,100 in June with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of what a median-income family can afford. The affordable price was much higher than the median existing single-family home price in June, which was $181,600.

Yun expects existing-home sales to gradually rise over the balance of the year, with conditions varying around the country. "It appears home sales are on a sounder footing and inventory is gradually being absorbed."

FAR kicks off "Welcome Home Week: Making Homes Affordable"

Stone Real Estate Group, LLC — Fri, 10 Jul 2009 20:33:39 -0500

ORLANDO, Fla. - July 10, 2009 - For a limited time only, first-time homebuyers have a once-in-a-lifetime opportunity to purchase a Florida home of their own with a helping hand from Uncle Sam - the federal $8,000 tax credit for first-time buyers.

Florida Realtors® and the Florida Association of Realtors® (FAR) designated July 12-18, 2009, as "Welcome Home Week: Making Homes Affordable" to spread the word about the tax credit and the new Florida Homebuyer Opportunity Program, plus other homebuyer programs and foreclosure prevention resources.

Under the Florida Homebuyer Opportunity Program, first-time Florida homebuyers can obtain tax credit bridge loans to access their federal tax credit before they complete a home purchase, enabling them use that money upfront for downpayment and closing costs. Once buyers submit their returns to the IRS and receive their tax credit, they repay their loans to the state.

"We want Floridians to take advantage of this important program, which will help stimulate the state's economy as well as the real estate market," said 2009 FAR President Cynthia Shelton, CCIM (Certified Commercial Investment Member). "By helping qualified first-time buyers come up with the funds needed to purchase a home, this initiative will play a vital role in overcoming the largest financial barrier to homeownership."

City and county housing offices that already operate the State Housing Initiatives Partnership (SHIP) are administering the Florida Homebuyer Opportunity Program, under the overall direction of the Florida Housing Finance Corporation (FHFC). Most of the policy decisions for the program are implemented on the local level. The local housing coordinator is the best point of contact for Realtors and prospective buyers to find out application procedures, qualification requirements and repayment rules. For more information on the program, contact a local SHIP office.

For a local SHIP office, go to http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SHIPLGContacts.aspx.

Several thousand first-time homebuyers could benefit from the state program, according to research by the FHFC. However, first-time buyers considering a home purchase should act quickly, Shelton said, since the purchase has to be completed by Nov. 30, 2009, to receive the federal tax credit under the American Recovery and Reinvestment Act.

For more information about "Welcome Home Week," the $8,000 first-time homebuyer tax credit, the Florida Homebuyer Opportunity Program and other homebuyer resources, go to the Homebuyer Center on FAR's website at http://www.floridarealtors.org/AboutFar/homebuyercenter/index.cfm.

Mortgage info available at your fingertips

Stone Real Estate Group, LLC — Tue, 07 Jul 2009 18:32:32 -0500

WASHINGTON - July 7, 2009 - Although the mortgage lending crisis put a serious squeeze in the housing market, the situation has also produced attractive low borrowing rates for prospective homebuyers who can qualify for a mortgage. Moreover, the federal government has offered an $8,000 tax credit for first-time homebuyers through Dec. 31, 2009.

What should a person know about securing a home mortgage, and the different types of mortgages available? A spin on the information highway will turn up a bevy of answers. Several Web sites provide tips and information about qualifying for a mortgage. Here is a sampling of sites:

· Bankrate.com: www.bankrate.com/brm/green/mtg/mort1a.asp

Good primer on different types of mortgage borrowing.

· Federal Deposit Insurance Corp.: www.fdic.gov/consumers/looking/

Features guidelines and tips for securing a mortgage.

· Home Loan Learning Center: www.homeloanlearningcenter.com/MortgageBasics.htm

Discusses a range of borrowing topics, including qualifying for a mortgage and mortgage types.

· Home Mortgage Calculator: www.home-mortgage-calculator.net/how-much-should-i-borrow.asp

Provides insights on how much to borrow for a mortgage.

· MortgageInfoCenter: www.mortgageinfocenter.com/tips/default.asp

Associations lose some power over lawns

Stone Real Estate Group, LLC — Tue, 07 Jul 2009 18:31:42 -0500

TALLAHASSEE, Fla. - July 7, 2009 - A new law empowers Florida homeowners to ignore some community's covenants or deed restrictions to create an environment-friendly yard.

A water conservation bill signed last week by Gov. Charlie Crist, SB 2080, included an amendment concerning Florida homeowners' lawns. Introduced as a stand-alone bill by Sen. Carey Baker (R-Eustis), the drive to empower homeowners to plant Florida-friendly yards was rolled into the larger water bill, and a side note to the larger issue.

According to the new law, the state has a "compelling public interest" in conserving water, and "the participation of homeowners' associations and local governments is essential to state efforts in water conservation." Consequently, the law creates new rules for local water districts, governments and homeowners' associations.

For associations, the law says a "deed restriction or covenant may not prohibit or be forced so as to prohibit any property owner from implementing Florida-friendly landscaping on his or her land."

The law creates questions, however, such as which plants are appropriate and which are not, and calls on the water management districts to work with the Florida Nursery Growers and Landscape Association to create more specific guidelines. Developers are studying the new law.

Still, it could empower current residents to take on their homeowners' association. A homeowner could, for example, decide to fill his yard with Florida wildflowers and ignore a deed restriction, such as a requirement for all homes to use St. Augustine grass, which requires a lot of water to maintain.

The University of Florida IFAS has extensive information on native and non-native plants, and offers general guidelines on Florida-friendly landscaping at: http://fyn.ifas.ufl.edu/index.html

Airport Construction on Schedule

Stone Real Estate Group, LLC — Tue, 23 Jun 2009 23:10:02 -0500

The Panama City News Herald reported that airport construction is proceeding on schedule towards a May 2010 opening.

The News Herald reported:

The new airport under construction near West Bay is proceeding on schedule and should be completed by the May 2010 target date, airport officials said Friday...

The 8,400-foot runway is now 100-percent complete, and construction teams are awaiting FAA approval before extending it to 10,000 feet. Once approval is gained, the extension should take about two months to complete, officials said.

The 120,000-square-foot airport terminal, more than twice as large as the current structure in Panama City, is now about a third complete, [Airport Executive Director Randy] Curtis said.

The $62.8 million terminal complex always has been seen as the heart of the new $318 million airport taking shape near West Bay. The old terminal was only about 57,000 square feet, Curtis said.

Things to do in Panama City Beach this summer!

Stone Real Estate Group, LLC — Mon, 22 Jun 2009 18:11:23 -0500

Pier Park Concert Series
Date: Every Thursday
Location: Pier Park Amphitheater
Time: 7:00-9:00pm

4th Annual BBQ Cook-Off & Red Velvet Cake Competition
Date: June 20
Location: Tommy Oliver Stadium
Cost: Free
For more information please call 850-215-3872.

American Cancer Society's Cattle Baron's Ball
Location: Edgewater Beach Resort
Date: June 27
Time: 7:00pm
For more information please call 850-785-9204.

Friday Fest
Location: Downtown Panama City
Date: July 3
Time: 5:30pm
For more information please call 850-785-2554.

Fourth of July Festival & Fireworks
Location: Panama City Marina
Time: Festival starts at 10am; fireworks at 9pm.
For more information please call 850-785-2554.

Lynn Haven Summer Music Festival

Eleventh Annual Lynn Haven Summer Music Festival
presents a series of 10 musical concerts sponsored by local businesses for the benefit of our community. This event takes place every Tuesday from June 2 - August 4 at Sharon Sheffield Park starting at 6:30pm.

2009 Concert Schedule:
June 23..........(Tropical/Variety)...............................East Bay
June 30..........(Island).....................................Stainless Steel
July 7.............(Jazz/Soul/R&B)..........................Sean Dietrich
July 14...........(Bluegrass)...................................Grasscutters
July 21...........(Reggae/Beach)..........................The Manatees
July 28...........(Jazz)...............................................Swing Set
August 4.........(Island/Reggae).........................Conch Republic

Mortgage rates fall from 7-month high

Stone Real Estate Group, LLC — Fri, 19 Jun 2009 16:50:24 -0500

WASHINGTON - June 19, 2009 - Rates for 30-year home loans fell back this week after soaring to the highest level in seven months a week earlier.

The average rate for a 30-year fixed mortgage was 5.38 percent this week, down from 5.59 percent a week earlier, mortgage company Freddie Mac said.

Rates had risen for three consecutive weeks after yields on long-term government debt, which are closely tied to mortgages rates, had been climbing as investors worried that the huge surplus of government debt hitting the market could trigger inflation.

But data released Wednesday suggested that inflation remains largely in check, and the yield on the 10-year Treasury note has fallen back from an 8-month high of 4.01 percent reached last week.

Though there are signs that the troubled U.S. housing market is beginning to stabilize, higher rates could threaten or slow down any recovery, since borrowers would be able to borrow less money and might decide to hold off on their purchases.

The three-week run-up in rates, "is starting to slow homebuyer demand, at least temporarily," Frank Nothaft, Freddie Mac's chief economist, said in a statement.

Mortgage applications for home purchases fell 3.5 percent for the week ending June 12, according to the Mortgage Bankers Association, while refinancing applications were down 23 percent from a week earlier.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.

The average rate on a 15-year fixed-rate mortgage fell to 4.89 percent, down from 5.06 percent last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.97 percent, down from 5.17 percent last week. Rates on one-year, adjustable-rate mortgages fell to 4.95 percent from 5.04 percent.

The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point last week for 30-year and 15-year mortgages. Fees averaged 0.6 point for five-year and one-year adjustable rate loans.

HUD: Tax Credit Can Be Used on Closing Costs

Stone Real Estate Group, LLC — Fri, 05 Jun 2009 20:30:15 -0500

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.

Source: Robert Freedman, REALTOR® Magazine Online

Pier Park Summer Concert Series Schedule

Stone Real Estate Group, LLC — Fri, 05 Jun 2009 02:15:55 -0500

The summer concert series Thusday nights at Aaron Bessant Park at Pier Park in Panama City Beach.

If you are looking for an awesome way to spend some outdoors time with your family, this is the place to go. From 7 to 9 pm every Thursday, bands from Reggae to Blues to New Grass to R&B will be lighting up the stage and filling the air with sweet music.

The first of the twelve series shows will be on June 4th and carry through the summer to August 20th. Don't forget to bring your picnic blanket, picnic dinner and coolers!

Schedule:

De Lions of Jah - Raggae - June 4th

Eric Lindell - Blues/Rock - June 11th

Rollin in the Hay - New Grass - June 18th

Cyril Neville (of the Neville Brothers) - R&B/Rock - June 25th

The Lee Griffin Band - R&B/Rock - July 2nd

PBS - New Orleans Fund - July 9th

The Legendary JC's - Soul/R&B - July 16th

King Cotton Blues Band - Blues - July 23rd

The Donnie Sundal Project - Variety - July 30th

Beachmice - Eclectic Acoustic - August 6th

Heat and the Zydeco Gents - Zydeco - August 13th

Geneva - 80's Rock - August 20

TWO POINTS do really make a difference!

Stone Real Estate Group, LLC — Thu, 21 May 2009 15:31:03 -0500

The $8,000 first-time homebuyer tax credit has received a lot of attention lately, but it has also overshadowed another big reason to buy a home now: record-low interest rates. In May, 30-year mortgage rates of 5 percent were widely available. That's down from January's already-low 5.8 percent, and two percentage points less than in August 2008. How important is two points? On a $200,000 home, a buyer could save $257 per month ($3,084 per year) by buying now rather than last August. On a $200,000, 30-year fixed rate mortgage, the monthly payment difference is:

· 7 percent: $1,330 monthly (rates in August 2008)

· 6 percent: $1,199 monthly (rates in December 2008)

· 5 percent: $1,073 monthly (rates in May 2009)

Panama City Downtown Farmers Market-Sat!

Stone Real Estate Group, LLC — Fri, 15 May 2009 18:41:54 -0500

Just a reminder... the Farmer's Market is now EVERY SATURDAY! See you tomorrow in McKenzie Gateway Park off Harrison Avenue, from 8 am to 12 noon.

$8,000 First-Time Home Buyer Tax Credit Can Now Be Used As A Downpayment!

Stone Real Estate Group, LLC — Wed, 13 May 2009 17:36:53 -0500

HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit
WASHINGTON, May 12, 2009
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the
Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.
Donovan's remarks came in an address to several thousand Realtors® gathered this morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors® Midyear Legislative Meetings & Trade Expo here.
Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. "We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment," Donovan said. According to Donovan, the FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Donovan said the Obama administration plans to further stabilize the housing market. "I do think we have some early signs hat the market overall is stabilizing," said Donovan. "Since January we've seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate."
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said, "As the leading advocate for housing issues and homeownership, NAR continues to take a leadership role in promoting ideas for improving our economy by stabilizing the housing and real estate markets. Today we have the best of the best to begin a dialogue, develop solutions and initiate action toward real estate and economic recovery."
The morning session included a panel discussion that was moderated by CNBC's Ron Insana. The 13 panelists and Realtors® in attendance examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation's taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.
The list of distinguished panelists include Dr. Martin Feldstein, professor of Economics from Harvard University; Dr. Barry Bluestone, professor of Political Economy from Northeastern University; John Taylor, CEO of the National Community Reinvestment Coalition; Maria Kong, president of the National Association of Real Estate Brokers; and Sarah Rosen Wartell, executive vice president for the Center for American Progress.
"Right now the Federal Reserve is the market," said Jay Brinkman, chief economist for the Mortgage Bankers Association. "What will be the effect when the Fed stops buying?" Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.
"We must make sure FHA and the GSEs are supported," added the Wharton School's Susan Wachter.
"We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy," McMillan said. "We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond."
The real estate summit is part of the Realtors® Midyear Legislative Meetings & Trade Expo here through Saturday. During the week, more than 8,500 Realtors® will attend meetings, visit lawmakers and inspire action on Capitol Hill.

Great source for mortgage info! Check it out!

Stone Real Estate Group, LLC — Tue, 12 May 2009 22:14:39 -0500

A COMFORTABLE MORTGAGE

During the real estate boom, many homebuyers were surprised at the amount of money a bank was willing to lend - and many who took the full amount now face foreclosure. As banks struggle to reinvent lending, Bank of America has debuted www.BankOfAmerica.com/HomeLoans . The Web site not only includes a calculator to determine the maximum amount of money a buyer can borrow, it also includes calculators to help buyers determine how much debt they can comfortably take on. Bank of America says it designed the site to be easily understood and to help consumers face a variety of contingencies, including the maximum payment that an ARM could potentially cost. The new site includes BofA products, such as the Flat Fee Mortgage Plus, which has no application fee and a single closing fee; it doesn't always include some standard costs of homeownership, such as property taxes, homeowners' insurance or prepaid interest.

Source: The New York Times, Bob Tedeschi (05/08/2009)
© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

Florida's existing home, condo sales rise in 1Q 2009

Stone Real Estate Group, LLC — Tue, 12 May 2009 22:13:44 -0500

ORLANDO, Fla. - May 12, 2009 - Sales of existing single-family homes in Florida rose 25 percent in first quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 31,412 existing homes sold statewide in 1Q 2009; during the same period the year before, a total of 25,071 existing homes sold. It marks the third consecutive quarter that Florida has reported higher existing home sales; sales levels in the third and fourth quarters of 2008 were higher than the corresponding three-month period of the previous year, according to FAR.

Sales of existing condominiums statewide in the first quarter rose 19 percent compared to the same time the previous year. This marks the second three-month period for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

Statewide sales activity in 1Q 2009 also increased over 4Q 2008's sales figure in both the existing home and existing condo markets, FAR records show. For 1Q 2009, statewide sales of existing homes rose 4.14 percent over the 4Q 2008 figure; existing condo sales statewide in 1Q 2009 increased 21.1 percent over the 4Q 2008 level.

"Many first-time homebuyers are entering the market now to take advantage of current low mortgage rates, plentiful housing inventory and affordable homeownership opportunities," says 2009 FAR President Cynthia Shelton, CCIM (Certified Commercial Investment Member). "Typical homebuyers are realizing that now is the time to buy - they can find the Florida home of their dreams at a cost they can afford. Homeownership has always offered a wide range of benefits, including building financial security and increasing a sense of community, but the advantages offered in today's market are unique."

One such advantage is a dream come true for first-time homebuyers in Florida, she adds, thanks to a new program that the 2009 Florida Legislature approved through the adoption of the state's general budget last week. Lawmakers passed a provision setting aside $30.1 million for the Florida Homebuyer Opportunity Program, which will help with downpayment assistance. Beginning July 1, those who qualify for the federal $8,000 first-time homebuyers tax credit will be able to apply for downpayment assistance before they close on the purchase of their home, and then repay the amount borrowed when they get their tax refund.

Shelton adds, "The beauty of this program is that the state will be paid back and, conceivably, more potential homebuyers could take advantage before the Dec. 1, 2009, expiration of the $8,000 federal first time homebuyer tax credit. While details of the program are still being worked out, we are all very excited about the incredible opportunity this offers for thousands of Florida families. It's $8,000 more reasons to buy your first Florida home!"

Fifteen of Florida's metropolitan statistical areas (MSAs) reported increased sales of existing homes in the first quarter compared to the same three-month-period a year earlier, while 12 MSAs showed gains in condo sales.

The statewide existing-home median sales price was $141,000 in the first quarter; a year earlier, it was $202,300 for a decrease of 30 percent. According to industry analysts with the National Association of Realtors® (NAR), there remains a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is a typical market price where half the homes sold for more, half for less.

In the year-to-year quarterly comparison for condo sales, 10,143 units sold statewide for the quarter compared to 8,554 in 1Q 2008 for a 19 percent increase. The statewide existing-condo median sales price was $110,100 for the three-month period; in 1Q 2008, it was $177,000 for a decrease of 38 percent.

Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.06 percent in 1Q 2009; one year earlier, it averaged 5.88 percent.

© 2009 FLORIDA ASSOCIATION OF REALTORS