Here is a short summary:

Last week’s economic data continued to be mostly positive, but mortgage rates slid downwards. This
manufacturing-lead recovery continues to maintain its pace, with Industrial Production numbers
revealing solid gains for manufacturing and mining issues. While the housing and labor market will
likely be a major drag on the recovery for some time, retail sales did tick upward more than expected.
As economically positive as most of last week’s news was, inflation at the consumer level of the
economy is all but absent. This should enable the Fed to maintain its stance regarding low interest
rates for the foreseeable future.

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City home or condo, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City homes sale.

Jennifer Mackay
850-774-6582
Panama City Real Estate | Florida

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Some interesting trends are occurring in the local market place which include:

• Increased absorption rate for both condos and single family homes
• Significant decrease in condo sales over previous months
• Slight decrease in single family home sale while average pricing decreased slightly

Here is a sample of the Condo Comparison Sales statistics:

As you can see, the condo market is still very active and sales are significantly higher than last year.

In addition, the latest Panama City Florida mortgage market update has also been posted for your convenience.

Owners, put my technology to work for you. If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a home, condo or commercial property, contact me directly (850) 774-6582 for the latest information and pricing on any Panama City real estate properties for sale.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

“Liked this post? Subscribe to my Panama City Real Estate blog RSS feed and get loads more!”

• Decreased absorption rate for both condos and single family homes
• Significant increase in condo sales over previous months
• Slight decrease in single family home sale yet average pricing increased slightly

In addition, the latest Panama City Florida mortgage market update has also been posted for your convenience.

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a home, condo or commercial property, contact me directly (850) 774-6582 for the latest information and pricing on any  Panama City real estate properties for sale.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

“Liked this post? Subscribe to my Panama City Real Estate blog RSS feed and get loads more!”

But some prospective buyers are running into problems during the appraisal process. Foreclosed properties can present a nightmare for buyers, who might have to contend with all kinds of health, safety or structural concerns that can knock the lending process off track.

In this climate, the FHA’s 203k loan program is becoming even more critical for home buyers. The Federal Housing Administration’s traditional home loan program remains one of the most popular in the country. But the FHA has a specialized program that guarantees loans specifically for the purchase and rehabilitation of properties.

The 203k program provides borrowers with a single mortgage loan, which can be either fixed or adjustable rate. The loan amount is based on what the agency believes the home will be worth after the rehabilitation is complete, including the cost of the repair work. Eligible borrowers can buy and rehab a one- to four-family dwelling, as long as it’s been completed for at least 12 months.

Homes that have been demolished, or will be razed as part of the rehabilitation work, are eligible provided some of the existing foundation system remains in place. In addition to typical home rehabilitation projects, this program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling. An existing multi-unit dwelling could be decreased to a one- to four-family unit.

The 203k program doesn’t cover things like luxury improvements, which homeowners have to pay for from their own pockets. But borrowers can use the 203k program to pay for a significant amount of rehabilitation work, from decks and painting to room additions.

On the whole, FHA loans are among the most flexible and buyer-friendly on the market. There are no income or credit score restrictions and buyers with foreclosure and bankruptcy in their past can still qualify for an FHA loan.

Down payments are as low as 3.5 percent. Some borrowers can eliminate the need for a down payment all together by combining their FHA loan with other specialized loans.

This month offers a lot of encouraging news for the U.S. housing market.  Home sales have now shown a steady increase for four consecutive months.

Housing inventory has decreased and home prices have edged up compared to last month.

Many economists still cite a recovery in real estate as key to economic stability—bringing more jobs, growth, higher income opportunities, and stronger, more stable tax revenues.

The banking sector looks to stand on firmer footing as institutions begin repaying TARP funds. Yet the credit market remains tight, which presents challenges for mortgage applicants. Any sustained rebound will likely be tied to better credit availability for aspiring home buyers.

Consumer spending has slowed as consumers readjust their personal balance sheets and increase their savings.  And in the past month the U.S. savings rate has actually moved above the Canadian rate.

While their saved money is not directly benefitting the economy today, restored financial health will improve conditions for sustainable spending in the future.

Given firmer stability in the housing and financials sectors as well as a shift to consumer saving, the overall economy appears to be on a slow track to improvement. While any signs of progress must be weighed against the potential road bumps ahead, sustained economic recovery over the next year is expected to come in piecemeal fashion.

Some uncertainty factors include unemployment numbers, rising mortgage rates, and new appraisal rules.

Check back for the next installment in this series: The Numbers That Drive Real Estate: Home Sales.

Jennifer Mackay
850-774-6582
www.jennifermackay.com

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Each week, local mortgage experts provide a summary and status of current mortgage rates and a summary of what to expect in the mortgage industry which I publish.

We are pleased to be a source for this and continue to publish all relevant Mortgage information as it becomes available for my visitors.

Mortgage rates decreased slightly last week amid continuing concerns the recession is not over yet.  However, optimism continues to be raised that we are nearing the end.

Read the full Panama City Real Estate mortgage newsletter for the complete outlook and mortgage summary.

Owners, this information is of value to you for several reasons:

• Knowing what the current mortgage rates are helps to identify potential purchasers of your property
• Trends in the mortgage industry helps to identify the optimum time to sell your property

Panama City Real Estate owners, if you’ve been considering selling your property,  contact me today (850) 774-6582 for more information on current real estate market trends and receive a free, no obligation Comparable Market Analysis (CMA) of your Panama City property for sale.

Jennifer Mackay
850-774-6582
www.jennifermackay.com

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HUD drafted the HUD Mortgagee Letter (2009-15), however, the letter was never officially released.

HUD has since reversed their position on allowing the monetization of the tax credit over concerns that the proposal too closely resembles the now illegal practice of seller funded down payment assistance programs.  IRS officials were also concerned that the proposal could create income tax issues.

The government may continue to seek other alternatives associated with boosting affordability and circumventing the 3.5% down payment requirement, but until further notice they have apparently killed this initiative.

As we enter the summer season, I am noticing a significant increase in condo sales and vacation home requests for the Panama City and Panama City Beach Florida area.  This shows our local real estate market is beginning to stabilize.

As mortgage rates are maintaining below a 5% average now is great time to buy that Florida vacation condo or home you’ve always wanted.

Let’s not forget about the $8000 first time home buyer credit for those who have always wanted to own a home but have not had the opportunity.  This option ends December 1, 2009 so if you’ve been sitting on the face remember the dead line.

If you need assistance with purchasing a home or condo, contact me directly (850) 774-6582.

Here then is the latest Florida mortgage update for May 10, 2009 newsletter available for download or online viewing.

From our local Florida real estate market summaries to our newsletters, the information we provide is both timely and verifiable.

Using various sources such as the Bay County MLS our data is continually updated and disseminated on a regular basis for our visitors convenience.

If you require additional or updated Florida real estate or mortgage information, contact me directly: 850-774-6582.  I’ll do my best to obtain your requested data as promptly as possible.

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In addition, home sales were up also decreasing the absorption rate for home sales.

This is exciting news as it shows a steady increase in sales over the last several months.

If you’ve been waiting for the market to hit bottom, you may very well be too late!

As we come into one of the busiest purchasing seasons for the Panama City and Panama City Beach real estate markets, the time to purchase is now, not tomorrow!

Contact me today: (850) 774-6582.  My team and I can help you purchase that wonderful vacation home or investment property while interest rates and prices are the lowest they’ve been in years.

Also, this weeks Panama City Florida Mortgage newsletter is available for download.  Rates continue to decline and as such, what better time to buy then now?