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Tax Credit to Aid First-Time Homebuyers

2009-04-09T07:56:00.000-07:00

Tax Credit to Aid First-Time Homebuyers; Must Be Repaid Over 15 Years

IR-2008-106, Sept. 16, 2008

WASHINGTON — First-time homebuyers should begin planning now to take advantage of a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008.

Available for a limited time only, the credit:

Applies to home purchases after April 8, 2008, and before July 1, 2009.
Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
Is fully refundable, meaning that the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax that they owe.

However, the credit operates much like an interest-free loan, because it must be repaid over a 15-year period. So, for example, an eligible taxpayer who buys a home today and properly claims the maximum available credit of $7,500 on his or her 2008 federal income tax return must begin repaying the credit by including one-fifteenth of this amount, or $500, as an additional tax on his or her 2010 return.

Eligible taxpayers will claim the credit on new IRS Form 5405. This form, along with further instructions on claiming the first-time homebuyer credit, will be included in 2008 tax forms and instructions and be available later this year on IRS.gov, the IRS Web site.

If you bought a home recently, or are considering buying one, the following questions and answers may help you determine whether you qualify for the credit.

Q. Which home purchases qualify for the first-time homebuyer credit?

A. Only the purchase of a main home located in the United States qualifies and only for a limited time. Vacation homes and rental property are not eligible. You must buy the home after April 8, 2008, and before July 1, 2009. For a home that you construct, the purchase date is the first date you occupy the home.

Taxpayers who owned a main home at any time during the three years prior to the date of purchase are not eligible for the credit. This means that first-time homebuyers and those who have not owned a home in the three years prior to a purchase can qualify for the credit.
If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 (or amended 2008 return) or 2009 return.

Q. How much is the credit?

A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing jointly. The limit is $3,750 for a married person filing a separate return. In most cases, the full credit will be available for homes costing $75,000 or more. Whatever the size of the credit a taxpayer receives, the credit must be repaid over a 15-year period.

Q. Are there income limits?

A. Yes. The credit is reduced or eliminated for higher-income taxpayers.
The credit is phased out based on your modified adjusted gross income (MAGI). MAGI is your adjusted gross income plus various amounts excluded from income—for example, certain foreign income. For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000.

This means the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

Q. Who cannot take the credit?

A. If any of the following describe you, you cannot take the credit, even if you buy a main home:

Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild
You stop using your home as your main home.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year.
Your home financing comes from tax-exempt mortgage revenue bonds.
You owned another main home at any time during the three years prior to the date of purchase. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another main home at any time from July 2, 2005, through July 1, 2008.

Q. How and when is the credit repaid?

A. The first-time homebuyer credit is similar to a 15-year interest-free loan. Normally, it is repaid in 15 equal annual installments beginning with the second tax year after the year the credit is claimed. The repayment amount is included as an additional tax on the taxpayer’s income tax return for that year. For example, if you properly claim a $7,500 first-time homebuyer credit on your 2008 return, you will begin paying it back on your 2010 tax return. Normally, $500 will be due each year from 2010 to 2024.

You may need to adjust your withholding or make quarterly estimated tax payments to ensure you are not under-withheld.

However, some exceptions apply to the repayment rule. They include:

If you die, any remaining annual installments are not due. If you filed a joint return and then you die, your surviving spouse would be required to repay his or her half of the remaining repayment amount.
If you stop using the home as your main home, all remaining annual installments become due on the return for the year that happens. This includes situations where the main home becomes a vacation home or is converted to business or rental property. There are special rules for involuntary conversions. Taxpayers are urged to consult a professional to determine the tax consequences of an involuntary conversion.
If you sell your home, all remaining annual installments become due on the return for the year of sale. The repayment is limited to the amount of gain on the sale, if the home is sold to an unrelated taxpayer. If there is no gain or if there is a loss on the sale, the remaining annual installments may be reduced or even eliminated. Taxpayers are urged to consult a professional to determine the tax consequences of a sale.
If you transfer your home to your spouse, or, as part of a divorce settlement, to your former spouse, that person is responsible for making all subsequent installment payments.

Foreclosure expert says housing market will rebound in ’09

2009-04-09T07:45:00.000-07:00

Alexis McGee, president of Sacramento, Calif.-based Foreclosures.com.

Published January 23, 2009

The nation’s foreclosure hemorrhage has finally slowed and 2009 should see a significant decline in foreclosures as buyers return, pushing home prices up and fueling a real estate recovery, according to the 2009 Outlook from Foreclosures.com.

“Recovery is underway. Affordable is back in the housing market,” said Alexis McGee, president of Sacramento, Calif.-based Foreclosures.com. “In 2009, housing will not only recover, but we’ll see buyers leap into this market in droves, depleting our housing oversupply, and actually put higher price pressures on the market.”

McGee notes that mortgage interest rates have fallen below 5 percent.

“With 4.5-percent fixed mortgage rates, housing prices lower than they were ‘pre-housing bubble,’ commodity prices lower, tax credits available for homebuyers, and the government eager to stimulate our economy, for the first time in years I can see prices rising again in 2009,”

McGee said. “This is a great time to buy properties for investors – to buy properties at wholesale prices below today’s already low prices – rent them out for positive cash flow and then sell them for big profits in late 2009 once price appreciation kicks in.”

The latest U.S. Foreclosure Index numbers showed November foreclosure filings in California dropping to 15,978, down 6.55 from October and off nearly 50 percent from September.
The California market is a leading indicator for the industry, McGee said.

In November, another perennial leader in foreclosures, Arizona, saw its filings drop (down 5.19% and 5% respectively), according to U.S. Foreclosure Index numbers.

“I wish my crystal ball could pinpoint everything that’s going to happen with housing markets in the next 12 months, but there are just too many variables. What I can tell, though, is that hardest hit housing markets have already hit bottom and others will follow in 2009. Third-quarter National Association of Realtor numbers actually show existing home sales picking up in about 20 percent of the areas studied. And, given the uncertainty and volatility of the stock market combined with all time low interest rates, extremely affordable low priced homes, and all the choices out there, 2009 is an excellent time to buy real estate. Properties, especially foreclosed ones, will be highly discounted, lenders are motivated to work with buyers, and the opportunities are abound. The bottom line to keep in mind: What goes down absolutely positively will go back up again,” McGee said.

“The return of solid housing markets is an important part of restoring stability to financial markets. The market will return when mortgage rates and home prices are down, and that’s exactly what is happening now in the hardest-hit areas of the country,” McGee said.

The Housing Crisis Is Over

2008-05-07T05:22:00.000-07:00

By CYRIL MOULLE-BERTEAUXMay 6, 2008; Page A23
Mr. Moulle-Berteaux is managing partner of Traxis Partners LP, a hedge fund firm based in New York.

The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now.

How can this be? For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won't happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor.

Most people forget that the current housing bust is nearly three years old. Home sales peaked in July 2005. New home sales are down a staggering 63% from peak levels of 1.4 million. Housing starts have fallen more than 50% and, adjusted for population growth, are back to the trough levels of 1982.

Furthermore, residential construction is close to 15-year lows at 3.8% of GDP; by the fourth quarter of this year, it will probably hit the lowest level ever. So what's going to stop the housing decline? Very simply, the same thing that caused the bust: affordability.

The boom made housing unaffordable for many American families, especially first-time home buyers. During the 1990s and early 2000s, it took 19% of average monthly income to service a conforming mortgage on the average home purchased. By 2005 and 2006, it was absorbing 25% of monthly income. For first time buyers, it went from 29% of income to 37%. That just proved to be too much.

Prices got so high that people who intended to actually live in the houses they purchased (as opposed to speculators) stopped buying. This caused the bubble to burst.

Since then, house prices have fallen 10%-15%, while incomes have kept growing (albeit more slowly recently) and mortgage rates have come down 70 basis points from their highs. As a result, it now takes 19% of monthly income for the average home buyer, and 31% of monthly income for the first-time home buyer, to purchase a house. In other words, homes on average are back to being as affordable as during the best of times in the 1990s. Numerous households that had been priced out of the market can now afford to get in.

The next question is: Even if home sales pick up, how can home prices stop falling with so many houses vacant and unsold? The flip but true answer: because they always do.

In the past five major housing market corrections (and there were some big ones, such as in the early 1980s when home sales also fell by 50%-60% and prices fell 12%-15% in real terms), every time home sales bottomed, the pace of house-price declines halved within one or two months.
The explanation is that by the time home sales stop declining, inventories of unsold homes have usually already started falling in absolute terms and begin to peak out in "months of supply" terms. That's the case right now: New home inventories peaked at 598,000 homes in July 2006, and stand at 482,000 homes as of the end of March. This inventory is equivalent to 11 months of supply, a 25-year high – but it is similar to 1974, 1982 and 1991 levels, which saw a subsequent slowing in home-price declines within the next six months.

Inventories are declining because construction activity has been falling for such a long time that home completions are now just about undershooting new home sales. In a few months, completions of new homes for sale could be undershooting new home sales by 50,000-100,000 annually.
Inventories will drop even faster to 400,000 – or seven months of supply – by the end of 2008. This shift in inventories will have a significant impact on prices, although house prices won't stop falling entirely until inventories reach five months of supply sometime in 2009. A five-month supply has historically signaled tightness in the housing market.

Many pundits claim that house prices need to fall another 30% to bring them back in line with where they've been historically. This is usually based on an analysis of house prices adjusted for inflation: Real house prices are 30% above their 40-year, inflation-adjusted average, so they must fall 30%. This simplistic analysis is appealing on the surface, but is flawed for a variety of reasons.

Most importantly, it neglects the fact that a great majority of Americans buy their houses with mortgages. And if one buys a house with a mortgage, the most important factor in deciding what to pay for the house is how much of one's income is required to be able to make the mortgage payments on the house. Today the rate on a 30-year, fixed-rate mortgage is 5.7%. Back in 1981, the rate hit 18.5%. Comparing today's house prices to the 1970s or 1980s, when mortgage rates were stratospheric, is misguided and misleading.

This is all good news for the broader economy. The housing bust has been subtracting a full percentage point from GDP for almost two years now, which is very large for a sector that represents less than 5% of economic activity.

When the rate of house-price declines halves, there will be a wholesale shift in markets' perceptions. All of a sudden, the expected value of the collateral (i.e. houses) for much of the lending that went on for the past decade will change. Right now, when valuing the collateral, market participants including banks are extrapolating the current pace of house price declines for another two to three years; this has a significant impact on the amount of delinquencies, foreclosures and credit losses that lenders are expected to face.

More home sales and smaller price declines means fewer homeowners will be underwater on their mortgages. They will thus have less incentive to walk away and opt for foreclosure.

A milder house-price decline scenario could lead to increases in the market value of a lot of the securitized mortgages that have been responsible for $300 billion of write-downs in the past year. Even if write-backs do not occur, stabilizing collateral values will have a huge impact on the markets' perception of risk related to housing, the financial system, and the economy.

We are of course experiencing a serious housing bust, with serious economic consequences that are still unfolding. The odds are that the reverberations will lead to subtrend growth for a couple of years. Nonetheless, housing led us into this credit crisis and this recession. It is likely to lead us out. And that process is underway, right now.

Florida's Existing Housing Market Mirrors

2008-01-28T12:09:00.000-08:00

Florida's Existing Housing Market MirrorsNational Trend at Year End 2007

ORLANDO, Fla., Jan. 24, 2008 – Florida’s housing market followed the national trend in 2007, as mortgage industry issues and a sluggish economy impacted sales and prices. By year’s end, a total of 130,241 homes sold statewide for a 29 percent decrease compared to the 183,988 homes sold in 2006, according to the Florida Association of Realtors® (FAR). However, 2007 is expected to be the fifth highest sales year on record for existing-home sales, according to the National Association of Realtors® (NAR).

“What we experienced during the five-year boom cycle (2001-2005) was not a normal housing market,” notes 2008 FAR President Chuck Bonfiglio. “It was a market like we have never seen before. Existing-home median prices went up statewide over the past five years by some 60 percent; prices only declined in 2007 from 2006 by 5 percent. People are still experiencing a sizable return on their investment if they have owned their home over the past six years. The outlook for 2008 is that the housing market should start to normalize, that we should see some gains by the end of the year. Continued efforts to resolve Florida’s property insurance and property tax issues will also help revitalize our state’s housing market.”

The latest market outlook from NAR predicts that, as conditions for the mortgage industry continue to improve, existing-home sales should hold fairly steady over the next few months, rise later in the year and continue to improve in 2009. “A meaningful recovery in existing-home sales could occur as early as this spring, or it may be further delayed toward late 2008,” says NAR Senior Economist Lawrence Yun. “Our consumer survey shows buyers today are in it for the long haul, planning to stay in their home for a median of 10 years. This is a wise approach to housing because the data shows the longer you own, the better your investment.”

Florida’s median sales price for existing single-family homes for year-end 2007 was $233,600; a year ago, it was $247,100 for a 5 percent decrease. The median is the midpoint; half the homes sold for more, half for less. At the end of 2002, the statewide median sales price for single-family homes was $137,800, for an increase of 69.5 percent over the five-year-period, according to FAR records.

Sales of existing condominiums in Florida also decreased last year, with a total of 41,478 condos sold statewide compared to 56,877 in 2006 for a 27 percent decline, according to FAR. The statewide median sales price for condos at year-end was $205,100, down 3 percent from the 2006 year-end condo median price of $211,500. NAR reported the national median existing condo price was $223,500 in October 2007.

Interest rates for a 30-year fixed-rate mortgage at the end of 2007 averaged 6.34 percent, according to Freddie Mac, down from the average rate of 6.41 percent at the end of 2006. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Timing the housing market

2008-01-11T08:06:00.000-08:00

You want to buy a home but are scared to take the plunge in a crumbling market. Here's how to think it through.

By Walter Updegrave, Money Magazine senior editor

NEW YORK (Money) -- Question: At some point I plan to buy a house in the $250,000 to $400,000 range. I have generally good credit and plan to make a down payment of 20 percent or more.

But given the instability in the housing sector and generally tightening credit landscape, I'm wondering whether I should buy now or wait several months, maybe even a year, to see where the market settles. What do you think? - Daniel Akers

Answer: I don't recommend trying to time the housing market any more than I would timing the stock market. So if your aim by holding off is to try to get the best deal by buying just as prices have hit their low, I think that's unrealistic.

After all, even assuming you can figure out the ideal time to buy - that is, when prices have hit not only hit a trough but are on the verge of rebounding - by the time you find the house you want, line up the financing and close the deal, the "best" time may have already passed.
That said, given current state of the housing market, you certainly don't need to be in a rush. As my Money Magazine colleague Amanda Gengler pointed out in our December cover story on the outlook for 2008, house prices are already down more than 4 percent from a year ago.

And given the huge inventory of homes already for sale plus the ones likely to come into the market as more homeowners default on their mortgages and go into foreclosure, prices are forecast to tumble another 6 percent or so in 2008.

Perhaps the Bush administration's subprime plan or some other proposal to help borrowers facing foreclosure may be able to limit the damage somewhat. But I don't think anyone believes prices will rebound in a significant way until 2009 at the earliest.

So how do you factor all this information into your plans for buying a house? I recommend that you start looking around in different areas where you may be interested in living to get a sense of what the market is like and where it may be headed.

The forecast I referred to above is the broad-brush picture. But the national housing market is really a collection of many local markets, and the prospects can vary considerably from one locale to the next, depending on such factors as how hot the market got, the local employment picture and the volume of inventory and potential foreclosures.

You can check out prices online and take the pulse of the market in different cities and neighborhoods by going to trulia.com, zillow.com,homegain.com as well as other sites that are featured in the "Know Your Home's Future" section of Money's January cover story, "The Best Money Web Sites."

But you'll also want to take time to do plenty of real-world legwork. Drive around different neighborhoods to see how many "for sale" signs you see and then talk to agents at several real estate offices to get an idea of how long homes are sitting on the market before they sell, how much below asking price they're going for and what kinds of concessions sellers are offering.

While you're at it, you should also contact a few mortgage lenders to see what size of loan you can likely qualify for given your income, expenses, assets and liabilities, credit rating and the size of the down payment you plan on making.

Part of the fallout of the subprime debacle is that lenders are now more stringent about the documentation they require before making a loan. You'll want to be sure you'll have access to documents like recent pay stubs, tax returns and savings and investment account statements so you'll be all set to apply for a loan when you're ready to buy.

As I said before, you shouldn't feel under any pressure to make an immediate move. But when you eventually do see some houses you really like and feel you're ready to join the ranks of owners, you want to make the most of what is now most certainly a buyer's market.

Find out what comparable houses have sold for recently and then consider starting your bidding at 10 percent to 15 percent below that price. Don't be surprised if the owner doesn't fall at your feet and thankfully accept your offer.

Even in a down market, many owners have inflated notions of the value of their home and will stubbornly stick to an unrealistic price. So if you want to pick up a real bargain, you've got to be ready to walk away and go on to another listing.

Generally, you'll have the most leverage when the owner is under some pressure to sell - a looming foreclosure, a job relocation, a commitment to purchase another house, an investor looking to escape burdensome carrying costs, etc.

On the other hand, you don't want to overplay the haggling game and end up losing out on a great house for the sake of a few thousand bucks. For more advice on how to get the best deal, I suggest you check out the "Your Home" section of Money's 2008 outlook story. (This story also has tips on how sellers and owners can best cope in today's market.)

And if you're considering buying a new home, you should also check out my colleague George Mannes's story in Money's January issue, "Boy, Have They Got Freebies for You," which explains how to evaluate the discounts, upgrades and other incentives homebuilders are tossing around to entice you to buy a newly built home.

This kind of opportunity doesn't come around very often in the housing market.

So take your time, do your research and make the most of it.

Tax Break for Mortgage Debt

2008-01-08T20:28:00.000-08:00

Good News! Tax Break for Mortgage Debt Foregiveness! A Change that will help!

GOOD NEWS!

Today is a day of some really good news that will help the people that find themselves faced with foreclosure and cannot find a solution to save their home by using one the plans that have been created for those that meet a certain criteria and they were not able to do a workout with the lender(s).

If the homeowners find that there are no workout plans that fit them and they have to seek a short sale approval and if they are lucky enough to get an approval for the short sale, they now do not have to worry about the difference between what the actually owe the lender and what they were able to sell the home for. This is called debt forgiveness. With this law, they are truly forgiven.

This law will ease the after shock of losing your home and then finding yourself owing the IRS that difference ~~~ the debt will be fully forgiven ~~ if that homeowner is in hardship.

TAX BREAK FOR MORTGAGE DEBT FORGIVENESS
President Bush signed into law today a new measure giving tax breaks to homeowners who have mortgage debt forgiven. Under preexisting law, the debt forgiven by a lender, such as for short sales and refinances, was generally taxable to the borrower as debt discharge income. With the passage of the Mortgage Forgiveness Debt Relief Act of 2007, a taxpayer does not have to pay federal income tax on debt forgiven for a loan secured by a qualified principal residence.

This tax break applies to debts discharged from January 1, 2007 to December 31, 2009. Qualified principal residence indebtedness is debt incurred in acquiring, constructing, or substantially improving the residence (up to $2 million for refinances).

For purposes of calculating capital gains, any debts discharged excluded from income under the new law must be subtracted from the basis of the taxpayer's principal residence (but not below zero). However, taxpayers may generally exclude from capital gains income up to $250,000 (or $500,000 for married couples filing jointly) for properties owned and used as their principal residence for at least two of the last five years.

Wesleyan International Convention

2007-12-23T18:37:00.000-08:00

Dec. 28 – 30 – Wesleyan International Convention (10,500 attendees)

Just for Young Adults at SA7…
Late Night for Young Adults (out of high school and able to stay awake after 9pm) will take place all three nights at SetApart'07. We'll laugh out loud with the comedy of "321 Improv" as well as worship and reflect on what it means to live a holy life for Jesus. Check it out on site at SA7!

For Pastors & Leaders at SA7…
Pastors and Adult Leaders have some things to look forward to at SetApart'07. Not only will you get good use out of your earplugs, but you'll learn from some of the best Pastors and Teachers The Wesleyan Church can offer on the topic of holiness. Sanctification is not just your grandparent's doctrine.......it's God's and for all time!

For Parents & Children’s Leaders at SA7…
Parents and children’s ministry leaders, we have a great line up of nationally recognized speakers and top denominational children’s ministry leaders to help you become envisioned and equipped. Join us as together we discover how your kids can be set apart too.

For Youth Leaders & Sponsors at SA7 with children…
A full-blown afternoon of fun and excitement is planned for your kids Saturday afternoon, giving your kids an exciting afternoon of programming just for them and giving you an opportunity to attend leadership breakouts just for you!

Convention Center Dec. 21 - Jan. 2

2007-12-23T18:32:00.000-08:00

December / January / February Events at the Orange County Convention Center.

Dec. 21 – Jan. 2 – FCS Bowl-A-Palooza FanFest 2007

Bowl-A-Palooza FanFest is a week-long event that will turn the Orange County Convention Center's South Concourse into a virtual "College Football Midway" with interactive games, live music, sports-related entertainment and pep rallies. This event-packed week will host the ultimate indoor tailgate party which will be the "place to be" to more than 100,000 fans attending the Capital One and Champs bowls. A wide selection of food and beverages will be available. Full Article

Admission is $5 per day or free all week long with your Bowl Patch. Visit the event website above or call 407-423-2476 for more information. Open to the public and parking is free of charge.

Fan Fest 2007 Hours:
Wednesday, 12/26 - 2pm-6pm
Thursday, 12/27 - 10am-7pm (Pep Rallies for Boston College and Michigan State from 5:30pm-7pm)
Friday, 12/28 - 10am-2pm
Saturday, 12/29 - 2pm-6pm
Sunday, 12/30 - 10am-6pm (Pep Rallies for University of Florida and Michigan from 5:30pm-7pm)
Monday, 12/31 - 10am-6pm

Florida Citrus Bowl Games

2007-12-23T18:25:00.000-08:00

Florida Citrus Bowl GamesInternational Drive Improvement DistrictWelcomes Thousands of Fans to the Resort Area as It HostsOrlandos Bowl-a-Palooza FanFest December 26-31!

The world’s # 1 tourist destination will be the focus of the entire country as International Drive is the site for a weeklong Bowl-a-Palooza FanFest leading up to two Florida Citrus Sports Bowl games, Champs Sports Bowl and the Capital One Bowl.

The International Drive Improvement District is a title sponsorship partner with the Florida Citrus Sports Association for this event-packed week. More than 100,000 fans are expected to join in the festivities during the Champs Sports Bowl on December 28 when Boston College plays Michigan State and the Capital One Bowl on January 1, 2008, when the University of Florida plays the University of Michigan. Both games are played at the Florida Citrus Bowl Stadium in downtown Orlando, the only city to host two top 10 bowl games in the same week.

Visitors are invited to bring the entire family to the I-Drive Resort Area for a fun-packed week of activities leading up to the big games! Live music, interactive games, inflatables, and a football field for the quarterback challenge, pep rallies and more! All events will take place at the Orange County Convention Center in South Hall A. Complimentary parking will be available in the North/South parking area. Daily admission is $5 or a Bowl Patch may be purchased for $10 for the entire week on-site or online at http://www.bowlapalooza.com/. Events will take place on the following days:

Wednesday, December 26; 2-6 p.m.
Thursday, December 27; 10 a.m. -7 p.m.
Friday, December 28; 10 a.m.-2 p.m.
Saturday, December 29; 2-6 p.m.
Sunday, December 30; 10 a.m.-6 p.m.
Monday, December 31; 10 a.m.-6 p.m.

Visitors will not want to miss the excitement of the official team pep rallies leading up to the big games with marching bands, cheerleaders and head coaches:

Champs Sports Bowl Pep Rally for Boston College and Michigan State from 5:30-7 p.m. on Thursday, December 27.

Capitol One Bowl Pep Rally for the University of Florida and the University of Michigan from 5:30-7 p.m. on Sunday, December 30.

Tiger Woods

2007-12-11T16:49:00.000-08:00

Tiger Woods named PGA TOUR Player of the Year

Tiger Woods was named the Player of the Year by his fellow competitors on the PGA TOUR; it was

announced Tuesday by PGA TOUR Commissioner Tim Finchem

Woods won the inaugural FedExCup. (WireImage)

"To earn the respect of your peers is the highest honor you can receive," Finchem said.

"These players all demonstrated remarkable skill and dedication to their craft this past season, and we congratulate them on their selections."

Woods echoed the commissioner's sentiment on respect from peers. "It's been a great year. Overall, I mean, to get obviously the wins and get the respect of your peers, that's always what you want to have happen. This year was just a fantastic year on the golf course and even better off the golf course," Woods said.

The 31-year old Woods earned the honor for the third consecutive season and ninth time in the last 11 years. In 2007, he won seven times, including the PGA Championship, his 13th major championship title, and captured the inaugural FedExCup. In addition, his season was highlighted by wins in two World Golf Championships events, and he closed strong by winning two of the four events in the first-ever PGA TOUR Playoffs for the FedExCup and four of his final five starts overall.

While Woods first won the Player of the Year award in 1997, and 2000 was arguably his best year yet, Woods' spectacular performance in 2007 edged him closer to beating that benchmark millenium year. "Yeah, I think it was a better year this year, even though I didn't quite -- I had a chance probably -- a great chance to win three of the four majors this year. I finished second in two of them. I was just a few shots away from basically doing what I did in 2000," Woods said.

And this year, he also collected the Arnold Palmer Award for the eighth time as the leading money winner, earning $10,867,052 -- the second highest total in TOUR history.

Finally, Woods took home his eighth Byron Nelson Trophy for leading the TOUR in scoring average as his 67.79 mark equaled the lowest average in TOUR history.

PGA TOUR Staff

Dynamic I Drive

2007-12-11T16:27:00.000-08:00

"I-Drive" is Orlando's International Drive, and is Orlando's destination for attractions, shopping, dining, entertainment, lodging and more!

I-Drive offers...

5 of the World's Greatest Theme Parks... SeaWorld, Discovery Cove, Wet 'n Wild, Universal Studios and Islands of Adventure!
100+ Fantastic Hotels and Resorts - with 30,000+ Hotel Rooms!
485+ Designer, Brand-Name and Outlet Stores!
150+ Spectacular Restaurants!
3 Entertainment Complexes and 3 Stadium-Style Movie Cinemas!
The Nation's 2nd Largest Convention Center!
Convenient, Fun I-RIDE Trolley Service!

What's Up on I-Drive Orlando!

International Drive Resort Area Sparkles With Holiday Excitement
It is almost impossible not to feel the holiday spirit when you see the nostalgic I-Ride Trolleys, decked out in wreaths and garland, traveling throughout the I-Drive area packed with holiday ...
more...

11/1/2007 - Take a Walk on Orlandos Green Side...
International Drive Resort Area Makes
Commitment to Green Programs for Visitors
It may not be easy being green but as concerns about global warming and other conservation issues become of major concern, the International Drive Resort Area is rising to the “green” challenge.
more...

Central Florida Boat Show
The Central Florida International Boat Show will be held once again at the Orange County Convention Center in Orlando, Florida from January 17-21.
more...

Property Tax Reform

2007-12-06T02:43:00.000-08:00

‘Portability’ Goes Before Voters

Just hours before the scheduled end of a special session on property tax reform, the Florida Legislature reached agreement on several issues: “portability,” or allowing residents to transfer their Save Our Homes savings when they move; doubling the homestead exemption to $50,000 for most homeowners; tax relief for owners of commercial properties, second/vacation homes and rentals; and a tax break for businesses. The measures go before voters in the form of a ballot referendum Jan. 29.

The tax package is expected to save taxpayers—and cost cities, counties, special districts and school boards—$12 billion in the first four years. Here are the highlights:

• Double the homestead exemption for homes valued at more than $75,000 only (and not for school taxes).

• Allow owners of homestead property to transfer up to $500,000 in Save Our Homes benefits, including school taxes, to a new home.

• Impose a 10 percent assessment cap on non-homestead property for the next 10 years (cap doesn’t apply to school taxes). After 10 years, voters will have the option to restore the 10 percent cap.

• Allow businesses to exempt $25,000 of tangible personal property tax paid on computers and other office equipment.

Details of the package are available on the home page of floridarealtors.org.

Credit Score Advice for Buyers!

2007-12-05T20:27:00.000-08:00

Credit score primer: What buyers need to know to get a loan
DALLAS – Dec. 5, 2007 – In the wake of the credit crisis, lenders have become much pickier about whom they lend to. Here are some basic facts that will help potential borrowers understand what they face.

The measurement that most lenders use to assess applicants’ credit risk is the FICO score developed by Fair Isaac Corp. The score ranges from 300 to 850.

There’s not one FICO score. Buyers have three: one for each of the three credit bureaus, Experian, TransUnion and Equifax.

Each credit score is based on information the credit bureau keeps on file. Since credit bureaus don’t share their data with one another, the three FICO scores may differ, sometimes by as much as 100 points.

The components of a FICO score are:

• Payment history: 35 percent
• Amounts owed: 30 percent
• Length of credit history: 15 percent
• New credit: 10 percent
• Types of credit used: 10 percent

A consumer with a 580 credit score might qualify under FHA requirements, but, generally, in order to qualify for a prime loan, a borrower must have a credit score above 620 for a conventional loan at all, and above 720 for a loan at terms and rates most borrowers would consider desirable.

Source: The Dallas Morning News, Pamela Yip (12/03/07)

International Plaza Resort & Spa

2007-11-28T07:06:00.000-08:00

International Plaza Resort & Spa....A Condo-Hotel......$30M in renovations....From $165,000

*Lease Back paid to you up until 2010
*Condo Fees Paid up to 2010 by Developer
*All Taxes Paid to 2010 by Developer
*3% of Closing Costs paid by Developer
*All New Furniture included

A Magical World at the International Plaza Resort & Spa...

Enter the lavish gates of the International Plaza Resort & Spa and discover a tropical paradise filled with exotic flowers, charming wood bridges and unique décor. Walk through our main doors and you’ll be greeted by majestic African Greys and tropical birds inside our stunning main lobby. Conveniently located just minutes from Walt Disney World, Universal Studios and the Orange County Convention Center, the International Plaza Resort & Spa offers the perfect setting for any occasion. Enjoy lush, native palm trees, select amenities and deluxe hotel accommodations set to the highest standard of personal comfort. With our variety of services and features, it’s easy to see why we’ve become so popular among Orlando resorts for both leisure and business travel. Experience the convenience and splendor of our unparalleled location:

*Situated on 28 lush, tropically landscaped acres in Orlando, Florida;
*Walking distance from SeaWorld Orlando theme park;
*Three blocks from the Orange County Convention Center;
*Just five minutes from Walt Disney World and Universal Studios;
*Located on International Drive, with a trolley stop in front of the hotel;
*Only 10 miles from Orlando International Airport (MCO);
*Free transportation to all Disney parks.

***Owners will be allowed to use it 14 days a year during Lease Back program, following lease back program you will have to option of placing into our rental program.***

Punta Perla - Dominican Republic

2007-11-28T07:02:00.000-08:00

Colin Montgomerie Golf Course at Punta Perla

The new 5 star Caribbean golf resort that is currently underway in Punta Cana has recently begun the initial stages of construction for the first of three signature golf courses at Punta Perla. The resort offers luxury properties situated around the golf courses, including townhouses, beach apartments and luxury multi-million dollar mansions.

The spectacular 18-hole golf course has been designed by one of the world’s best golfers, Colin Montgomerie, in conjunction with Berkshire-based European Golf Design. The joint-venture is also responsible for the construction of other courses in the Caribbean, including Black Bess and Sugar Hill in Barbados, Tryall in Jamaica and Kittitian Heights in St Kitts.

By mid-2008, Punta Perla will have made good progress in its transformation into a golf enthusiast’s paradise, having completed the first of its very own world-class golf courses.

As expected, the completion of this first course is set to increase visitor numbers to the area and further boost off-plan property prices in Punta Perla by some 25%. By their very nature, off-plan opportunities need timely action if they are to realize their full investment potential and Caribbean Dream Properties are pleased to offer pre-launch prices before the end of the year, after which time they are also due to rise by some 25%.

Four Seasons partners with Disney World to build resort

2007-11-28T06:56:00.000-08:00

Four Seasons partners with Disney World to build resort
Mar 2, 2007

Associated Press - LAKE BUENA VISTA, Fla. – Four Seasons Hotels and Resorts will build a luxury hotel and 18-hole championship golf course along the northeast border of Walt Disney World, theme park officials said Thursday.

The Toronto-based luxury hotel chain is part of two expansion plans that will take eight to 10 years to fully develop and will include single- and multifamily vacation homes, fractional ownership homes and a 450-acre retail, dining and lodging district, said Meg Crofton, Disney World's president.

“This is a first-of-its kind development for our company,” Crofton said. “Four Seasons is a world-renowned brand known for its luxury and appeal.”

The number of jobs the two developments will bring to the area is unknown, Crofton said. Disney currently has 60,000 employees.

Four Seasons, with 74 hotels in 31 countries and two locations currently in Florida, will anchor a 900-acre development which already houses two golf courses. The hotel planned to open in 2010 could break ground later this year, Crofton said.

One of the existing golf courses will be upgraded into a championship course and the other will be renamed after the Four Seasons brand.

The second development will be roughly the size of Disney's Animal Kingdom and be located just outside the western entrance. About 4,500 time shares and hotel units will surround a pedestrian-friendly retail village that includes restaurants, shops and small-scale entertainment venues. Construction is slated for later this year.

“We chose this area because it's a great opportunity to further enhance the western entrance of our resort,” Crofton said. “We're currently putting the finishing touches on the design and then we will give this development a strong brand name.”

The World's Most Popular Tourist Destination

2007-11-19T10:37:00.000-08:00

Orlando, Florida - The World's Most Popular Tourist Destination

The city's nickname is "The City Beautiful". The city of Orlando is the county seat of Orange County, Florida. As of the 2000 census, the city had a total population of 185,951 (metropolitan area 1,644,561). A 2004 U.S. Census Estimates population count gave the city had a total population of 205,648 (metropolitan area nearly 1.8 million). It is the sixth-largest city in Florida, and its largest inland city. It is also at the head of the state's third-largest metropolitan area, behind Miami-Fort Lauderdale and Tampa-St. Petersburg. Additionally, Orlando is home to the second largest university in Florida, the University of Central Florida.

The city is best known for the tourist attractions in the area, particularly the nearby Walt Disney World Resort, which is in the Reedy Creek Improvement District. Other area attractions include SeaWorld and the Universal Orlando Resort, the latter of which is in Orlando proper. Despite being far from the main tourist attractions, downtown Orlando has recently seen much redevelopment, with many more projects currently under construction or planned.

History

Some historians date Orlando's name to around 1836 when a soldier named Orlando Reeves allegedly died in the area, during the war against the Seminole Indian tribe. It seems, however, that Orlando Reeves (sometimes Rees) operated a sugar mill and plantation about 30 miles (50 km) to the north at Spring Garden in Volusia County, and pioneer settlers simply found his name carved into a tree and assumed it was a marker for a grave site. They thus referred to the area as "Orlando's grave" and later simply "Orlando."

During the Second Seminole War, the U.S. Army established an outpost at Fort Gatlin, a few miles south of the modern downtown, in 1838. But, it was quickly abandoned when the war came to an end. The first permanent settler was cattleman Aaron Jernigan, who acquired land along Lake Holden by the terms of the Armed Occupation Act of 1842. But, most pioneers did not arrive until after the Third Seminole War in the 1850s.

Orlando remained a rural backwater during the Civil War, and suffered greatly during the Federal Blockade. And, most of the early residents made their living by cattle ranching. But, the Reconstruction Era brought a population explosion. This led to the city's incorporation in 1875. The period from 1875 to 1895 is remembered as Orlando's "Gilded Era," when it became the hub of Florida's citrus industry. But, a great freeze in the latter year forced many owners to give up their independent groves, thus consolidating holdings in the hands of a few "citrus barons" which shifted operations south, primarily around Lake Wales in Polk County.

The years between the Spanish American War and World War I saw Orlando become a popular resort, as Florida's largest inland city. During World War II, a number of Army personnel were stationed at the Pine Castle AAF, now the site of Orlando International Airport. Some of these servicemen stayed in Orlando to settle and raise families. In 1956 the aerospace/defense company Martin Marietta (now Lockheed Martin) established a plant in Orlando. In addition, Orlando is close enough to Patrick Air Force Base, Cape Canaveral Air Force Station, and Kennedy Space Center for residents to commute to work from the city's suburbs. It also allows easy access to Port Canaveral, an important cruise ship terminal. Because of its proximity to the innovative "Space Coast", many high-tech companies have shifted to the Orlando area.

The most critical event for Orlando's economy occurred in 1965 when Walt Disney announced the plans for Walt Disney World. The famous vacation resort opened in October, 1971, ushering in an explosive population and economic growth for the Orlando metropolitan area, which now encompasses Orange, Seminole, Osceola, and Lake counties. As a result, tourism became the centerpiece of the Orlando economy. In the hurricane season of 2004, Hurricanes Charley, Frances, and Jeanne battered the Orlando area, causing widespread damage and flooding and impeding tourism to the area.

Geography

Orlando Skyline at sunset, from SR-408Orlando is located at 28°32'1" North, 81°22'33" West (28.533513, -81.375789)1. According to the United States Census Bureau, the city has a total area of 261.5 km² (100.9 mi²). 242.2 km² (93.5 mi²) of it is land and 19.3 km² (7.5 mi²) of it is water. The total area is 7.39% water.

Orlando is rivaled only by the Twin Cities in the number of natural lakes to be found in its metropolitan area. The region Orlando occupies is generally low-lying, the only exception being minor sand hills formed by wave action in earlier geological eras when sea level was higher. These are found primarily in the western sections of the metropolitan area, especially in Lake County. The Orlando area is home to 100+ lakes, the largest of which are Lake Apopka, Eustis, Griffin, Harney, Harris, Jessup, Monroe, Saint Cloud, and Tohopekaliga. The area is also very prone to sink-holes due to the large number of underground limestone caverns that are located in the area. Many of the lakes started as sink holes in recent geologic history.

Climate

Orlando is considered to be in a subtropical climate zone. Summer high temperatures average in the low-to-mid 90s °F (mid-30s °C). Its proximity to the Atlantic Ocean in particular allows the Sea Breeze to cool it, but also keeping humidity high, keeping temperatures stable and making temperatures of 100 °F (38 °C) very rare. Its all-time record high temperature is 102 °F (39 °C), last achieved on May 31, 1945. 100 °F (38 °C) was last reached in 1998 for several days and peaking at 101 °F (38.3 °C) on July 2.

Winter temperatures are typically mild, with the jet stream bringing in frequent cold fronts. High temperatures typically fluctuate anywhere from 65 °F (18 °C) to 80 °F (27 °F). Below-freezing temperatures are uncommon, with snow almost a generational event. Orlando's all-time record low is 19 °F (-7 °C), last achieved on January 20, 1985. The last recorded snow event was on December 23, 1989, when light snow and sleet fell and the high temperature only reached 37 °F (2.5 °C) on Christmas Day. January is the only month in which a temperature of 90°F (32°C) has not been recorded.

The average annual rainfall for Orlando is 48.35 in (1198 mm). June through September is its "rainy season", accounted for by its location at the center of the Florida Peninsula, with the Gulf Breeze off the Gulf of Mexico and the Sea Breeze off the Atlantic Ocean colliding over the city in the summer, creating "pop-up" thunderstorms. December through May is considered Orlando's "dry season", with wildfires a danger particularly in May.

How buyers could save the housing market

2007-11-13T18:01:00.000-08:00

How buyers could save the housing market.

By BusinessWeek.com

With real estate on the skids, which matters more to potential buyers: Declining mortgage rates or falling home prices?

The housing market, like a bull in the ring, is wounded yet still powerful. It takes an experienced toreador to discern whether the beast will succumb to the knife or come charging back. The course it takes may hinge on which matters more to buyers: falling interest rates (a big positive) or fear of falling prices (a big negative).

For now, at least, housing construction is clearly in a localized recession. On Nov. 17, the Census Bureau announced that starts on construction of single-family homes plunged 14.6% in October, to the lowest level since July of 2000. On top of that, permits fell 6.3%, to the lowest level since December, 1997, indicating that construction could dip even further in the months ahead.

But that's not the end of the story. Buyers could still save the housing market, depending on how they react to current economic conditions. Mortgage rates, after rising at the beginning of this year, have dipped in recent months, from a peak of 6.8% on average for a 30-year fixed loan in July to 6.24% last month, according to FreddieMac. There's also speculation that the Federal Reserve could cut rates in the months ahead, if inflation is under control and the economy flags.

DIVIDED ECONOMISTS

If buyers take heart from the decline in mortgage rates and step up to buy, the backlog of unsold homes could shrink quickly -- especially with the production of new homes having abruptly fallen. That would put the market back on sound footing within a few months. On the other hand, if potential customers decide that an investment in housing is "dead money" because home prices are going to flatten or decline for an extended period, then no jiggering of interest rates is going to encourage them to part with their down payments.

Economists are sharply divided over the prospects for housing because they disagree over how potential buyers will react. Ian Shepherdson, chief North American economist of High-Frequency Economics in Valhalla, N.Y., is a bear on housing because he thinks the prospect of further price declines, or at least a lull, will scare away buyers. During the boom, he says, people were effectively being paid to buy homes because the annual appreciation they got was greater than the interest on their loans. That is no longer true.

But economists who are more bullish say buyers don't seem to be frightened despite the flood of bad publicity about housing. They point to the recent resilience of demand. For example, the Mortgage Bankers Association announced on Nov. 15 that its seasonally adjusted index of mortgages to purchase homes rose 2.7% in the week ended Nov. 10, to its highest level since July. The biggest factor: lower mortgage rates. Rates for 30-year fixed mortgages fell to 6.15%, their lowest since January, 2006.

WAITING FOR THE RECOVERY

And people are putting those mortgage loans to work: Sales of both new and existing homes are up from their summer lows. "We're probably seeing the turn. We're starting fewer homes even though we're continuing to sell them," says Michael Englund of Action Economics.

The housing slump is far from over, but the conditions for an eventual recovery are in place: Builders are sharply cutting back, and buyers are cautiously continuing to buy. That means the backlog of unsold homes should begin to diminish. The welcome decline in mortgage rates may seem small compared to the reversal in price trends, from soaring to sinking. But it appears enough to put at least some people back in a buying mood.

Peter Coy, economics editor for BusinessWeek.com

The Forcast: Charts

2007-11-13T11:18:00.000-08:00

The Forcast: Charts

People Watching

2007-11-13T10:59:00.000-08:00

People watching

Reports of Florida’s declining population boom are greatly exaggerated. That’s according to Stan Smith, director of the UF’s Bureau of Economic and Business Research. “There have been a number of news articles lately focusing on the idea that population growth in Florida has fallen off and practically come to a standstill, and that simply isn’t true,” says Smith. “Florida has a strong economy and adds jobs every year. That is a major factor in last year still being a big year for population growth, even though it was less than in the previous three years.” According to new UF research, Florida’s population grew by 331,000 between 2006 and 2007, or about 900 people per day. That’s slightly less than the 1,100-people-per-day rate recorded a few years ago. Florida’s total population is 18,680,367 as of April 1, 2007. Where are all these people going? To Orange, Miami-Dade and Hillsborough counties, according to UF. But in terms of growth rates, Flagler, Sumter and Osceola counties lead the state.

Foreign Assets

2007-11-13T10:48:00.000-08:00

Foreign assets

Good news from financial analysts: Foreign investment in real estate—particularly in Florida—is likely to pick up. So says Mark Vitner, chief economist for Charlotte, N.C.-based Wachovia Corp. “The dollar is on sale,” said Susan Wachter, a professor of real estate at the Wharton School at the University of Pennsylvania. She points to the declining value of the dollar against the euro—the currency of 13 European countries: Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal, Slovenia and Finland. Today, a foreign buyer would need only 34,100 euros to make a $50,000 downpayment on a house, compared to 37,920 euros to make the same downpayment at the beginning of the year.

What buyers want most in a home: air conditioning, over-sized garages and walk-in closets, according to NAR’s recent analysis of economic indicators.

Assessment of Florida Market

2007-11-13T10:41:00.000-08:00

Homebuilder executive assesses Florida market

FORT LAUDERDALE, Fla.
– Nov. 13, 2007 –

Three years ago, home builders held lotteries to deal with hordes of people, mostly short-term investors, overwhelming their sales centers. Today, with housing markets crashing, builders practically beg for buyers.

“During the boom, you were developing strategies to manage demand,” said Jill DiDonna, a vice president of Sunrise-based GL Homes. “Now your whole modus operandi is trying to stimulate demand. It’s come 180 degrees.”

GL has grown substantially since beginning as a small local company in 1976. At the end of 2006, GL was ranked as the 36th largest builder in the nation, according to Professional Builder magazine.

The privately held builder also is one of the largest in Palm Beach and Broward counties and is feeling the brunt of the slump because its business is concentrated in the Sunshine State. California, Nevada and Florida were out front in the housing boom and now are leading the downturn.

GL, with revenue last year of $871.7 million and about 250 employees, builds homes for young families and retirees in Broward, Palm Beach, Indian River, Lee and Hillsborough counties. About 35 percent of its business is the growing active-adult segment.

“People are still moving to Florida to retire, and retirees don’t have time to wait on the sidelines,” said DiDonna, 37, in her 14th year at GL.

She discussed the state of the home-building industry during an interview last week at the company’s headquarters. Portions of her answers are paraphrased.

Q: In your opinion, when will the housing market improve?

A: Home builders and sellers are reducing their prices. Over time, the market will be stimulated by that adjustment. How long do I think that will take? Eighteen months to two years.

Q: Until then, can builders afford to keep offering deep discounts?

A: Buyers’ psychology today is that they expect to get good deals. Very few sales are happening without incentives. We just sold 40 homes in Vero Beach. We knocked anywhere from $60,000 to $100,000 off the price of the homes. That seemed to be the magic number. If a house is selling for $300,000, and it cost you $250,000 to build, and you have to sell it for $225,000, at least you have some cash flow coming in. Something is better than nothing.

Q: Are there any silver linings in this slump?

A: The active-adult market is very encouraging. That 55-and-older segment hasn’t seen the downturn that other segments have. At our Valencia Pointe development in Boynton Beach, we’re selling 26 homes a month during season. I go in there when I’m really depressed.

Q: How can consumers take advantage of a buyer’s market?

A: Get pre-approved for a mortgage before making an offer. You will have more credibility. Base your offer on something, like a comparable sale. Negotiate for items that carry value and affect the total purchase price, such as lot premiums, options, closing costs, deposit requirements, closing dates and interest rates. Builders are motivated by quick closings. If you can close quickly, that can play to your advantage in negotiations.

Q: What tactics should buyers avoid?

A: Don’t lowball. It gets the process off to a bad start, and builders won’t take you seriously. Don’t expect the builder to rebuild the house for you to include some unusual feature. Don’t blow the deal over $10,000 or $15,000 when you’ve already negotiated significant savings. Finally, don’t expect that a home will be there when you’re ready. Unique properties at the right price will sell quickly.

Copyright © 2007 South Florida Sun-Sentinel, Paul Owers. Distributed by McClatchy-Tribune Information Services. Staff Researcher Barbara Hijek contributed to this story.

Median Price of Existing Homes Slips to 2006 Levels

2007-11-10T08:56:00.000-08:00

Median Price of Existing Homes Slips to 2006 Levels
(Orlando Sentinel, Apr. 10th):

"Orlando Regional Realtors Association: The median price of Orlando area existing homes sold in March slipped to 2006 levels, $240,000… Sales of homes and condos rose to 1,665 in March from 1,541 in February in the core Orlando market as the spring selling season kicked off. But that was down 42% from March 2006… The number of homes for sale by local Realtors rose to a record 23,547 from a revised 22,055 in February, up 1,492, a 14-month supply at the recent sales pace… The local Realtor group's affordability index rose to 93.6% in March from 87.1% in February."

First-Time Buyers can be in the Money

2007-11-09T05:55:00.000-08:00

First-time buyers can be in the money!

While credit standards have clenched up, driving many too-lax lenders from the field, plenty of financiers are looking for customers, say home lenders.

“It’s a very good time for first-time buyers,” said Susan Wommack, national account manager with LoanSifter.com, an industry database business in Little Chute, Wis. “The lenders who are still standing are very competitive, and service levels have gone up, too.”

“For people with good credit, who’ve shown some responsibility, and have some income to work with, there’s plenty of money,” said Kevin Kubacki, senior loan officer with Pyramax bank in Greenfield, Wis.

Because a reliable history of meeting mortgage payments weighs heavily in calculating credit scores, first-time buyers are at a bit of a disadvantage, he added, typically landing between 620 and 680.

That limits the types of mortgages that borrowers can get more than the interest rates they’ll pay. For instance, a first-time buyer hoping to snag a relatively rare no-down-payment loan these days hasn’t a prayer with a credit score of less than 680.

Kubacki and other lenders say that first-timers are finding good luck with government programs specifically geared for them, such as those offered by the Federal Housing Administration.

Restrictions are geared to include as many first-time buyers as possible, because that’s the whole point of such programs, lenders say.

Coming up with the downpayment can be hard.

“The 100 percent financing programs have been popular, but people are rightfully wary of those, so we are returning to a 3 percent or 5 percent downpayment,” said Joni VonAsten, underwriting processor and closing supervisor for Wisconsin Mortgage Corp. in Brookfield, Wis. “We’re going back to the standards that have always been in place.”

Key lending ratios for first-time borrowers

• Total debt - including student loans ¬ shouldn’t exceed 50 percent of gross monthly income. That includes property taxes and insurance.

• Total housing payments ¬ including property taxes and insurance - shouldn’t exceed 34 percent of gross monthly income.

© 2007 Milwaukee Journal Sentinel, Joanne Cleaver. Distributed by McClatchy-Tribune News Service.

Selling Your Home

2007-11-09T05:22:00.000-08:00

Selling Your Home

Want to get the best price for your home? Here's a quick list of things you can do to ensure the best sales price and a speedy sale!

To figure your estimated proceeds of selling your home, click here.

Grounds and Exterior

* A fresh coat of paint for your home, garage, and fences

* Lawn trimmed, weeds pulled from beds, and yard clear of debris

* Gutters sealed and downspouts clean

* Polish door brass, paint worn trim or rusty mail box Clean all window and door storms and screens

Inside Your Home

* Paint inside walls and woodwork

* Oil doors, tighten loose cabinet knobs, take out removable stains

* Check that all windows, doors, and drawers can be easily opened and closed

* Replace damaged floor tiles, clean soiled carpeting

* Tighten leaky faucets, repair or replace faulty wall switches, outlets, light fixtures and appliances that will stay with the home

* Scrub bathroom tiles and grout, polish faucets, keep toiletries and medicines in their chest, and laundry items in a closed hamper

* Clean windows and keep closets, basement, and garage clear of clutter

* You may also want to have a garage sale to rid you of items you've accumulated over the years prior to showing your home.

Buying a Home Tips

2007-11-09T05:10:00.000-08:00

Buying a Home

It's probably the biggest investment you'll ever make with long-term financial ramifications. It calls for many informed decisions and for good advice from a real estate professional.

Members of the Orlando Regional Realtor® Association (ORRA) are real estate professionals who belong to the National Association of Realtors® and subscribe to its strict Code of Ethics. Not all real estate brokers and agents are Realtors®. To make sure you're working with one, look for the federally registered membership mark Realtor®.

ORRA members also are required to complete six hours of specialized Legal Liability training every two years. This mandatory education enables Realtors® to better serve you.

To figure your estmated costs of buying your home, click here.

When buying a home, here's what you can learn from a Realtor®'s knowledge and skill:*

*A Realtor® can help you determine how much home you can actually afford. Often, a Realtor® can suggest additional ways to accrue the down payment and explain alternative financing methods.

* A Realtor® can help you determine the home best suited to your family's needs and size, style, features, location, accessibility to schools, transportation, shopping, etc.

* Realtor® has access to thousands of listings of available homes, and can match the features of currently listed homes with your needs and within your price range, saving you time and frustration on unsuitable homes.

* A Realtor® can offer suggestions on how, with a few simple changes, a home could be made more suitable for you and improve its utility and value.

* A Realtor® can supply information on real estate values, taxes, utility costs, municipal services and facilities, and may be aware of proposed zoning changes that could affect your decision to buy.

* A Realtor® has no emotional ties to the homes he or she shows, can be objective about them, and can point out advantages and disadvantages while answering your questions.

* A Realtor® usually knows his or her local money market and can tell you about financing.

*A Realtor® can also tell you what personal and financial data to bring with you when applying for a loan.

* A Realtor® can help you better understand the closing process by explaining it all before you get to the closing table.

Orlando Offers the Perfect Escape for Couples.

2007-11-08T16:51:00.000-08:00

Orlando Offers the Perfect Escape for Couples.

Imagine breakfasting together in flight at sunrise, with orange and red blanketing the sky. Then, lounge by the pool, soaking up the warm Orlando weather. Paddle your way to lunch at noon, surround yourselves with dolphins in the afternoon, and finish the night with warm fondue. And that’s just one day. For couples, the options are endless in Orlando.

Enjoy a seafood entrée soaked in light garlic sauce with a red velvet cake for dessert at Seasons 52. Celebrate an anniversary at The Melting Pot, and take turns dipping fresh strawberries in chocolate and French bread in a savory cheese. Orlando offers plenty of opportunities for a romantic dinner in a magical setting.

Bobs Balloon Flights, Magic Sunrise Ballooning and Orlando Balloon Rides located near the Walt Disney World Resort area, offer daily hot air balloon rides at sunrise which include champagne and breakfast. Lake Eola features a breathtaking view of downtown, with picnic settings and paddle boat rentals. Or head to Winter Park to stroll down the streets of Park Ave. Walk hand-in-hand while browsing through an array of local shops, and then relax at a café with a pastry and tea. Spend an evening at Downtown Disney having dinner in a romantic setting at the Portobello Yacht Club, and afterwards, enjoy a night of entertainment by Cirque de Soleil and their mesmerizing acrobatics and costumes.

Orlando’s theme parks offer plenty of fun for adults, too. From high-energy thrill rides to spectacular shows and parades, grown-ups will find adventures just from them.

Enjoy pampering treatments and massages at a number of resort spas located throughout the Orlando area. The Canyon Ranch SpaClub at Gaylord Palms offers special “two-by-two couple therapies” where you can enjoy the massage treatment of your choice alongside your significant other. You’ll want to be a newlywed again at the Spa at Buena Vista Palace, which offers a special package for couples including a “Chocolate Blitz Scrub & Wrap,” followed by a couples’ massage in an outdoor private cabana. Then spend a few hours relaxing by a private pool and dining on a gourmet lunch. Other area spas include: The Ritz-Carlton Spa, Grand Floridian Spa & Health Club, Papillon the Spa at Westgate Lakes Resort, Mandara Spa at Portofino Bay Hotel and Mandara Spa at the Walt Disney World Dolphin.

Make plans to attend spectacular performances by the Orlando Ballet, the Orlando Opera or the Orlando Philharmonic. Or, for edgier entertainment, explore the Orlando International Fringe Festival or the annual Florida Music Festival. Just be sure to leave time to explore the Unexpected Orlando.

Relax after a long day at The Blue Martini in The Mall at Millenia. Enjoy a night out at Glo Lounge Orlando which has 50-inch plasma screens, billiard tables, VIP couches and one of the best in town. From the streets of downtown Orlando to the entertainment complexes at area theme parks, Orlando offers plenty of places to party the night away.

With an impressive collection of dining experiences, luxurious resorts and spas, and remarkable entertainment options, couples can rekindle their relationship with an array of vacation options in Orlando.

Everyone Can be a Kid Again in Orlando!

2007-11-08T16:44:00.000-08:00

Everyone Can be a Kid Again in Orlando!

Parents, you might think you are planning an Orlando vacation for your kids but, we bet that once you get here, you’ll realize that this trip is just what you needed, too! After all, where else but Orlando can you race your kids from exciting ride to breathtaking show one day and sneak away guilt-free for a round of golf, a spa treatment, relaxing dinner or show the next? In a destination built especially for families, you will find that childhood is a place you can revisit time and again as you reconnect with your own children in this magical place where fantasy and reality meet.

Whether you are traveling with a star-struck toddler who dreams of meeting fairytale princesses, an adventure-seeking pre-teen who wants an amazing animal encounter, or a hard-to-impress teenager who feels the need for speed and high-tech thrills, you will find that Orlando offers unique adventures for kids of all ages. But, don’t worry - Orlando’s theme parks also offer plenty of fun for grown-ups, too.

The fun extends far beyond our theme parks for visitors of all ages. Enjoy a night out on the town or soak up some culture while your kids laugh the night away in one of our great hotel and resort childcare options – ranging from Kids' Clubs to private in-room childcare providers. Or use your vacation to embark on a new adventure as a family like hang gliding or sky diving.
Take your next vacation in place where families can just be, well, families.

Mortgage Probe

2007-11-08T11:34:00.000-08:00

NY subpoenas Fannie and Freddie in mortgage probe
Wednesday November 7, 1:10 pm ET
By Patrick Rucker and Paritosh Bansal

WASHINGTON/NEW YORK (Reuters) - New York Attorney General Andrew Cuomo announced on Wednesday that his office was sending subpoenas to Fannie Mae (NYSE:FNM - News) and Freddie Mac (NYSE:FRE - News) as part of his expanding probe of the home mortgage industry.
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The subpoenas seek information on the mortgage loans that the two companies purchased from banks, including Washington Mutual (NYSE:WM - News), Cuomo said.

The two government-sponsored enterprises also have agreed to a demand by Cuomo that they retain an independent examiner to conduct a review of all Washington Mutual appraisals and mortgages purchased by the companies, Cuomo said.

Last week, Cuomo sued First American Corp (NYSE:FAF - News) and one of its units for allegedly colluding with Washington Mutual, known as WaMu, to inflate the appraisal values of homes. WaMu, the largest U.S. savings and loan, was not named as a defendant.

"In order to fulfill their duty to consumers and investors, Fannie Mae and Freddie Mac must ensure that Washington Mutual's mortgages have not been corrupted by inflated appraisals," the attorney general said in a statement.

The subpoenas also seek information on the due diligence practices of Fannie Mae and Freddie Mac, and their valuations of appraisals, he said.

Washington Mutual stock was down nearly 13 percent, falling $3.13 to $21.10, on the New York Stock Exchange. Fannie Mae stock was down 7.8 percent at $51, while Freddie Mac was off 5.5 percent at $46.70, also on the NYSE.

In a statement, Fannie Mae said that it would cooperate fully with Cuomo's probe.

"It is against our interest to purchase or guarantee mortgages with inflated appraisals, and so it is in Fannie Mae's interest that these appraisal practices be investigated," the company said.

Neither Freddie Mac nor Washington Mutual was immediately available for comment.

Cuomo was Secretary of Housing and Urban Development under U.S. President Bill Clinton. The development is the latest outcome of Cuomo's ongoing, nine-month probe into the mortgage industry.

Fannie and Freddie are known as government-sponsored enterprises because the publicly traded firms also hold federal charters to add liquidity to the homes market and contribute to affordable housing.

The lawsuit filed last week against First American, brought in New York Supreme Court, alleged that the company and its real estate appraisal subsidiary, eAppraiseIT, violated appraiser independence laws.

In its mortgage investigation, the New York attorney general's office has sent hundreds of subpoenas and has uncovered "fundamental flaws" in two areas of the market -- appraisals and securitization of mortgage loans, officials have said.

(Additional reporting by Martha Graybow and Joseph Giannone)

Latest on the Market

2007-11-08T11:19:00.000-08:00

Market watch

Housing industry analysts predicted the subprime mortgage crisis would affect home sales in September. By all accounts, they were right. Existing home sales in Florida plummeted 38% in September compared to a year ago, with 8,688 single-family homes changing hands. The median price fell 9% to $243,300. Sales of existing condominiums also decreased last month, with 2,557 condos sold statewide compared to 4,032 in September 2006 for a 37% decline. The statewide median sales price for condos was $194,200, down 4% from a year ago.

Nationally, single-family home sales dropped 8.6% to a seasonally adjusted annual rate of 4.38 million in September from a pace of 4.79 million in August, and are 19.8% below the 5.46 million-unit pace in September 2006. The median existing single-family home price was $210,200 in September, down 4.9% from a year ago. Existing condominium and co-op sales fell 4.3% to a seasonally adjusted annual rate of 660,000 units in September from 690,000 in August, and are 14.7% below the 774,000-unit level in September 2006. The median existing condo price was $221,700 in September, up 1.4% from a year ago. “Although sales are off from an unsustainable peak in 2005, there is a historically high level of home sales taking place this year,” says NAR Senior Economist Lawrence Yun. “One out of 16 American households is buying a home this year.”
Contrary to analysts’ expectations, sales of new homes nationwide rebounded in September from summer sales levels that were much weaker than previously reported, the Commerce Department reported last week. Sales increased 4.8% to a seasonally adjusted annual rate of 770,000 from a revised 735,000 in August, an 11-year low. Sales of new homes are down 23.3% in the past year. The sales figures do not account for canceled sales contracts, which have surged in recent months. Builders have reported cancellation rates as high as 68%. The median price of a new home rose 5% in September to $238,000.
Homebuilders weigh in on housing trends. Tighter lending standards and reduced availability of credit will complicate—but not derail—a national recovery in the housing market, according to the National Association of Home Builders' (NAHB) state and metro economic forecast [http://housingeconomics.com]. The impact on housing markets will come in two forms, says NAHB Chief Economist David Seiders. First, tightened lending standards have already reduced the availability of loans overall and raised the price to riskier borrowers. A second effect, with the potential for a persistent cycle of defaults and price declines, will depend on the level of exposure to these loans, the current house price environment and the strength of the local economy.
Bright spot. This week, the U.S. Commerce Department is expected to report that the U.S. economy grew by at least 3% in the third quarter, which would meet what economists deem the country's natural growth rate. With the exception of the housing market, much of the economy has shown little need for a boost from cheaper loans. Still, investors expect the Federal Reserve to lower the benchmark federal funds rate to 4.5% later this week as a preventive measure to head off a more serious downturn. Fed Chairman Ben Bernanke has reiterated on several occasions that declining home prices—coupled with other problems such as tightening credit markets and rising oil prices—could undermine other parts of the economy, warranting stronger action by the Fed.

Orlando Real Estate Market

2007-11-06T06:39:00.000-08:00

Weekly Market Update 11-02-07

Posted by Lionel Anderson at 11/2/2007 8:47 AM

The Real Estate Market Synopsis

Over Corrections in Lending Standards Will Hurt Future Real Estate Market

Orlando's real estate market is suffering and things are not going to getting better any time soon, especially with the lame property tax package offered for approval on January 29th, 2008. For instance, like any industry, we are looking at future bookings to judge the times to come. Travel agents look at booking, businesses look at orders, and hotels look at future reservations to see where things will be going in the near future. Looking at the current pending home inventory (homes under contract) for Lake, Orange, Seminole and Volusia counties and comparing them to last year, we are looking at a 38% drop. This is a serious drop in future sales. Based on these numbers, the area can expect a very tough real estate market for the next four months or more.

I applaud the Fed's decision to reduce rates by 25 basis points, however this is not going to do very much for the home buyer in the future. Increased lending standards and frozen down payment assistance programs are going to hurt the home buyer and the real estate market. I am the first one to agree that the lending standards, or lack thereof in the past, have caused much of the problems we are experiencing. But, an over correction is going to take the real estate market into a deep depression.

Here are the facts. A lot of homebuyers have credit challenges and have little to no down payment funds. Many non-profit organizations used to exist to provide seller-financed down payment assistance to many buyers who did not have any money to buy a home (some of which needed to be shut down because they were organized scams). HUD and the IRS are trying to shut down many or all of the legitimate programs which will prevent many buyers to buy homes. This move will only add to the misery.

For helpful information on down payment assistance programs, click here.

The reason that 100% finance programs were created is because of the lack of home buyer down payment funds. In addition, they are also the result of the government's push to increase home ownership. According to the online realtor magazine, some are fighting, including the case where a judge stymies ban on down payment assistance. But, the way foreclosures are hitting the market, we are going to see a ban on these programs before it's all over.

Three main problems:

Huge surplus inventory
Stricter lending standards
No down payment assistance programs

These three problems equal many more years of trouble for the real estate industry. Where will the buyers come from to buy off the huge inventory of homes if they cannot qualify for funds? What happens when they do not have any down payment assistance that was once available in the past to help them qualify for further funds? Because of the ultra liberal lending standards over the past five years, new measures will cause the lending pendulum to totally swing to the other side. This will cause trouble in the housing industry which will undoubtedly impact the rest of the economy.

Why your home not selling;

Home Prices are too high
Property taxes are too high
Insurance is too expensive
Lending standards are too tough
Lack of down payment on behalf of the borrower

The question is – what will give first? Right now, we are seeing home prices tumbling. This will continue for some time to come until first time home buyers can once again afford to move into a home without getting over their head with debt ratios.

General Market Indicators

I have some great news to report in regard to the overall resale inventory. The resale inventory of unsold homes dropped by 400 homes since last week. This is great news! As well, there is a 47% drop in new construction, which will help when scarcity of supply sets in. This will get buyers to jump off the fence. However, do not get too excited, as we still have a long way to go.
Compared to last October, here are the following figures for resale volume and average home price for each of the four main counties.

Seminole County experienced a 58% drop in resale volume and a 9% drop in the average home price.

Orange County experienced a 56% drop in resale volume and a 4% drop in the average home price.

Volusia County shows a 41% drop in resale volume and an 18% drop in the average home price.

Lake County actually fared the best with only a 28% drop in resale volume and a 12% drop in the average home price.

The numbers speak for themselves. The way the industry is headed, we are not going to see a turnaround for quite a long time to come. We're talking several years away at best.

Orlando Home Buyers

2007-11-05T14:14:00.000-08:00

Orlando Home Buyers

Buying a home is more than likely going to be one of the single most important investments of your life. It is crucial that you educate yourself on how to maximize your buying potential and make the most of your investment.

Orlando Home Buyers Protect Yourself - Your Real Estate Agent is Free!

Sellers have real estate agents representing them - Have Lionel represent you! As your exclusive Orlando Real Estate Agent, Lionel will consult with you and help you find not only the perfect home, but the perfect location as well.

In buying your dream home Lionel will help you with considerations such as commutes, schools, community features & more to find the best home meeting your needs.

What you can expect from Lionel as your Real Estate agent:

1. Help you secure Mortgage Per-Qualification or Pre-Approval
2. Represent you and your interests
3. Discuss your needs, wants, and concerns
4. Help you locate homes matching your criteria
5. Schedule and plan viewings of homes
6. Stay in regular communication with you at the same time keep you informed regarding: current market conditions, new homes for sale, recently sold homes in your areas of interest.
7. Help you determine the price you should pay for a specific home in today’s market.
8. Negotiate on your behalf to protect your investment as if it were my own.
9. Represent you and your interests during the Home Inspections Process.
10. Provide you information on Homeowners insurance and Home Warranties.
11. Discuss and follow up with you on aspects of the Closing process of your home

Tax Benefits Of Owning A vacation Home

2007-11-05T14:00:00.000-08:00

Tax benefits of owning a vacation home.

Owning a vacation home can provide significant tax advantages. How often you use the home and how much you rent it are the primary determinants of your vacation home’s tax treatment. The Florida Institute of Certified Public Accountants (FICPA) explains what you need to know to gain maximum tax advantage from your vacation property.

MINIMAL RENTAL BRINGS TAX-FREE INCOME

If you rent your vacation home for fewer than 15 days during the year, any rental income you earn is tax-free. You don’t even have to show it on your tax return.
In terms of mortgage interest and property taxes, a vacation home used mainly for personal purposes receives the same tax treatment as your primary residence. You may fully deduct mortgage interest on up to $1 million of acquisition mortgage debt on your first and second home. Property taxes also are deductible, but you cannot write off any rental-related expenses.

RENTING MORE THAN 14 DAYS

If you rent your vacation home for more than 14 days per year and your personal use of the place exceeds 14 days per year or 10 percent of the number of days it is rented, whichever is greater, all rental payments are included in income, and limited rental expenses may be deducted. You may be able to write off certain rental-related expenses, but only up to the amount of your rental income. Expenses that relate only to renting, such as advertising and commissions paid to a rental agent, may be fully deducted. Next, mortgage interest and property taxes, which are deductible whether or not the property is rented, are allocated between rental and personal usage. Finally, all other expenses, such as insurance, maintenance and repairs that apply to the property itself must be allocated between rental and personal use. Expenses that cannot be currently deducted may be carried forward to future years.

PERSONAL USE MAY BE MORE THAN MEETS THE EYE

Be aware that when you allow family members to stay in your vacation home, you must count any part of the day the home is used by parents, siblings, children, grandparents and grandchildren as personal time, regardless of how much they pay for the privilege. If a friend rents your home for less than the fair market rate, that also counts as personal use. On the other hand, days spent at your vacation home to make repairs do not count as personal use. This is true even if other family members use the home during the same time for recreational purposes.

LIMITED PERSONAL USE LEADS TO GREATER TAX BENEFITS

If you do not use your vacation home for personal purposes for the greater of more than 14 days during the year or more than 10 percent of the number of days the home is rented, the limitation rules do not apply. However, restriction of expenses still may apply if the rental of the residence is not engaged in for profit. If the status of your property qualifies as rental property, it is possible for you to write off more expenses – up to $25,000 in excess of your rental income, if you actually manage the property. There are additional rules regarding the order in which you must deduct your expenses and actively manage the property to qualify for the deduction.

CONSULT WITH A CPA

Owning a vacation home requires attention to many tax details. For guidance in your tax-planning efforts and to help you make the most of the tax benefits available to you, please consult with a CPA in your area.

*Source - Florida Institute of Certified Public Accountants

Lowest Priced In Seven Dwarfs!

2007-10-27T20:41:00.000-07:00

OWNER IS VERY MOTIVATED TO SELL!

THIS IS A BRILLIANT OPPORTUNITY!* $35,000.00 BELOW THE BUILDERS PRICE!

****$185,000 for this 3bed/2bath****

*Gorgeous brand new, fully furnished townhome. A vacation home dream location! Only 4 miles from Disney. Fantastic clubhouse amenities include a heated pool, complete entertainment center, tennis, rec. area, volleyball, cyber and fitness center.

Townhome Property, Subdivision: VILLAS AT SEVEN DWARFS

County: OS, Year Built: 2006, Central air conditioning.

Listing Details: http://www.latarealty.com/properties.asp?subid=4997

For more information or to view this listing please contact Lionel at 1-866-286-7105

Selling Waayyy Below Appraised Value!

2007-10-27T10:59:00.000-07:00

Great Home for you!~Brand New~LOCATION..LOCATION this is it. A perfect vacation home 5 minutes from Disney. Fully furnished & all appliances, with Splash Pool. Magnificent Resort Clubhouse with Great Ameneties.Condo/Townhome/Coop Property, Subdivision: ENCANTADA, County: OS, Year Built: 2006, Central air conditioning, Swimming pool(s), Community swimming pool(s)

This beautiful 3bed/2bath town home has it's own in ground heated pool. Completely furnished with all fixtures and fittings.

Priced at $349,000 it is a steal. Come with your offers.

Encantada is a Resort community located in Orlando / Kissimmee, FL just minutes from the Walt Disney World Resort.

Listing Details: http://www.latarealty.com/properties.asp?subid=9114

Related Information: http://www.latarealty.com/Encantada.html

For more information or to view this listing please contact Lionel at 1-866-286-7105

Urgent Sale, Seller Very Motivated!

2007-10-27T10:13:00.001-07:00

Trafalgar Village is a very desirable upscale Short Term rental community, with an on site Commercial Village, a scuba diving lagoon, club house with movie theatre, fitness center, large lake(fishing & row boat) and many more ameneties!

The home is a 4bed/3bath on a great corner lot. Home location is very close to the clubhouse amenities. The home is completely furnished with all furniture and fixtures and fittings. The home has a beautiful heated pool and spa with a covered lanai.

Priced at $367,000 plus buyer incentives of $10,000Located in Orlando / Kissimmee, FL just minutes from the Walt Disney World Resort.

Listing Details: http://www.latarealty.com/property.asp?agent=3008&property=res4171

Related Information: http://www.latarealty.com/TrafalgarVillage.html

For more information or to view this listing please contact Lionel at 1-866-286-7105