New report: Amendment 4 passage would have ‘devastating consequences’

Cape Coral Century 21 Birchwood Realty Rick Swift Realtor "Where your new home begins"
239-357-1844 http://www.rickswift.com/

New report: Amendment 4 passage would have ‘devastating consequences’


TALLAHASSEE, Fla. – Oct. 21, 2010 – Florida TaxWatch released a new report this morning on the potential outcome of Amendment 4 passage on Nov. 2. According to the report, passage would severely harm the state’s economic recovery, future job creation, and dampen personal income.
The economic impact analysis, "Land Use Planning by Referendum: The Economic Consequences of Amendment 4" – conducted by the Florida Council of Economic Advisors at Florida TaxWatch and a team of researchers from the Haas Center at the University of West Florida – explains the future if Amendment 4 passes, which would require voter approval of all changes to local comprehensive land use plans that cities and counties use as a specific outline for future development.
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=249079&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+floridarealtors+%28Florida+Realtors%29

What does the foreclosure crisis mean to you?

Cape Coral Century 21 Birchwood Realty Rick Swift Realtor "Where your new home begins"
239-357-1844 http://www.rickswift.com/ http://www.rickswift.listingbook.com/


By M.P. MCQUEEN, MARY PILON and JESSICA SILVER-GREENBERG
Wall Street Journal


For the vast majority of homeowners, new questions about the state of foreclosures appear to be irrelevant. Few people seem to have been wrongly thrown out of their homes, and those who have been are generally months or years behind on their mortgage payments.
But the fallout from the crisis is beginning to be felt in real-estate markets across the country, particularly in places dominated by vacation homes and investment properties. Some of the worst-hit areas could be Western ski towns, because fall is the busiest time of the year for sales.
By the Numbers

27%

Percentage of total home sales in 2009 that were second homes.

30%

Percentage of total mortgage defaults attributable to second-home and investment properties.

4.57%

Percentage of mortgages in some state of the foreclosure process, June 2010.

9.4 Months

The average amount of time from default until foreclosure proceedings begin on a "jumbo" mortgage loan.

.Real-estate salespeople in some of those places are worried. "September and October are usually the height of the selling-season for us," says Rich Armstrong, who owns the brokerage Rare Properties in Jackson Hole, Wyo. "Now we are seeing a number of what we call 'fence sitters,' people who would have leapt in even a month ago, but now are waiting on the sidelines."
http://online.wsj.com/article/SB10001424052702303339504575566842307890662.html

Housing most affordable in more than 40 years

Cape Coral Century 21 Birchwood Realty Rick Swift Realtor "Where your new home begins"
239-357-1844 http://www.rickswift.listingbook.com/  http://www.rickswift.com/


SAN FRANCISCO – Oct. 13, 2010 – Beacon Economics’ new Beacon Economics Home Affordability Index finds that in August homes were at their most affordable level since data became available (1969). Beacon Economics developed the Beacon Economics Home Affordability Index based on the percentage of income an average family would need in order to make mortgage payments on an average priced home.


The August estimate shows the cost of homeownership (mortgage interest plus principal payments after a 20 percent downpayment) falling to 16.9 percent from 17.1 percent in July. Overall, the Beacon Economics Home Affordability Index has remained below 20 percent for the past twenty-one months.

“Home affordability has reached an historic high,” says Beacon Economics Founding Principal Christopher Thornberg. “Nationwide, prices are down approximately 25 percent from their peak, and mortgage financing rates are at all-time lows.” Moreover, the high level of affordability is likely to drive demand and reduce the stock of excess inventory, ultimately resulting in the need for new housing, a rise in prices, and a pickup in new construction, according to Thornberg.



http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=248778&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+floridarealtors+%28Florida+Realtors%29

WASHINGTON – Oct. 15, 2010 – Nearly eight out of 10 respondents believe buying a home is a good financial decision,

Cape Coral Century 21 Birchwood Realty Rick Swift Realtor "Where your new home begins"


NAR: Nearly 8 in 10 Americans think buying a home makes good financial sense


WASHINGTON – Oct. 15, 2010 – Nearly eight out of 10 respondents believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. That’s according to the 2010 National Housing Pulse Survey, an annual report released by the National Association of Realtors®.
The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70 percent of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership.
“The real issue facing the nation’s economy right now is that many Americans can’t find meaningful work to support their families,” said NAR President Vicki Cox Golder. “While a job recovery is what’s needed right now to get the economy and housing market back on the right track, owning a home continues to be part of the American Dream and one of the best long-term investments in your future.”
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=248883

Families will suffer if foreclosure freeze continues

Cape Coral Century 21 Birchwood Realty Rick Swift Realtor
 "Where your new home begins"
http://www.rickswift.com/ http://www.rickswift.listingbook.com/



NAR: Families will suffer if foreclosure freeze continues


WASHINGTON – Oct. 13, 2010 – Thousands of first-time and move-up buyers who hoped to make a foreclosed property their new home now face uncertainty, anxiety and possibly remorse as they worry that closing could be in jeopardy.
For many, the dream of homeownership could turn into agony if their home purchase is indefinitely delayed by a moratorium on foreclosures declared by some banks, the National Association of Realtors® said yesterday. The moratoriums are needed, banks say, to review all of the foreclosures in their portfolios to make sure they’re in compliance with the law and that titles are clear.
NAR warned that a prolonged review process would have a damaging impact on many communities and hinder the nation’s economic recovery.
“As the leading advocate for homeownership issues, we understand that many lenders need a time-out to review their actions to ensure that homeowners are not improperly foreclosed on and that the lenders are following regulations and state laws. After that, the foreclosure process must resume quickly to return stability to families, the housing market and the economy,” said NAR President Vicki Cox Golder.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=248790&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+floridarealtors+%28Florida+Realtors%29

Internal Revenue Service Statistics of Income (SOI) data, NAHB studied how housing tax deductions benefit different age groups. The analysis found that pro-housing policies benefit younger households most – homeowners who typically have large mortgages, a small amount of equity and growing families.

Cape Coral Century 21 Birchwood Realty Rick Swift Realtor "Where your new home begins"
http://www.rickswift.com/  http://www.rickswift.listingbook.com/  239-357-1844


Housing tax credits benefit young most


WASHINGTON – Oct. 5, 2010 – New research from the National Association of Home Builders (NAHB) finds that the benefits of housing-related tax deductions, such as the mortgage interest deduction, generally decline in value as individuals age.
Using Internal Revenue Service Statistics of Income (SOI) data, NAHB studied how housing tax deductions benefit different age groups. The analysis found that pro-housing policies benefit younger households most – homeowners who typically have large mortgages, a small amount of equity and growing families.
“Opponents falsely argue that the (mortgage interest) deduction is only for the wealthy, but it is clear that the mortgage interest deduction is also of great value to younger homeowners,” says Robert Dietz, assistant vice president for Tax and Policy Issues for NAHB. “Any tampering with this deduction would have a disproportionate impact, as a share of household income, on younger homeowners … (and) these are households who have growing demand for homeownership due to marriages and children.”


http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=248374&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+floridarealtors+%28Florida+Realtors%29

UNBELIEVABLE!!! where does Washington get their numbers from

Cape Coral Century 21 Birchwood Realty Rick Swift Realtor "Where your new home begins"  http://www.rickswift.com/


UNBELIEVABLE!!! where does Washington get their numbers from
taxes in Florida based on 182,400 median home price and taxes only 1773. a year.  sign me up with three quarters of the population to follow I'M homesteaded and it's alot more than 1773 dollars for the taxes  must have got their numbers from 2005 or a political office where's my refund

Fla. property taxes not high, not low


WASHINGTON – Oct. 4, 2010 – Using 2009 U.S. Census data, the nonprofit Tax Foundation created a state-by-state comparison of property taxes using three criteria: median property tax paid, property tax as percentage of a home’s worth, and property tax as a percentage of median income. In all three comparisons, Florida ranked around the middle, New Jersey came in at No. 1 for most expensive, and Louisiana finished at No. 50.
The median property tax paid on a home in Florida was $1,773, which puts the state at No. 23 in the state-by-state comparison. New Jersey ranked No. 1 with the median homeowner paying $6,579; in No. 50, Louisiana, the median homeowner shelled out only $243. The median property tax nationwide was $1,917.
As a percentage of the home’s value, Florida ranked No. 22 based on a median home price of $182,400. New Jersey again ranked No. 1 based on a median price of $348,300, while Louisiana’s median home value was $135,400. The national median home value used for the study was $185,200.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=248239&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+floridarealtors+%28Florida+Realtors%29

Bank of America says it is delaying foreclosures in 23 states

Cape Coral Century 21 Birchwood Realty Rick Swift Realtor "Where your new home begins"
http://www.rickswift.com/    http://www.rickswift.listingbook.com/   239-357-1844

WASHINGTON (AP): Bank of America says it is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents.
Bank of America is not yet able to estimate how many homeowners cases will be affected, a spokesman for the nation's largest bank says.
A bank official acknowledged in a legal proceeding in February that she signed up to 8,000 foreclosure documents a month and typically didn't read them.
The Associated Press obtained the document Friday.
The executive's admission adds the nation's largest bank to a growing list of mortgage companies whose employees signed documents in foreclosure cases without verifying the information in them.