Sales of Existing Homes Report

NAR reported last week that the sales rate for existing homes rose about 12.3 percent from November 2010 to December 2010, but fell 2.9 percent compared to December 2009. The median price of existing homes dropped about 1 percent year-over-year in December, to $168,800.
Sales of new single-family homes were up an estimated 17.5 percent from November 2010 to December 2010 and fell about 7.6 percent year-over-year in December, the U.S. Census Bureau and Housing and Urban Development Department reported Wednesday. The median price rose about 8.5 percent year-over-year in December, to $241,500.

For more information about real estate in Florida Panhandle, go to http://www.destinhomerealtor.com/ or send an email to MykeSaysSold@aol.com

Source:  Inman News

Real Estate Inventory is Dropping in Florida Panhandle

Inventory is dropping in many of the more desirable places in Northwest Florida with the arrival of the F35 at Eglin AFB and with the arrival of additional military with 7th Special Forces at Duke Field in Crestview.  The time for dropping prices seems to be coming to an end, so if you are looking for property in the Florida Panhandle this is a great time to be making your property purchase.  If you need assistance, please contact me and let me know how I can help.  I offer my website as free access to the mls in our area. www.DestinHomeRealtor.com is the place to go.

Crestview Florida Continues its Growth in 2011

Crestview continues to be a fast-growing city in Florida, just north of Destin and Niceville and close to the new location for 7th Special Forces at Duke Field. 
The Florida Board of Governors has approved $9.5 million for a Florida A&M University pharmacy school downtown.
The funding paves the way for renovations to the historic Alatex building on Woodruff Avenue, where the school will be located.
If you are considering purchase of a home in the Crestview, look for information and free mls information at http://www.destinhomerealtor.com/ or MykeSaysSold@aol.com

for more information and to participate in this interactive video, go to http://www.fanniemae.com/, or send inquiry to http://www.destinhomerealtor.com/

Housing Forecast 2011

Lenders are still trying to manage the losses from loans made several years ago. Default rates continue to remain elevated on those older vintage loans, and thereby are introducing a large number of distressed properties into shadow inventory. Distressed sales have accounted for about one-third of all sales this year (or about 1.5 million) and will continue to be at that figure for next year. If the incoming distressed properties are not absorbed with more buyers, then home values will certainly fall further. That, in turn, will lead to more defaults, higher foreclosures and more financial losses for the banking system. The trade-off for the lenders is therefore to minimize losses on past originations or on new originations.
However, even assuming that underwriting standards remain the same and do not “loosen” up, home sales should still experience a moderate gain in 2011. Based on more visible metrics for jobs, income, and interest rates, existing-home sales are still likely to settle at a sustainable level of 5.2 million units. New home sales will depend more on how many homes builders can build -- and that depends on the availability of construction loans, which do not have any government backing, and therefore are even more difficult to obtain. Our best guess at the moment is for 400,000 new home sales in 2011, but that is still an increase from 316,000 in 2010. If the lending spigot opens up to a more normal flow – with normal risk-taking – then there will be a nice upside surprise to home sales next year from the baseline forecast figures.

excerpt from Dr Yun, http://www.realtor.org/

Who Is MERS?

The following is an excerpt from the MERS website--and this is the system that is currently being challenged in many states as the vehicle that holds the mortgages on homes about to be foreclosed upon:

"Mortgage Electronic Registration Systems, Inc. (“MERS”) is a proper party that can lawfully foreclose as the mortgagee and note-holder of a mortgage loan. MERS Membership Rule 8 provides required guidelines that must be followed when MERS is the foreclosing entity. Please click here to access the Rules of Membership, and reference the Rule 8 requirements.

In mortgage foreclosure cases, the plaintiff has standing as the holder of the note and the mortgage. When MERS forecloses, MERS is the mortgagee and it is the holder of the note because a MERS officer will be in possession of the original note endorsed in blank, which makes MERS a holder of the bearer paper. MERS will not foreclose unless the note is endorsed in blank and held by MERS. "

The challenge seems to be that accusations are being made that signatures and dates have been "robosigned" and fraudulently entered without reviews of accuracy of information.

If you or someone you know is facing this situation, alert them to seek legal counsel to see if this will have an effect on them.