Rates Dropped Some...Good news for Buyers!

We always talk about the minimum monthly payment society we live in. For 80% of people this is really important and of course for good reasons! The good thing is mortgage applications were up this last week nationally and rates were down just a tad bit...so what does that mean? Well if you can get a great deal on a Panama City Beach Florida Condo or a Panama City Beach Florida Home you can save some monthly money! A little extra cash is always needed whether it's Panama City Real Estate or anywhere else in the country.

Take a look below at a few points that were brought out and national rates:

Daily Real Estate News August 27, 2008Mortgage Demand Up Slightly Last Week The volume of mortgage applications increased slightly last week, rising 0.5 percent on an adjusted basis to 421.6, compared with 419.3 a week earlier, according to the Mortgage Bankers Association weekly survey.On an unadjusted basis, the index decreased 0.9 percent compared to the previous week and was down 31.2 percent compared with the same week a year ago.Both refinances and purchases were up slightly. The refinance index increased 0.3 percent and the purchase index rose 0.6 percent.Interest rates declined slightly:
30-year fixed-rate mortgages decreased to 6.44 percent from 6.47 percent;
15-year fixed-rate mortgages decreased to 5.94 percent from 5.99 percent;
1-year ARMs increased to 7.15 percent from 7.07 percent.Source: Mortgage Bankers Association (08/27/2008)

For your searching convenience take a few minutes to dig around online at http://www.randbcoastalrealestate.com/ to see what property is available in and around Panama City and Panama City Beach Florida Condo's market.

Freddie Mac Steps in To Help

We do need some assistance and this looks like a good step. We have a forum section set up on www.InvestSmarter.com and would love to know your thoughts and feedback on this idea and other ways the government can help and be of assistance.

Daily Real Estate News August 1, 2008

Freddie Mac Gives Lenders Reason to Help

Freddie Mac is encouraging loan servicers to work with borrowers by increasing its rewards for successful mortgage workouts.Beginning Aug. 1, Freddie is paying servicers $500 for each repayment plan and $800 for each loan modification on Freddie-owned mortgages. Servicers will receive $2,200 for each short sale.Freddie also will reimburse a servicer up to $15 per mortgage for leaving a door hanger and up to $50 per mortgage for knocking on a door that results in the borrower contacting their servicer.Freddie also will increase the time it gives servicers to negotiate with delinquent borrowers in Washington, D.C., and 20 states with fast foreclosure processes, Freddie Mac said.Source: The Associated Press (07/31/2008)

This can help the Panama City Beach Florida Condo market and many other markets across the country. We need to stop the total downward spiral and look to the future to see what is truely coming out.

For more information on Panama City, Panama City Beach, Destin and Fort Walton Beach Florida please visit us online at www.RandBCoastalRealEstate.com for all of the MLS listing information today!

Let's Swap....Real Estate that is!

In today's market everyone needs a niche...so what about swapping? That's right...let's just trade property. It's a great idea if you are wanting to reinvest and not just cash our or if you are looking to make a change one way or the other. This is something we will be adding to www.InvestSmarter.com in the coming months and would wecome everyone to provide their feedback in the forum section. But take some time to read below. Very interesting information:

Daily Real Estate News June 30, 2008Can't Find a Buyer? Then Find a Swapper Several Web sites have sprung up to connect owners interested in house swapping ... not just for a vacation, but for good.The concept is similar to a conventional sale. Both parties need to agree on the value of their properties and secure new mortgages. Any difference in value is paid either in cash or by wrapping it into the new mortgage.Some of the Web sites charge a small fee. Others are free to users. "It's like a dating service for home sellers," says Greg Holt, CEO and co-owner of Pad4Pad. "We're bringing people together."Site managers urge swappers to use an appraiser, home inspector, and either an attorney or a real estate professional to shepherd them through the closing process. Some real estate professionals are charging flat fees to manage swaps, Holt says.
Source: Los Angeles Times, Frank Nelson (06/29/2008)

For more information on what is for sale or available in Panama City Beach and Panama City Florida go to the new site of www.panama-city-beach-florida-real-estate.com and see what's out there. If you want to search for a few condominiums in today's market check out www.panama-city-beach-florida-condominiums.com for more information and what is floating around for sale today! Hey a trade might just be the way to go!

Bringing a new thought to throwing in the towel!

Well...this one is interesting that's for sure. The Panama City Beach Florida Condo market hasn't gotten to this point yet, but I'm sure it would bring some more attention and definately turn a few heads...no pun intended but in Tampa it's all out there...literally!

Daily Real Estate News June 20, 2008

A Stripped-Down Approach to Selling

Three years ago when developer Eden purchased the Arbors at Branch Creek in Tampa, Fla., the plan was to sell conventional condos.Then the market slowed.Now Eden has a new and naked strategy – "We have two fabulous swimming pools here. We are taking one of them, building cabanas and lush landscapes, and completely privatizing it and it will be clothing optional," says Christine Pirkle, Eden’s director of sales.The promotional literature is more provocative: "You're going to be very comfortable with our dress code," it says. "Our residents are welcome to shed more than their inhibitions as they enter the gates of Eden. Because when our residents come home after a busy day in the working world, they want to completely unburden themselves, shed the trappings of the outside world ... and be totally free."Developers hold most of the units and the change is legal, Pirkle says. “We do have public nudity laws that we have to comply with. We will make sure our people don't violate that. If somebody tries that, we will be the first ones to call the cops."Source: Tampa Tribune, Keith Morelli (06/18/08)

It is an interesting approach, that's for sure! You won't find these communities in the Panama City Beach Florida Condo area but there are some interesting deals. For more on this area please visit www.Panama-City-Beach-Florida-Condominiums.com and take a look for yourself at the great deals to be had.

Panama City Beach Florida Condo Blog Launched and Update to Foreclosures and Delinquencies

The Panama City Beach Florida Condo market is in a constant state of confusion these days. We seem to have the same discussions weekly with customers..where is the bottom? When is the market going to come back? When should we move forward?

These are all obviously very personal questions that we can't give advice on. Who really know..but what you do have to consider are the basics. What do you feel comfortable spending? What can you afford monthly? What do YOU really WANT? Then we can find something that hits your needs. In today's market with sellers buying at so many different levels there is no "True Bottom." That's a relative term. Here's an example:

Take your standard condominium, Condo A. Two sellers have their Panama City Beach Florida Condo in Condominium A on the market. Seller 1 bought their unit in 2001 preconstruction and didn't flip during the boom. The bought it for $300,000 and they put down $30,000 so they owe $270,000. They have some carrying costs, furnishings, etc. but they have decided not to worry about all of that because it's in the past..so they have it listed for $299,000. Now their true bottom(if they don't want to come to closing with a check) is somewhere in the $275,000-280,000 range.

Seller 2 bought on the third flip. They bought the same floorplan and actually in the same building and on the same floor as the Panama City Beach Florida Condo that Seller 1 bought theirs, but they paid $585,000. And yes this did happen during the boom!!! Now they may have put down even more money! But let's say they also owe the bank 90% of the purchase price or $526,500. Everyone can do that math! The are already close to double what Seller 1 wants...so to sell their unit for the same price they would have to come to closing with a check in the $250,000 range.....not going to happen!

That's why we continue to see articles like the one below on Foreclosures and Delinquencies. Some banks understand they are going to take a beating...many still don't. So it's important to make sure you have a solid agent that you are working with. Here's a quick update that was published in The Mortgage Bankers Association on 6/6/08:

Daily Real Estate News June 6, 2008

Foreclosures, Delinquencies Hit Records Foreclosures and mortgage delinquencies both continued to rise during the first quarter of 2008, hitting their highest levels since record-keeping began in 1979, according to the Mortgage Bankers Association.

The seasonally adjusted delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 6.35 percent of all loans outstanding at the end of the first quarter of 2008 on a seasonally adjusted (SA) basis, up 53 basis points from the fourth quarter of 2007, and up 151 basis points from one year ago, according to MBA’s National Delinquency Survey. The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure.

The percentage of loans in the foreclosure process was 2.47 percent at the end of the first quarter, an increase of 43 basis points from the fourth quarter of 2007 and 119 basis points from one year ago. While these numbers seem disturbingly high, experts note that certain states and certain types of loans are skewing the national figures upward. Specifically, most of the problems step from prime and subprime adjustable-rate loans 60 and 90 days past due in California and Florida. The 30-day delinquency rate is still below levels seen in 2002.“The problems in California and Florida are extraordinary and they are the main drivers of the national trend,” said Jay Brinkmann, MBA’s Vice President for Research and Economics. The quarterly rate of foreclosure starts on subprime ARM loans in California was 9.24 percent. This rate, combined with Florida’s rate of 8.25 percent, drove up the national average foreclosure start rate to the point where 43 states were below the national average of 6.32 percent. California saw a total of approximately 109,000 foreclosure starts and Florida 77,000. The next highest states were Texas, Michigan and Ohio with between 24,000 and 20,000 each.About 20 states had drops in their number of foreclosures started, including Michigan, Ohio and Indiana where problems have been the most severe for the last several years, Brinkmann said.

Source: The Mortgage Bankers Association (06/06/2008)

So that being said it's important to ensure that when purchasing or even considering purchasing a Panama City Beach Florida Condo you have a solid and knowledgeable agent working with you who truly knows the Panama City Beach Florida condo market.