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Fixed Mortgage Rates Stay Flat, Just Above Lows

Great NEWS! What a great time to be in the market to buy! Read below!

WASHINGTON – Sept. 2, 2011 – Fixed mortgages were mostly flat this week after hitting their lowest levels in decades. But few Americans are capitalizing on them.
The average rate on the 30-year fixed mortgage stayed at 4.22 percent for the second straight week, Freddie Mac said Thursday. The rate hit 4.15 percent two weeks ago, the lowest level on records dating to 1971.

READ MORE BY CLICKING THE LINK BELOW!

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=264374

Normally, when you see smoke wafting from a neighbor’s backyard, you assume he’s burning some leaves, or has poured too much lighter fluid on his barbecue. But there could be another reason for the conflagration: Your neighbor is torching his mortgage.

READ MORE!

Florida couple threatens bank with foreclosure

Brought to you by: The Palm Beach Post

By TAMARA LUSH   The Associated Press

ST. PETERSBURG, Fla. — Months after Bank of America wrongly foreclosed on a house Warren and Maureen Nyerges had already paid for, they were still fighting to get reimbursed for the court battle.

So on Friday, their attorney showed up at a branch office in Naples with a moving truck and sheriff's deputies who had a judge's permission to seize the furniture if necessary. An hour later, the bank had written a check for $5,772.88.

"The branch manager was visibly shaken," attorney Todd Allen said Monday, recalling the visit to the bank last week. "At that point I was willing to take the desk and the chair he was sitting in."  READ MORE

Hi guys, great news! Take a second and read this!

April existing homes sales up in Palm Beach county and state

By Kimberly Miller

Palm Beach Post Staff Writer

WEST PALM BEACH — Florida outshone the nation last month in existing home sales with Palm Beach County topping more than 1,000 purchases for the second consecutive month.

The 1,112 Palm Beach County single-family homes that traded hands in April was a 21 percent jump compared to the same time last year.

A more humble annual sales increase of 2 percent was seen statewide in April, according to a Florida Realtors report released Thursday.

Still, the small spike topped the dismal national numbers which showed a nearly 13 percent drop in purchases last month.

"Every agent I know is busy," said Realtor Craig Fialkowski, of Realty Elite, The Palm Beaches. "Anything that hits the market in reasonably good condition, priced right and not requiring too many repairs is under contract quickly, at or above list price."

The clamor for properties in the under $250,000 range may have contributed to the uptick in Palm Beach County's median sales price in April compared to the previous month.

While April's $198,800 is 17 percent down from the same time in 2010, it surpassed March's $186,500.

Statewide, the median sales price in April of $131,700 was up 4 percent from March, but down 6 percent from last year.

Treasure Coast sales struggled in April with annual purchases and median prices both down by 18 percent and 6 percent, respectively.

Lawrence Yun, chief economist for the National Association of Realtors, which also released its sales figures Thursday, blamed tighter lending standards and appraisals not coming in at agreed upon prices for April's disappointing national turnout.

"Given the great affordability conditions, job creation and pent-up demand, home sales should be stronger," Yun said. "Although existing home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations."

According to the national association, 11 percent of Realtors surveyed said they had a contract canceled in April because an appraisal came in below the contracted price.

The median sales price nationwide for a single-family home last month was $163,200, 5 percent below a year ago.

Conservative home appraisal prices have been a challenge for Leibowitz Realty Group in Palm Beach Gardens, but the company has still seen an "unbelievable" turnaround in sales from last year, said owner Michael Leibowitz.

Dealing mostly in high-end homes in communities such as Mirasol, Ballenisles and Ibis, Leibowitz said many buyers are looking for second homes and often paying in cash.

"The second-home clientele is feeling better about the world, better about the economy," Leibowitz said. "Things have surged and we've even seen sellers make profits, which we haven't seen in a while."

Nationwide, all cash deals accounted for 31 percent of April sales, down from a record level of 35 percent in March.

But while cash purchases can smooth the purchasing process, they are stiff competition for buyers with loans.

Fialkowski said he has a buyer with an FHA loan relocating to Florida from Nevada. She's made unsuccessful offers on 12 homes, and was turned away even when she overbid the listing price.

The sellers are waiting for cash buyers, he said. "She was extremely frustrated about the process."

Florida's condominium sales were also up in April, increasing 17 percent statewide compared to 2010. The median sales price was $91,900, down 8 percent.

In Palm Beach County, 1,338 condominium units sold last month, up 31 percent from last year. The median sales price of $81,800 was down 20 percent for the same time period.

Treasure Coast condominium sales were down 19 percent to 123 units in April, with prices down 12 percent to $93,200.

Compliments of the Palm Beach Post  http://www.palmbeachpost.com/money/real-estate/april-existing-homes-sales-up-in-palm-beach-1484534.html

~Fellow Timberwalk residents, this is great news for our real estate market! Get excited!

Freddie Mac reports 1st quarterly gain in 2 years

WASHINGTON – May 5, 2011 – Freddie Mac earned $676 million in the January-March quarter, the first time the bailed-out mortgage giant has reported a quarterly gain in nearly two years.

The government-controlled company requested no additional federal aid Wednesday after receiving $13 billion over the past four quarters.

CEO Charles Haldeman attributed the net income to cost savings and fewer single-family homeowners who have fallen behind on their mortgages. Tighter lending requirements have also helped increase the quality of Freddie’s new loans.

Still, Freddie has lost $25.3 billion in the previous six quarters, and analysts don’t expect the company to report sustained earnings this year.

Despite its net earnings, Freddie Mac reported a 29-cents-a-share loss attributable to common stockholders. That’s because the company takes into account $1.6 billion in dividend payments to the government, its primary shareholder.

The government rescued McLean, Va.-based Freddie Mac and its sibling company Fannie Mae from the brink of failure in September 2008. The government estimates the bailouts will cost taxpayers up to $259 billion.

“It’s better than losses. But it’s insufficient to dig their way out of the hole with Treasury,” said Anthony Sanders, a professor of real estate finance at George Mason University in Fairfax, Va. “It could have been worse, but their best effort is not good enough.”

Like Fannie, Freddie is so deep in debt to the government that they’d need “half a century” of profits to make it whole, Sanders said.

Haldeman said the net income shows improvement but acknowledged that the company faces enormous challenges. Millions of potential foreclosures are stalled in backlogged courts or delayed by federal regulators.

“Large inventories of unsold homes and a high number of distressed sales will continue to put downward pressure on home prices in many neighborhoods,” Haldeman said in a statement.

Still, Freddie Mac is “moving in the right direction, at least in the way people have expected,” said Mahesh Swaminathan, a strategist at Credit Suisse.

Fannie and Freddie own or guarantee about half of all mortgages in the United States. That adds up to nearly 31 million home loans worth more than $5 trillion. Along with other federal agencies, they backed nearly 90 percent of new mortgages over the past year.

Fannie and Freddie buy home loans from banks and other lenders. Then they package them into bonds with a guarantee against default and sell them to investors around the world.

During the housing boom, the two mortgage giants backed many loans that had been approved without proof of the borrowers’ income or assets. That reversed years in which they backed only the safest loans – 30-year fixed-rate mortgages with 20 percent or higher down payments.

And while Fannie and Freddie didn’t make subprime loans, they did buy securities tied to those risky mortgages. The companies had said they felt pressure to compete against Wall Street firms that were backing extremely risky loans.

The roughly $154 billion spent by taxpayers to bail out Fannie and Freddie is the most expensive rescue of the financial crisis. It is more costly than the savings and loan crisis of the early 1990s, which took six years and $125 billion to resolve.

By comparison, the Obama administration’s bailout of the U.S. auto industry is expected to cost $17 billion.

Copyright © 2011 The Associated Press, Derek Kravitz, AP real estate writer. Marcy Gordon, AP business writer, contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

After recently searching with a buyer looking to purchase in the Jupiter area, I am proud to report that of all the town home associations Timberwalk, Jupiter, FL has the lowest HOA fees!  That's something to be proud of!

I wanted to take a moment and point out some of our "pride of ownership" here in Timberwalk, thanks to it's awesome home owners and the great job Advantage Property Management is doing to keep Timberwalk in tip-top shape!

-Only 10% of it's residents are renters, this is a very strong point in a gated community that keeps our neighbors strong and the pride of ownership high

-A gated community, on the list of HOA fees, the next GATED COMMUNITY of town homes in Jupiter pays $257 a month, over $100 more a month than we pay here at Timberwalk, Jupiter, FL.

-Units for Sale, currently there are only 7 units for sale in Timberwalk which is only 3%, 7% under the norm in today's market.

-Rental Policy, as stated above, though some may find it an inconvenience, our 10% rental policy is part of what drawers homeowners to Timberwalk, Jupiter FL. Owners know that it is not just another neighborhood with a revolving door, but people who actually care about the community!

-Annual Halloween Block Party, honestly what is more fun the Wooden Mill Terrace's Halloween Block party every year, check out the photos in our photo gallery- this party truly defines the meaning of great neighbors!

So these are just five quick examples I came up with on how awesome it is to live, buy and invest in Timberwalk, Jupiter, FL- if you have reasons of your own I would LOVE to hear them! Email them to me and I'll post them on this page, don't forget your name and how long you have lived in Timberwalk. Email me at: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Ladies and Gentleman,

I figure it is about time to add a blog to our community site! Here at Timberwalk, Jupiter, FL, I have found that we are a unique neighborhood of caring neighbors. So why not help each other out and offer some place where we can come and discuss our ideas on how to better the neighborhood and help each other out. Lord knows we all need a little help these days! 

I thought we could start with a Vendor Service list:  These are a few trusted vendors that I have used.

Air Conditioning: Ice Air
Call Nick (561) 842-3999 or (561)744-3999  Please tell him I sent you!

Construction, repairs, upgrades, etc.: Construction Management Services
Call Wayne (561)352-1046  Please tell him I sent you!

Plumbing work: Whiteside Plumbing
Call Eric (561)222-3778  Please tell him I sent you!

I'm looking for any more names and numbers too, so if you have any, I would love to add them to our list, please sign in and sign up on the home page and send me your ideas! Or email me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it I'm here to serve you!