HUD Cuts Red Tape to Speed Hurricane Recovery

HUD cuts red tape to speed hurricane recovery

WASHINGTON – Oct. 30, 2017 – The U.S. Department of Housing and Urban Development (HUD) announced a package of 19 regulatory and administrative waivers aimed at helping communities to accelerate their recovery from Hurricanes Harvey, Irma and Maria.

While HUD granted a number of individual waivers after earlier disasters, HUD says the latest announcement is one of the largest collections of regulatory and administrative waivers ever issued by the department at one time.

"The recent storms are unprecedented so it makes sense that our response be unprecedented as well," says Assistant Secretary for Community Planning and Development Neal Rackleff. "We must be as flexible as we possibly can to help our state and local partners at a time they need our help the most."

The relief covers the following HUD programs:

• The Community Development Block Grant (CDBG) Program
• HOME Investment Partnerships (HOME) Program
• Housing Opportunities for Persons with AIDS (HOPWA) Program
• Emergency Solutions Grant (ESG) Program.

To expedite the use of funds, HUD says that state and local partners can access a waiver through a new simplified notification process.

HUD's latest relief efforts

• HUD is allowing an abbreviated public comment requirement on changes to a grantee's community redevelopment plans. Upon notification, HUD will reduce the customary 30-day comment period to seven days.
• Hurricanes Harvey, Irma and Maria destroyed communications networks, particularly in the Commonwealth of Puerto Rico and the U.S. Virgin Islands. Therefore, HUD is waiving the normal communication requirements and allowing these grantees to determine what constitutes reasonable notice and opportunity to comment.
• The hurricanes also caused extensive damage and destruction to the housing stock in certain impacted areas. To accelerate construction, HUD is suspending normal rules to enable CDBG grantees to replace affordable housing units that were lost as a result of the hurricanes and flooding.
• HUD will suspend a cap limiting CDBG expenditures for public services to 15 percent. HUD will temporarily allow CDBG grantees to pay for additional support services for individuals and families affected by the hurricanes. Services could include, but not be limited to, the provision of food, emergency shelter, case management and related services to help residents in declared-disaster areas until long-term recovery resources become available.

HUD offers more info online about the regulatory and administrative changes.

© 2017 Florida Realtors

How Much Does Solar Energy Add to a Home's Value?

How much does solar energy add to a home’s value?

TAMPA, Fla. – Oct. 27, 2017 – The U.S. Solar Market Value Report, a first-of-its-kind study, attempts to put a dollar value on home values before and after a solar-energy system has been installed. Energy Sense Financeand Sandia National Laboratories published the report with funding by the U.S. Department of Energy's SunShot Initiative.

Click here to download a full copy of the report.

The report is based on data collected from the PV Value tool that allows appraisers to attribute a value for solar energy systems on residential properties. The data included in the study was taken from three states where solar is commonly installed: California, Arizona and Massachusetts.

The report reveals that the mean value for a solar energy system in 2016 was: $3.93/watt in California, $2.17/watt in Massachusetts and $2.34/watt in Arizona.

The report also included valuations for older systems. It found that 12-year old solar energy systems that were part of a home sale in 2016 were worth 50 percent of the value of new systems that also transacted in 2016. That suggests that solar retains value over time as part of a home's value – a monetary savings in addition to the annual energy savings the homeowner already received.

© 2017 Florida Realtors

NAR: Pending Home Sales Flat in September

NAR: Pending home sales flat in September

WASHINGTON (October 26, 2017) — Pending home sales were unchanged in September, but activity declined on an annual basis both nationally and in all major regions, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, stood at 106.0 in September – unchanged from a downwardly revised August figure. The index is now at its lowest reading since January 2015 (104.7), and down 3.5 percent from a year ago. It has fallen on an annual basis in five of the past six months.

Lawrence Yun, NAR chief economist, says the quest to buy a home this fall continues to be a challenging endeavor for many home shoppers.

"Demand exceeds supply in most markets, which is keeping price growth high and essentially eliminating any savings buyers would realize from the decline in mortgage rates from earlier this year," says Yun. "While most of the country, except for the South, did see minor gains in contract signings last month, activity is falling further behind last year's pace because new listings aren't keeping up with what's being sold."

Yun says that Hurricane Irma "weighed on activity in the South, but similar to how Houston has rebounded after Hurricane Harvey, Florida's strong job and population growth should guide sales back to their pre-storm pace fairly quickly."

As has been the case most of the year, Yun says the ongoing supply constraints continue to squeeze prospective buyers the most at the lower end of the market. Last month, first-time buyers made up 29 percent of all transactions, which matched the lowest share in exactly two years. Furthermore, existing sales were down notably on an annual basis in the price range below $250,000, but up solidly the higher up the listing was in the price bracket.

"Buyers looking for a little relief from the stiff competition from over the summer may unfortunately be out of luck in the coming months," says Yun. "Inventory starts to decline heading into the winter, and many would-be buyers from earlier in the year are still on the hunt to find a home."

The PHSI in the Northeast rose 1.2 percent to 94.5 in September, but it's still 2.4 percent below a year ago. In the Midwest, the index climbed 1.4 percent to 102.9 in September, but it remains 2.5 percent lower than September 2016.

Pending home sales in the South decreased 2.3 percent to an index of 115.9 in September and are now 5.0 percent below last September. The index in the West grew 1.9 percent in September to 102.7, but is 2.9 percent below a year ago.

© 2017 Florida Realtors

Florida Has More Home Under HOAs Than Any Other State

Fla. has more homes under HOAs than any other state

FALLS CHURCH, Va. – Oct. 23, 2017 – Twenty-one percent of the U.S. population now resides in a community association, also known as planned communities (e.g. homeowners associations, condominium communities, and housing cooperatives), according to the 2016 National and State Statistical Review for Community Association Data (CAI), published by the Foundation for Community Association Research (FCAR).

According to the 2016 report, CAI estimates the number of U.S. community associations in 2017 is between 345,000 and 347,000. Homeowners associations accounting for about 51-55 percent of the total; condominiums for 42-45 percent; and cooperatives for 3-4 percent.

Florida continues to lead the nation's community association housing model with 47,900 associations – home to 9.6 million residents. California is the country's second highest state for community associations with 45,400 communities followed by Texas (19,900), Illinois (18,600), North Carolina (13,900), and New York (13,800).

Additional results show the value of homes in community associations is nearly $5.5 trillion, and $88 billion in assessments is collected annual from homeowners to fund essential maintenance.

Top reasons for community association growth

• The value of collective management. Americans largely have accepted the collective management structure of community association living where association boards are comprised of elected homeowners who voluntarily serve their communities.
• Privatizing public functions. With many local municipalities facing fiscal challenges, communities are often created with the stipulation that the developer will create an association that will assume many responsibilities that traditionally belonged to local and state government (e.g., road maintenance, snow and trash removal, and storm water management).
• Expanding affordable housing. There has been a persistent effort to increase the percentage of homeowners in America, and since the 1960s, condominiums have tended to serve as lower-cost entry housing, especially for first-time buyers.
• Minimizing social costs and fostering market efficiencies. Community associations not only maintain home values but also reduce the need for government oversight and expenditures by providing services, assigning payment responsibility to homeowners, and being responsive to local concerns.

"By their inherent nature, community associations bring people together, strengthen neighborhood bonds, and promote a sense of community and belonging," says Thomas M. Skiba, CAE, CAI's chief executive officer. "As we witness the steady expansion with community associations worldwide, these attributes cannot be overlooked. Purchasing a home in a community association offers a diverse choice of services and amenities few Americans can individually afford without the shared responsibility enabled by community associations."

© 2017 Florida Realtors

Flagler County Saltwater Canal Home Sales Report Summary September 2017

Flagler County Saltwater Canal Home Sales Report Summary September 2017

   In September, a total of 11 homes on the Saltwater Canal sold in Flagler County.  The average sales price for this months Saltwater Canal Homes was $360,036 while the average days on market was 67 days in Flagler County.

     Compared to the same time last year, September 2016, 15 homes on the Saltwater Canal sold in Flagler County with an average sales price of $350,693 taking on average 183 days on market to sell.

     While a lower number of homes were sold last month year over year on the saltwater canal in Flagler County, the selling price was up & homes are taking less time to sell.

     The top home sale of the month was 17 Crazy Horse Court, in the Palm Harbor community of Palm Coast, selling at $488,000.

     The deal of the month was 9 Collinson Court in the Palm Harbor neighborhood of Palm Coast, selling at $237,500

     Here's a breakdown of the sold Saltwater Canal Homes in September.  

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Palm Harbor / Palm Coast Saltwater Canal Homes Sold September

*Pool    **Sailboat Country    ***Tip Lot

9 Collinson Court - $237,500

29 Coral Reef Court North - $274,000

11 Contee Court - $287,000

9 Cedar Court - $325,000 **

97 Cimmaron Drive - $325,000 *   **

9 Corning Court - $360,000 *

47 Cottonwood Court - $374,900 **

40 Cloverdale Court North - $394,000 *

18 Corning Court - $445,000 *

9 Conley Court - $450,000 

17 Crazy Horse Court - $488,000 *   **

AVERAGE SALES PRICE - $360,036

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Flagler County Saltwater Canal Lot Sales Report Summary September 2017

     4 Saltwater Canal lots sold in Flagler County in September. The Average sales price for this months Saltwater Canal Sold Lots was $111,000 while the average days on market was 65 days.  Here's a break down of last months activity.

Palm Harbor Palm Coast Saltwater Canal Lots Sold September

4 Contee Court - $72,000

6 Clement Court - $70,000

252 Coral Reef Court North - $102,000

Tidelands Saltwater Canal Lots Sold September

38 Riverview Bend North - $200,000

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Realty Exchange is the #1 Real Estate Company in Flagler County!  #1 in sales for 9 years and counting!

Call now!

386-793-1426

Thank you for checking out this Months Sales Report for the Saltwater Canal Homes in Flagler County.  All info is believed to be true and accurate, but not guaranteed.  The source for the information is from the Flagler County MLS.  This is not intended to be an estimate of any ones home value. 

To get a Free Home Valuation and find out your homes true value, contact

Robert "Bobby" Keith, Realtor 386-793-1426

Or Click Here and fill out the form

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Robert "Bobby" Keith, Realtor

386-793-1426

Are you looking to purchase a Saltwater Canal Home in Flagler County?  Give me a call at 386-793-1426 or fill out the Buyer Form Here.

Are you looking to sell your Saltwater Canal Home in Flagler County?  Give me a call or fill out the Seller Form Here.

 

FHA Extends Hurricane Foreclosure Relief for 90 Days

FHA extends hurricane foreclosure relief for 90 days

WASHINGTON – Oct. 24, 2017 – The Federal Housing Administration (FHA) is extending its initial 90-day foreclosure moratorium for FHA-insured homeowners impacted by Hurricanes Harvey, Irma and Maria for an additional 90 days due to the extensive damage and continuing needs in hard-hit areas.

FHA's letter to lenders, servicers and counseling agencies is posted online.

The extension is valid in presidentially declared counties and municipalities where the Federal Emergency Management Agency (FEMA) operates its Individual Assistance Program. Under the expanded moratorium, FHA has instructed lenders and servicers to suspend all foreclosure actions against borrowers until the following dates:

• Hurricane Harvey: Feb. 21, 2018
• Hurricane Irma: March 9, 2018
• Hurricane Maria: March 19, 2018

FHA-insured homeowners may qualify for this relief under the following conditions:

The household lives within the geographic boundaries of a presidentially declared disaster area; a household member of someone who is deceased, missing or injured directly due to the disaster; or the borrower's ability to make mortgage payments is directly or substantially affected by a disaster.

In addition to the extension of FHA's initial foreclosure moratorium, the agency is:

• Offering forbearance and loan modification options – HUD offers different forbearance and loan modification options for FHA borrowers affected by disasters. Borrowers having trouble making regular payments should contact their loan servicer as soon as possible for more information.
• Making mortgage insurance available – HUD's Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs.
• Making insurance available for both mortgages and home rehabilitation – HUD's Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home.
• Sharing information with FEMA and the State on housing providers that may have available units in the impacted counties – this includes Public Housing Agencies and Multi-Family owners. The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers.

More info about these and other HUD programs is posted online.

© 2017 Florida Realtors

Bubble? Nowhere in Sight for U.S. Housing Market

Bubble? Nowhere in sight for U.S. housing market

GREENSBORO, N.C. – Oct. 24, 2017 – U.S. housing markets are expected to remain healthy through at least the end of 2018, with no housing bubble in sight and no projection of home prices falling, according to the Fall 2017 edition of The Housing and Mortgage Market Review (HaMMR), released by Arch Mortgage Insurance Company.

The HaMMR features the Arch MI Risk Index, a statistical model based on recent housing market indicators. The index suggests that over the next two years, the probability of home price declines in America's 401 largest cities averages just 4 percent – an unusually low number.

The trend reflects broad-based favorable fundamentals, such as a tightening job market, relatively low interest rates, a low number of homes for sale and an overall housing shortage.

"People waiting for home prices to fall before buying may want to change their strategy, as the overall housing market is expected to stay strong for the foreseeable future," says Dr. Ralph G. DeFranco, Global Chief Economist, Mortgage Services of Arch Capital Services Inc. "Our research shows no housing bubble is forming in the United States, with prices overall near historic norms compared to incomes."

The HaMMR also finds that some recent concern about U.S. home prices hitting all-time highs is overblown because, after adjusting for inflation, national home prices are still 10 percent below their prior peak.

However, recovery from the housing crash is not universal. While prices have increased in Colorado, Idaho, North Dakota and the Pacific Northwest (Washington and Oregon), areas like New England and energy-extraction states like Alaska, West Virginia and Wyoming are growing more slowly.

© 2017 Florida Realtors

Florida's Consumer Lost Some Confidence in May

Fla.’s consumers lost some confidence in May

GAINESVILLE, Fla. – May 30, 2017 – Consumer sentiment among Floridians dropped in May for the second month in a row, falling 2.4 points to 93.3 from a revised April reading of 95.7.

Among the five components that make up the index, one increased and four decreased.

"Most of the pessimism in May stems from perceptions about the current economic conditions," says Hector H. Sandoval, director of the Economic Analysis Program at UF's Bureau of Economic and Business Research.

Perceptions of one's personal financial situation now compared with a year ago showed the biggest drop, falling 5.9 points from 91 to 85.1. May's less-positive outlook was shared by all Floridians across age, gender and income groups.

Opinions as to whether now is a good time to buy a major household item such as an appliance declined two points, from 101.7 to 99.7. However, there were increases among those 60 and older and those with income under $50,000.

Expectations of personal finances a year from now dropped 5.2 points from 105.1 to 99.9.

Expectations for the U.S. economy were mixed: Short-term expectations – conditions over the next year – decreased one-tenth of a point, from 92.8 to 92.7; but expectations of U.S. economic conditions over the next five years increased nine-tenths of a point, from 88.1 to 89.

These three components represent expectations about what lies ahead economically speaking.

"Readings about future economic conditions have shown important signs of deterioration for the past two months," says Sandoval. "However, in contrast to April, this month's unfavorable expectations are accompanied by a significant decline in perceptions of present conditions. It seems unlikely that consumers are delaying the purchase of big household items, as they hold unfavorable future expectations as well."

According to the latest report from the U.S. Bureau of Economic Analysis, Florida's gross domestic product growth rate ranked fifth of all states in 2016, with an annual growth rate of 3 percent. The sector contributing the most to the Florida economy in 2016 was the professional, scientific and technical services sector, followed by the construction and information sectors.

Florida's unemployment rate declined again in April by three-tenths of a percentage point to 4.5 percent. Compared with April of last year, the number of jobs added statewide was 215,400, a 2.6 percent increase. The industries gaining the most jobs were professional and business services, followed by trade, transportation and utilities.

"Florida's economy keeps growing, and the labor market conditions continue to be favorable in general, with more jobs added every month for the past six years. However, consumer sentiment seems to be slowly decreasing after surging in March to its highest level in the last 15 years. If this pessimism persists in the following months, this might indicate a significant change in the trend of consumer sentiment," Sandoval says.

Conducted May 1-24, the UF study reflects the responses of 415 individuals who were reached on cellphones, representing a demographic cross section of Florida. The index used by UF researchers is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2, the highest is 150.

© 2017 Florida Realtors

Florida's Housing Market: Median Prices Up in April

Fla.’s housing market: Median prices up in April

ORLANDO, Fla. – May 24, 2017 – Rising median prices and constrained inventory remained a prevailing trend in Florida's housing market in April, according to the latest housing data released by Florida Realtors®. The trend resulted in a loss of momentum for home sales: Sales of single-family homes statewide totaled 23,829 last month, easing slightly (-1.2 percent) when compared to April 2016.

2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart."It puts consumers in a position where they have to be prepared and ready to buy, as many Realtors around the state report seeing more instances of multiple offers. And, without more for-sale homes, median prices will continue to rise due to demand.In April, sellers of existing single-family homes received 96.2 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent – an indication that the listed price is extremely close to market value.

"Working with a local Realtor enables consumers to have the advice of an expert in their local housing market – someone who can guide them through their home search and help them find the right home that fits their budget and their lifestyle."

The statewide median sales price for single-family existing homes last month was $234,900, up 10.3 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. Thestatewide median price for townhouse-condo properties in April was $172,000, up 7.2 percent over the year-ago figure. April was the 65th month in a row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors®(NAR), thenational median sales price for existing single-family homes in March 2017 was=""> national median existing condo price was $517,020; in Massachusetts, it was$350,000; in Maryland, it was $269,204; and in New York, it was ="">"Closed sales of single-family homes were down in 14 of Florida's 22 metro areas compared to last April, and fell by 1.2 percent statewide – but there is no indication that demand is falling off," said Florida Realtors®Chief Economist Dr. Brad O'Connor."Rather, all signs continue to point to a market being held back by a shortage of homes for sale. As of the end of April, the statewide inventory of single-family homes for sale was down by nearly 5 percent compared to where it was a year ago.

"Additionally, single-family homes that did sell in April were snapped up as quickly as in any month in recent years. According to Florida Realtors median-time-to-sale metric, half of the single-family homes selling in April of last year went from listing to close in 90 days or less, but this April, that figure fell to 85 days or less – a 5.6 percent decline."

He noted that the townhouse-condo market has been relatively more balanced than the single-family market from a statewide perspective for several months, but local markets experience more variance in townhouse-condo inventory levels.

April's inventory remained constricted with a 4-months' supply for single-family homes and a 6.1-months' supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.05 percent in April 2017, up significantly from the 3.61 percent average recorded during the same month a year earlier.

© 2017 Florida Realtors®

Florida Businesses to See Reduced Biz Rent Tax in 2018

Fla. businesses to see reduced biz rent tax in 2018

BOCA RATON, Fla. – May 25, 2017 – Gov. Rick Scott today signed HB 7109, which includes a reduction to Florida's business rent tax as well as other tax cut provisions.

2017 Florida Realtors®President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart, spoke in support of the legislation at the signing, which took place during a morning press conference at 3Cinteractive Corp., a mobile marketing service provider in Boca Raton.

"Florida Realtors applauds Governor Scott and members of the Legislature for making these tax cuts possible for Florida families," Wells said. "From a Realtor perspective, I am particularly excited about the first-ever cut to the business rent tax that is included in this bill. The business community has been working to advance this tax cut for several years.

"The most significant steps are often the first ones we take on an issue, and this cut opens the door for future reductions of this burdensome tax. More importantly, it puts $61 million back in the hands of businesses to grow and hire more people, and when businesses grow, communities prosper."

Currently, Florida charges a 6 percent sales tax on business rent, creating a financial burden for any business that leases space. It is the only state that charges this tax on business rent.

Once HB 7109 takes effect on Jan. 1, 2018, the new state tax rate on commercial leases will be 5.8 percent. Lowering the business rent tax will provide Florida businesses with more capital to expand, hire more employees, improve benefits and raise salaries.

Florida Realtors and other members of the Business Rent Tax Coalition have long advocated for a reduction in the state's business rent tax.

© 2017 Florida Realtors®