Thanks to new federal programs that offer cash incentives, numberous lenders are turning to deeds-in-lieu as the best solution for underwater borrowers willing to turn over their properties. It’s cheaper for lenders to do deeds-in-lieu because it gives them overnight control of the property. With mortgage rates at less than 5%, lenders believe that they [...]
- Mortgage Rates Take Dip
June 25, 2010 By Leave a Comment
Mortgage rates fell this week to the lowest level on records dating to 1971, giving consumers added incentive to lock in low payments for home purchases and refinanced loans. The average rate for 30-year fixed loans sank to 4.69%, from 4.75% last week. That’s the lowest point since April 1971. The previous record of 4.71% [...]
- Condo Bill Signed By Florida Governor
June 24, 2010 By Leave a Comment
Florida Governor Charlie Crist traveled to South Florida today to ceremonially sign this year’s massive condo bill, SB 1196. The bill, among other things, exempts some elevators from code requirements, revises voting laws for condo associations, and makes changes to loss assessment coverage. Crist officially signed the bill into law June 1st. About SB 1196 [...]
- Existing Florida Condo Sales Rise In May
June 22, 2010 By Leave a Comment
Seventeen of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in May. According to NAR’s latest industry outlook, factors such as a return of buyer confidence, stabilizing prices and an improving economy are supporting the market. Florida’s year to year comparison for condos, 6,779 units sold statewide last month compared to 4,845 units [...]
- June 19th. Gulf Oil Spill Update
June 19, 2010 By Leave a Comment
After weeks of waiting, watching and dodging the oil, Bay County finally felt a direct hit from the Deepwater Horizon oil spill. Bay County confirmed that tar balls washed ashore Friday night along the west end of Panama City Beach, in the area of Hollywood and Carillon beaches. Tar balls, nickel to a half dollar [...]
- U.S. Supreme Court Ok’s Florida Beach Program
June 18, 2010 By Leave a Comment
Florida’s efforts to re-nourish eroded beaches does not violate the rights of nearby property owners, the U.S. Supreme Court ruled Thursday in a case brought by Walton County landowners following 1995’s Hurricane Opal. In a 15-page ruling, the nation’s highest court agreed with the state that beachfront owners are not severely harmed when re-nourishment efforts [...]
- June 17th. Gulf Oil Spill Update
June 18, 2010 By Leave a Comment
Bay County Emergency Services Hazmat responders tested a piece of oiled plastic foam found by a kayaker on Panama City Beach this past Wednesday in the Gulf Highlands area, off public beach access #39. Public beach access #39 is located east of the Holiday Inn Resort. Preliminary tests of the substance on the styrofoam matched an [...]
- Gulf Oil Spill Update
June 12, 2010 By Leave a Comment
A large plume of weathered oil was detected nine miles south of Pensacola Pass. The plume is two miles wide and goes south for 40 miles. An additional plume of non-weathered oil was verified through state reconnaissance data. The plume is located three miles south of Pensacola Pass. Response assets, including skimming vessels, have been [...]
- New Problems Face NW Florida Beaches Int’l Airport
June 2, 2010 By Leave a Comment
The new NW Florida Beaches Int’l Airport in Panama City Beach is now facing problems that are actually welcomed. According to airport director Randy Curtis, the parking areas are experiencing usage of 90% to 95% capacity. Recently, lots were totally full requiring users to park in grass areas around the paved parking lots. In addition, [...]
