Coit Group Fine Homes

NEW PORT RICHEY — The number of residential real estate sales in West Pasco County increased by 14 percent in 2013, according to statistics posted by the West Pasco Board of Realtors. The board reports 4,506 closed sales compared to 3,960 in 2012. The year ended with an increase despite lower sales in October, November and December 2013 compared to the year before. Tougher credit requirements and flood insurance increases have both been cited as drags on the market in the fourth quarter. The National Association of Insurance Commissioners released a new report in December that ranks Florida as the most expensive state in the nation for home insurance. The average premium for a typical homeowner’s policy is $1,933 in Florida, four times the cost of a policy in Idaho, the cheapest state for homeowner’s insurance. Homeowner’s insurance is twice as expensive in Florida as the national average. The study was conducted on rates for 2011, and rates have risen since then. Condominium and...

 Those who lost their home due to financial hardships may get another shot at being homeowners again soon. The Federal Housing Administration (FHA) recently announced that it would shorten the waiting period for qualified borrowers who’ve had a bankruptcy, foreclosure, deed in lieu of foreclosure or short sale if they wish to buy a home again. Under FHA’s Back-to-Work program, homeowners must show that they have their finances in order, and they must receive counseling from a HUD-approved agency. Those who meet the requirements can apply to buy a property in as little as a year. “The Back to Work program is a great opportunity for us to help those impacted by the recent housing crisis,” Heather Shanahan, a representative with a HUD-approved housing counseling agency called Springboard, told HousingWire. “Our goal in our counseling sessions is to enable the borrower to better understand their loan options and the obligations.” Counselors provide borrowers with a customized action ...

Average rate on 30-year mortgage at 4.22%   Average U.S. rates on fixed mortgages declined this week after two weeks of increases, keeping home buying affordable. Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan fell to 4.22 percent from to 4.35 percent last week. The average on the 15-year fixed mortgage dipped to 3.27 percent from 3.35 percent. Rates had spiked over the summer and reached a two-year high in July on speculation that the Federal Reserve would slow its bond purchases later this year. But the Fed held off in September and now appears poised to wait at least a few more months to see how the economy performs. The bond purchases are intended to keep long-term interest rates low. Mortgage rates tend to follow the yield on the 10-year Treasury note. They have stabilized since September and remain low by historical standards. Still, mortgage rates are nearly a full percentage point higher than in the spring. The uptick has con...

NEW YORK – Nov. 18, 2013 – Bidding wars in recent months have fueled large gains in home values in some parts of the country. But bidding wars and the buying frenzy seen just a few months ago seem to be cooling at a time when housing affordability has been reduced due to higher mortgage rates and home prices. “The bidding wars were creating a false market,” homebuyer Mike Imgarten told Bloomberg about his two-month house hunt in Sacramento, Calif., area. “Now is a good time to jump back in and see where we’re at.” Inventories have risen in many markets, leaving homebuyers with more options. The National Association of Realtors® reported that inventory levels of unsold homes rose in September from a year earlier – the first time since 2011. More homeowners are seeing the return of equity (more than 2.5 million homes saw positive equity return in the second quarter alone), which has prompted more people to list their properties. “We are shifting from a frenzy to where buyers are taki...

 Average U.S. rates on fixed mortgages were little changed this week, staying near their lowest levels in three months. Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan edged up to 4.23 percent from 4.22 percent last week. The average on the 15-year fixed loan rose to 3.31 percent from 3.29 percent. Both are the lowest averages since July. Mortgage rates began falling last month after the Federal Reserve held off slowing its $85-billion-a-month in bond purchases. The bond buys are intended to keep longer-term interest rates low, including mortgage rates. Longer-term rates have also stayed low because of the partial government shutdown and a lack of government economic data. The shutdown that began this month has spurred investors to sell stocks and buy Treasury bonds. Mortgage rates tend to follow the yield on the 10-year Treasury note. The 10-year note traded at 2.67 percent Wednesday, up from 2.63 percent last week but down from 2.71 percent on S...

A new FHA program, just introduced, reduces the wait to 12 months after a derogatory credit event when the borrower has satisfactory credit during those 12 months. This reduced wait period is available after foreclosures, deeds in lieu, bankruptcies etc. if the derogatory credit was caused by an economic event that decreased the borrowers household income by 20% or more for 6 months. So what's an economic event? "Any occurrence beyond the borrower's control which results in a loss of employment or income that reduces the borrowers household income by 20% or more for at least 6 months." e.g.- a pay cut or being laid off would qualify but quitting a job would not. Household Income : Gross income of the borrower and any individuals who resided in the     borrowers primary residence at the time of the "economic event" and or who were a co-borrower on the borrower's previous mortgage. Each Participant must receive at least one hour of one on one coun...

                            U.S. home prices rose 12.4 percent in July compared with a year ago, the most since February 2006. An increase in sales on a limited supply of available homes drove the gains. The Standard & Poor’s/Case-Shiller 20-city home price index reported Tuesday improved from June, when it rose 12.1 percent from a year ago. And all 20 cities posted gains in July from the previous month and compared with a year ago. Stan Humphries, chief economist for real estate data provider Zillow, said home prices should continue to rise but at a slower pace. Mortgage rates have increased more than a full percentage point since May. And more homes are being built. That should ease supply constraints that have inflated prices in some markets. “This ongoing moderation is good for the market overall,” Humphries said. Home prices soared 27.5 pe...