Continue reading »]]> Mortgage Rate Trend Index

Bankrate.com surveyed industry experts this week and 33% (one-third) believe that there will be an increase in mortgage rate over the following weeks; 7% think they will fall; and 60% believe that it won’t change.

Fixed mortgage rates have remained level this week, suspended at almost the annual low.

On Thursday, Freddie Mac says that the 30-year loan average rate remains unchanged at 4.50%. Two weeks ago, it crashed to 4.49% which is the lowest level in 2011. The 15-year fixed mortgage average rate moved upward to 3.69%, which is well-liked for refinancing.  Last week though marked its annual low of 3.67%.

Rates typically follow the revenue on 10-year Treasury note and based on the data, a continuous drop in revenue in recent weeks points towards a slower economy.

Even low mortgage rates and dropping of home prices were not enough to heighten the distressed housing industry. Many people shy away from utilizing very low rates due to bigger down payment prerequisites and demanding lending criterions. Qualified homebuyers hold back for fears of price crash.

Acquisitions of previously occupied houses are lesser in May and sales dropped at the lowest this year. Sales have plunged four times during the past five years ever since housing industry went off in 2006 and hit the 13-year low in 2010.

Sales for new homes dropped off last month to invariably adjust yearly rate of 319,000 units, which is far below the projected 700,000 homes sold every year to keep a healthy housing industry, according to economists.

Ben Bernanke, Federal Reserve Chairman said last Wednesday that housing industry is pulling down broader economy. He further stated that clearing off the foreclosures from the channel of homes for sale is essential for market recovery.

Majority of the economists said that home prices continue to fall down throughout the year and predicts that price rebound will be seen no less than 2013.

From Monday to Wednesday of every week, Freddie Mac gathers rates from lenders throughout the country in order to gauge average mortgage rates. Oftentimes, rates fluctuate drastically even within the day.

On average, the rate for a five-year adjustable mortgage rage dropped to 3.25% from 3.27%; the lowest since 2005. There is a slight rise of one-year adjustable loan rate from 2.95% to 2.99%.

The rates exclude extra fees called points wherein a single point is equivalent to 1% of the overall loan amount.

Based on the survey of Freddie Mac, a slight increase was noted on the 30-year fixed loan average fees from 0.7% to 0.8%. They were unchanged in 15-year fixed loan at 0.7%; five-year ARM at 0.6%; and 0.5% for one-year ARM.

Palm Coast Homes For Sale

Continue reading »]]> The past twenty years have seen the efforts made by lawmakers to significantly improve the property insurance system.  This session might prove to be fruitful for this endeavor with 24 bills presented to the House.  These bills vary in their propositions of solutions to the insurance problems.  One of them included the pitch to increase citizen premiums by 25%.

SB 408, the bill authored by Sen. Garrett Richter (R-Naples), was passed.  It hopes to control the factors that influence the increase in premiums.  Furthermore, it seeks to prevent voluntary market insurers from operating in Florida.

The following are the key stipulations in the bill.

• Offers of sinkhole coverage should be retained by insurers.  They may limit coverage to homes and other facilities on the property such as pools and garage.  Before releasing sinkhole coverage, property inspection may be conducted.
• Structural damage related to sinkhole is defined.
• Insurers may pay actual cash value first for any repairs to homes. Insurers in Florida are mandated to pay replacement claims straight out whether the insured items are changed or not.
• Insurers are allowed to demand that the fixes be finished prior to releasing a sinkhole claim.
• For sinkhole related losses, claims should be made within a couple of years, while claims for hurricane damage should be done in 3 years.
• Compensation for public adjuster is limited.

Even though the “Consumer Choice” bill did not push through, SB 408 hopes to aid insurers to increase rates by 15% to shoulder reinsurance costs increase.  Any raise should still be endorsed by State insurance regulators.

St Augustine Homes For Sale

Continue reading »]]> On Feburary 24th, Travis Tritt is performing his solo acoustic show at the Ponte Vedra Concert Hall. There are only 450 tickets available and they are going fast. Be one of the first people to enjoy a show at this brand new venue just completed by the St. Johns County Recreation and Parks Division. They are doing a fantastic job of giving the citizens quality entertainment. Tickets are $49.95 reserved seating and $79.95 VIP meet & greet with seating in the first 6 rows. You can buy tickets at the box office at the St. Augustine Amphitheatre, the Ponte Nedra Concert Hall Box Offices or Ticketmaster. Enjoy!

St Augustine Homes For Sale

Continue reading »]]>

Main Street

This year Bike Week in Daytona Beach is scheduled from March 4^th through the 11^th. This year, as in past years, is being eagerly anticipated by bike lovers from around the United States and the world. Some of the scheduled events are; best buns/chaps contest, bikini contest, bikini bike wash, bike blessings, plenty of bike shows & vendors, burnout / horsepower contests but to name a few. Bring your bike and your significant other to enjoy nonstop parties, riding, music and people / bike watching.

Since the opening of Destination Daytona, many events have moved up into the Rt. 1, Ormond Beach corridor along the areas of the Boot Hill Saloon through Destination Daytona. If you plan on traveling along this route on anything other than by foot or motorcycle during bike week, you should make other route plans as the road is usually blocked with event attendees going from one spot to the next. Destination Daytona features the new Harley Dealership along with assorted vendors, bike accessories, live music, pubs and restaurants.

Even though many of the events have moved north, Main St. in Downtown Daytona Beach is the heartbeat of Bike Week and is the place to be and be seen. Along with the thousands of bikes, beautiful woman and celebrities present in the area is the great music, food and just an unbelievably great time for all!

While you’re here don’t forget the motorcycle races out at the Daytona International Speedway scheduled during Bike Week with a variety of different classes from Supercross, Flat Track and Superbike.

Planning on attending this year’s festivities?  You should be making your reservations now as the better spots fill up fast.

Daytona Beach Homes For Sale

Continue reading »]]> This images are from the concert on Novenber 20th at the Ocean Center in Daytona Beach. I had these images laying around and thought that I would share them. It was a fantastic show. They played for over 3 hours. I took these images with my Droid, so they aren’t the best. Enjoy!

Leon Russell

Elton John

Daytona Beach Homes For Sale

Continue reading »]]> As many of you know, last week was the annual Turkey Rod Run at The Daytona Beach International Speedway. After attending the main event, a friend and myself went down to A-1-A at Ruby Tuesday’s to check out more cars where many car people hang out. I spotted this Mustang which I think is one of the top cars of the weekend. I didn’t get an opportunity to speak to the owner but it appears to be a 1969 Mustang Mach 1 with what appeared to be about 2 inches cut out of the middle of the body and the top looks to be chopped a few inches. The car appears so stock but it sits about as low as a Ferrari. Just a beautiful car in my opinion.

Enjoy the Eye Candy!

Daytona Beach Homes For Sale