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Thursday, August 26, 2010
PALM CITYS HORSE TALK NEWS OF TODAY!! WECOME TO THE TOM CURRIE FAMILY
Wednesday, August 25, 2010
PALM CITYS HORSE TALK: OUR WEEK IN REVIEW
$410,000.00
OVERVIEW ~ August 9 through August 13 ~ The markets acted as they do when investor optimism gives way to pessimism, with a rush to the safe haven of U.S. Treasury securities (and a resulting further decline in interest rate yields), further investment in gold, and a sell-off of the euro, which fetched $1.3228 at the beginning of the week and $1.2573 at the end. The Dow Jones Industrial Average stumbled into the trend as well, losing 3.3% on the week. The Freddie Mac average for its 30-year fixed-rate mortgage edged down another 5 basis points to 4.4%. In other words, it was a generally unimpressive week for all investments other than Treasury securities and gold.
FOCUS ~ The big drop in stock market indices occurred on Wednesday, August 11. The Dow Jones Industrial Average (DJIA) fell 265.42 points, 2.5% of its prior level. Why?
The Federal Reserve’s Open Market Committee had announced three things at its regularly scheduled meeting the day before. First, it said that the economy was indeed moving forward, but very slowly. Second, therefore, it reaffirmed that it would keep the fed funds rate (the rate at which banks borrow from one another overnight) at its current low level for the foreseeable future. Third, it announced that it planned to use the proceeds of the maturing mortgage-backed securities (MBSs) it has invested in to purchase Treasury securities. The earlier purchases were designed (successfully) to help keep the MBS markets liquid and mortgage rates low. The newly announced move would be designed to help keep Treasury security interest rates low and to help stimulate further economic recovery.
At first, markets over the world seemed pleased at the Fed’s decision. Then, concerns set in. Investors seemed to realize that the Fed was implicitly suggesting that there might be trouble ahead. Enough of a panic ensued to create Wednesday’s big stock market decline.
Meanwhile, world investors grew more worried about a possible resurgence of debt problems abroad (and even about a weakening market for foreign goods in China), and world stock market indices fell, along with the euro, which has been losing value against the dollar whenever worries about European economies increase.
Most likely, none of the week’s economic worries, taken alone, would have moved the markets as strongly. But the markets are uncertain enough to be very vulnerable to a collection of investor concerns, and we saw what the results of those concerns look like.
Saturday, August 21, 2010
Wednesday, August 18, 2010
PALM CITYS HORSE TALK: OUR WEEK IN REVIEW
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Featured Property,STUART-WEST, PALM CITY, FLORIDA
$410,000 Santa Monica Drive
OVERVIEW ~ August 2 through August 6 ~ On the surface, it seemed almost a quiet week in the investment markets. Beneath the surface, however, American investors were uncertain of how to respond to various economic indicators but global investors were still attracted to the safe haven of Treasury securities. In foreign exchange markets, contrary to the usual pattern, global investors elevated the euro’s value against the dollar. The Dow Jones Industrial Average (DJIA) managed a 1.79% gain on the week, a remarkable show of resilience in the face of an unfavorable employment report on Friday.FOCUS ~ The July Employment Report raised a great many questions without offering answers. Why, for example, did the DJIA, after immediately reacting to the poor employment numbers with a 1% decline, regain all but 21.42 points at the end of the day? Why, on the other hand, did the 10-year Treasury security, which started the day at 2.916%, fall all day without respite, ending Friday at 2.826%? Different elements of the market were acting in diverse ways, telling us little except that investors are extremely undecided about where stocks and bonds and other investments will go in the future.
Possibly more obvious has been the significance of the euro’s movement against the dollar. The dollar began Monday at $1.3033 to the euro, and ended the week at $1.3293, suggesting that even though the DJIA may still be resilient, investors over the world are slightly wary of the American economy at this point. Major investment houses, had already begun signaling a lack of confidence in America’s economic growth late the prior week, reversing recent policy and moving funds into Treasury securities, apparently expecting interest rates to fall even further.
The one point that the week’s action in the markets makes clear is that, at this moment, intense uncertainty among investors has led to very low rates, a good deal lower than many analysts had predicted.
Mortgage rates, as a result of the uncertainty, are remarkably attractive, with the Freddie Mac average 30-year rate falling to 4.49%, its lowest level ever. Hopefully, there will be more definitive answers to the questions raised by the current market very soon.
PALM CITYS HORSE TALK: OUR ECONOMY...WEEK IN REVIEW
FEATURED LISTING: WIMAUMA, FLORIDA, Six acre farm, barn and at low price of $329,000. Contact me at uus 283 6582 for appointment. OVERVIEW ~ August 2 through August 6 ~ On the surface, it seemed almost a quiet week in the investment markets. Beneath the surface, however, American investors were uncertain of how to respond to various economic indicators but global investors were still attracted to the safe haven of Treasury securities. In foreign exchange markets, contrary to the usual pattern, global investors elevated the euro’s value against the dollar. The Dow Jones Industrial Average (DJIA) managed a 1.79% gain on the week, a remarkable show of resilience in the face of an unfavorable employment report on Friday.FOCUS ~ The July Employment Report raised a great many questions without offering answers. Why, for example, did the DJIA, after immediately reacting to the poor employment numbers with a 1% decline, regain all but 21.42 points at the end of the day? Why, on the other hand, did the 10-year Treasury security, which started the day at 2.916%, fall all day without respite, ending Friday at 2.826%? Different elements of the market were acting in diverse ways, telling us little except that investors are extremely undecided about where stocks and bonds and other investments will go in the future.
Possibly more obvious has been the significance of the euro’s movement against the dollar. The dollar began Monday at $1.3033 to the euro, and ended the week at $1.3293, suggesting that even though the DJIA may still be resilient, investors over the world are slightly wary of the American economy at this point. Major investment houses, had already begun signaling a lack of confidence in America’s economic growth late the prior week, reversing recent policy and moving funds into Treasury securities, apparently expecting interest rates to fall even further.
The one point that the week’s action in the markets makes clear is that, at this moment, intense uncertainty among investors has led to very low rates, a good deal lower than many analysts had predicted.
Mortgage rates, as a result of the uncertainty, are remarkably attractive, with the Freddie Mac average 30-year rate falling to 4.49%, its lowest level ever. Hopefully, there will be more definitive answers to the questions raised by the current market very soon.
STUART-WEST, FLORIDA, LARGE ESTATE REDUCED TO $386,000
This Stuart West home located in Palm City, Florida was built in 1996. There is 3,185 sq feet under air and 4,963 under roof. This home is not a short sale. It is priced to sell quickly. The home needs some TLC but not much. The owner was in process of moving back to his home when situations changed. This home is bright and open. Large soaring ceilings are throughout the home. There is a formal living room, as shown in the photo, a formal dining room, a huge family room and kitchen combination with soaring ceilings, plus three bedrooms, breakfast area, pool. three car garage, and separate laundry room. Please call for information. This home will not last. It is priced very LOW and is ready to go to a new owner. 772 283 6582 Carol Barron-Cross
STUART-WEST, FLORIDA, LARGE ESTATE REDUCED TO $386,000
This Stuart West home located in Palm City, Florida was built in 1996. There is 3,185 sq feet under air and 4,963 under roof. This home is not a short sale. It is priced to sell quickly. The home needs some TLC but not much. The owner was in process of moving back to his home when situations changed. This home is bright and open. Large soaring ceilings are throughout the home. There is a formal living room, as shown in the photo, a formal dining room, a huge family room and kitchen combination with soaring ceilings, plus three bedrooms, breakfast area, pool. three car garage, and separate laundry room. Please call for information. This home will not last. It is priced very LOW and is ready to go to a new owner. 772 283 6582 Carol Barron-Cross
Wednesday, August 4, 2010
PALM CITY"S HORSE TALK: MOSS CREEK FARM FOR SALE
MOSS CREEK FARM, 50 ACRE FARM, MOVE IN READY, MUST SHOW, REDUCED TO SALE.
Getting ready to put your property on the market? Perhaps this might help.
Five reasons to buy a home now
ORLANDO, Fla. – Aug. 4, 2010 – The tax credit expired, but it’s still a great time to buy a home thanks to low mortgage rates and motivated sellers. Here are five reasons why now is a great time to buy:
1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today’s record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains traction.
2. Houses are in move-in condition. Homeowners continue to spend on maintenance and repair, according to the Harvard Joint Center on Housing. As these houses enter the market, they stand in marked contrast to tattered foreclosures.
3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system, and they are being replaced by some very attractive properties.
4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market.
5. Plenty of programs. Many programs that encourage middle-class families to buy homes still exist, despite market downturns. Buyers who qualify can get a big boost by combining one of these programs with today’s low mortgage rates.
If I can help you, please get in touch with me. I know my market and would love to help. See http://www.mysunflowerfarmfl.com/
PALM CITY'S BEAUTIFUL STUART WEST..LARGE ESTATE REDUCED FOR SALE
This is one of Stuart West's large estates that has been reduced for sale. Reduced to $560,000. HIGHLY MOTIVATED SELLER. 4.24 acres, 3185 sq. ft under roof and 4963 under air. Pool, Soaring Ceilings, pvc fenced property, Horses allowed. Take a look at this huge home.
For South Florida market, a hopeful sign. Good News for Florida.
MIAMI – Aug. 4, 2010 – South Florida’s housing sector asserted its independence from national trends in July as a key measure of the real estate market improved year-over-year, with the region’s international buyers and still-drooping prices propping up the local housing market.
In July, pending home sales in Miami-Dade County stood at 10,113, up 40.5 percent from July of 2009, according to figures released Tuesday by the Miami Realtors. In Broward, pending sales stood at 7,830 in July, up 25.4 percent from a year earlier.
Pending home sales refer to the number of housing contracts that have been signed, and offer an early indicator of sales activity because typical sales have a one- to two-month lag between a sales contract and a completed deal.
South Florida sizes up well when compared to the national picture, where the pending home sales index hit a record low 75.7 in June, according to the National Association of Realtors. It was the second monthly falloff after the April 30 deadline to enter the federal homebuyer tax credit program, with June’s pending sales down nearly 19 percent from the same month a year earlier.
The local market hasn’t been completely immune from the post-tax-credit slump. In the past three months, pending home sales are down 3.2 percent in Miami-Dade and down 5.1 percent in Broward.
“We are encouraged by the statistics for pending home sales in the South Florida real estate market even after the expiration of the homebuyer tax credit,” Jack H. Levine, chairman of the board of the Miami Realtors, said in a statement. “While the number of pending sales has dropped slightly month-over-month, they are still significantly higher than they were a year ago.”
With financing still difficult to obtain, all-cash buyers and deep discounts on distressed properties are propping up sales, said Peter Zalewski, a principal at Bal-Harbour-based Condo Vultures.
About 60 percent of South Florida sales have gone to foreign buyers, who are more likely to pay with cash and were never eligible for the tax credit.
Additionally, more than half of recent sales in Miami-Dade and Broward counties involve short sales or bank-owned home sales. In the last 12 months, the number of bank-owned condos and single-family homes sold has more than doubled.
A short sale occurs when a home is sold for a price that is less than the value of the outstanding mortgage. In what has become a notoriously lengthy process, both the seller and the bank must agree to the price.
Banks have recently become more willing to allow sellers to pursue short sales, which now account for one in four South Florida sales.
There were 944 short sales in Miami-Dade and Broward in June, up from only 379 a year earlier, according to analysis by Esslinger-Wooten-Maxwell Realty.
That’s a reason to be cautious while interpreting pending homes sales data in a market like South Florida’s, said Doug DeWitt, Miami-based real estate broker.
Many short sale contracts are rejected by the bank after a seller agrees to sell for a price below what they owe, meaning those pending sales don’t lead to closings.
Additionally, because short sales take months to process, many remain in the “pending” stage longer than normal, boosting pending sales numbers for multiple months.
In Miami-Dade County, more than half of the pending single-family home sales on the Multiple Listing Service are short sales, said DeWitt.
“I’d say at least half of those are not going to close,” he said. “I would say stick to the actual closed sales to make the true comparison, because there’s a lot of different ways that these pending sales can fall through.”
The increasing number of short sales and bank-owned properties coming to market has put downward pressure on prices in South Florida, said Jack McCabe, chief executive of McCabe Research & Consulting in Deerfield Beach. In June, median prices of existing homes stood at $203,300 in Miami-Dade, down about 4 percent from the same month a year earlier. Median existing condo prices, at $128,000, were down about 9 percent in Miami-Dade.
“When you’re in a neighborhood that has two foreclosures and a short sale that are priced $50,000 or $75,000 below what you thought you could get for your home, you do not set the barometer for the other [home] prices,” McCabe said. “They set the prices for you.”
Tejus Karia, who has been trying to sell his Davie townhouse for eight months, has cut prices multiple times.
He has slashed the price on the three-bedroom, from $185,000 to $165,000 to draw in buyers but didn’t get a single offer. He recently decided to rent it instead.
Zalewski said many sellers are coming to accept the new, lower pricing levels being dictated by the market, and are acting accordingly.
According to a report by Trulia, one in five home sellers in the Miami area slashed prices last month, with an average reduction of 13 percent.
Karia said the main obstacle for most of his buyers was the lack of financing: “Nobody could come up with the money. The banks aren’t lending money, and that’s going to leave a lot of these houses in limbo.”
PALM CITYS HORSE TALK: MORTGAGE RATES SINK A LITTLE LOWER
Four Bedroom Home in Stuart-West, Palm City, Florida
Very Good Purchase Price, $410,000
Move In Ready, 3.34 Acres, Horses Allowed
Two Golf Cart, Canoe, Lawn Mower Come With Home
LOCATION, CONVENIENT, & LOVELY
Weekly Economic Summary - July 30, 2010
OVERVIEW ~ July 19 through 23 ~ The Dow Jones Industrial Average (DJIA), like most market indicators, made small gains as investors waited with concern for the first report of results from ”stress tests” for European banks. If an unexpectedly large number of banks were found to be unsafe, the markets would have likely reacted negatively. The results of the tests, however, did little more than affirm what investors already knew. Only a few banks were found to be truly weak, and they had already been named. On Friday, when the announcement was made, the news about the “stress tests” therefore resulted in what many analysts called a “relief rally.” The DJIA rose by 1% on the day, reaching 10424.63, having edged up enough over the week to climb 3.2% over the prior week’s closing figure. The rise was aided by good news from corporate earnings reports, notably with General Electric raising its quarterly dividend by 20%.
FOCUS ~ Mortgage interest rates, meanwhile, continued to edge lower. The 10-year Treasury note held its ground at 2.99%. The Freddie Mac average 30-year mortgage rate shed another basis point, ending the week at 4.56%. And the HSH Associates average of conforming and jumbo rates fell 8 basis points to 4.90%, Extremely attractive financing rates, in other words, became even more enticing during the week.
But low rates may not be motivating buyers to write up offers on residential real estate. While some experts forecast a surge in home sales as a result of the June 30 closing deadline for the home buyer tax credit, the National Association of Realtors ® reported that existing home sales actually fell 5.1% in June, although up 9.8% over June 2009.
Why aren’t lower interest rates bringing more of a boost to real estate purchase activity? There is no easy answer to this question, but a large number of factors can be cited. Many homeowners have refinanced already, and don’t need to refinance again at this level. Others, especially those whose home’s market value has fallen below the existing loan balance, simply cannot engineer a workable refinance. These factors, along with concerns about job stability, are keeping many people from acting on these interest rates. Still, the rates are extraordinary, and those who can will most likely take advantage of them sooner than later if confidence in the economy improves.
I have seen an increase in folks that desire to move to our Town and Country neighborhood, Palm City, Florida. I have request everyday about our city. If you are wondering, "Why Palm City, Florida." just Google our little town of Palm City and look at all we have to offer. Where can you go and be on the beach in 15 minutes, shop until you drop at Worth Avenue and more, ride your horse everyday, have fun on your ATV, see our beautiful sunsets in the evenings, and much, much more. We are Palm City and we offer amenities for young and old. Come see it. We love our Town and Country Lifestyle. There is room for more. Consider Palm City if you are thinking of moving to Florida.
Monday, August 2, 2010
Palm City Equestrian Properties: PALM CITY, FLORIDA, BEAUTIFUL HOME LOADED WITH AMENITIES, $410,000
This is a beautiful home, well preseved to have been built in 1988. Visit my website at http://www.mysunflowerfarmfl.com for more information
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