$309 Average Monthly Refinancing Savings

There are approximately 1.4 million Florida homeowners who would benefit from refinancing their homes because of lower mortgage rates according to a national research. firm.  These homeowners are high quality refinancing candidates because they have at least 20% equity in their homes and a credit score over 720.  Florida is second in the nation inContinue reading “$309 Average Monthly Refinancing Savings”

Foreclosure Filings Increase 20%

Nationally, October saw a large increase in foreclosure filings from the previous month. Miami was in the top 5 cities nationally.  Some homeowners may be unaware that mortgage lenders have instituted forbearance programs and loss mitigation departments to help struggling homeowners due to COVID-19.  Please contact Ed Curry at 941-799-9440 if you are thinking ofContinue reading “Foreclosure Filings Increase 20%”

Forbearance Plans Drop to New Low

Forbearance, (when mortgage lenders allow you to delay payments for a specified time) rates are at a 7 month low.  Many homeowners took advantage of forbearance plans in the early Spring due to COVID-19.  Mortgage forbearance plans make up almost 6% of all mortgages which is the lowest rate since April when it was 3.74%. Continue reading “Forbearance Plans Drop to New Low”

Will Mortgage Rates Rise After Election?

This year mortgage rates reached an all time low for home buyers.  After the 2016 election rates jumped from 3.74% to 4.24%. Many economists agree that mortgage rates will hover around 3%.  The Federal Reserve has been keeping the Federal Funds Rate near zero which indirectly helps mortgage rates stay low.  Additionally, there is stillContinue reading “Will Mortgage Rates Rise After Election?”

Builders Are Dealing With Supply Shortages

Almost 50% of builders reported supply disruptions in a recent national survey. Shortages were reported in: lumber, appliances, flooring and hardware.  Some builders are reducing home buyer product choices to more readily available inventory.  Additionally, some builders are using escalation clauses.  If the home building material costs increases over a certain amount, the home buyerContinue reading “Builders Are Dealing With Supply Shortages”

Delinquencies Place Two FL Cities in Top 10

A large number of FHA mortgage delinquencies have placed Orlando (9) and Tampa (10)  in the top ten cities in the nation.  This could become a serious situation as COVID-19 unemployment benefits expire and unemployment remains high.  Nationally, in September over 3.5 million FHA mortgages were enrolled in a forbearance plan. Ed Curry has earnedContinue reading “Delinquencies Place Two FL Cities in Top 10”

Buyer Purchasing Power Goes Up $33,000+

Lower mortgage rates have increased the purchasing power of buyers by an average of more than $33,000 from one year ago.  That is almost a 7% increase from last year.  Increased home prices, however, are negating that increase in purchasing power.  Home prices have seen average increases nationally of over 8%.  Please contact Ed CurryContinue reading “Buyer Purchasing Power Goes Up $33,000+”

Millennials Help Keep Home Sales Strong

20 and 30-year-old home buyers are helping to keep the home sale market strong.  More than half of new mortgages were made to this demographic according to Realtor.com.  Millennials have now surpassed Baby Boomers as the largest adult group in America. 

Americans Are Saving More Money $$$$

A recent survey of 5,000 Americans indicated that people are saving more than before the COVID-19 outbreak.  Almost half of those surveyed said their spending has decreased.  People working from home are saving on commuting costs and that may be one of the reasons.  Additionally, with millions of unemployed, people are feeling a need toContinue reading “Americans Are Saving More Money $$$$”

Buyers Choose New Construction Because of Existing Home Shortage

New single family home sales are up nationally almost 14% from June to July. There is a real shortage of existing home inventory for buyers to choose from. Many buyers are looking to new home builders to fill their needs. In the Sarasota/Manatee County area our inventory of homes for sale in slightly over aContinue reading “Buyers Choose New Construction Because of Existing Home Shortage”

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