The Port St Joe Real Estate Blog

Dear Friends,

Spring is here and buyer traffic is increasing.

1) Prices are down in some cases more than 50%

2) Mortgage Rates are down

3) Rental Income is up.

Please read articles:

HOME PRICES U.S. home prices rose 1.7 percent on a seasonally-adjusted basis from December to January, according to the Federal Housing Finance Agency, which regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-032509.cfm        __________________________ TRENDS Realtors across the U.S. report signs of a turnaround in the housing market. It's not much, but there seems to be a light at the end of the tunnel as more buyers knock on Realtors' doors. Read the full story: http://www.floridarealtors.org/NewsAndEvents/n2-032509.cfm

ECONOMY

Did the U.S. economy hit bottom, turn around, and start eking its way back up? Observers say "maybe," but the coming week could offer more insight if a batch of reports comes back stronger than expected.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n1-033009.cfm

MORTGAGE RATES

After the Federal Reserve launched a new effort to assist the U.S. housing market, rates on 30-year mortgages fell this week to the lowest level on record, averaging 4.85 percent, according to Freddie Mac's weekly nationwide survey.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n1-032709.cfm

LOOKING UP?

HUD Secretary Shaun Donovan released a statement yesterday that suggests the housing market is improving. "This week we have seen some encouraging news on housing," Donovan's statement said. "Sales of both new and existing homes rose in February for the first time in more than six months, while home prices are starting to stabilize. Although there will be many ups and downs in the coming months, this news should reinforce the importance of the steps we have already taken to stabilize the housing market and strengthen our economy, including measures that have contributed to the nearly lowest mortgage rates in decades and the $8,000 tax credit for new homebuyers included in the American Recovery & Reinvestment Act (ARRA)." Donovan believes the housing turnaround will do more than help homebuyers, tying it to a complete economic rebound that will lead to growth and job creation.