News

New Refinance Program to Help More Floridians

During a recent gathering of real estate professionals, hosted by University of Miami Law School, discussions were centered on the long list of government initiatives aimed at fixing the housing market. The Home Affordable Modification Program, for example, has had a very minimal impact in Florida.

New initiatives, like the revamped Home Affordable Refinance Program is aimed at addressing some of the shortcomings of past efforts. The new HARP, announced last week by President Obama, will open up the government refinance initiative to people who owe significantly more on their mortgages than their properties are worth.

New  Fannie Mae Updates can be found at:

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/sel1009.pdf

Pinellas Residential 10 May 09-May % Change

Total Property Sales 1,276 971 31.41%

Total Dollar Volume $232,300,200 $191,934,000 21.03%

Average Sales Price $182,100 $197,700 -7.89%

Median Sales Price $132,300 $140,000 -5.50%

Total Active Listings 11,645 13,144 -11.40%

Total Pending Listings 1,076 1,259 -14.54%

Month Supply of Inventory 9.9 15.4 -35.71%

This year has seen a much anticipated increase in business.  Our company has been seeing quite a bit of purchase transactions, as well as refinancing.  FHA 203K seems to be a popular obtion for many people buying REO sales.

Many changes have come our way, which include hiring a part time office person to assist with some of the day to day activities.  our client base is growing every day.  Many appraisers that I talk to are too busy now.  Doesn't seem possible as this time last year many were thinking about leaving the profession.   

My son in in Iraq once again. This is his second tour in Iraq. 

The following link will take you to the new FHA Mortgagee Letter addressing Appraiser Independence. 

http://www.alamode.com/e-mails_new/2010/Lender/0210/ML%2009-28.pdf?ClickID=CPEMAPFHA0210_1&ClickThruEmail=ppringle@tampabay.rr.com&ClickThruCustomerNumber=0&cm_mmc=email-_-appraiser-_-customer-_-CPEMAPFHA0210_1

I have been busy for the past month, which is a very good thing.  I have seen quite a bit of work for the purpose of mortgage investigation. I have also seen some purchase work which is encouraging.  Things are looking up.  Hopefully I will still be in the business next year at this time. 

There has been some rumblings that the HVCC will be overturned.  I don't think that is gong to happen, but we will see. 

There has also been a lot of complaints about Geographical Competency.  In my opinion, an appraiser can perform appraisal anywhere.  It is up to the appraiser to research the area extensively, contact real esate agents to gather information about the area and neighborhoods, and most importantly have access to the local MLS.   A good appraiser does extensive research on the area whether they are 1 mile from their office or 50 miles.  That is part of the job and you must do this to conform to USPAP. 

Wishing everyone a much more productive future!

It is getting busy.  This week I have received 6 new orders for appraisals - which is a huge increase over the past few weeks.  Every day my phone is ringing.  Thanks to all my past and present clients who have referred new clients to me.  Referrals are the backbone of a growing business and I appreciate the confidence that my clients have shown in my appraisals.

I have been meeting some wonderful people here in Florida and am enjoying our new life here.  It has only been 3 years, but it feels like home now.  Although I miss Maine, the Tampa Bay area has so much to offer that I don't think I would ever want to leave.

Real estate brokers and loan officers are feeling more confident in the market.  Purchases seem to be picking up - which is a good indicator of things to come.  I hope that we have seen the bottom and those of us who have hung in there through the bad times will be able to rebuild our businesses.

Again, thanks for the referrals.