Fannie Mae said Monday it's finalizing a plan to help renters stay in their homes even if their landlord enters foreclosure. The mortgage giant says renters who can make their monthly payments could be offered a new lease or given cash to help move to a new home.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-121608.cfm

REAL ESTATE TRENDS
When the economy shrinks, so does the size of housing, sending the popularity of tiny apartments and condos soaring as construction costs rise and financial markets fall. Developers are also responding to buyers' penchant for urban living and their environmental awareness.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n3-120808.cfm

HOME SALES
For the second month in a row, Florida's existing home sales rose in October: Florida Realtors reported a 15 percent increase in activity in the year-to-year comparison; last month's sales of existing condos statewide increased 5 percent in the year-to-year comparison. Meanwhile, NAR reports that existing-home sales fell 3.1 percent from the strong gain seen in September.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-112408.cfm

Right now, yes in the year 2008, is the most affordable time to purchase a house in the last 35 years...
Based info from the NAR (National Association of Realtors), every year, the combination of median single family home price, family income, qualifying income, interest rates = the Housing affordibility index.
Here is how it works, a score of 100 means a family has the exact amount of income to qualify for a home, a score of 120 means a family has 120% of the income needed, therefore making it actually more affordable & the home mortgage payment a smaller portion of their bills.. http://www.realtor.org/research/research/hameth
So, we need to spread the word!!, there is no technical, financial, or analytical reason not to buy a home..
Not only is it the classic rallying cray of a "Great time to Buy" but its actually the "BEST time to Buy in out of the past 35 years"!!!!
Wow!! That is something to write home about... or at least to write to customers about homes about...
US HOUSING AFFORDABILITY INDEX is NOW 135

RESPA REFORM
Good Faith Estimates will be standardized effective Jan. 1, 2010, under rules issued by HUD yesterday. The change, HUD says, will save consumers $700 at the closing table by making it easier to compare mortgage offers from competing banks.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-111308.cfm

FHA LOANS
Starting Jan. 1, 2009, FHA will insure single-family home mortgages up to $271,050 in low-cost areas, and up to $625,500 in high-cost areas. While the February stimulus package temporarily raised the FHA maximum higher, $625,500 still represents a significant increase over the original $362,790 limit.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-111208.cfm

Clippings from Lake City Reporter... all credit goes to Lake City Reporter and/or Forbes.

http://www.lakecityreporter.com/articles/2008/11/09/news/doc49166a61004de174884352.txt

In the most recent issue of Forbes, the magazine lists the most and least vulnerable towns in the United States. Using criteria that focuses on 141 micropolitan areas in the nation, Lake City ranks 95th out of the 141 — the higher the ranking, the better, Forbes explained.

Of the Florida cities listed, only one — Key West, which is labeled the second least vulnerable town in the U.S. — ranks higher than Lake City.

Obama Will Support Housing, Says NARPresident-elect Barack Obama is likely to make a housing market recovery a central part of his economic revival plan, NAR leaders said Thursday.

COMMERCIAL
Citizens Property Insurance Corp. announced that it will begin offering a Commercial Nonresidential Multi-peril (CNR-M) policy on Nov. 17, 2008. This new policy will be available to eligible nonresidential entities statewide.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-110408.cfm

Good article. It looks like we have turned the corner and are on our way!
http://www.floridarealtors.org/NewsAndEvents/n2-103008.cfm

FORECLOSURES
The number of homeowners ensnared in the foreclosure crisis grew by more than 70 percent in the third quarter of 2008 compared with the same period in 2007, according to data released Thursday. One bright spot: Filings in September were actually down 12 percent from August.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-102308.cfm

NEW HOMES
To compensate for a drop in sales, many new home builders switched to the construction of smaller houses. That worked for a while, but to attract buyers now, they're cutting square footage even more.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n5-101308.cfm

PENDING HOME SALES
Pending home sales surged 7.4 percent, according to NAR's latest Pending Home Sales Index, and the number is 8.8 percent higher year-over-year. Lawrence Yun, NAR chief economist, says homebuyers were responding to improved affordability, especially in states such as Florida, California, Nevada, Arizona and Rhode Island.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-100808.cfm

FORECLOSURES
Florida will receive $541 million in new federal foreclosure funds that must be used to buy property, rehabilitate abandoned homes and offer downpayment assistance to low-to-middle-income home buyers.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-092908.cfm

Lake City FL Real Estate - Land Liquidation Sale

I wanted to take a minute & let you know about a sale we are having. This is our Land Liquidation Sale!!!. I have a list of listings that the sellers are very motivated & have authorized me to liquidate their properties at unheard of prices. These are all priced below market value for Columbia County, FL / Lake City, FL area. Check out the list below & regardless if this is the exact type of property you are looking for, these are incredible deals to check out. Otherwise forward these to anybody that you may know that may be interested. NOW is the time to get a deal.

• Lot 3 - Sylvi Cir - Star Lake Subdivision. This is a .58 acre LakeFront Lot. Originally priced at $84,000. This has been reduced to $39,900. You simply will not find another quality Lake front lot at this price. Seller needs quick cash closing. This is a deal!!MLS 66648.
  
• Olivia Court. This is a construction development opportunity. 1.66 acres. Priced at $29,900, and bring any offer. Zoned RSF-3, 8 units per acre zoning, preliminary plat NOT filed shows 8 possible building lots, or build off existing road. MLS 63259.
  
• Explorer Glen - Plenty of room to raise horses or a few other animals.. 16.17 acres priced at only $6178 per acre. $99,900 list price. NEW Listing. MLS 67962. Well, Septic on property per owner. Ft. White, FL area. One of the best prices in the county for acreage this size. Massive price reduction from original listing.
  
• Happy Jack Dr. - Several 10 acre lots available. BEST PRICE in THE COUNTY!!! for 10 acre tracts. Priced at only $53,000 for Lots 6 & 8, and $58,000 for Lot 7. MLS 64578. Only about 10-15 minutes from Lake City. Great Value.
  
• Lot 5 - Gideon Pl. This is a 10 acre parcel with 2 homesites already setup.. 2 wells, 2 power poles, 2 sceptics, Reduced by over $45,000 for buyer to take advantage of this. Priced at $69,900. MLS 65364.
  
• Haygood Loop. Multi-Family Development opportunity. Priced at $89,900, this is a 1.4 acre parcel. It is zoned & land use for 8 units per acre. Good locations, very close to schools, High & Dry. Multi-Family is great for Lake City, FL. Good demand MLS 61057.
  
  
• Horse Way. 5 acres close to Lake City, Mostly pasture. New Listing. Priced at only $49,900. MLS 67926. Great value, Great location in north central Florida.

Email me back for a map & a flyer on any property you are interested in. I will be personally coordinating all offers for the above properties, so contact me right away with questions, and about putting in your offer.
More Good Deals on Land & Homes Available at: http://www.chadstewart.com/

FANNIE MAE AND FREDDIE MAC
What does the federal government bailout of Fannie Mae and Freddie Mac mean to home buyers and sellers? Generally, it's a good thing, and brings stability to the mortgage market. Most experts even expect mortgage rates to drop some over the short term, though qualifying for a mortgage will remain a challenge unless the feds tinker with fees or rules.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-090808.cfm

HURRICANES
With most closings shut down by property insurers when a storm is "in the box," some sales may have to be scheduled between bouts of bad weather. Hurricane Gustav is departing only to see new threats from Hanna, a strengthening Ike and newcomer Josephine.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n4-090308.cfm

RENTERS INSURANCE
Renters insurance isn't a burning issue to most renters. It's often only after a robbery that a policy suddenly seems like a no-brainer.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n5-082808.cfm

REAL ESTATE ECONOMYI
s this the real estate turnaround? On the heels of an increase in Florida home sales, a spike in new home sales and an upswing in consumer confidence, traffic to Realtor.com went up significantly in July, with traffic 29 percent higher and time spent on the Web site up 26 percent compared to one month earlier.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-082808.cfm

HOME SALES
Single-family existing home sales rose in Florida for the first time in more than two years: While only six more homes sold in July 2008 than in July 2007, it could indicate stabilization in Florida's housing sector, according to FAR's latest housing statistics. NAR also reported that national existing-home sales rose in July to the highest level in five months.Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-082508.cfm