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We are not surprised that several economic experts offered Newsweek their opinions about the state of the economy which varied. They note that housing numbers are improving which realtors ® who are in the “trenches” already know because there are many buyers out there looking to buy.

We like how Allan Meltzer who is a professor at Carnegie Mellon’s Tepper School of Business and a historian of the Federal Reserve shares his opinion about the housing market. He was quoted as follows:

The government could be doing more. One step would be to offer banks lowinterest loans if they raise half their needed capital in the markets. If they cannot raise the capital, they are insolvent and should be reorganized under existing law. They could also reduce corporate tax rates to encourage investment.

The economy would also benefit if the government offered a tax credit to anyone who buys an existing house in the next two years—a broader program than the one they’ve passed, which offers a credit only to first-time homebuyers this year.

If you would like to read the rest of the article feel read it here:

http://www.newsweek.com/id/191395

Meanwhile we are seeing more buyers out there which is not surprising to us.

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I am not surprised that in Money Magazine’s online latest article statistics show a 22% jump in new home construction:

http://money.cnn.com/2009/03/17/real_estate/housing_starts/index.htm?postversion=2009031709

Not surprisingly new construction of single-family homes increased 1.1% to an annual rate of 357,000 versus 353,000 in January which is significant. Construction of single-family homes is considered the core of the housing market so this increase is significant and is a sign that today’s housing market is slowly but surely improving.

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Here are just a few homes that recently sold in the last seven days in Clearwater, Florida so while local and national media are inaccurately portraying the housing market as though no one is buying… there are actually people buying. This is some of the homes that have sold in Clearwater in the last seven days:

1804 SYLVAN DR
1914 BETTY LN
1024 Apache Trl
1655 Highland Ave S # B-113
15132 GEORGE BLVD
2650 Countryside Blvd # 105
2454 Australia Way E # 48
2141 Alemanda Dr
2431 Franciscan Dr # 61 On
2739 Via Capri Dr # #1014
2980 HAINES BAYSHORE RD # 149
407 Dora Dr
1844 Springtime Ave
2072 Australia Way # 16
1602 Virginia Ln W
1355 Jeffords St
484 1237 Druid Rd E
1926 Albany Dr
1427 Duncan ave S
1686 Woodridge Dr

Copyright 2002-2009 GTAR, PSAR, & WPBR. All rights reserved. Information is believed to be accurate, but should not be relied upon without verification. Prepared by: Lana Robbins, GRI

Meanwhile it is a sunny day in Tampa Bay.

Until next time.

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We are not surprised that in a recent survey first-time home buyers are optimistic considering affordable housing prices and a decreasing 30-year fixed mortgage rate make for an ideal time to buy.

More than three-quarters (78%) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy. Out of the 1,000 prospective U.S. first-time home buyers surveyed in early March for the CENTURY 21 First-Time Home Buyer Survey, 68% think now is a better time to buy than six months ago.

You can read it for yourself here:

http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20090326005100&newsLang=en

This shows us that these first-time home buyers who were surveyed online (note their methodology on the bottom of the statistics) are noting significant factors that make this an ideal time to buy. In our experience this is typical. When the housing market “corrects” it is typically an advantage to first-time home buyers like how it is now.

So if you are looking to buy you may want to consider buying during this housing market correction.

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According to the Mortgage Bankers Association, as mortgage rates fall, mortgage applications are jumping up.

For the second straight week, mortgage applications rose significantly in response to the government’s efforts to stabilize housing and the economy.

The Mortgage Bankers Association’s week index reached 1159.4, an increase of 32.2 percent on a seasonally adjusted basis from 876.9 the previous week. On an unadjusted basis, the index rose 31.4 percent and was up 18 percent compared with the same week a year ago.

The refinance index increased 41.5 percent, while the purchase index rose 4.2 percent. Overall, the refinance share of mortgage activity hit 78.5 percent, up from 72.9 the previous week.

“Mortgage rates fell sharply to low levels not seen in six decades following the Federal Reserve’s announcement on the Treasury bond and mortgage-backed securities purchase programs. The drop offered a sizable refinance incentive for most homeowners sparking a pickup in refinance activity,” said Orawin Velz, Associate Vice President of Economic Forecasting.

Mortgage rates continued to decline:

• 30-year fixed-rate mortgages decreased to 4.63 percent from 4.89 percent.
• 15-year fixed-rate mortgages decreased to 4.48 percent from 4.52 percent.
• 1-year ARMs increased to 6.22 percent.

If you are looking to buy in the Tampa Bay area, then this is one of those peak times to buy. We call this a “High Affordability Index.”

If you have questions or comments please don’t hesitate to leave a comment, call us, or email us. We seek to work collaberatively with home buyers in the Tampa Bay, Florida area in order to fulfill *your* home buying dreams. We walk with you every step of the way.

Until next time.

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On March 19, 2009, the Obama Administration unveiled its new website on its Making Home Affordable Program:

http://makinghomeaffordable.gov

As reported in recent Washington Reports, the program has two main components: (1) refinancing of Fannie Mae and Freddie Mac loans for borrowers who are current and have loan-to-value ratios of 80%-105%, and (2) loan modification for borrowers in default or at imminent risk of default who have high debt-to-income ratios and mortgages with balances up to $729,750.

The new website is designed to make information about eligibility, free counselors, and other program details readily available. It also includes links that let borrowers learn whether they have a Fannie Mae or Freddie Mac loan. These programs are key elements to help some people buy a home.

If you would like more information please check out their website or contact us for more information.

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I was not surprised to read that existing home sales are up.

According to the National Association of Realtors ®, sales of existing homes grew 5.1 percent to an annual rate of 4.72 million last month, from 4.49 million units in January:

http://www.msnbc.msn.com/id/29836196

Out in the field, this has been my experience. With prices at one of its most affordable levels more buyers are buying. I have seen more younger people get into the home market. I have also been working with families relocating to the area. It is a great time to buy in Tampa Bay.