Whenever reading economic forecasts it’s a good idea to look at its source. In the latest news Associated Press’ business writer Mae Anderson claims that more than 80 percent of economists believe the recession is over and an expansion has begun, but they expect the recovery will be slow as worries over unemployment and high federal debt persist.
The housing recovery is seen as one bright spot. Forecasters expect 2010 to be the first year since 2005 that the housing sector will contribute to overall growth. Home prices are expected to rise 2 percent in 2010 but panelists do not believe that will stifle the housing recovery.
They expect home prices to rise 2 percent next year? We shall see how this forecast pans out.
According to the Department of Commerce’s U.S. Census Bureau permits to build privately-owned new housing units rose 8.7 percent in June 2009, well above the expectation for a 1.9-percent rise. Housing starts rose 3.6 percent, better than the expectation of no change for the month.
It was better than the 530,000-unit pace economists expected, and was the second straight monthly increase after April’s record low of 479,000 units.
These stronger numbers reflect an increasing confidence—the percent of households who recognize that this is a good time to buy a house has risen over the last year. They state, “While the economic environment remains challenging, continued Recovery Act investment into the economy should encourage growth in a range of industries including the housing sector.”
You can read the statement here. Or the Commerce Department’s “Economic News” here.
The board of state-run Citizens Property Insurance approved raising rates for most policyholders by 10 percent next year. After a heated debate Wednesday, Citizens also agreed to cap any rate cuts at 10 percent as well, rejecting a committee recommendation that rates remain frozen for those customers. This is not good news by any means but is important for home buyers in Florida to know.
This affects policy holders in the following counties:
- Pinellas 101,502
- Pasco 61,156
- Hillsborough 36,392
- Hernando 26,471
- Citrus 4,602
So far policies in force as of May 31, 2009 are as follows:
- PLA – Personal Residential Multi-Peril (PR-M) 618,166
HRA – Personal Residential Wind-Only (eWIND PR-W) 201,934
HRA – Personal Residential Wind-Only (ePAS PR-W) 82,444
HRA – Personal Residential Multi-Peril (PR-M) 85,898
HRA – Commercial Residential Wind-Only (CR-W) 14,619
HRA – Commercial Residential Multi-Peril (CR-M) 617
HRA – Commercial Non-Residential Wind-Only (CNR-W) 30,424
HRA – Commercial Non-Residential Multi-Peril (CNR-M) 37
CLA – Commercial Residential Multi-Peril (CR-M) 8,688
CLA – Commercial Non-Residential Wind-Only (CIW CNR-W) 437
CLA – Commercial Non-Residential Multi-Peril (CNR-M) 189
Total: 1,043,453 policies in force as of May 31, 2009
Citizens Property Insurance covers homeowners who cannot find coverage in the open market. Citizens Property Insurance Corporation is the State’s homeowners’ insurance safety net. It was created by the Legislature in 2002 to offer property coverage to Floridians without private insurance options.
On May 4, 2002, Florida’s governor signed legislation creating Citizens Property Insurance Corporation (Citizens) by merging the Florida Residential Property and Casualty Joint Underwriting Association (FRPCJUA), which provided homeowners property coverage statewide, and the Florida Windstorm Underwriting Association (FWUA), which provided wind-only coverage in designated coastal areas. Citizens is a not-for-profit, tax-exempt corporation, whose public purpose is to provide policyholders with affordable property insurance protection.
You can read their strategic plac for 2009 to 2012 here. It looks like one of their goals is to preserve this coverage to Floridians so they voted to increase rates 10% next year for most policy holders.
This recent news should not deter home buyers from buying in Tampa Bay, Florida or for that matter throughout Florida.
Looking for a Citizens agent? Look for one here.
This home is located in Colonial Hills in Holiday, Florida and has been recently reduced to $98,000. It has two bedrooms and two bathrooms and it is a corner lot. Its MLS number is 7397904.
It is also available for rent.
The sellers did a fantastic job with the interior. For example the front room has wood laminate with blends nicely with the wall paint:
The sellers also upgraded the kitchen:
They added a built-in wine rack:
Here is a pic of one of the two bedrooms:
My Realtor.com ad can be seen here.
If you would like to know more about this house or are looking for a home in Holiday, Florida or elsewhere in Tampa Bay then feel free to contact me:
Email: Lana.Robbins@FloridaMoves.com
Phone: (727) 542-1729
Or if you like to search the MLS (Multiple Listing Service) online like an agent then feel free to sign up for a free NO-obligation account at www.FreeTampaBayHomeSearch.com (Sign up in the box on the right where it states “Search like an agent! Get a free listingbook account.”)
Or contact me and I will set up a free NO-obligation account for you. All you need is an email address 
By the way if you are a home owner and would like to rent out your home then feel free to contact me for more information. We also do rentals.
According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), nationwide housing affordability jumped 10 percentage points during the first quarter of 2009 to its highest level since the series began 18 years ago. What are the numbers? The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.
This is great news for those looking to buy in the Tampa Bay area. While the median family income is below the national average, homes in the Tampa Bay area have a median price well below the national average. In the first quarter of 2009 according to the HOI out of 232 cities cited and compared with each other, the Tampa Bay area ranks a respectable #120 out of 232 that were cited and compared.
What also helps is the First-Time Home Buyer Tax Credit:
A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
If you want more information you can check out this website: http://www.federalhousingtaxcredit.com/2009/index.html
Or feel free to contact us if you have any questions.
Earlier today we went to Countryside Mall. One of the fixtures of this mall is a year-round skating rink which is a plus for those interested in skating and/or in ice hockey:
Rink at Countryside Mall
Countryside Mall, operated by Westfield, boasts an impressive skating rink that offers skate lessons, hockey lessons, figure skating, and Precision Drill Teams. The skating school of operated by the Tampa Bay Skating Academy
It’s operated year-round which is amazing considering that it’s in Florida.
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