Sometimes it’s just easiest to remember that (with one or two exceptions) there are no loans on condos right now.
For those interested in the detail, HUD just changed its condominium rules again for those seeking FHA approval, but I’m not sure it really changes anything for the average buyer.
HUD has relaxed its controversial requirement that at [...]

Yep. It is if you’re an investor looking for a condo deal under $50K.
Increasing numbers of observers have said of late that we’ve already hit bottom, and I’m inclined to agree, with one caveat. Bottom will arrive at slightly different times for different states, and different cities within states and, different communities within cities. There [...]

Hooray!  Our money woes are a thing of the past!  President Obama had a rousing show of support at the recent G-20 economic summit, where the leaders of the 20 most economically influential countries in the world convene to fix our shattered economy, so that’s why it takes a whole day.
Give them a week and [...]

There are a lot of volatile cross-currents washing through the financial markets right now.  If we were not sure about things a month ago, we’re hopelessly confused now.  The big stimulus package, a new pile of national debt, a record drop in home prices over the 4th quarter of 2008, CitiGroup, AIG, and the auto [...]

Effective March 1, Fannie Mae (FNMA) the folk the make conventional loans “conventional” are planning to further tighten the condo guidelines on which mortgages they will buy on the secondary market. It could be argued that it makes no difference since they are already impossible in most cases, leaving only FHA backed loans as an option.
Additionally, [...]

Long time talk show host and co- author of The Fair Tax Book Neil Boortz said this morning that anyone looking to invest needed to forget about the stock market and look at real estate.  When consulting a want-to-be investor Boortz said.
 ”I am contracted into a large real estate deal this year.  If I had [...]

In a moment of profound unpreparedness, our brand-spanking new Treasury Secretary Tim Geithner spoke on Tuesday about the ‘details’ of the upcoming stimulus package.  After no ‘details’ whatsoever were declared, the stock market expressed their discontent by trashing the Dow Jones Industrial Aver­age by 300+ points.  Ouch-town, population you, Tim.  Maybe it’s best to have [...]

Last August we reported on the $7500 tax credit available to first time home buyers.
Now, the $790 billion stimulus package hammered out by House and Senate conferees late last night will increase the home buyer tax credit to $8,000, from $7,500, and drops the repayment feature for buyers who hold on to their property for [...]

For those of you waiting for ‘bottom’ in Orlando – ask yourself this question: how will you know when that day comes? Are you waiting for the media to tell you it’s ok to get back in the water? Or are you studying the market yourself each day, watching the numbers like a data-crazed economist; a [...]

The U.S. Department of Housing and Urban Development (HUD) has backed releasing $91 million for Florida municipalities to deal with the foreclosure crisis.
The U.S. Housing and Economic Recovery Act of 2008 awarded the money to the state Department of Community Affairs to be distributed to 26 local municipalities to stabilize neighborhoods. Grantees have 18 months to obligate [...]

Another Super Bowl has come and gone.  Congrats to the Steelers for winning, and congrats to the Cardinals for putting on such a terrific back-and-forth contest.  Arguably one of the best Super Bowls I’ve seen in recent history.
And at this year’s Super Bowl party, I heard plenty of people talking about the economy and the [...]

I hate to beat a dead horse, but… each day we get folk calling in on Orlando condo conversions – foreclosed –  that cost under $50K – and they want to finance them. When we tell them it will be very difficult, we get the “Oh that’s not a problem - I have a great credit score [...]

With mortgages so hard to come by, investors who can’t pay “all-cash” are having a hard time scooping up some of today’s “fire sale” deals – which can be incredibly frustrating. It’s like being (a diabetic) kid in a candy store. (I’m diabetic so I know how that feels.)
However since first time home buyers are not subject [...]

It’s official: Barack Obama is the Commander-in-Chief, despite some impromptu rewording of the presidential oath.  He even still has that new president smell.  In the midst of two wars, rapidly increas­ing unemployment (Caterpillar, ING, Microsoft, Home Depot, Sprint, Pfizer, and US Airways all cut thousands of jobs today), and a sharp and growing international recession, [...]

High-end fraud.
It’s the latest blow that has been dealt to the investment markets.  First, Bernie Madoff misappropri­ated $50 billion dollars of investors’ money in a gigantic pyramid scheme (and no, it was not called Amway).  Those affected include high-net worth individuals, hedge funds, pension funds, even charity funds.  This event undermined the already faltering confidence [...]

Multiple Offers are soooo 2006… Well if you think so, take a deep breath because while it might seem ludicrous to make an offer on an Orlando condo – or any other home, if it means competing with another buyer, things have started to change. In the last few weeks, there has been a sharp rise [...]

The new year is upon us.  2009.  Wow.  This time last year gasoline was over $4.00 a gallon, all five of the major investment banks still existed, our country hadn’t ‘bailed out’ any major institutions, and Barack Obama and Hillary Clinton were still battling for the democratic nomination.  Seems like so long ago already.
2008 shook [...]

What the left hand giveth, the right hand taketh away…
After the good news that Fannie Mae will no longer treat vacant and foreclosed condos as non-owner occupied comes news of ever more underwriting restrictions.
January 15, 2009 is the cutoff date when Fannie Mae toughens its policies on condo properties in the Sunshine state – potentially putting a [...]

Yesterday the Fed finished their final Federal Reserve Open Market Committee meeting of the year and stunned markets with an unprecedented drop in key interest rates.  They opted to reduce the Fed Funds Rate to a range for the first time in target setting history as opposed to a definite value.  They also dropped them [...]