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Panama City Beach, FL Real Estate News

By Jeff Payne, Panama City Real Estate
(The Payne Group at Keller Williams Success Realty)
I just talked with a good contact of mine in the short sale department at Bank Of America and she confirmed that BofA is now going to use REO Trans for the short sale files.  We will be able to upload the files and the seller will also be able to upload their files to the system.  In addition, there will be tasks assigned along the way.  Hopefully this will make for a much smoother system with less lost files and quicker approval times.  I would assume that their will be a learning curve on both sides but this in my opinion is a step in the right direction. For all of your short sale needs in Panama City and Panama City Beach, please don't hesitate to call us at 850-392-1770 or email me at jeff.payne@kw.com and of course visit our short sale website at www.shortsalesinpanamacity.com To ...
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By Hunter Palmer
(Regions Mortgage)
We have had some good news on the housing front over the past week as the National Association of Homebuilders reported that builder confidence rose in September for the third consecutive month to its highest level since May of 2008. The Census Bureau also released a report on August home starts that showed builders broke ground on 598,000 new homes, up 1.5% from July. The good news was tempered, however, by a surprising drop in the number of single family home starts. While overall starts were up, thanks to a resurgence in multi-family property starts, single-family starts actually fell 3% in August. Some analysts suggested the drop in single-family home starts could simply be an anomaly and point to the overall report as yet another sign that the housing market has bottomed. Late this...
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By Hunter Palmer
(Regions Mortgage)
In his first public speech since taking over as CEO of Fannie Mae, Michael Williams painted a hopeful but difficult road to recovery for the housing market. Speaking before the Exchequer Club in Washington, Williams said the market over the past twelve months has had a “very, very, tough year.” Anyone looking objectively at the economy and the housing market sees hope,” he said, adding “The patient is out of intensive care but still has a very long road ahead to a clean bill of health.” He predicted foreclosures would continue to climb this year and that the inventory of foreclosed properties and unsold homes remain at “exceptionally high levels.” Still, Signs of a recovery in housing are undeniable. New and existing home sales have been posting better than expected gains while the numb...
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By Hunter Palmer
(Regions Mortgage)
  The National Association of Realtors reported Tuesday that its index of pending home sales rose 3.2% in July from June marking the sixth consecutive month of increases. Though not quite as high as the 3.6% increase reported in June, July’s increase marks the first time the index has posted six months of increases since NAR began tracking pending home sales in 2001. Economists generally expected a July increase of only 1.5%. NAR Chief Economist, Lawrence Yun, said in a written statement that “momentum in the housing market has clearly turned for the better.” “The recovery is broad-based across many parts of the country,” Yun said. “Housing affordability has been at record highs this year with the added stimulus of a first-time homebuyer tax credit.” Mortgage rates have managed to ease ...
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By Hunter Palmer
(Regions Mortgage)
We have received more good news on the housing market this past week beginning with Last Friday’s report from the National Association of Realtors’ report on July existing home sales which showed a jump of 7.2% over June and up 5% from July of 2008. It was the biggest month-over-month increase in existing home sales since NAR began tracking the statistic in 1999. On Tuesday, the S&P/Case-Shiller Home Price Index showed home prices increased 2.9% in the three months ending June 30th. This was the first quarter-over-quarter increase in three years providing further evidence that the housing market has since bottomed and is on the road to recovery. Late breaking news on new home sales came in this morning which showed a jump of 9.6% in July, the highest level since September 2008.  Mortgag...
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By Hunter Palmer
(Regions Mortgage)
We got a mixed bag of economic data on the housing front this week that, on one hand disappointed, but upon closer analysis showed yet another sign that the battered housing market is recovering. On Tuesday the Commerce Department said that initial construction of new homes fell in July after surging in June. Housing starts fell 11% to a seasonally adjusted rate of 581,000 down form 587,000 in June. Commerce also reported that applications for new building permits also fell in July by a more modest 1.8% though both reports came in below economist’s forecasts. One caveat, however, was that when broken out by construction type, housing starts for single-family homes actually posted a 1.7% gain in July and applications for single-family permits rose by 5.8%. This is the silver lining in th...
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By Hunter Palmer
(Regions Mortgage)
Mortgage rates held up well last week as the Federal Reserve auctioned off a whopping $200 billion in US Treasury debt and even managed to improve somewhat by week’s end as I had predicted. This week has been another story however. After sliding to 5.25%, the rate on the benchmark thirty-year, fixed-rate climbed back to 5.50% as the ten-year Treasury note yield rose to 3.73% by Wednesday morning. Bonds prices have been falling in reaction to positive economic news and a renewed rally in the stock market though stocks looked ready to pull back by mid week. After a period of relative calm over the past several weeks, we are seeing a return to volatility and I expect to see some see-sawing of rates over the short-run as investors try to digest the mix of economic data and corporate earning...
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By Hunter Palmer
(Regions Mortgage)
Mortgage Rates have managed to survive some significant volatility in both the equity and bond markets over the past week to remain at 5.50% for thirty-year, fixed-rates. Stocks reacted positively last week after some better than expected initial corporate earnings but have since pulled back on more sober earnings reports and a second monthly decline in consumer confidence. Bond market volatility has been driven by a reaction to stocks along with a massive $200 billion government debt auction this week. It is expected that the Chinese and others will readily buy up this new debt but concerns linger as to how much of an appetite they will have in the long run as the Federal Reserve raises an unprecedented amount of cash to pay for stimulus and the purchase of mortgage-backed securities. ...
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By Hunter Palmer
(Regions Mortgage)
Mortgage rates have managed to hold steady despite renewed optimism in the stock market spurred by better than expected corporate earnings reports and evidence the recession is nearing an end. The benchmark thirty-year, fixed-rate is right at 5.50% with no points and we are seeing more parity with other mortgage programs lately as both FHA and VA thirty-year rates are also at 5.50%. The rate on the fifteen-year, fixed-rate stands at 5.00%. Mortgage rates have benefited from reassuring remarks from Fed Chairman Ben Bernanke who on Tuesday told lawmakers at his semi-annual address before congress that he plans to keep monetary policy “extremely accommodative” for some time meaning no rate increases are likely for the foreseeable future. I do not expect to see rates rise over the next week...
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By Hunter Palmer
(Regions Mortgage)
Mortgage rates eased slightly this week as the bond market was reassured by comments form Chinese officials who indicated they still had a taste for US Treasury debt and that the dollar would remain their primary foreign currency reserve. Thirty year mortgage rates settled to just below 5.50% to 5.375% as the yield on the ten year Treasury fell back to 3.5% after pushing 4% two weeks ago. Fifteen year mortgage rates were even more attractive with the no point coupon at 4.75%. With inflation in check and the stock market sputtering I don't see any significant upward pressure on rates in the short-run. There will be several economic reports over the next week that could create some daily volatilty as investors attempt to determine whether the economy is turning the corner or still stuck i...
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By Hunter Palmer
(Regions Mortgage)
Mortgage rates have eased slightly after their steep run up over the past three weeks. Thirty year mortgage rates now stand at 5.625% after peaking at 5.75%. Rates could have been pressured above 6% had it not been for the stalled rally on Wall Street that has seen stock prices fall modestly over the past couple of weeks. Investors are beginning to question whether the economy will pull out of the recession as soon as once thought. Continued weakness in the job market coupled with higher interest rates, a lackluster housing report showing weaker than expected existing home sales and a somber assessment by the World Bank of the world economy’s short-term prospects have combined to send stocks to their lowest levels in three weeks. This has helped renew interest in government bonds as evi...
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By Hunter Palmer
(Regions Mortgage)
Mortgage rates have eased somewhat this week as weakness in the stock market has translated into higher demand for bonds. Stock have been hit by a renewed sense of uncertainty as investors wonder if the rally over the last several months has gotten ahead of the economic realities. A stock’s loss is a bond’s gain and the thirty-year fixed mortgage rate now stands at 5.50%. Fifteen year fixed rates are just below 5% at 4.875%. The jumbo market continues to be nearly non-existent with thirty year rates for loans over $417,000 back over 7% with no relief in sight. More signs the housing market is stabilizing could be found in a report released by the Census Bureau that showed housing starts jumped 17.2% in May to an annualized pace of 532,000 after a revised estimate of 454,000 in April. Th...
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By Hunter Palmer
(Regions Mortgage)
Thirty year mortgage rates have settled in around 5.75% this week as the volatility we’ve seen over the past couple of weeks has subsided. We could have been at 6.00% had it not been for a well received government auction of thirty-year Treasury bonds this week. The yield on the ten year note touched 4% at one point this week but has since come back down to 3.80%. The problem is that the markets are starting to worry less about the economy and more about inflation. Deficit spending, higher energy prices and pent-up demand have many fearing a spike in the rate of inflation that will eventually drive interest rates even higher. There is validity to this argument though I see that as more of a long-term scenario and that we will continue to see relatively low interest rates for some time a...
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By Hunter Palmer
(Regions Mortgage)
Mortgage rates rose another .25% over the last week and now stand at 5.75% for thirty-year fixed with no points. We are seeing some steadying, however, as the bond market appears to have stabilized and stocks have been flat for the last few days. With no large government bond auctions this week we should not see any further rate deterioration and rates could possibly ease slightly. Fed Chairman Ben Bernanke has expressed frustration with the rising rates insisting that low rates are critical to a sustained recovery in the housing market. To that end, he and the Fed stand prepared to purchase billions more in mortgage-backed securities to drive rates lower if necessary. On the economic front, the Commerce Department reported last Friday that new claims for jobless benefits fell in May by...
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By Brook Simmons
(Keller Williams Success Realty)
Oh the times they are changing. If you have ever wanted to own a home on the gulf this may be your time. This particular gulf front town home is one of the lowest priced gulf front properties available in Panama City Beach, Florida. It is a 2 bedroom, 2.5 bath that was built in 1995. It was recently renovated and updated. If you would like to see more pictures or if you would like to see some other affordable gulf front properties please contact me, Brook Simmons, your local buyer specialist with Keller Williams Success Realty. ever wanted a gulf front home this may be your chance.
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By Hunter Palmer
(Regions Mortgage)
What a difference a week makes! Last Wednesday I reported that the days of long-term mortgage rates under 5% were likely at an end. Seven days later we find the thirty-year fixed rate for conforming mortgages near 5.50%. A series of government Treasury auctions last week were met with little enthusiasm as investors are demanding a higher return than these bonds can deliver. The continued strength in the stock market, which saw one of its best months in recent memory in May, has also drawn investors away from bonds putting downward pressure on prices and increasing bond yields significantly. As of Tuesday, the yield on the ten year Treasury note stood at 3.64%  There is good news to on the housing front to report. On Tuesday, the National Association of Realtors reported that pending hom...
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By John M. Acaron, CMI, MRSA, Master Mold Inspector & Chief Mold Assessor
(INDOOR MICROBIAL SPECIALIST)
 Amidst a wave of Chinese import scares, ranging from toxic toys to tainted pet food, reports of contaminated drywall from that country have been popping up across the American Southeast. Chinese companies use unrefined "fly ash," a coal residue found in smokestacks in coal-fired power plants in their manufacturing process. Fly ash contains strontium sulfide, a toxic substance commonly found in fireworks. In hot and wet environments, this substance can offgas into hydrogen sulfide, carbon disulfide, and carbonyl sulfide and contaminate a home's air supply. The bulk of these incidents have been reported in Florida and other southern states, likely due to the high levels of heat and humidity in that region. Most of the affected homes were built during the housing boom between 2004 and 200...
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By Hunter Palmer
(Regions Mortgage)
Mortgage rates rose dramatically this week not only pushing through the 5% threshold but touching 5.50% at one point. We have settled back to 5.375% as of this afternoon but this is still a full half percent higher than we were this time last Friday. The volatility I spoke of in last week’s update turned into a full-fledged collapse in the bond market this week as a series of government debt auctions were met with only a lukewarm response. The problem is that there is such a flood of US treasuries coming on the market to raise cash for the myriad bailouts and stimulus that investors are losing interest (no pun intended) and looking for higher returns in stocks and other types of bonds. The Feds have done such a good job thus far of buying back debt that they were able to maintain an une...
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By Hunter Palmer
(Regions Mortgage)
On Tuesday, a dismal housing report showing home prices decline some 19% year over year in the first quarter was outweighed by a report showing consumer confidence jumped by its biggest amount in six years to its highest levels in eight months reigniting the rally in the stock market. On Wednesday, the Mortgage Banker’s Association of America reported that applications dropped 14% last week as the highest interest rates in two months have sharply curtailed refinances.  If the current exuberance in the equity markets continues to put downward pressure on bond prices, we may see the last of sub 5% mortgage rates. Investors are looking for higher returns and seem to believe increasingly of late that the end of the recession will be sooner rather than later. Still, I do not expect mortgage ...
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By Hunter Palmer
(Regions Mortgage)
Since I am getting so many questions these days regarding condos and condo-tels and since the secondary market for these properties, i.e. Fannie and Freddie, has all but disappeared, I thought I would try and clarify why a project will or will not fly. First, a condo-tel is not a new concept. It has always been a type of property designation we use along with single family detached, duplex, etc. The problem is that for many years, Fannie and Freddie did not adequately identify beach-front, resort-style condominiums for what they really were. So what makes a condo-tel? Actually, any number of things. I have heard many times that a project is not a condo-tel because it doesn’t have an on-site rental desk. While an on-site rental desk would classify a project as a condo-tel the absence of ...
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