CareyandKarrieFrankel's blog

Effective October 1, 2008, a housing bill was passed to help both troubled borrowers and lenders. At-risk borrowers whose loans originated between January 2005 and June 2007 may be eligible to refinance their unaffordable mortgages into low-cost, fixed-rate loans insured by the Federal Housing Administration (FHA). Whether current or in default, at least 31% of the borrower's monthly income must be tied to paying the mortgage debt. Other requirements come in to play that have to do with the total debt owed and any secondary financing. Borrowers may get information from their current lender or an FHA-approved lender (found on the website for the Department of Housing and Urban Development).

If You Have A Mortgage Then You Have Closing Costs 

Okay, you've found the Beach home of your dreams.  You've determined how much you can afford because you've already been pre-approved by your lender, and your offer has been accepted.  But wait.  If you're financing the purchase, like almost everyone does, you'll actually be paying more than the final sale price of the home at closing. 

Oversupply of Homes May Not Be The Real Problem

Familiar with the law of supply and demand? In Beaches real estate right now, it may seem like the supply of homes for sale is much greater than the numbers of buyers demanding those homes, forcing prices down and decreasing activity. But what's really in shortage may be serious, legitimate sellers.

KNOWLEDGE IS POWER! 

You know that real estate agents help you to move.  Did you know that agents can also help you stay where you are?  This has become quite an issue in light of the recent rise in loan defaults.  Real estate agents provide critical information about Jacksonville Beach  Real Estate and a link between lenders and buyers.

What Goes Up, Must Come Down And Vice Versa...

Some financial experts have labeled 2007’s market as the "roulette economy." As we all know, whatever goes up must come down, but the nice thing about real estate is that whatever goes down always comes back upward again (like the stock market).

2008 Real Estate Market

A healthier market is anticipated in 2008, as Wall Street cleans up the lending mess and the pressure cooker of home demand releases its top. While the national average of home prices declined between one and two percent in 2007, that's peanuts compared to how much homes appreciated in the previous years. And many markets are appreciating still.