Fannie Mae and Freddie Mac have notified brokers representing the GSE’s foreclosure inventory to once again begin marketing their properties for sale.

This is really good news for the Florida real estate market as both entities together hold or guarantee a substantial amount of homes – 31 million homes nationwide – of which, 12% for Fannie Mae and 17% for Freddie Mac are currently with delinquent borrowers in Florida.

The embargo on selling these properties no doubt led to the overall decrease in total existing home sales in September and October. Getting them back on the market quickly should help as the sooner we can clear them from the current inventory, the sooner the Florida market can begin to stabalize again.

Continue Reading Fannie Mae and Freddie Mac Resume Foreclosure Sales

Tags: buyers, foreclosures, markets

A rule change proposal from the Consumer Product Safety Commission would look at pools and spas in short-term rentals, including those in single-family homes, and consider them public facilities bound by the U.S. Virginia Graeme Baker Pool and Spa Safety Act.

The new proposed definition would define public accommodations facility as “an inn, hotel, motel, or other place of lodging, including, but not limited to, rental units rented on a bi-weekly or weekly basis.”

While other requirements will also apply, the Act specifically mandates safety rules for drain covers and will supersede any weaker state laws governing pool safety.

To read the complete Virginia Graeme Baker Pool and Spa Safety Act (PDF format), go to: www.cpsc.gov/pssa.pdf

Continue Reading Pool Safety Rules May Apply To Short-Term Rentals

Tags: Florida, living, real estate

Federal lawmakers recently voted to keep the maximum size of loans guaranteed by Fannie Mae, Freddie Mac and FHA for high-cost areas at their current levels ($729,750 and $625,000). President Obama finally signed the legislation, thereby extending the loan limit through 2011.

The provision means homebuyers and homeowners in expensive housing markets like California, New York, Alaska and Hawaii will continue to get a break on interest rates when they purchase or refinance. Conforming loans come with cheaper interest rates versus non-conforming or so called “jumbo” mortgages, because they are backed by the government lending entities.

While most areas will remain at the $417,000 maximum loan amount, it will continue to make a huge difference in the various high cost areas that exist around the country.

Continue Reading High Cost Area Loan Limits Extended Through 2011

Tags: FHA, Interest Rates, legislature, mortgages

There is not a day that goes by while I am out showing clients properties when the question arises about alligators in the various waterways. Naturally, I give them all the same stern warning about what to expect and remind them they must be sure to keep children and small pets away from the waters unattended. Having been here for 14 years now and being an avid outdoorsman (fishing, camping and trekking), I’ve seen my fair share of both alligators and crocodiles in the wild. And, unfortunately, we’ve had more than a few fatalities and mutilations over the years.

Continue Reading One Great Big Catch!

Tags: Florida, living, parks