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What’s Up With Housing This Week

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Pinellas Realtor OrganizationPinellas County Closed Sales for Single Family & Townhome/Condo Combined were up year-over-year:
There were 1,543 closings in January 2017 vs. 1,314 in January 2016… UP 17.4%

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Jim CramerHousing Industry Sees a ‘Cumulative Wealth Effect’.
Jim Cramer says the best investment may be close to home. The increased home equity isn’t being spent on a new car or a new iPhone, it’s going into the home.  i.e. Home Depot
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Closing CostsOver Half of All Buyers Are Surprised by Closing Costs.
Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.

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Florida Association of RealtorsDon’t Do These 4 Risky Mortgage Moves.
Buyers excited about purchasing a new home sometimes sabotage their final loan approval by changing jobs, applying for credit or moving money around.

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Ben Carson HUDBen Carson confirmed as U.S. Department of Housing and Urban Development Secretary.
The Senate voted 58-41 to confirm Carson Thursday morning.

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Mortgage RatesMortgage Rates Impact on 2017 Home Values.
Most experts believe that rates would need to hit 5% or above to have an impact on home prices.
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What’s Up With Housing This Week?

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Tampa Bay Home PricesTampa Bay home prices shoot up 11%, kicking off another strong year.
Prices for single-family homes in the Tampa Bay area jumped 11.4% in January from a year ago, far higher than the statewide average and the highest of any major Florida metro area.
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CFPBDallas Lawmaker Accuses Democrats of Pushing ‘Tyranny’ in Fight Over CFPB.
Rep. Jeb Hensarling would like to see major changes at the CFPB.
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Micro-MansionsWhat do you do when you’ve maxed out mega?
You go micro—as in micro mansion. The idea is to create a home that’s small on space and low on maintenance but big on luxury.
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Drones and Construction SafetyA New Use for Drones: On-Site Safety.
A Florida construction firm is utilizing the technology to resolve issues before workers set foot in the field.
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Florida Association of RealtorsMortgage rates edge up – but not much
Rates rose negligibly from last week’s 4.15% to 4.16% this week, and half the experts polled this week predict relative stability over the short term.

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Recent Housing News

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Skilled Construction Labor Shortage in FloridaFlorida construction companies struggle to find skilled workers.
Demand for residential construction workers in Florida is projected to jump 40 percent — or 66,000 employees — from 2014 through the end of this year.

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Interest RatesMillennials Fear 5% Mortgage Rates…
47% of all buyers said they’d look for a less expensive house if rates rose by a point or more.  Rates have been below 4% since December, but the thought of rising rates is enough to convince millennials to look for a cheaper house or not buy one entirely.
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Florida's GDPFlorida GDP Outpacing U.S. Thanks to Strong Real Estate, Construction.
Florida’s GDP growth of 2.1% in the 1Q of 2016 not only outpaced the country as a whole, but all of the other top population states and every state in the Southeast but one.

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Money LaunderingFeds expand crackdown on secret real estate deals (money laundering) beyond Miami and Manhattan.
In Florida, if an all-cash real estate deal in Miami-Dade, Broward and Palm Beach counties exceeds $1 million, then buyers’ identities will have to be reported.
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Florida Association of RealtorsHave interest rates hit bottom? Hard to tell.
It seems like the Fed is “as befuddled as the rest of us” and the timeframe for when rates will return to “normal” could be longer than anyone can predict.
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Recent Housing News

Mortgage PaperworkApplying For A Mortgage: Why So Much Paperwork? Here are 2 very good reasons why the loan process is much more burdensome on today’s buyer than perhaps any time in history.

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Underwater PropertiesNumber of Seriously Underwater Properties Drops 525,000 in Q3  A Profile of Homeowners Most at Risk for Being Underwater [VIDEO]

 

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Real Estate MarketsWhy Real Estate Markets Could Quickly Stall…
Real estate is pretty much a numbers game and the two most important figures are home prices and mortgage rates–so what happens when one of those numbers changes for the worse?

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PRO LogoSeptember 2015 Pinellas County Real Estate Statistics Report… Pinellas County real estate continues to hold strong for 2015, even as the typically slower months approach.

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http://www.TitleSecurityFL.com

 

 


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Recent Housing News

Fourth of July

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4 Reasons To Buy Now4 Reasons to Buy NOW!
Summer is here! The temperature isn’t the only thing heating up right now, so too is the housing market!

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Millennial HomebuyersWho are the Home Buying Millennials?
HousingWire’s Brena Swanson looks at the results of a recent mortgage study that breaks down the composition of today’s millennial home buyer, and a few surprises emerged: For instance, a quarter of them own more than one property, and only about 36% have college degrees.

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Skypoint Tower Downtown Tampa$2.7 million for the four retail condominiums on the ground floor of the ‪Skypoint Tower‬ is the highest price per foot seen in downtown Tampa for retail space.

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Urban Forest NeighborhoodsIn These Urban Forest Neighborhoods, The Houses Are Disguised As Trees…
The Lord Of The Rings Elf city of the future.

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Housing News: A Week In Review

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First Time BuyersPeople are taking advantage of the unexpected drop in mortgage rates by rushing to buy their first home before they go up again.  http://bloom.bg/1kC1Djh

 

Mortgage CreditConsumers’ belief in getting access to mortgage credit brightens
http://bit.ly/1og3Ukh

 

How do you Young Home Buyersentice buyers under 35?
Here are 10 must-haves to sell to young home buyers…
http://bit.ly/1eNNjBX

 

Luxury HomesLuxury Homes That Are Better, Not Bigger
Some high-end homeowners are shaving square footage off of their new homes. But nobody will accuse them of skimping on amenities.
http://on.wsj.com/1jkQaEl

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Housing News: A Week In Review

Good News:  New home sales rise 8.3% in June to highest rate in 5 years.

http://usat.ly/16dtRq3

Rising Interest Rates5 Ways to Prepare for Rising Interest Rates
With mortgage rates creeping up, the window for refinancing is starting to close
http://cnnmon.ie/12NNRxd

Benefits of HomeownershipBuilders are seeing more motivated buyers coming through their doors as the inventory of existing homes for sale continues to tighten. http://bit.ly/18IVUmX

Why Listings Don't Sell5 reasons your listing won’t sell even in a seller’s market

http://bit.ly/1bmPhYB

http://www.TitleSecurity.net