Panama City Beach, FL Real Estate News

By Hunter Palmer
(Regions Mortgage)
Mortgage rates have remained, quite remarkably, in a narrow range - remaining below 5% despite the ten-year Treasury note taking a beating for the past week with the yield now at 3.14% The reason this is remarkable is that the ten-year yield has risen 75 basis points over the past several weeks while mortgage rates have barely budged. Normally we would see a tight correlation between the two but these are hardly normal times. Rates have, instead, been held down by Federal Reserve actions that have balanced a healthy demand for mortgage-backed securities with government debt auctions needed to raise dollars for everything from fiscal stimulus to government bail-outs. I admit I am a little surprised that mortgage rates have remained so low but I certainly am not complaining. More positive...
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By Hunter Palmer
(Regions Mortgage)
This past week saw a mixed bag of economic news that had mortgage rates in a quandary. Positive reports on new and existing home sales along with signs of a slowing in the rate of home price decline signaled a possible recovery in the housing market that put upward pressure on rates. These reports were tempered, however, by the Mortgage Bankers Association’s release of its weekly mortgage application index which fell to 960.6 lead by a 21.9% drop in refinance applications. Purchase applications, on the other hand, fell by only .6%. Consumer confidence surged by more than analysts had expected leading many to believe consumers may be willing to open their pocket books in the coming months. Consumer spending will be crucial if we the second quarter is top the first quarter’s dismal GDP wh...
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By Hunter Palmer
(Regions Mortgage)
  More good news on the housing front this week as reports on new and existing home sales both beat analysts’ expectations and showed signs of a bottoming despite a monthly decline for March. Possibly the best news this week was Wednesday’s report from the Federal Housing Finance Agency showed home prices actually edged up .7% from January to February for single family residences. These encouraging housing reports coupled with some better than expected corporate profit reports have reignited the stalled rally on Wall Street sending stocks higher for the week. The gains for stocks, however, came at the expense of the bond market with the ten-year Treasury note getting pounded sending the yield to right at 3% in Friday trading. Mortgage rates, while slightly higher, have managed to resist...
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By Hunter Palmer
(Regions Mortgage)
Mortgage rates eased last week settling at the second lowest level on record according to Bankrate.com. A sense of uncertainty seems to have returned to the markets, which tend to send investors running for the safety of bonds, and that is what played out last week and Monday. On Tuesday, however, a renewed confidence that the financial system is stabilizing and signs that the recession may be easing offset lackluster corporate earnings reports to send stocks higher. This has placed upward pressure on bond yields driving mortgage rates slightly higher with the thirty-year setting in around 4.875%.  Fifteen year fixed rates are pushing up towards 4.375% and Jumbo rates remain stubbornly in the high 6% range. For the remainder of this week I expect mortgage rates to remain off their lows ...
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By Hunter Palmer
(Regions Mortgage)
Mortgage rates broke their four week fall last week as rates rose slightly with the benchmark thirty-year ending up right at 5.00% after another strong week for the stock market depressed bond prices. But that has since changed this week with bonds recovering most all of last week’s losses sending mortgage rates back below 5.00%. Bad economic news has won out over some better than expected corporate earnings reports to send stocks lower in the first two days of the trading week. Outside of Wednesday’s report on consumer prices, which could be a market mover, there is little economic data left to be released this week so the focus will return to corporate earnings. The most recent release was after the closing bell on Tuesday when Intel reported it beat Wall Street expectations for both ...
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By Brook Simmons
(Keller Williams Success Realty)
  Would you like to wake up to see the gulf every morning? This is a 4  bedroom 3 bath detached single family home located on Front Beach Rd. It is 2,016 sqft with bamboo floors, granite countertops, and 10 ft ceilings. It was built in 2005. This home is currently listed at $350k and it is a short sale. The bank is willing to short sale so let's write up an offer. Call me Brook Simmons, Buyer Specialist with The Payne Group of Keller Williams Success Realty in Panama City Beach, Florida. This home is located on the West end of Panama City Beach close to the new Pier Park. Call me today for more information. Cell: 850-814-8259      
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By Hunter Palmer
(Regions Mortgage)
Mortgage rates have edged up but still remain very attractive with the thirty year fixed still around 5.00%. Another strong week for stocks hurt bond prices driving yields higher and mortgage rates followed. One bright spot this week was a report released by a forecasters at MoodysEconomy.com that predicted home prices would bottom this year and begin rising in 2010. This is a national forecast and, as I have said before, I think we have seen the bottom locally. We have no major reports or bond auctions in the coming days so I see mortgage rates staying about where they are with only minimal day-to-day fluctuations. After all of the efforts by the Fed and signs that the financial system may be stabilizing, I don’t see rates going much lower either in the short or long terms. In fact, re...
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By Chad Miller
(Miller & Associates Realty)
 The median price for condominiums sold in Panama City Beach so far in 2009 is down 22% from last years numbers. It appears that bank foreclosures are driving prices down at an alarming rate. A Boardwalk Beach Resort, 2 bedroom, 2 bath with 1152 S.F. was going for $375,000 12 months ago and now the same floorplan is on market for $277,000. (Countrywide foreclosure)  I have created a median price history that can be viewed at www.northwest-FL.com. The numbers are directly from the Bay County MLS.  For more information on Panama City Beach Real Estate visit my website at www.chadmiller.com.
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Did you know that the average days on market for a condo has gone from an annual average of 197 in 2008 to 150 in just the last 3 months. That's half the average of last years first quarter which was 300. The average sale price went from 293k for the year to 229k this year so far. Condos are selling on average from 85-90% of the list price. Keep in mind that many sellers will price above actual market value. In many cases with the short sales and foreclosure listings, they are selling at a higher price than the list price. So don't be fooled by the 85-90%. Remember the best condition condos will go first and fast. If you are looking for a condo in GREAT condition then don't hesitate to take that leap when it becomes available.  You don't want to be left picking through the leftovers. Th...
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By Hunter Palmer
(Regions Mortgage)
Mortgage rates remain at historic lows this week with the benchmark thirty-year fixed hovering between 4.625% and 4.875%. After last week’s upbeat reports on the housing market we are reminded this week that were not entirely out of the woods yet. February foreclosure filings rose to 84,000, up from 68,000 in January and a key index of housing prices showed a record drop in home prices for January – down 19% from the year prior. Another report pertinent to our local market was released by the National Association of Realtors showing second-home and investment property sales comprised 30% of all transactions in 2008. This compared to the all time in 2005 when second-home and investment purchases comprised 40% of all transactions. One bright spot this week was a forecast released by an an...
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By Hunter Palmer
(Regions Mortgage)
More hopeful signs of a recovery in the housing market could be seen this week as Monday’s report on existing home sales figures showed a surprise jump of 5% for February and new home sales also surprised with a jump of 5%. For Bay County the increase for existing home sales was 29%. Statewide the increase in condo sales was also up 15%. This follows a 21% jump in mortgage applications last week and a surprise increase in housing starts and permits last week. Also, the Mortgage Bankers of America reported Thursday that mortgage rates stood at their lowest levels in fifty two years. On Monday, the Treasury Department announced its long-awaited plan to purchase toxic debt off of banks’ books, including mortgage backed securities. Wall Street cheered the plan with the biggest one day gain ...
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By Cathy McClellan
(Today's Homes Real Estate, Inc.)
Gulf Highland Condo201 Robin lnPanama City Beach, FL 32407 Offered at US$168,000MLS Number 390622 Type: CondoYear Built: 1990Bedrooms: 2Baths: 2.5Living Area: 1188 Sq. ft. Agent: Today's Homes Real Estate Tel: (850) 265-0464 Fax: (850) 265-1905 todayshomes.realestate@gmail.com More Photos Printable Flyer Map Property on Google Request Appointment Loan Calculator Email Property Property Description GULF HIGHLANDS UNIT, BUILDING 6-7, UNIT C- NICE TWO STORY HOME WITH OPEN FLOOR PLAN, 2 BEDROOMS, 2.5 BATHROOM BREAKFAST BAR, BALCONY, LAUNDRY ROOM, IN RESORT WITH 11 POOLS, TENNIS COURTS AND DEDICATED BEACH. You can also Click Here to see Gulf Highlands main website and see all that Gulf Highland has to offer.
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By Hunter Palmer
(Regions Mortgage)
At the adjournment of their meeting on Wednesday, the Federal Reserve's Open Market Committee announced that the Fed would purchase some $300 billion in long-term Treasury bonds and an additional $750 billion in mortgage-backed security debt. Left with fewer arrows in its quiver as the Federal Funds rate sits between zero and a quarter percent, the Fed used another tactic at its disposal designed to lower long-term rates by driving up demand for longer term debt. The move was greeted with a rally in stock prices and a 50 basis point drop in the yield on the ten-year Treasury note - the biggest one day drop since 1987. Because interest rates on fixed rate mortgages are closely tied to the yield on the ten-year Treasury note, the Fed's actions are sure to drive mortgage rates down below 5...
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By Hunter Palmer
(Regions Mortgage)
Mortgage rates remain remarkably stable with the thirty-year fixed rate hanging right around 5% with no points and as low as 4.75% with a point. This, despite a four day rally in the equity markets and a $34 billion Treasury bond auction last week both of which tend to drive interest rates higher. The rally on Wall Street has been lead by financial stocks after Citi released an upbeat assessment of its 2009 profit outlook leading many investors to believe that we may be seeing the beginning of some long-missing confidence in the financial markets. Another glimmer of hope was last Thursday’s retail sales figures which showed while sales slowed in February, they slowed much less than analysts had expected. In an extremely rare pre-Fed meeting interview aired on 60 Minutes Sunday, Fed Chai...
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By John M. Acaron, BSME, CHI, CMI
(HOMEINSPECTORUSA, LLC)
        John M. Acaron, CHI, CMI www.HOMEINSPECTORUSA.biz                  (850-814-3889) Deal Killer ("DK") is one of the most controversial of all home inspection topics, the one that stirs ire among veteran inspectors and that draws defensive reactions from some real estate professionals everywhere. The very idea that professional real estate agents are the primary source of home inspector referrals is a clear and obvious conflict of interest. Yet most home buyers never seem to give this a thought. They simply hire the agent's favorite home inspector, without asking if this is the best one available. Let the client do his own research and select his professional home inspector. The proper job description of real estate agents is representing the best interest of clients. The highest...
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By Alisa Stone Herring, CRS, GRI
(Stone Real Estate Group, LLC)
CREDIT WHERE CREDIT IS DUEFirst-time homebuyers have exactly 285 days to buy a home if they want to pocket $8,000 tax-free. It's not long. Every homebuyer has unique circumstances, however, and specific questions. The National Association of Home Builders (NAHB) has launched a consumer Web site with detailed information and an extensive list of frequently-asked questions. The homebuyer resource is found at: www.federalhousingtaxcredit.com Good luck with all of this and please let me know if I can help you in any way sort trough all of this. I know buying your first home is overwhelming....I was there not too long ago!
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By Alisa Stone Herring, CRS, GRI
(Stone Real Estate Group, LLC)
  Residential - CND Click photo to enlarge or view multi-photos. MLS#: 391280 OfficeFile#: ListPrice: $230,000 Status: Last Change: 02/06/2009 ApproxSF: 1,055 Address: 11347 FRONT BEACH RD, #105 $/Sqft: $218.01   PANAMA CITY BEACH, FL TotalRooms: Bedrooms:2 Zip: 32407 Baths Full/Half: 2/0 Con Docs:   Ownership/Sale Type: Foreclosure, REO MainArea: 03 BB-Bay County-Beach Stories:   SubArea: 0307 - Beach E of Hwy 79 YearBuilt: 1990 Subdiv: EDGEWATER TOWER III ImmOcc?   ParcelID: 34800-355-000 ConstrStat: ConstrCmplt ElemSch: Hutchison Beach Middle: Surfside High: Arnold Dir: Edgewater Tower 3 Legal: EDGEWATER TOWER III UNIT 105 ORB 3107 P 1680 2 C  
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By Hunter Palmer
(Regions Mortgage)
I can remember back sixteen years ago when thirty-year mortgage rates fell below 7% sparking a flood of refinances. I also remember 2003 when rates dipped again and another "refi boom" ensued. So with thirty year mortgage rates now at their lowest levels in history, why are we not seeing the kind of refi hysteria we have seen in past? Ironically, the cheap mortgage money of the past that helped drive up homeownership rates and property values has left us between a rock and a hard place. Despite historically low rates, much tighter underwriting guidelines coupled with the crash in home values leaves few borrowers in a position to refinance. The Mortgage Bankers Association reported on Wednesday that the national average interest rate for thirty-year, fixed-rate mortgages stood at 4.89% a...
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By Terry Miller, Miller Homes Group and Tyler Apartment Locator
(Miller Homes Group)
GOD is Busy If you don't know GOD, don't make stupid remarks!!!!!!! A United States Marine was attending some college courses between assignments. He had completed missions in Iraq and Afghanistan . One of the courses had a professor who was an avowed atheist and a member of the ACLU.  One day the professor shocked the class when he came in.  He looked to the ceiling and flatly stated, 'God, if you are real, then I want you to knock me off this platform.  I'll give you exactly 15 min.'    The lecture room fell silent.  You could hear a pin drop.  Ten minutes went by and the professor proclaimed, 'Here I am God. I'm still waiting.'   It got down to the last couple of minutes when the Marine got out of his chair, went up to the professor, and cold-cocked him; knocking him off the platform...
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