Homebuying after Default or Short Sale

According to a report from the Federal Reserve Bank of San Francisco, a mere 10 percent of borrowers with a history showing a serious delinquency were able to obtain a mortgage again within 10 years.

In addition, subprime borrowers, or those with credit scores lower than 650, have an even more difficult time returning to the market.

For borrowers who end their mortgage for a reason other than default, they were able to access mortgage credit about two-and-a-half times faster compared to those who went into default.

The report was based on analysis using Equifax data in the New York Federal Reserve Bank’s consumer loan file. Mortgages were counted as being in default if they were either 120 days past due or past due and reported to have a charge-off or foreclosure


Real Estate Investors Have Positive Effect!

The Washington Post

By Justin Pierce

Despite some shifts in the housing market that make it more difficult to earn money investing in residential real estate, a large majority of people in that field plan to buy as many or more properties in the next 12 months to rent out or sell for profit. That’s one of the findings of a study released last month that attempted to measure the impact people involved in income or speculative real estate are having on the housing market . The survey — sponsored by BiggerPockets.com, the nation’s leading social Web site for real estate investors, and Memphis Invest, one of the largest providers of single-family rentals — shows that 65 percent of investors plan to buy a lot more homes during the next 12 months. Still, from my experience in the Washington area, business conditions are changing with rising home prices, stiffening competition and shrinking margins. Anyone seeking to get into real estate investing should proceed with caution and not expect to earn the same money that has been made in the past few years. The report points out that investors played a fairly substantial role in the housing recovery. The housing crisis pushed nearly 4 million foreclosures onto the open market, devastating home values. This and the coinciding financial crisis squashed homebuyers’ confidence and their ability to buy. At that time, real estate investors began buying up the foreclosures when few other people could enter the market. They bought up so many properties that they established single-family rentals as a $100 billion business. In fact, the report says that single-family rentals now outnumber apartment units. They are also renovating the homes they buy and spending an average of $7,500 per home. That totals more than $9.2 billion every year in construction-related spending, according to the report. This is critical business for an industry that was hit hard by the recession

Trends in Home Improvement

If you are thinking of tackling a home improvement project or are buying a home and looking to renovate, here are some of the latest trends in remodeling.

Floors – Carpet, linoleum and even ceramic tile floors are being replaced by wood flooring.

  Countertops – Laminate countertops are making a comeback versus granite.  The latest European-inspired laminate counters that offer high definition texture and natural finishes are often preferred. 

Bathroom Fixtures – Bronze is the preference for bathroom fixtures such as faucets, towel bars, and shower heads. 

Paint – Flashy paint colors are out and warm colors and earth tones are in.  Homeowners are adding color with accessories instead of painting the walls bright colors. 

Outdoor Living Spaces – This is not a new trend, but is becoming more popular.  Adding an outdoor space such as a patio or deck makes the house look and feel larger. 

Green and Energy Efficient – Environment-friendly  and energy saving features include upgrading the HVAC system, windows and doors and adding more insulation as well as radiant heating, geothermal heating and solar heating. 

Florida Ranks 6th in Widest Gap Between Rich and Poor

6. Florida
> Gini coefficient: 0.4811
> Median household income: $44,299 (14th lowest)
> Households earning $200,000+: 4.4% (19th highest)
> Population living below poverty line: 17.0% (17th highest)

In 2011, 5.4% of state residents earned less than $10,000, slightly higher than the national rate of 5.1%. Meanwhile, just 4.4% earned more than $200,000 — well below the 5.6% national benchmark. Both figures, however, were far worse than they were in the past. In 2007, just 3.6% of households earned less than $10,000 annually, while 5.4% earned more than $200,000. But while many Floridians have lost wealth since the recession, Florida is still home to 32 billionaire members of the Forbes 400, led by Micky Arison, worth $5 billion as of September.

Market Trends in Niceville Florida

Listing price – Niceville

Average Listing Price  $316,792  -1.1%
Median Sales Price  $241,000  +12.1%
Average Price/sqft  $124  +10.7%
Number of Sales  109  -32.7%

Market Report on Miramar Beach Florida

Miramar Beach Summary

The median sales price for homes in Miramar Beach FL for Jul 12 to Sep 12 was $250,000. This represents a decline of 0.8%, or $2,000, compared to the prior quarter and an increase of 8.7% compared to the prior year. Sales prices have depreciated 38.2% over the last 5 years in Miramar Beach. The average listing price for Miramar Beach homes for sale on Trulia was $588,757 for the week ending Oct 03, which represents a decline of 1.7%, or $10,065, compared to the prior week and a decline of 2.9%, or $17,327, compared to the week ending Sep 12. Average price per square foot for Miramar Beach FL was $168, a decrease of 6.1% compared to the same period last year.

 Miramar Beach average property price

Destin Seafood Festival–This Weekend

No Admission Charge – Donations Accepted at the Door

34th Annual Destin Seafood Festival October 5th – 7th, 2012

Welcome to the 34th annual Destin Seafood Festival. The Seafood Festival is hosted along the beautiful Destin Harbor and the Harbor Boardwalk. With the action of the Destin Fishing Rodeo right in the heart of the Festival, there is lots of excitement along the docks. This is so much more than a festival to us- It is a tribute to the rich history of the Destin Harbor and the Fishing community.. The Festival was started by the Destin Charter Boat Association’s Women’s Auxiliary in 1978 as a fund raiser for the local fishing fleet and to help bring people to Destin in the fall.  Today the Destin Charter Boat Association has teamed up with the local business community and Destin Restaurants and Seafood Markets to bring this much loved community tradition to the community.

Come join us along the Boardwalk for a great weekend of seafood, live music, arts & crafts and family fun. More than 60,000 locals and visitors are expected to attend and we are ecstatic to host this event. This three day festival will be full of arts, crafts, music, food, entertainment, fireworks, and excitement for all! It will showcase the Best that Destin has to offer on the Harbor. Stroll along the Harbor Board Walk from one end to the other with over a mile of Festival on the water showcasing Destin’s Fishing Fleet, Harbor Restaurants & Bars and breath taking sunsets!

The 2012 Festival brings Ocean Reef Vacation Resorts on board as our Official Accommodation’s Sponsor of the Destin Seafood Festival. The Ocean Reef Crew represents the “Best” of the Emerald Coast and we are happy to have them onboard!


Your Chairman

Mike Eller, Co President Destin Charter Boat Association

2012 Destin Seafood Festival Hours

  • Friday, October 5th, 3 pm – 10 pm
  • Saturday, October 6th, 10 am – 10 pm
  • Sunday, October 7th,11 am – 5 pm