Here’s Why Tampa Mortgage Rates Are Up Over 1.125 Percent In 10 Days
June 9th, 2009 Categories: Tampa Mortgage News
Tampa Mortgage Rates Rising
Clearwater Florida - If you are in the market to buy a Clearwater Beach Condo or Tampa Bay home you’ve probably noticed that since Memorial Day, conforming Tampa mortgage rates have jumped by more than 1.125 percent, adding thousands of dollars to the annual cost of home ownership.
To the casual observer, the moves may seem random. However, you may not realize there is a reason this is happening and it all starts with inflation.
As an economic force, inflation erodes the value of the U.S. Dollar. Left unchecked, it drives up the Cost of Living as each dollar “buys less” at the supermarket, gas station, or anywhere else.
But with respect to local home mortgage rates, inflation’s impact is more immediate. Because inflation devalues the dollar over the long-term, it renders long-term mortgage bonds a less attractive investment for traders.
If bond investors are repaid in U.S. Dollars, after all, it would make the investment worth less if the dollar is in an inflationary freefall.
Therefore, in situations when inflation is likely to present, we find that traders often sell out of their mortgage bond positions which, in turn, drives down the bond prices. Then, because bond yields move in the opposite direction of bond prices, rising rates are the inevitable result.
Lately, Wall Street is fearing inflation for a number of reasons:
- Job losses are slowing, adding to consumer spending expectations
- Gas prices have risen 41 days in a row
- The federal government is increasing the money supply
These 3 factors — plus a few others — are all coming to a head around the same time and traders are getting defensive with their portfolios. As a result, they’re selling their mortgage bond positions and it’s driving mortgage rates higher.
Rates may continue to trek toward 7 percent through July and August, or they may retreat toward 5 percent. We can’t know for sure. What we can know, though, is that volatility in rates should continue until the economic picture gets more clear. That could be next week, or next year.
For now, be ready to lock your home loan at a moment’s notice. Tampa Mortgage rates and rates around the country are changing quickly.
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In Clearwater Florida Over 24 Hours saw Tampa Mortgage Rates Shoot Higher
May 21st, 2009 Categories: Clearwater Florida, Pinellas County Real Estate, Tampa Mortgage News
The Ying and Yang of Clearwater Tampa Mortgage Rates
Clearwater Florida - Tampa Mortgages: Rates go up, Mortgage rates go down - it seems we’re living with the constant Ying and Yang of the mortgage and Clearwater real estate market. If you’re one of the lucky ones, you’ll catch them while they’re down and while they last.
After Wednesday’s mortgage market rally drove rates down by a bunch, Thursday’s sell-off pushed them right back up.
This has been a common pattern in the skittish world of mortgage rates this year.
With the U.S. economy still teetering between recession and growth, markets are looking for signals anywhere it can find them - mortgage markets and real estate markets are no different. Thursday’s clue came from a government report showing that more Americans are collecting unemployment benefits than at any point in history.
Strangely, mortgage rates rose on the news.
We call it “strange” because weak economic data has tended to draw mortgage rates lower lately to the benefit of prospective home buyers and would-be refinancers. Lower rates make Clearwater homes more affordable.
Thursday, though, the pattern broke.
Why Did Mortgage Rates Rise Today in Clearwater and Tampa?
The main reason why Florida mortgage rates rose Thursday isn’t because of the employment report or any other piece of data. Rates rose Thursday for the same reason that they had dropped the day prior — the Federal Reserve.
On Wednesday, the released minutes from the Fed’s last meeting suggested that the group might make a larger mortgage market intervention. On Thursday, in the face of worsening jobs data, markets bet the Fed wouldn’t.
Clearwater - Tampa Mortgage rate shoppers and home buyers, unfortunately, got caught in the crosshairs.
Rates can — and do — change quickly, without warning. And, thus far this year, the changes have been extra sudden. This is one reason why it’s often prudent to lock your Clearwater Tampa mortgage rate as soon as you find one that’s agreeable. Wait too long, and it could be gone.
Expect more volatility today with traders leaving early for Memorial Day Weekend. Less volume means more chances for rates to change.
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Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Beach Real Estate Consultants specializing in Clearwater Beach Florida St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
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Clearwater Florida - Today Reminds Us to Prepare Your Family and House For A Natural Disaster
April 13th, 2009 Categories: Clearwater Florida, Community News, Tampa Bay
Clearwater experienced Tornado Warnings Today - Were you Prepared?
Clearwater Florida - Wow we had a crazy rainy tornado day in the Tampa Bay area today. Jack and the boys were in Tarpon Springs just outside Pasco County today at our Homeschool Co-op and we heard from families and friends about people whose homes were effected. If you’re like me you propably spent at least part of today worried about someone you knew in the hardest hit areas in Tampa Bay.
We are used to preparing for hurricanes regularly here, however, tornadoes give little to no warning so it’s a great reminder to be prepared for Natural disasters that may hit Clearwater families when we least expect it.
In 2003, the Department of Homeland Security launched Ready.gov, a government website aimed at family, business and community disaster readiness.
When You’re at Home in Clearwater Florida are you Disaster Ready?
Now, when the Ready.gov website talks about disaster readiness, it’s referring to more than just physical attacks on the county — it’s talking about natural disasters, too. This includes hurricanes, tornados, earthquakes and floods and these weather-related events impact the different parts of country each year like we experienced here in Clearwater today.
The Ready.gov website is loaded with tips, notes and checklists, including the 3-minute “It Takes Just Three Steps To Get Ready For An Emergency” video featured above.
If you’ve never watched it, take the time to watch it today. Then, test your home’s disaster readiness, take this 10-question quiz. There’s no “passing grade”, per se, but with your own answers, you’ll see where there’s room for improvement.
Disasters can’t be predicted and most of us will face them at least once in our lives. When disaster strikes, therefore, make sure you prepared for it in advance. Protecting your household is a matter of just 3 simple steps. Prepare today and keep your loved ones safe!
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Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater Beach Florida St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
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Aqualea Condos Hotel coming to Clearwater Beach Florida Beach Walk
March 4th, 2009 Categories: Clearwater Beach Florida, Condos for Sale
Aqualea Clearwater Beach Walk - Clearwater Beach Florida
Clearwater Beach Florida - Aqualea condos are in full swing and on target to meet their December soft opening.Here’s a glimpse into the spectacular views you’ll be getting from the 16th floor of the Aqualea Condos and Hotel. This also gives you a great view of Beach Walk and the Clearwater Fishing Pier at Pier 60.
Below is the original article I did over 18 months ago on Aqualea - of the 9 properties planned back then it’s the only one that actually made it into reality.
Check out related article : What happened to Clearwater Beach Luxury Condo new construction
-Reprint of September 2007 Update (Rebublished article I wrote Announcing Aqualea on ActiveRain in 2007.)
Clearwater Beach Florida - Aqualea Luxury Condominium Hotel and Residences moving Forward.
Aqualea Condominiums - Beach Walk Update
Aqualea luxury resort of condominiums and condo hotel residences in Clearwater Beach 33767
The 268-Unit Aqualea Resort Condominium Hotel and Residences got it’s financing this week and now it’s official the project is moving forward.
Aqualea condos and resort being built on clearwater beach 33767
The rendering on the left is what’s coming by the end of 2009.
The photo on the right is how it looks today (Sept 2007)- just south of Pier 60.
As you can see Aqualea Condo Hotel is in the very beginning stages of it’s construction phase.
The look of Clearwater Beach is changing dramatically with the on-going development of Beach walk and all the new luxury condos being built.
Aqualea is located on South Gulfview Blvd on Clearwater Beach and is considered the centerpiece of Clearwater’s new Beach Walk. It will be managed by Hyatt’s resort Management.
The Aqualea Resort Hotel and Aqualea Condominium Residences will be almost 1 million square feet of pure luxury when it’s complete. They are planning for the building to be completed by the end of 2009.
Aqualea will be made up of:
* Hotel rooms;
* Condo Hotel units - to be managed by Hyatt’s resort management program and can be rented when not in use;
* Luxury Condominium Residences - available for full-time residence;
Aqualea 4 Star Resort Planned Amenities:
* (2) large landscaped swimming pools including kids only section - on the 8th and 16th floors;
* Beachside towel and beverage service;
* The White Orchid Spa and Fitness Center;
* Private air-conditioned poolside cabanas.
* Library;
* Media room;
* Private Screening Room for “movie night”
* Private Dining Room;
* Business Center.
* 2nd Floor Oystercatchers Restaurant;
Aqualea Luxury Condominium Prices:
* Condos for Sale for $485,000 to $1.4 million;
* a $5.4 million penthouse;
None of the residential units have been sold yet. They plan to begin selling these in 16 months (around the 1 quarter of 2009) when they can actually walk people through the building.
Clearwater beach walk celebrates condo developments at Pier 60 Aqualea was one of nine new luxury beach condo development projects announced for Clearwater Beach since early 2005.
This is a picture I took this Spring at Pier 60 when the City was celebrating Clearwater Beach Walk - the castle was not done when I took the photo but what a shame that Indigo Beach has already been canceled.
So what’s happening with the other 8 planned developments? Here’s an update:
Other Clearwater Beach Construction Projects Delayed:
1. Clearwater Grande; Clearwater Beach 33767
2. Entrada; Clearwater Beach 33767
3. Kiran Grand Resort & Spa; Clearwater Beach 33767
4. Marbella Condominiums; Clearwater Beach 33767
5. Sienna Sands. Clearwater Beach 33767
Clearwater Beach Developments moving forward:
* Aqualea Condos for sale from $485,000 to $1.4 million;
* Enchantment Beach-front Residences Condos for Sale from $900,000 - $2.7 million;
* Marquesas - Condos for Sale from $700,000 - $6 million - construction has begun;
Cancelled Clearwater Beach Developments:
* Indigo Beach Residence & Suites - Clearwater Beach Walk project cancelled early 2007;
Thinking of Buying or Selling a condo or house in Clearwater Beach Florida - We can help
If you have been thinking about buying or selling a beachfront property in the Clearwater St Petersburg Tampa area…
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater Beach condos for sale right now..
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Copyright © 2007-2009 Jack and Cyndee Haydon, Clearwater Beach REALTORS and your Clearwater Beach Real Estate Consultants specializing in Clearwater St Petersburg Tampa Florida Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
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Clearwater Real Estate News | Guess What Percentage Of Tampa Mortgages Are Paid On-Time?
March 3rd, 2009 Categories: Real Estate News, Tampa Mortgage News
Clearwater Florida Real Estate News
Clearwater Florida - The current economic conditions are being felt all over and it’s also being seen in the rise in mortgage delinquencies nationwide, but the mortgage news may not be as bad as it appears at first glance.
Using anonymous data from its national credit database, TransUnion reports that 4.58 percent of American homeowners were at least 60 days past due on mortgage payments last quarter.
Comparing the statistic to the data from a year ago, the credit reporting agency goes on to say that mortgage delinquencies are up 53 percent and Florida is adding to this.
Although fair, the comparison carries a distinct, negative connotation because if we flip the data to its positive, the statistics don’t seem nearly as menacing.
Consider: In the last quarter of 2008, 4.58 percent of all homeowners were delinquent on their respective mortgages. The positive sign, therefore, is that 95.42 percent of home owners were not delinquent on their home loans.
Furthermore, in looking at TransUnion’s data for the 5 largest states in the Union, it’s clear that the national delinquency rate is being skewed by California and Florida. New York and Texas, for example, exhibit delinquency rates below the national 4.58 percent marker.
North Dakota’s delinquency rate hovers near 1 percent.
Headlines are designed to attract eyeballs and nothing else - they seem to focus on the fact that the “glass is half empty” . To get the complete story, therefore — the real story — it never hurts to dig a little deeper into the facts. Even looking at Florida’s numbers - why doesn’t the news ever mention the 91%+ of Florida home owners that are paying their bills on time. When looking at “the glass as half full” we see that their are great bargains for Clearwater home buyers buying now, especially for first time home buyers (anyone who hasn’t owned a home in 3 years) qualifying for the $8000 tax credit for property purchases in 2009 (need more info on this just ask us).
Thinking of Buying or Selling a house in Clearwater Florida - We can help
If you have been thinking about buying or selling a home in the Clearwater St Petersburg Tampa area…
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..
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Copyright © 2007-2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater St Petersburg Tampa Florida Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
(Image courtesy: TransUnion)
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Clearwater Community News - Forget The Laundry Room — WonderWash Makes Countertop Laundry A Reality.
February 17th, 2009 Categories: Clearwater Beach Florida, Condominiums, Random Thoughts
Clearwater Beach Florida - We all know that beach condos can have limited space. Today most owners want the ability to do laundry in Clearwater Beach Condos. It looks like a propane tank, but this device is a washing machine, if you can believe it.
Pictured at right is the WonderWash, an environmentally- and budget-friendly laundry product that fits on a countertop and washes with even less water than hand-washing.
As we all look for ways to conserve water and be environmentally friendly this may be a great alternative. Check out the Laundry Alternative, the WonderWash washes 5 pounds of clothes in just a few minutes with a couple of turns on the crank. Its internal pressure system forces detergent through clothes at very high speeds — up to 100 times faster than by a machine.
WonderWash is safe for delicates, too.
So how much is 5 pounds worth of clothes? It’s 10 t-shirts, 30 pairs of socks, or 2 pairs of jeans — the kind of stuff that needs a frequent wash and sometimes in a hurry. It’s great for camping and RV trips, too.
WonderWash comes with a 1-year warranty and a 30-day, money-back policy. It costs $42.95.
Now if you’re looking for that Clearwater Beach Condo to put it in…that’s where we can help!!
Thinking of Buying or Selling Property in Clearwater Beach Florida
If you have been thinking about buying or selling a condominium in the Clearwater St Petersburg Tampa area…
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Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
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How The Treasury’s Economy Revival Outline Helped Clearwater Home Affordability
February 11th, 2009 Categories: Clearwater Florida, Tampa Mortgage News
Clearwater Florida - His speech was much anticipated, but it was what Treasury Secretary Tim Geithner didn’t say Tuesday that helped Clearwater home affordability.
Mostly it was because of “safe-haven” buying on Wall Street.
Safe-haven buying is when investors move cash to the safest investments possible for fear of losing their money elsewhere.
This existence of the pattern is evident in looking at yesterday’s Dow Jones Index timeline. Stock markets were down some in the morning. Then, at 11:00 AM ET, in the moments immediately following the public release of Geither’s speech as text, stock market plunged by about 2 percent.
As the speech was delivered live, markets fell by 1 percent more.
It’s not that Geithner’s speech was a bad one, per se. It’s just that Wall Street was looking for a detailed plan that included remedies for banking, housing, and the economy overall. What it got instead was an outline for a plan and a frank discussion about the complexity of the economy.
Stock markets had been bid up last week in anticipation of a bailout. Tuesday’s action was the subsequent sell-off because economic uncertainty continues to linger.
It all ended up being good news for Tampa mortgage rate shoppers, though. When the dollars fled the stocks, they made their way towards safer, less-risky investments like mortgage bonds. And, because mortgage-backed bonds set the “going rate” for conforming mortgages nationwide, the added demand yesterday caused mortgage rates to fall, making mortgaged homes less expensive on a monthly basis, relative.
For now, rates remain near the bargain levels set in early-January. As the Treasury clarifies its plan in the coming weeks, however, rates are susceptible to big swings.
(Image courtesy: The Wall Street Journal)
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Copyright © 2009 Jack and Cyndee Haydon, Clearwater Beach REALTORS and your Clearwater Beach Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
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Sell Your Clearwater Home For 40% More, 17% Faster This Spring
February 2nd, 2009 Categories: Clearwater Beach Florida, Clearwater Florida, Condos for Sale, Homes for Sale
Clearwater Florida Home Sellers are preparing for Spring Home Selling Season
Clearwater Florida - I was talking with my friend Gayle Wade who is a Clearwater home stager and has been helping sellers in Pinellas County get there home ready to be sold in this “buyers real estate market” and realized this may be a topic our home sellers need to hear more about.
Super Bowl Weekend has ended and what a great game we had here in Tampa Florida - however it reminds me that this traditionally marks the start of the Spring Buying Season in real estate. Anecdotally, Clearwater real estate agents will tell you that buyer activity tends to tick higher at this time of the year.
Meanwhile, with mortgage rates still trolling near all-time lows and Congress debating a first-time homebuyer tax credit, 2009 may bring out even more buyers than we’ve seen in the past.
Just having your Clearwater home on the market may not be enough to attract an offer, though — the house has to have appeal. That brings us to home staging — the process by which a homeowner re-organizes and re-presents his home to appeal to as many potential buyers as possible.
Home staging is part-science, part-art, and part-psychology. Clearwater Homebuyers tend to judge homes within the first 8 seconds of seeing them so making a quality first impression can mean the difference between getting multiple bids, and just getting a lot of foot traffic.
The 4-minute video gives some quick-and-easy tips, including:
- Create more light in the home
- Clean up the closets and thin them out
- Remove the clutter from every room in the house
Even though home inventories are falling, supplies are still higher than in previous years. Home sellers wanting to stand out in a crowd may want to consider staging their homes to help them sell more quickly.
Staged homes sell for as much as 17% more money and as much as 40% faster than non-staged ones.
Thinking of Buying or Selling a house in Clearwater Florida - We can help
If you have been thinking about buying or selling a property in the Clearwater St Petersburg Tampa area…
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater Beach Florida St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
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Clearwater Florida Move-Up Homebuyers Face New Lending Challenges This Spring
February 1st, 2009 Categories: Clearwater Florida, Tampa Mortgage News
Clearwater Florida - When a homeowner sells his Clearwater house and decides to buy a new one, there are 3 basic options for the residence — sell it, keep it, or rent it. While we’ve seen lots of changes in our Pinellas County school zoning this past year we also have had less well known changes in financing your next Pinellas County home.
Unfortunately, no matter which path they choose, Clearwater Florida move-up homebuyers in need of a new conforming mortgage will find qualifying for a Tampa Bay home loan to be more difficult this season than in the past.
Tampa Mortgage guidelines are dramatically tighter for people “carrying two mortgages”.
Among the changes this spring’s buyers face:
Selling your Clearwater home when it’s your primary residence
If you plan to close on your new home prior to the closing of your existing home — even if it’s only by a day – both payments must be listed as monthly debts on your mortgage application. This will disqualify the majority of homebuyers.Converting your Clearwater house to a second homeIf your current home has less than 30 percent equity in it, your mortgage application for the new home will not be approved unless you can show 6 months worth of mortgage payments + taxes + insurance in reserves for the current home and new home combined.
Converting your house to an investment propertyIf your current home has less than 30 percent equity in it, any rental income derived from a tenant is disallowed on your mortgage application for the new home. You must still count the mortgage payment + taxes + insurance as a monthly debt.
Related article:
In other words, being a move-up buyer in Clearwater Florida isn’t as simple as it used to be. New lending rules make buying a new home an exercise in timing and financial planning. And the rules are expected to get tougher, too.
Therefore, if you expect to be buy a larger home in Clearwater in the next 12 months, consider moving up your timeframe or — at least — planning ahead for it.
Understanding the new Tampa mortgage landscape and how they can influence your upcoming purchase may be the difference between getting approved for a home loan, and getting turned down.
Thinking of Buying or Selling a house in Clearwater Florida - We can help
If you have been thinking about buying or selling a home in the Clearwater St Petersburg Tampa area…
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
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Could Tampa Mortgage Rates Have Already Bottomed Out?
January 22nd, 2009 Categories: Tampa Mortgage News
Tampa - Clearwater Florida 
After improving through 11 straight weeks, mortgage rates finally ticked higher last week. This, according to Freddie Mac’s weekly mortgage rate survey. The Freddie Mac survey showed that mandatory mortgage fees rose last week, too.
Unfortunately, the bad news for Tampa Mortgage rate shoppers doesn’t stop there.
Because Freddie Mac’s rate survey is conducted on Tuesday but its reports aren’t released until Thursday, the published data doesn’t even account for the previous 48 hours of activity in which rates and fees have risen further.
Versus last week, 30-year fixed, conforming Tampa mortgage rates are up 0.16% on average nationwide. On a $200,000 Clearwater home loan, this equates to a roughly $20 extra per month, or $7,055 over the life of a 30-year loan.
The Era of Low Rates may not be over, but it may be time to get off the fence - there’s never been a better time to buy a home in Clearwater, Tampa St Petersburg.
(Image courtesy: Freddie Mac)
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Copyright © 2007-2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
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