Rates on 30-year mortgages fell for a fourth consecutive week as a slowing economy eased concerns about inflation. Mortgage giant Freddie Mac said Thursday that 30-year, fixed-rate mortgages fell to 6.52 percent this week from 6.55 percent last week.
That was the lowest level for 30-year mortgages since they averaged 6.49 percent the week of April 13. Mortgages had been rising since April, hitting a more than four-year high of 6.80 percent the week of July 20 before easing down. Analysts attributed the rollback in rates to further evidence that the economy is slowing, which should ease inflation pressures. "Long term rates continue to relax as economic reports support a picture of a weakening housing sector and a slower growing economy," said Frank Nothaft, chief economist at Freddie Mac. Nothaft said this week's news that new home construction fell by 2.5 percent in July added to the belief that a slowing housing market will contribute to lower overall growth. This, in turn, will reduce inflation pressures and allow the Federal Reserve to call a halt to further rate hikes. The central bank last week left rates unchanged, breaking a two-year period of rate increases, although policymakers left the door open to further rate hikes if inflation becomes a problem. Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 6.20 percent this week, unchanged from last week. For one-year adjustable-rate mortgages, rates dipped to 5.65 percent from 5.69 percent last week. Rates on five-year adjustable-rate mortgages fell to 6.18 percent this week from 6.21 percent last week. The mortgage rates do not include add-on fees known as points; a point is 1 percent of the total loan amount. Thirty-year mortgages and 15-year mortgages both carried a nationwide average fee of 0.3 point. One-year ARMS carried a nationwide average fee of 0.5 point, while five-year ARMs carried an average fee of 0.4 point. A year ago, 30-year mortgages averaged 5.80 percent, 15-year mortgages stood at 5.40 percent, one-year ARMs were at 4.58 percent and five-year ARMs averaged 5.34 percent.

Floridians can now apply for a free home inspection and professional recommendations on how to improve their homes' ability to withstand a hurricane.
Homeowners who undergo the My Safe Florida Home inspection may also qualify for matching grants of up to $5,000 to fortify their homes.
My Safe Florida Home is a $250 million mitigation program to help Floridians strengthen their homes against hurricanes and to reduce property losses in Florida.
The goal is "to strengthen as many homes as possible against hurricane damage," said Jeff Takacs, spokesman with Department of Financial Services, which administers the My Safe Florida Home program.
Tom Gallagher, Florida's chief financial officer and a gubernatorial candidate, said that as many as 50,000 Florida households will be served over the next year through this program. The program will help reinforce older homes -- those built prior to 2002 -- which represent 85 percent of all Florida homes, said Bob Lotane, spokesman with the Office of Insurance Regulation.
Those strengthened homes would be less susceptible to damage from hurricanes, making them more attractive to insurers, and resulting in lower premiums, Lotane said.
"If we can get these improvements on the home, the rates are automatically going to drop," he said.
But for the program to work, the premium savings would need to be high enough to justify the homeowner's cost of re-enforcing the home, said Jeff Grady, president of the Florida Association of Insurance Agents.
To be eligible to apply for a free home inspection, Floridians must live in a single-family, site-built home with an insured value of $500,000 or less and have a valid homestead exemption. Once an inspection has been done, the homeowner will receive a report within 10 days that would outline up to seven areas that could be improved to better protect the home against hurricanes. The homeowner would be provided an estimate of how much each of those improvements would cost, the expected savings if the improvements were made, and a rating of the home's current ability to withstand hurricanes.

Marlin Bay Yacht Club Site Plan

Call Paul Hansen 786-586-4778

Marlin Bay Yacht Club is located in Marathon Key in the Florida Keys, approximately 50 miles from Key West. The site plan for Marlin Bay Yacht Club calls for 85 single-family homes ranging in size from 1870 to 3672 square feet and 8 residential flats. All homes at Marlin Bay Yacht Club will be three stories with enclosed parking except the flats.
Architectural influences will include St. Augustine and the flavor of Dutch Caribbean. Strong balconies and wood elements will set this style apart from any other homes in the Florida Keys.
The residential units at Marlin Bay Yacht Club are designed to take advantage of extensive water and sunset views. Some of the homes will face a wide, landscaped community "green".
The centerpiece of the community is the 7600 square foot Yacht Club with spa facilities including sauna, steam room, message and fitness facilities. A lagoon-style pool, Jacuzzi, boardwalk and observation tower are also included.

Marlin Bay Yacht Club Rendering

Three yacht basins and a full service marina with an 8700 sq. ft. Dock master facility will serve residents and visitors. The marina has 115 boat slips to accommodate a wide variety of craft.
Marlin Bay is designed to provide a high level of luxury and convenience to residents and visitors in the casual ambiance of the Florida Keys. Undoubtedly Marlin Bay will set the new standard for luxury waterfront homes in the Florida Keys. Don�t miss your opportunity to own a piece of the Keys! Call Paul Hansen 786-586-4778 today for details on the Marlin Bay Yacth Club in Marathon Key.

Marlin Bay Yacht Club Rendering

Marlin Bay Yacht Club Location

Hansen Homes has just released its new website design and is just about ready to implement new technology that will make it much easier for consumers to find the real estate information they want. �This new site design has been months in the works and we feel it has made the online experience for the end user much more efficient� says Paul Hansen. Within a few weeks, the HansenHomesAventura.com website will start to phase in its new technology that will make the property listing feature and MLS search much easier and faster to use. In the coming months new features will be introduced in multiple phases that will be designed to give as much information as possible on current listings as well as closed sales. Please keep visiting and give us your opinion.

Mortgage rates around the country dipped for a third week in a row, pushing 30-year mortgages to their lowest level in the last few months. Freddie Mac said Thursday that 30-year, fixed-rate mortgages fell to 6.55 percent this week, down from 6.63 percent last week. That was the lowest level for 30-year mortgages since they averaged 6.53 percent the week of April 20. Since that time, mortgages have been rising, hitting a more than four-year high of 6.80 percent the week of July 20.
Most analysts say that this latest decline is due to evidence that the economy continues to slow gradually. Job growth continues to look weak, and is another sign that the economy is probably slowing down.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 6.20 percent this week, down from 6.27 percent last week. For one-year adjustable-rate mortgages, rates held steady at 5.69 percent, the same as last week, after having been at 5.78 percent the week of July 27. Rates on five-year adjustable-rate mortgages fell to 6.21 percent this week, from 6.27 percent last week. If rates continue their decline or hold steady, this should help with sales in the real estate market.

The housing market is in a process of stabilizing with little change in overall sales volume expected over the balance of the year, according to the National Association of Realtors (NAR).

David Lereah, NAR�s chief economist, says the indicators already are leveling-off. �We�ve seen a minor easing in closed transactions of existing-home sales, and a slight increase in the leading indicator of pending sales based on contracts,� he says. �New-home sales and housing starts have been fluctuating, so the overall market is stabilizing.�

�On one hand is the rise in mortgage interest rates that has slowed sales in many higher-cost markets, and on the other is 3.8 million new jobs over the last two years,� Lereah adds. �This means many potential homebuyers could enter the market in the foreseeable future, especially in moderately priced areas where affordability conditions remain favorable. In fact, this is already occurring.�

Although sales will be fairly steady over the balance of the year, declines since last fall mean annual totals will be lower. Existing-home sales are forecast to fall 6.5 percent to 6.61 million this year, the third highest on record after 2005 and 2004. New-home sales are projected to drop 12.8 percent in 2006 to 1.12 million, also the third best on record. Housing starts should be down 9.1 percent to 1.88 million this year.

The 30-year fixed-rate mortgage is running nearly a percentage point higher than a year ago but is likely to rise very slowly in the months ahead, reaching 6.9 percent in the fourth quarter.

NAR President Thomas M. Stevens says current market conditions are favorable for buyers. �The rise in housing supply is the biggest change in the market over the last year,� says Stevens. �Clearly, this has taken pressure off of home prices and has significantly widened choices for buyers. At the same time, sellers are getting excellent returns -- but in this competitive environment they need real estate professionals more than any time since the 1990s to market their homes and maximize value.�

The national median existing-home price for all housing types is forecast to grow 4.3 percent this year to $229,000, while the median new-home price is expected to rise only 0.5 percent to $242,100 as builders offer incentives to clear unsold inventory.

The unemployment rate should average 4.7 percent for the balance of the year. Inflation, as measured by the Consumer Price Index, is likely to be 3.5 percent for 2006, while growth in the U.S. gross domestic product is projected at 3.5 percent. Inflation-adjusted disposable personal income is expected to grow 3.0 percent this year.

Population

Population is the driving force in any real estate market. Each day 1,000 new permanent residents move to Florida. Most of the incoming population will move to South Florida. Florida is adding more residents than any other state.

Population Growth - Florida population will double by 2040. This is the equivalent of moving everyone now living in Pennsylvania and Maryland into Florida. These residents will need housing and would be willing to pay a lofty premium to be in the coastal region. In addition to this significant increase in housing Southeast Florida also benefits from a huge second home market discussed below.

Second Homes � South Florida is a prominent second home market, attracting international and U.S. buyers.
Baby boomers are in their peak earning years and many have purchased second homes, which often become retirement homes. The baby boomer impact will continue for another 10 to 15 years.
U.S. Migration to Florida - Home prices are getting big support due to many wealthy Northeasterners moving into Florida. They are selling their pricey homes in Boston and New York and elsewhere . . . and have the financial equity and capability to pick up - relatively speaking - affordable homes in Florida. Florida has the highest net in-migration in the country. According to the U.S. Census, 541,000 people moved to Florida from other states between 2000 and 2003. Certainly, Southeast Florida is a huge contributor to the figure. Again, these figures do not include either second home buyers or our large international buyer market� major additions.

Second Home, Vacation, and Investment Property Buyers

A recent study released by the National Association of Realtors� (NAR) shows sales of second homes surged in 2004, certainly continued in 2005. Investment property and second homes now make up more than one third of all residential transactions. South Florida�s unique market and location coupled with the continuous real estate growth make it a prime area for unprecedented buying opportunities � now and in the future.

» Continue reading "Investing In South Florida Real Estate"

Believe it or not the government actually subsidizes your home with income tax and property tax deductions. It may not seem like much, but it will probably be the largest deduction you will have over the course of a year. Imagine if you have a loan of $150,000, you could write off roughly $10,000 on your taxes for that year. That would translate into roughly a $3,000 savings depending on which tax bracket you are in.
Another very good reason to buy instead of renting is that rents inevitably will go up. If you are in a fixed mortgage, you will continue to pay the same amount year after year. Even if you have an adjustable rate mortgage you are capped at a certain rate. What makes more sense, to pay rent that continues to rise, or pay on a mortgage that is stable, with yearly income tax benefits.
One of the biggest benefits of owning a property is the building of equity. If you were to purchase a home or condo for $300,000 with 10% down, you would have an initial investment of $30,000. If your property appreciates at only 5% in one year, you will realize a 50% return on your initial investment, or $15,000. Not too shabby. I think you see where this is going. When you do the math, it only makes sense to purchase real estate instead or renting. Why build the landlords wealth when you could be building your own?

The North Mid rise of Turnberry Village has started closings and now has some interesting new choices in the resale market. If you are looking to purchase a new condo on the golf course, Turnberry Village is where you want to be. Please give Hansen Homes a call or email us to find out the best deals at Turnberry Village. We will help make your condo buying experience a breeze with our vast knowledge of the Aventura real estate market. Call today for a full list of Turnberry Village resales. Paul Hansen 786-586-4778

Pending home sales, a leading indicator for the housing sector, have risen for the last two months, according to the National Association of Realtors (NAR).
The Pending Home Sales Index, based on contracts signed in June, increased 0.4 percent to a reading of 113.9 from an upwardly revised level of 113.5 in May, but is 9.6 percent below June 2005.
The index is based on pending sales of existing homes. A sale is listed as pending when the contract has been signed and the transaction has not closed, but the sale usually is finalized within one or two months of signing.
An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined, and was the first of five consecutive record years for existing-home sales.
David Lereah, NAR�s chief economist, says the small rise in the index is good news, indicating that the trend is stabilizing. �Once again, we have various housing indicators moving in different directions, which itself is an indicator of a market in transition,� he says. �The housing market is striving for balance -- a process that will take several months. A quieting in the movement of indicators should restore confidence to home buyers who�ve been on the sidelines, waiting for the right time to get into the market, and now is the best time we�ve seen since the 1990s in terms of housing choices and flexible terms.�
Regionally, the PHSI in the South rose 2.5 percent in June to 130.7 but was 4.8 percent below June 2005. The index in the Midwest increased 1.9 percent to 103.3 in June but was 11.9 percent below a year ago. The index in the West was unchanged, holding at 110.1 in June, and was 14.2 percent lower than June 2005. In the Northeast, the index dropped 6.3 percent in June to 99.4 and was 11.6 percent below a year ago.

Selecting your agent

Don�t try to go it alone. Buying a home is a huge undertaking, and you want a professional guiding you through the process and looking out for your best interests. Plus, it is a free service for buyers!

Financial Preparation

Keep your credit clean, choose a loan officer and get pre-approved before you start looking. You�ll know exactly what you qualify for, and if you find a house you�re crazy about you won�t risk losing it because your financing isn�t in place. Once you are pre-approved, don�t make any major purchases or change jobs without talking to your loan officer, because it changes your financial situation and may impact your pre-approval.

Finding your dream home

Buying a home is one of the most significant events you will experience in a lifetime, a reflection of who you are, how you live and part of the fulfillment of your hopes and dreams. We�ll help you define your wants and needs, and patiently work with you to help you find the home that reflects your own unique sense of place.

Wherever you find a home that interests you... through our daily e-mails of new listings, in the paper or a magazine, driving by and seeing a sign, new construction complexes... we can help you buy them all and arrange for private showings. No need to wait for an open house to see the home that interests you!

Making an offer

When you find the home for you the next step is making an offer. Your written offer will include things such as how much you are willing to pay, how you plan to finance your purchase, when you want to close and take possession, and whether your offer is contingent on an inspection or the sale of another property. You will also submit an earnest money check of approximately 1-2% of the purchase price with your offer with the balance of 5 to 10 percent within a week to ten days of acceptance.

The sellers may counter your offer and negotiations sometimes go back and forth several times before coming to an agreement. Once you agree on the price and terms, then the process really begins.

Inspection

If your offer is subject to an inspection, the inspection usually takes place within 3-5 business days of coming to an agreement. After the inspection you can either accept the property as is, request that the seller fix or give financial compensation for certain items, or cancel the purchase agreement and have your earnest money refunded.

Application process

Most gated communities in Dade, Broward and Palm Beach counties require new buyers to fill out an application. Generally, it will cost $150 to process the application. Then a few days before closing the new buyer will go in for their final interview. Once the final interview is complete, an approval certificate will be issued which the buyer will take to closing.

Loan underwriting and closing

Many steps take place from purchase agreement to closing, including: the property is appraised, all conditions for loan approval must be met, you lock in your interest rate, the abstract and title work are completed, you secure a binder for the first year of property hazard insurance, you obtain your funds for closing.

While these steps are taking place, you will be planning and preparing your move in preparation for closing. You will do a final walk-through of your new home just before closing, and then sign papers to transfer title at the closing, get the keys... and move in and enjoy your new home!

For more information on the home or condo buying process, please visit www.HansenHomesAventura.com or call Paul Hansen 786-586-4778.

Well before Hurricane Wilma�s first rain drops fell in South Florida last October, Kathryn Danella, general manager of the community association for Boca Pointe, a development of 4,044 residences, had shifted into disaster mode. And thanks to her training as a certified manager of community associations (CMCA), her recovery program in the 1,000-acre community of 7,600 residents, located just outside the city of Boca Raton, was underway as soon as the last drops fell. The CMCA program is the only national certification designed for managers of homeowner and condominium associations, according to the National Board of Certification for Community Association Managers (NBC-CAM), which administers the CMCA certification. According to the Community Associations Institute, there are more than 286,000 such communities, home to one in five Americans or approximately 57 million people. The Community Associations Institute created the NBC-CAM in 1995. Since then, 6,000 managers have been trained. According to CMCA, CMCA specialists help reassure potential homebuyers that a community is well run, has adequate reserves and will continue to enhance the value of a property. They can also help real estate practitioners acquire relevant documentation and information regarding budgets, insurance, assessments and reserves when a residence is sold. �Our requirements for earning and maintaining the CMCA were designed to provide homeowners with a port in the storm -- a certified professional ready, trained and able to handle almost any situation -- from emergency conditions such as floods or fires to community management of finances and contracting,� says Judi Phares, NBC-CAM�s chair. Last year, disasters touched 48 states in some way, according to the Federal Emergency Management Agency (FEMA). In a recent survey conducted by NBC-CAM, 94 percent of those certified said they were better equipped to handle natural disasters than they had been prior to the training. Establishing on-going relationships with vendors ahead of time helps communities recover rapidly, says Danella. At Boca Pointe, she says, these relationships meant they were able to begin clearing roadways immediately after the storm. Another essential function for association managers facing a disaster is to be a communication hub for absentee residents and families of residents who remain on site. This means, says Danella, developing a Web site and having access to communications that can be maintained during power outages.

The National Association of Home Builders Economics Group
compiled U.S. Census Bureau statistics on single-family houses built
in 2005 and found that the average size was 2,434 square feet, while
the average price was $297,000. Other new home 2005 facts: Eighty-
nine percent have central air conditioning; 96 percent have at least two bathrooms while 28 percent have three or more; 88 percent have at least three bedrooms while 39 percent have four or more; 50 percent have a fireplace; 84 percent have a garage for at least two cars; 34 percent have vinyl siding; 53 percent have a porch; 46 percent have a patio; 27 percent have a deck; and 55 percent have two stories or more. Interesting statistics on homes. To find out more please visit www.HansenHomesAventura.com