Jerry LaRose, ABR, GRI, e-PRO, CLHMS Orlando, Windermere FL. Real Estate

Do I qualify for a Short Sale? Do You....

• Owe more on your Orlando area property than what you could sell it for, especially after real estate commission, closing costs, late payments, interest, etc?
• Have difficulty covering your expenses each month?
• Not have money in the bank to cover the difference of what you could sell your house for and what you owe the bank?

Are You Having Trouble Making The Payments? Are You....

• Feeling the stress mounting with each missed payment and phone call from your bank?
• Have difficulty covering your expenses each month?
• Getting confused as to what your options are at this point?

Foreclosure Sale Date Approaching?

•· Are you behind on your payments?

•· Do you owe more than your home is worth?

•· Have you lost your job, fell ill, or lost a loved one?

•· Did your "ARM" adjust & you can't keep up?

•· Do you want to just walk away and not owe a dime?

Many Luxury Homes are also facing foreclosure. If you have a Luxury home in Windermere, Winter Garden, or the Orlando area Yes, you can do a Short Sale on Luxury Homes. Call me and I can help!

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs. Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange County Florida and Orlando, Windermere, Winter Garden, or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.

Pending sales predict an improvement in year-to-date sales numbers

Orlando area home sales, as for the past five years, declined a fraction in July following a traditional summer peak in June. Members of the Orlando Regional Realtor® Association sold 1,436 homes during the month of July, 3.56 percent below the (1,489) sold in June. That tally is 5.77 percent below the total of 1,524 homes sold in July 2007.

Year to date, sales are down by 24.52 percent (8,387 through July 2008 compared to 11,112 through July 2007). However that gap is expected to close by year-end as the number of homes currently under contract (3,258) is 26.72 percent greater than the number of homes that were under contract in July 2007 (2,571). Pending sales for the past three months have been greater than their 2007 counterparts.

The median sales price of a home in the Orlando area in July declined to $207,500, a 3.94 percent decrease compared to the June 2008 median of $216,000. (The median sales price for July 2008 is 17.00 percent below the July 2007 median of $250,000).

The decrease in the median home price to $207,500 means that the area's affordability index jumped in July to 103.80 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,734 can qualify to purchase one of 11,620 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $215,305 or less.

The first time homebuyer affordability index increased to 73.81 percent from June's 71.20 percent.

The area's average interest rate was 6.40 percent in July 2008, up from 6.35 percent in June, 5.94 percent in May, and 5.77 percent in April.

Homes of all types spent an average of 117 days on the market before being sold in July 2008, and the average home sold for 93.50 percent of its listing price. In July 2007 those numbers were 96.00 and 94.66 percent, respectively. The majority of single-family homes (257) that changed hands in June 2008 were sold in the $200,000 - $250,000 price range. Another 170 homes sold in June for between $250,000 and $300,000. Four hundred seventy-seven homes sold for less than $200,000 in June, and 285 sold for more than $300,000. On the far ends of the scale, 25 homes were sold for $1 million or more while 9 homes sold for less than $50,000.

Inventory

There are currently 24,742 homes available for purchase through the MLS. Inventory increased by 167 homes in July 2008, which means that 167 more homes entered the market than left the market. Compared to last year, the July 2008 inventory level (24,742) is 4.90 percent lower than it was in July 2007 (26,018).

The current inventory level reflects a 17.23-month supply at the current pace of sales, which is up from the 16.50-month supply recorded June. Altogether, inventory months-of-supply has declined 45.54 percent since January 2008.

There are 18,363 single-family homes currently listed in the MLS, a number that is nearly 1,000 less than this time last year. Most (3,132) are listed in the $200,000 - $250,000 price range. Condos currently make up 4,314 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,065. Most condos (605) are priced at $120,000 - $140,000. The majority of duplexes/town homes/villas (361) are listed in the $200,000 - $250,000 price category.

Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs. Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange County Florida and Orlando, Windermere, Winter Garden, or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.

Drowning is the leading cause of unintentional death in children aged 1 to 4. Drowning deaths involving children younger than 5 in pools and spas is up and the number of emergency room treated pool and spa submersion injuries numbers remains in the thousands every year.

And a new 2008 Consumer Product Safety Commission (CPSC) report also says the majority of water related deaths and injuries occur in residential settings and involve children ages 1-2.

A new federal pool and spa safety law the "Virginia Graeme Baker Pool and Spa Safety Act" was signed by the President Bush on December 19, 2007 to improve public pool safety. It also brings attention to private pool safety. It was named for the granddaughter of former Secretary of State James A. Baker, III, who at the age of 7, died in a spa after the powerful suction of a drain entrapped her under water.

The goal of the law is to improve the safety of all pools and spas, public and private, by increasing the use of layers of protection and promoting uninterrupted supervision to prevent child drownings and entrapments.

If your home has a pool, it behooves you to take recommended steps that will not only keep members of your household safe, but also improve the value of your home as a safe pool home.

A child can drown in less than five minutes, in two inches of water and not make a sound.

Drowning occurs most often when children get access to the pool during a short lapse in adult supervision. To reduce the risk of drowning, pool owners should adopt several layers of protection, including physical barriers, such as a fence completely surrounding the pool with self-closing, self-latching gates to prevent unsupervised access by young children. If the house forms a side of the barrier, use alarms on doors leading to the pool area and/or a power safety cover over the pool.

"I encourage all parents to contact their local American Red Cross chapter and ask about the many services offered," said Suzy DeFrancis, Chief Public Affairs Officer for the American Red Cross.

"From CPR and First Aid training to the Learn to Swim program, the Red Cross can be your greatest resource to preventing any pool and spa accidents this summer," DeFrancis added.

In addition, parents should use these tips to help prevent drowning deaths:

• If a child is missing, look in the pool first. You may have only seconds to save a child's life.
• Recognize your legal responsibility to provide a safe environment for children and adults alike. Be proactive in preventing accidents. All family members should learn to swim, they should know how to use safety equipment and they should take classes in cardiopulmonary resuscitation (CPR). It can be a lifesaver.
• Despite what your local building codes may or may not require, put a fence or wall around your pool. It should be at least four feet high and installed completely around the pool. Gates should be self-closing and self-latching. The latch should be out of a small child's reach. If your home forms one side of the barrier to the pool, doors leading from the house to the pool should be protected with alarms.
• For above-ground pools, steps and ladders to the pool should be secured and locked, or removed when the pool is not in use.
• Install a power safety cover and always use it when the pool is not in use. The covers also help prevent evaporation, they help keep heated pools warm and they help cut down on cleaning maintenance. Do not allow children in a pool or spa with missing/broken covers. Inserting an arm or leg into the opening can result in powerful suction and total body submersion/drowning.
• Keep rescue equipment by the pool including life preserver and reaching pole or other device. Also keep a phone poolside. Keep essential life saving gear accessible, visible, and in proper working condition.
• Remove the diving board from your private backyard pool. The risk of injury is too great. Everyone should walk, not run around the pool. Avoid pushing, shoving and horseplay in or around the pool.
• Use pool alarms as another layer of protection. Include remote alarm receivers so the alarm can be heard inside the house or in other places away from the pool area.
• Allow no one, child or adult, swimmer or non-swimmer, to enter the pool unless a responsible person is accompanying them. Never leave an accessible pool unattended. Non-swimmers should wear approved safety vests at all times in and around the pool. Flotation devices are not a substitute.
• Never let intoxicated guests enter your pool.
• Regularly maintain your pool so it doesn't become an mosquito (West Nile Virus) breeding ground. Inspect pools and spas for missing or broken drain covers. Don't leave toys and floats in the pool that can attract young children and cause them to fall in the water when they reach for them.

The Orlando Real Estate Voice is happy to offer a great article on jumbo loans from David Reed - the author of Mortgage 101 and Mortgage Confidential:

Everyone knows the jumbo loan market has been out of whack for nearly 18 months. "jumbo" loans, those amounting to more than $417,000, took it on the chin when mortgage investors stopped buying subprime and alternative loans. For that reason, jumbo rates can be as much as 1.50 percent higher than conforming rates. Historically, jumbo rates were only about a quarter of a percent higher than a conforming rate, but this new spread has kept many out of the housing market: especially those that I call, "just jumbo."

So what exactly is "just jumbo?" It's a loan amount that just exceeds the conforming limit of $417,000 and typically reflects a sales price in the $500,000­­-$600,000 range. Many local markets offer homes in this price category, but the marked difference in rate from conforming to jumbo is slowing down sales. What is the difference in payment between a conforming loan at 6 percent and a jumbo loan at 7.50 percent? On a $500,000 jumbo loan, mortgage payments jump from $2,997 to $3,496 a month. That's almost $500 more!

Fortunately, with some changes in strategy, we can put a major dent in that increase in payment by buying a property with two loans - a first mortgage and a second. With the first mortgage at or below the conforming limit, the second mortgage then eliminates the need for private mortgage insurance, or PMI. And still, with only 10 percent down on a $500,000 sale.

For example, let's say we have a sales price of $500,000 and you put 10 percent down. With a jumbo loan at 7.50 percent, the monthly payment on a 30-year note is $3,146 plus a PMI payment of about $188, for a total of $3,334. Using a 40 percent debt ratio means that you need to make about $9,700 per month to qualify.

Now, let's make the first mortgage for $400,000 at 6 percent (conforming) with a second mortgage at 7 percent on a $50,000, 30-year note. The mortgage payments would be $2,398 and $332 respectively, for a combined total of $2,730. That's a savings of over $600 per month, and now the income to qualify is almost $1,500 less at $8,200 per month! Do you think that has an impact on affordabilty? I do.

Here's another idea: sellers can carry back that second note to provide some additional income, providing an even better second rate for the buyer!

Consumers are proving they can turn back time on identity theft by following a prescribed program of diligent document protection and criminal deterrence.

A well-measured program of preventive steps can protect your identity from theft.

ID theft-related fraud fell by 12 percent in 2007 and 300,000 fewer adults were victims, according to the latest from Javelin Strategy & Research, the longest-running ID theft study in the nation.

At the top of the list of reasons for the decline is "greater consumer vigilance and awareness," according to the report.

When someone steals your identity, you don't wander around aimlessly like some John or Jane Doe. Someone pilfers enough of your personal identifying information --name, address, Social Security Number, drivers license, credit and financial account numbers and the like -- then masquerades as you to make purchases, withdraw cash or otherwise undermine your financial assets and your name.

ID theft can cost you time and money (averaging $691, according to the report) to correct the misdeed and it can ruin your credit enough to prevent you from making major purchases including buying a home.

Companies that manage personal information have improved their ID theft protection measures, but consumers who protect their own personal information is the first line of defense.

 Here's what Javelin suggests.

· Move your financial transactions online by turning off paper invoices, statements and checks, including paychecks, and replacing them with electronic versions where offered by employers, banks, utilities or merchants. Avoid mailing checks to pay bills or deposit funds in your banking account. Instead, pay bills online and use remote deposit check imaging services on online banking sites.

This effort rubs out the paper trail. Crooks are more likely to steal information on paper, from personal belongings and through telephone calls, rather than online.

· Monitor your accounts regularly online at bank and credit card websites. Americans who monitor their accounts online are most likely to uncover suspicious or unauthorized activity early.

· Likewise, review your credit information frequently. You can do so three times a year for free at the federally-sanctioned AnnualCreditReport.com by getting one report, from each of the three major credit reporting agencies -- Equifax, Experian and Transunion -- in turn, every four months.

 · Reduce unnecessary access to your personal information wherever possible. For example, don't carry Social Security cards, unused credit cards or checks, and don't leave sensitive documents out in the open.

 · Never provide sensitive financial information over the phone or Internet, including Social Security numbers, passwords, PINs or account numbers, unless you placed the call directly to a verified and trusted location, such as the number on back of a credit card or statement.

 · Add your name to the federal Do Not Call registry and direct marketing opt-out lists to reduce solicitations that could be bogus.

Even as overall ID theft has fallen, "vishing," criminals using telecommunications, voice over Internet protocol (VoIP) and like methods, is on the rise. That's because, as more consumers shift more transactions to secure online services, thieves are becoming more creative on the telephone claiming to represent non-profit and charitable operations.

In the same vein, wireless phone accounts have become the most frequent types of new accounts opened fraudulently by criminals using stolen data. The trend exceeds that of fraudulent new credit cards, loans, checking or savings accounts.

· Install and regularly update firewall, browser, anti-spyware, and anti-virus security software on your personal computer, and keep operating systems updated. Updates typically come with spyware, virus and other protections.

 · Consider placing a credit freeze on your credit report or your child's credit report if you know you won't be using credit for some time. Child ID theft is on the rise because thieves know you and your kid aren't likely to check the child's credit report for some time due to a lack of credit use. Check your state's "credit freeze" law. The cost may be nominal or free. The three credit reporting agencies offer the service for a fee.

• If you are an ID theft victim, report it to the police, affected accounts, and call any one of the three credit bureaus to have a fraud alert placed on your account to prevent future infractions as you sort out the mess. Contact one bureau to place a fraud alert on your credit report and that company is required to notify the other two so that they too can place an alert on their versions of your report.