Mike & Cindy Jones~Jacksonville, Fl Real Estate~(904) 874-0422

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Attorney Offers Advice for Condo Buyers
New planned communities, mixed-use developments and condominiums are particularly hard to sell in the current economy where the prices of units in so many developments have fallen through the floor.

The Wall Street Journal interviewed Roger Winston, a real estate attorney at Ballard Spahr Andrews and Ingersoll, at his office in Bethesda, Md., about how buyers of these kinds of units can protect themselves.

Here are some key excerpts from the conversation:

Question: If the price has fallen, can a contract be renegotiated?
Winston: "In this economic environment, the builder wants you to complete the purchase; he doesn't want another unit to sell. ... It's not just the builder making the decision, however; the [builder's] lender must also agree to release the unit at a lower price. If the builder is able to renegotiate with the lender, it's more likely he'll be able to renegotiate with the purchaser."

Question: What contingencies can a buyer put into his contract to protect himself?
Winston: "You could put in a contingency that if you lose your job or your wages are cut before settlement, you could get out ... or if you can't get financing ... or if the home isn't completed by a certain date."

Question: What else should buyers consider?
Winston: "It's a good idea to ask how many units have been sold, because when the building is under construction, the builder pays the condo fees for the unsold units; when he leaves, the owners are responsible for 100 percent of the costs of maintaining the building."

Source: The Wall Street Journal, June Fletcher (04/17/2009)

The Jones Group
Mike & Cindy Jones
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JonesGroup@kw.com

Keller Williams First Coast Realty

Federal Housing Rescue Plan Launches

The Obama Administration's program to rescue distressed home owners got off the ground this week. The program was announced on Feb. 18, but it took several weeks to put the bureaucracy in place.

Six of the nation's largest banks signed up to participate, the Treasury Department announced Wednesday. They are JPMorgan Chase, Wells Fargo, Citigroup, GMAC Mortgage, Saxon Mortgage Services, and Select Portfolio Servicing.

Treasury says it is allocating $50 billion to the program. The Department of Housing and Urban Development will provide the rest.

The plan calls for loan servicers to reduce interest rates so a family's monthly mortgage obligation is no more than 38 percent of its pre-tax income. Loan servicers also can reduce loan balances. After the loans are modified, the government then provides enough money to reduce payments to 31 percent of income.

Participating servicers get $1,000 a year for each modification and another $1,000 a year for three years if the borrower remains current. Servicers get an extra $500 if they do the modifications before the borrower falls behind in his payments-and the borrower gets $1,500. Also, homeowners get $1,000 a year for five years if they remain current on their payments. The money must be used to reduce their principal balances.

Source: CNN, Tami Luhby (04/16/2009)

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Mike & Cindy Jones
904 874-0422
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Foreclosures Jump as Moratorium Ends

Foreclosures jumped 46 percent in March compared to a year earlier and were up 17 percent compared to February with more than 340,000 properties affected nationwide, according to foreclosure marketer RealtyTrac.

Nearly 804,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier, RealtyTrac says.

Many lenders and servers had put a moratorium on foreclosures, waiting for the details of the Obama administration's foreclosure plan. But now they are back with a vengeance. The end of the moratorium is also driving an increase in the availability of REO properties, according to RealtyTrac.

Nevada, Arizona and California had the nation's highest foreclosure rate. Other states in the top 10 in the first quarter were Florida, Illinois, Michigan, Georgia, Idaho, Utah and Oregon.

States with the highest number of actual foreclosures, 60 percent of the total, were California, Florida, Arizona, Nevada and Illinois. Rounding out the top 10 were Michigan, Ohio, Georgia, Texas and Virginia.

One in every 159 homes nationwide was at some stage of foreclosure, according to RealtyTrac.

Source: RealtyTrac (04/09/2009)

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The Jones Group
Mike & Cindy Jones
Realtors, e-Pro's

Keller Williams First Coast Realty
904 874-0422

Is FHA Key to Housing Turnaround?
Federal Housing Administration loans can be a very good deal for home buyers, especially those who don't have a lot of cash or whose credit rating isn't stellar, experts say.

FHA loans now account for 20 percent of new mortgages, up from 3 percent in 2006. What's more, the number of authorized FHA lenders has increased 500 percent in two years.

Other benefits of FHA loans include easy loan modifications for borrowers who fall behind, easy refinancing plans if rates decline, and low rates overall, which don't rise if the borrower has a low credit score. There are no income restrictions on FHA loans, so even borrowers with good incomes may find them attractive.

FHA loans still require a pre-settlement inspection of the home, but the process isn't nearly as arduous as it once was, says George Hanzimanolis, past president of the National Association of Mortgage Brokers.

Source: CNNMoney.com (04/01/2009)

The Jones Group
Mike and Cindy Jones
Realtors, e-Pro's

Keller Williams First Coast Realty
(904) 874-0422

MAYOR ANNOUNCES STRENGTHENED MILITARY SUPPORT

Appoints Military Affairs, Veterans and Disabled Services Division Chief

and selects military lobbying firm

JACKSONVILLE, Fla., April 2, 2009 - Jacksonville Mayor John Peyton today announced two hirings which will further strengthen the City of Jacksonville's support for the local military. Peyton has appointed retired Navy Capt. Robert (Bob) Buehn as the new chief of the city's Military Affairs, Veterans and Disabled Services Division. In addition, R.J. Natter & Associates, LLC, led by retired Navy Adm. Robert Natter, has been selected to assist the city's military advocacy and lobbying efforts.

"The military is an integral force in Jacksonville and we are tremendously proud of the thousands of uniformed men and women who call our city home. They strengthen our economy and make Jacksonville a better place to live," said Mayor Peyton. "Captain Buehn has an outstanding track record of success and will ensure that our military, veterans and disabled communities are well-served. Throughout his distinguished career, he has proven exceptional leadership skills and dedication to service. We are excited to welcome him to our team."

Buehn will replace the former division chief Dan McCarthy, who accepted a position in the State Attorney's Office. As division chief Buehn will report to the director of the Recreation and Community Services Department. As the city's primary military liaison, Buehn also will report directly to the mayor.

A career military officer who has served tours at all Jacksonville Navy bases totaling 15 years (Jacksonville Naval Air Station, Mayport Naval Station and Cecil Field), Buehn has most recently served as the Commanding Officer of the Fleet Area Control and Surveillance Facility at Jacksonville Naval Air Station. He has also served in other leadership positions including Chief of Staff of the Cruiser-Destroyer Group 12 at Mayport Naval Station; Commanding Officer of the U.S. Naval Base at Guantanamo Bay, Cuba; and Commanding Officer, VS-32, at NAS Cecil Field. In addition, his career includes extensive experience in aviation operations, teaching, communications and writing.

Buehn earned a bachelor's degree in journalism from the University of Florida and a master's degree in National Security and Strategic Studies from the U.S. Naval War College.

Buehn's appointment is subject to confirmation by the Jacksonville City Council.

Upon full execution of the contract, R.J. Natter & Associates, LLC will serve in an important role lobbying for the city on military issues, most importantly, the homeporting of a nuclear aircraft carrier at Mayport, Natter will work closely with the Congressional delegation and Patton Boggs, LLP, who also represents the city in Washington D.C.

Natter & Associates has advised and represented both the State of Florida and local Florida communities on military relations and advocacy. He worked statewide and in Washington on behalf of all Florida military base communities, including Jacksonville, during the recently completed two-year Base Realignment and Closure (BRAC) process.

"As a result of the leadership of our Congressional delegation, Admiral Natter and the efforts of our local team, no bases were closed in the 2005 BRAC process," said Mayor Peyton. In fact, the city has actually increased its military presence and it is a top priority to ensure that we remain a key player in retaining and growing local military presence."

Some examples of Jacksonville's unmatched military success include: the largest Navy job gainer from the BRAC process with 2,700 jobs added to local Navy bases; the re-establishment the Navy's U.S. 4th Fleet at Mayport Naval Station in 2008; the decision to assign the P-8A Poseidon aircraft to Jacksonville Naval Air Station in 2007; and the 2008 announcement by the Navy of its intention to make Mayport a nuclear-capable homeport.

In addition, the city continues to demonstrate its commitment to the military through efforts such as providing services to 200,000 veterans in Northeast Florida and hosting the largest Veterans Day Parade in Florida, the largest Memorial Wall in the U.S. outside of Washington D.C. and regular tributes and recognition events.

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The Jones Group
Mike And Cindy Jones
Real Estate Consultants
(904) 874-0422
mailto:JonesGroup@kw.com