Some news from the Volusia Building Industry Association:
As Chairman of The Green Building Council, I was invited to sit it on the 2010 VBIA planning meeting last week. This 5 hour session was devoted to helping the association, as well as those it serves, set the stage for a great 2010.
Like all associations, the VBIA has worked through some challenging economic realities in 2009. I am pleased to say that the leadership has taken a very proactive approach in their 2010 planning by addressing some very difficult, and at times, unpopular issues.
Some say that "as the building industry so goes, so goes the local economy". With the number of new jobs that can be created through Green Building, as well as job cutbacks being restored through increased housing starts, I look forward to being a part of the solution to invigorating this portion of the local economy in 2010.
Click Here To Visit The Green Building Council Website
Click Here To Search Daytona Beach Florida Area Homes For Sale
Bank Of America made great strides in the past week to exit the TARP program by selling new stock to raise capital. Citibank, the last of the "Big Banks" in the program without a clear exit strategy, has made overtures in the last 24 hours that they will attempt a similar exit strategy.
The program that will be forever know as the Big Bank Bailout, seems to have accomplished many of its goals, and the mood of the nation seems favorable toward the propping up of the financial system to come to a close.
It will be interesting to monitor interest rates, as well as the ability for consumers and businesses alike to borrow money, as TARP winds down. Click Here to see a Market Watch Report from the Wall Street Journal.
Foreclosure homes are still plentiful across the nation. While there are still many more to be made available in the months ahead, there are some signs that banks may be willing to work harder to approve the short sales that are currently in progress.
Much of the logjam in the process has been due to complex systems and guidelines that are currently in place for approvals. Much progress has been made to simplify the process, and combined with increases in staffing to facilitate the high volume of cases being reviewed, there are reasons for increased optimism.
Watch for the acronym HAFA (Home Affordable Foreclosure Alternatives Program) in the news, as this appears to be the guiding force in streamlining the process. Click Here to see a summary provided by Florida Realtors of some initiatives from HAFA to be implemented in April 2010, all of which lenders have been encouraged to embrace immediately.
Click Here To Search For Daytona Beach FL homes for sale
Why do we continue to hear that credit markets are tight?
Because they are, and will continue to be that way.
The nation is going retro by lowering consumer debt, and adding to savings accounts. It is a big step toward personal economic recovery. Living within our means, or even a bit below, is how the U.S.A became the World Power that it is.
As more people are able follow this path, there will be less need for credit, and the supply of credit will level off with the demand. An individual's best control over the credit market is their personal discipline. In the future, those that struggled long and hard to pay off credit cards, will likely not go into credit debt again. If there is no credit debt, the effect of credit markets struggling will be of far less concern.
There are always inflation concerns when credit markets are manipulated to lower rates, and with good reason. Click here to view an article from Reuters regarding credit market concerns of increasing rates at the Fed. TARP is winding down, and it is likely that it will lead to money potentially becoming available for other industries in need. Click here for more info.
Credit Card Shoppers. Here are a few tips for the holiday season. Avoid applying for new credit in the malls, as adding new credit cards is likely to lower your credit score. The short term savings may very well end up costing you more in the long run. Click here for more tips
Search Daytona Beach Condos For Sale
Finally, some great real estate news.
The Daytona Beach real estate market is now entering Condo Season.
There is also an expected increase of 2nd home buying due to the new $6500 tax credit for buyers that have owned their homes for more than 5 years, which I believe is targeted at Baby Boomers.
1st Time Home Buyers have until April 30, 2010 to get a home under contract to qualify for the $8000 tax credit. I am not suggesting that this will lead to an increase in property values in our market, but rather it will lessen the opportunity for a steep dropoff in values as more foreclosure homes are released into the market. In fact, these balancing forces may likely lead to some very flat home values in much of 2010, which may be the best thing for all involved. A level playing field could be the result.
If you are looking to sell, I would be aggressive in selling the home to protect against the potential that values drop a bit. It is unlikely that prices will go up faster than the cash you will pour into the home each month.
If you are looking to buy, I would "beat the Christmas Rush" and buy quickly. Interest rates are low, but if the anticipated increases are realized, buyers will lose purchasing power. Same house, same price, higher payments.
Keeping an eye on the markets for you is my business. If you know anyone purchasing a home, selling a home, or refinancing a current mortgage. I am your one stop shopping choice.
 |
|
|
Real Estate Agent - Pricing Specialist. Water Front Homes and Condos in Daytona Beach Florida and surrounding areas. Conveniently located office in Port Orange FL. My Team of Specialists provide our v
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved
