There was an in-depth report tonight on the CBS evening news.
The topic was FHA loans and the fact that 8.5 % of them are in foreclosure or are more than at least 90 days delinquent. The story went on to say that FHA has been proping up the housing market.
The FHA has been insuring half of all new mortgages since 2007.
FHA has loans out currently worth 696 Billion
The lenders shown in the story were :
Great Country Mortgage Bankers
Madison home equities
TB & W
These were all lenders that have been said to be problem lenders that have had their plugs pulled from FHA and are no longer able to write FHA loans.
The story also went on to talk about federal prosecutors are suing one of the fastest growing lenders Lend America. It was said the company made up and invented borowers incomes and information to close loans.
A former investigator for the Department of Housing and urban dev. called it FHA insurance armageddon.
He says in the next 18 months there is going to be a major hit to the FHA insurance fund. Projected losses released by FHA for the future could leave it with 4 billion dollars in total which is less than the 2 % required by congress to keep in the fund at any time.
Number of FHA loans on the books
2007 = 425,000 loans
2008 = 1.2 million loans
2009 = 1.8 million loans
Fewer than 200 staff members at FHA to handle all of these loans and do checks on the lenders using FHA money and audit loan applications.
This week was my mom's first week open at her new store Crestview Country Kennel. Below are twitter post she had this week.
Today is the first day open at Crestview country kennel and grooming CCK&G. Had a few clients in I will try to take pictures 4 puppysit.com 10:31 PM Nov 17th from web
Stop by to see us. 4267 Harielson Rd in Crestview,FL Look for our pink banner. 10:31 PM Nov 17th from web
Now accepting grooming appointments Contact me: Cindy Hunter Crestview, FL
Now Open! - East Crestview just off of 90 on 393. Groomer has 15 years experience. Clean facility, organic products. Compassion and comfort. We take dogs in at 9 am and noon. We call when they are finished so they don't have to stay all day. We can keep them for the day if need be. We are grooming right now Monday through Thursday. Prices start at 30. depending on size and condition. Call for appointments or more information. 850-306-1718 or 902-3647 Book now for Thanksgiving! We offer pick up and drop off services from Baker to Defuniak. Mention craigslist and get 5.00 off!
Dear Friends, During this holiday season, your American Red Cross has launched a holiday fundraising campaign called - "Double Your Donation". We are asking families, groups and businesses to "double your donation" by agreeing to donate, or to match donations during this holiday season!
Businesses can encourage their employees to donate and offer to match anything they give. Parents can encourage their children to raise money by having a lemonade stand and then match what ever they raise. Boy Scouts and Girls Scouts can have a car wash and then ask the troop to match their donation. There is no right or wrong way to do it, just be imaginative and have fun.
If you need more information, or would like to talk about how to do a large scale matching program, please contact kindlej@usa.redcross.orgorg or at the office, 800-773-7620.
From our family to yours, Happy Thanksgiving!
Jerry Kindle Chief Executive Officer
Let Red Cross Volunteers Wrap your Seasonal Gifts at Santa Rosa Mall Santa Rosa Mall is teaming up with the American Red Cross to help raise money for our programs by providing a gift wrapping station at Santa Rosa Mall. To help us make this a great fundraiser, please donate wrapping paper, bows and ribbon by calling 800-773-7620 and find out where you can drop the items off. November 27th through December 24 Mon - Sat 10:00 am until 9:00 pm Sun 12 noon until 6:00 pm Register to volunteer to wrap presents.
Last week wasn't one of housing's better weeks. Delinquencies dominated the news, and not in a good way. For the quarter ended September 30, 6.25% of U.S. mortgage loans were 60 or more days past due, a 58% increase from the same year-ago period, according to TransUnion. Meanwhile, LPS Applied Analytics reported that more Americans who bought homes during the housing boom are falling into mortgage purgatory. About 3.4% of households - or about 1.9 million homeowners - are 120 days or more overdue on their payments, but not yet in foreclosure, compared to 1.5% last year.
It wasn't all dark clouds and gloom, though. If we vet the data a little closer, we find that the rate of delinquencies is slowing when measured sequentially (quarter to quarter). It is also worth noting that mortgage delinquencies are most concentrated in the four states hit hardest by the crises - Nevada , Florida , Arizona and California . In other words, we are not looking at a countrywide pandemic.
We're also not looking at a pandemic in the new-housing market, though some were thinking otherwise last week. The Commerce Department reported that housing starts decreased 10.6% to a seasonally adjusted 529,000 annual rate in October compared to September. The news was a major disappointment to many market watchers, who expected starts to increase to post at a 600,000 annual rate.
Anxiety over impending expiration of the $8,000 first-time homebuyer's credit was the most repeated reason for the decline in starts. However, that reason hints at intellectual laziness. The impending expiration had been known for some time, so it should have been more heavily factored into initial estimates. The pundits should have known a drop in starts was possible, if not probable.
That said, we think the market's reaction to the housing-starts data was overdone. The extension and expansion of the federal homebuyer tax credit should help re-stimulate the housing market (and not just the lower-end market) in coming months.
Looking at the mortgage market, we continue to marvel at the decline in mortgage rates. As we marvel, rates declined again last week to post another all-time low, despite a higher-than-expected increase in consumer prices. The 15-year fix-rate loan is looking particularly enticing, with rates increasingly quoted in the 4.25% vicinity for borrowers with good credit.
Economic Indicator
Release Date and Time
Consensus Estimate
Analysis
Existing Home Sales (October)
Mon, Nov. 23, 10:00 am, et
5.65 Million (Annualized)
Important. The consensus estimate shows a slight increase, though a decrease on tax-credit concerns is the likelier outcome.
Gross Domestic Product (3rd Quarter 2009)
Tues, Nov. 24, 8:30 am, et
3.3% (Increase)
Moderately Important. This updated estimate is expected to mirror previous estimates.
Case-Shiller Home Price Index (September)
Tues, Nov. 24, 9:00 am, et
None
Important. Other studies hint at lower home prices in this closely watched index.
FHFA House Price Index (September)
Tues, Nov. 24, 10:00 am, et
None
Moderately Important. The data will likely show strength in lower-priced homes.
Mortgage Applications
Wed, Nov. 25, 7:00 am, et
None
Important. Continued low rates have tempered borrower urgency.
Durable Goods Orders (October)
Wed, Nov. 25, 8:30 am, et
0.4% (Increase)
Important. Strength in orders is an encouraging sign for the economy.
Personal Income & Outlays (October)
Wed, Nov. 25, 8:30 am, et
Income: 0.1% (Increase) Outlays: 0.4% (Increase)
Important. Consumers are demonstrating a greater willingness to spend despite rising unemployment.
New Home Sales (October)
Wed, Nov. 25, 10:00 am, et
410,000| (Annualized)
Important. Given recent data on starts, actual sales could lag the consensus estimate.
An Argument for Higher Rates
Our reasons for expecting mortgage rates to rise have been well documented: soaring gold prices, rising commodity prices, a weak dollar on the international stage, record federal deficits and a record low federal funds rate. To that, we will add the Federal Reserve's acknowledgement that household spending "appears to be expanding" and economic activity "has continued to pick up."
At this point, we would welcome rising interest rates. Rising interest rates are a byproduct of rising economic activity, and rising economic activity necessitates rising employment. If there is one thing our economy needs more than anything, it is rising employment. Low interest rates, low housing prices and tax credits are all well and good, but their impacts are dwarfed by employment. If you don't have a job, low interest rates, low housing prices and tax credits are meaningless.
What's more, rising interest rates would stimulate activity. Potential borrowers have grown languid over the past few weeks; there is no urgency to get out and buy or even refinance a home because of expectations for a prolonged low-rate environment. Rising rates would change those expectations and prompt many potential borrowers to act.
In the meantime, we still think prompting them to act before rates start rising is not such a bad idea.
From the moment you enter into the driveway, the details will take your breath away! The antique fountain invites you through the mahogany entry doors of this true stucco house where 22' ceilings welcome you into the foyer. The home boasts Brazilian cherry hardwood floors, crown molding and bull nose throughout. Not one detail has been overlooked in the magnificent construction and design of this home, to name a few, trayed ceilings, built-in fish tank, solid oak staircase, solid oak garage doors, 5 1/4 baseboards, cherry wood cabinets, granite, central vac, security system, CAT 5 wiring for highspeed DSL internet, multiple surround sound systems and over 78 recessed lights for maximum lighting. The kitchen is every gourmet cooks dream complete with 40" stove, solid cherry cabinets, enormous island with sink and one of a kind Picasso gold granite! Not enough? then enjoy your indoor kitchen that can easily be converted to an outdoor kitchen for those lazy summer evenings and grilling on the natural gas grill. Even the laundry room has been designed with porcelain sink, cherry cabinets and granite. The oversized master bedroom has an arched hallway leading to the master bath containing a bidet, massive walk-in closet, separate shower and Jacuzzi tub. Lounge on the balcony off the master bedroom and take in the breathtaking views of the lake and sunsets. Fenced-in backyard set on natural lake with unique nature view. Situated in the gated community of Emerald Lakes you are only a minutes drive from Destin Commons, the magnificent sugar beaches and everything else that Destin has to offer. Amenities available include, swimming, tennis, basketball, fishing in stocked lakes and canoeing. This house is priced to be yours, originally built for nearly a million!
Gorgeous custom home built in 2005 located on Lake Holley, a private spring fed lake with fishing and boat access. This lakefront home has a walk-out deck on each floor to maximize the views of the great lake. Upon entering the home on the entry level you are welcomed with tons of views overlooking the beautiful Lake Holley. The rear of the house shows the two stories opening up to a 480 square foot deck on the upper floor and a 480 square foot porch off of the downstairs floor to enjoy sunsets on Lake Holley. The downstairs deck steps down to the 16 x 32 swimming pool with a very nice decorative concrete sun deck. The first floor has a large open floor plan with 2,707 square feet of living area with three bedrooms and two baths. The study can be used as a home office, media room or fourth bedroom. The master suite is 688 square feet of privacy consisting of the master bedroom, bathroom, walk-in closet and sitting area. The master bath has a jacuzzi tub and a large 2 person travertine shower. The large kitchen has more cabinet space than many of the million dollar homes in South Walton. Cabinets are quality built with glazed maple. The kitchen also includes granite countertops. Kitchen floors are porcelain tile and the kitchen has a pass thru and two raised bars. All appliances are stainless steel, Thermador and Bosch. The large great room has a gas fireplace and the vaulted ceiling runs through the great room and kitchen area with french doors opening up to the deck overlooking the pool and lake. Bedrooms are all carpet. Great room, breakfast area, dining room, study, master sitting area, halls and stairs all have bamboo flooring. The foyer, bathrooms, utility room and kitchen have tile floors. The two car garage finishes off the upper floor. Central vacuum system throughout home. The downstairs was just finished in December and has 1605 square feet of total living area. It is currently used as a large recreation area with a separate home gym and full bath. The low
Heating/Cooling: Central air conditioning, Hot water heat, Electric heating
Appliances: Electric range and oven, Self-cleaning oven, Double oven, Microwave oven, Cooktop range, Dishwasher, Refrigerator, Exhaust fan/hood
Interior Features: Breakfast bar, Pantry, Jetted bathtub, Tub and separate shower, Ceiling fan(s), Central vacuum system, Walk-in closet(s), Window treatments, Secondary bedrooms split from master bedroom, Cathedral ceilings
Utilities: Septic sewer system, Public water supply, Satellite dish
Lot Features: Clear lot
Parking Features: Automatic garage door
Recreational Features: swimming pool, In-ground swimming pool, Spa, Boat dockage
Rooms: Sitting room
Scenery: Lake view, Lake frontage, Waterfront property
Gorgeous custom home built in 2005 located on Lake Holley, a private spring fed lake with fishing and boat access. This lakefront home has a walk-out deck on each floor to maximize the views of the great lake. Upon entering the home on the entry level you are welcomed with tons of views overlooking the beautiful Lake Holley. The rear of the house shows the two stories opening up to a 480 square foot deck on the upper floor and a 480 square foot porch off of the downstairs floor to enjoy sunsets on Lake Holley. The downstairs deck steps down to the 16 x 32 swimming pool with a very nice decorative concrete sun deck. The first floor has a large open floor plan with 2,707 square feet of living area with three bedrooms and two baths. The study can be used as a home office, media room or fourth bedroom. The master suite is 688 square feet of privacy consisting of the master bedroom, bathroom, walk-in closet and sitting area. The master bath has a jacuzzi tub and a large 2 person travertine shower. The large kitchen has more cabinet space than many of the million dollar homes in South Walton. Cabinets are quality built with glazed maple. The kitchen also includes granite countertops. Kitchen floors are porcelain tile and the kitchen has a pass thru and two raised bars. All appliances are stainless steel, Thermador and Bosch. The large great room has a gas fireplace and the vaulted ceiling runs through the great room and kitchen area with french doors opening up to the deck overlooking the pool and lake. Bedrooms are all carpet. Great room, breakfast area, dining room, study, master sitting area, halls and stairs all have bamboo flooring. The foyer, bathrooms, utility room and kitchen have tile floors. The two car garage finishes off the upper floor. Central vacuum system throughout home. The downstairs was just finished in December and has 1605 square feet of total living area. It is currently used as a large recreation area with a separate home gym and full bath. The low
Heating/Cooling: Central air conditioning, Hot water heat, Electric heating
Appliances: Electric range and oven, Self-cleaning oven, Double oven, Microwave oven, Cooktop range, Dishwasher, Refrigerator, Exhaust fan/hood
Interior Features: Breakfast bar, Pantry, Jetted bathtub, Tub and separate shower, Ceiling fan(s), Central vacuum system, Walk-in closet(s), Window treatments, Secondary bedrooms split from master bedroom, Cathedral ceilings
Utilities: Septic sewer system, Public water supply, Satellite dish
Lot Features: Clear lot
Parking Features: Automatic garage door
Recreational Features: swimming pool, In-ground swimming pool, Spa, Boat dockage
Rooms: Sitting room
Scenery: Lake view, Lake frontage, Waterfront property
ElemSch: BOB SIKES Middle: DAVIDSON High: CRESTVIEW
Dir:
Hwy 85 North to Lake Silver Road (6 miles North of I-10). Left onto Lake Silver Road go 3.5 miles to South Lakeview Drive.
Legal:
LOT 7 BLOCK 4 LAKE SILVER 1ST ADDITINO
New homes. Several different home plans in this subdivision. Kitchen features stainless steel appliances, granite countertops, ceramic tile. Homes offer 9-10ft ceilings, ceiling fans, electric fireplace, mini-blinds, electric garage door - plus many other features. Room & Lot dimensions approximate - buyer to verify.
From I-85N drive East on Hwy 90E past Shofner and Newman is next right before you get to schoal river bridge.Turn left on Newman Avenue and home will be on your left.
Legal:
BEG NE COR OF SE1/4 OF SE1/4 S195 FT W140 FT N195 FT E140 FT TO POB AS OR
This is a handyman special selling "AS IS". Needs paint and finishing the new laminate floring in doorway of bath and the two bedrooms. 195 feet of road frontage and 140 feet deep on approximately .44 acre lot. Ernest money deposit of $1,000 is required unless paying by cash. PROPERTY TO BE SOLD "AS IS".
ElemSch: EAST MILTON - 10 Middle: KING - 10 High: MILTON - 10
Dir:
Hwy 90 to Johnson; left on St. James; right on Lakeside Dr.; right on Tuttle, house is on left.
Legal:
WOODLAND LAKE HEIGHTS, Lot 6, Block C, as des. in OR 2351, P 254, LESS 1/2 MIN RIGHTS.
Enjoy Country Living with Class for a GREAT PRICE. This carefully crafted custom home is within view of the Blackwater River and minutes from I10. As you enter the living room you will be dazzled by the gorgeous VAULTED PINE CEILING with exposed beams and the BRAZILIAN TIGERWOOD FLOORS. You will love cooking in the open kitchen which features CUSTOM CYPRESS CABINETS, kitchen aid appliances, and lots of storage- perfect for entertaining or enjoying your family. Outside, savor the solitude on your wrap a round deck and porch, your huge yard landscaped with native plants and view of Wrights Basin. This solid house features 2 x 6 framing, Go Bolt construction, and custom metal roof. This superb home is a MUST SEE!!!! MOTIVATED SELLER!! Reasonable offers will be considered.
Agent Notes: Owner will consider owner financing. All room sizes are to be verified. Interior is almost complete. Thank you for showing this beautiful house.
LOVELY 4+ ACRES WITH A METAL BUILDING AND HOME SITE OVERLOOKING A PRIVATE POND. THERE WAS A NICE HOME ON THE PROPERTY THAT BURNED DOWN. WATER METER AND SEPTIC REMAIN ON SITE. GREAT ACCESS ON PAVED ROAD. THIS LISTING IS PARCELL 03-5N-23-0000-0004-0000.
