Wednesday, January 14, 2015

South Florida called "one of greatest stories" in economic recovery

 

 

 

http://www.sun-sentinel.com/business/personal-finance/fl-fed-south-florida-economy-20150113-story.html

 

 

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Friday, January 9, 2015

Interest-only loans return: Is that good or bad?

Interest-only loans return: Is that good or bad?

 

NEW YORK – Jan. 9, 3015 – Interest-only loans, once blamed for the subprime mortgage crisis, are gradually re-emerging. But the product has changed a bit, which may ease some industry fears about their comeback.

As home values rise, borrowers and lenders' confidence in interest-only products has grown once again, Guy D. Cecala, CEO and publisher of Inside Mortgage Finance, told The Wall Street Journal.

With interest-only loans, borrowers make monthly interest payments but pay nothing toward the principal for a set period of time. The majority of interest-only loans today are geared toward wealthy borrowers and centered at the jumbo-mortgage level. Jumbo loans exceed limits of $417,000 in most areas or $625,000 in high-price areas.

"Most lenders think interest-only mortgages are very safe because the borrowers have strong credit profiles and generally put down large downpayments," Cecala told the Journal.

Banks are more stringent when qualifying borrowers for an interest-only loan. For example, at Jacksonville, Fla.-based EverBank, a borrower needs a credit score of 740 or higher, a downpayment of at least 35 percent, and a debt-to-income ratio of 43 percent to qualify for their interest-only jumbo product.

Prior to the housing crisis, lenders mostly qualified borrowers for interest-only loans based only on their expected interest payments. However, lenders today qualify borrowers based on their ability to pay both interest and principal, says John Walsh, president of Total Mortgage Services, based in Milford, Conn.

Walsh says that on a $1 million, seven-year ARM with an interest rate of 3 percent, the monthly payment for the first seven years would be $2,500. However, the lender would calculate the borrower's debt-to-income ratio using a $5,020 monthly payment of interest and principal at the starting rate.

Mortgage rates stayed low in 2014, even inching below 4 percent for the 30-year fixed-rate mortgage, but rates are anticipated to rise this year. If landlords raise rents, interest-only loans likely will grow as a more desirable option to homebuyers, says Cecala.

The lower monthly payments from interest-only loans may be particularly appealing to borrowers who have shifts in seasonal incomes or who plan to sell other property or want to keep cash in higher yield investments, says David Adamo, CEO of Stamford, Conn.-based Luxury Mortgage.

Source: "Interest-Only Loans Set the Bar High," The Wall Street Journal (Jan. 6, 2015)

© Copyright 2015 INFORMATION, INC. Bethesda, MD (301) 215-4688

 

 

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=317653

 

 

 

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HAVE YOUR OWN PIECE OF PARADISE!
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There are still plenty of Florida Vacation Homes  in Cape Coral for great rates available compared to other cities in SW Florida.

 

 

 

 

Monday, December 29, 2014

Miami - 'The Most Exciting City in the World'

Floridian of the Year

Miami - 'The Most Exciting City in the World'

The city of Miami was at the forefront of every trend in 2014.

Mike Vogel | 12/26/2014

Our Floridian of the Year, the city of Miami, captured the trends — and then some — that drove Florida in 2014. Tourism increased, with records set on all fronts. Real estate continued a strong recovery, with 11 straight quarters of price appreciation. Unemployment fell and construction employment increased. The county school district won national recognition for its improvement. The vibrant downtown-living scene rose to new heights, evidenced by chic nighttime crowds dining in Brickell, runners sweating along the bayfront, crowds in the aisles at the downtown Publix supermarkets and workers installing the sign for the new Whole Foods. Find out what's behind all these trends and more, in the full article.

Source: Florida Trend

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There are still plenty of Florida Vacation Homes  in Cape Coral for great rates available compared to other cities in SW Florida.

 

 

 

 

Monday, November 3, 2014

FLorida jobs are growing again

 

onstruction jobs in Florida should grow faster than other fields through 2017, according to a forecast released Friday.

University of Central Florida economist Sean Snaith expects construction jobs to grow 10.4 percent over threee yeras. Jobs in trade, transportation and utilities — which includes retail — are expected to grow 3.8 percent; professional and business services, 3.6 percent; education and health services, 2.2 percent; and leisure and hospitality, 2 percent.

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"Bottom line is Florida's economy is improving and finally hitting its stride," Snaith said.

While the economy and jobs have been central to the campaign for Florida governor, Snaith said a governor "can't be held solely responsible for how the economy has done." A governor has no control over a national recession or measures implemented by the Federal Reserve Bank, he said.

Payrolls should grow 2.9 percent in the fourth quarter over the same period last year, Snaith said. But the economist expects payroll growth to slow to 2.3 percent in 2015, 2.1 percent in 2016 and 1.9 percent in 2017.

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Still, Florida unemployment will be about 6 percent by the end of 2017, Snaith said, because the labor force is growing and there is a rising participation in the workforce, with discouraged workers returning to the job market. Unemployment currently is 6.1 percent statewide, though lower in Broward at 5.2 percent in September. Palm Beach County is a 6 percent unemployment

 

 

 

http://www.sun-sentinel.com/business/careers/fl-snaith-forecast-fourth-quarter-20141031-story.html

 

 

 

HAVE YOUR OWN PIECE OF PARADISE!
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There are still plenty of Florida Vacation Homes  in Cape Coral for great rates available compared to other cities in SW Florida.

 

 

 

 

Sunday, November 2, 2014

CAPE CORAL FLORIDA - nice and warm


It is already the time of the year where a lot of people from other countries and from the Northern part of the States get "cold feet", to change that - therefore we have the nice and warm climate in Florida! SW Florida on the Gulf Coast is the place to spend the winter month. Save on heating costs, spent it to be in the sunshine and on the beaches! Better than that - make it your own - secure your place forever in the sunshine state Florida - imagine having your fix place or even your own home or condo for each winter time you would have icy wind around your nose and cold feet and snow shoveling on your daily schedule! Real Estate in Florida is still so affordable that you can HAVE YOUR OWN PIECE OF PARADISE!
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There are still plenty of Florida Vacation Homes  in Cape Coral for great rates available compared to other cities in SW Florida.

 

 

 

 

Saturday, October 18, 2014

CAPE CORAL FLORIDA - ALWAYS ON THE MOVE AND WITHIN THE TOP RANKS

Message From Your EDO Director

Super Stats Help Tell Our Story


As Cape Coral continues to emerge from the recession and the associated foreclosure crises that impacted our community so hard, we can see positive signs everywhere: new construction, expansions, new restaurants and a renewed demand for housing absorbing many of the empty homes which dotted our landscape.

 

One of the most important is the fact that entities from outside the Cape are seeing us for the market that we are. I've always said that Cape Coral is too big to be ignored, and that's certainly not happening now. Third-party recognition is a great form of free advertising, and we're certainly getting our share. Just this year, we've received the following accolades:

  • Cape Coral ranks No. 6 in the U.S. in the best cities for future job growth. (Forbes, Fall 2014)
  • Cape Coral is named in the top 10 best cities to start a new business. (WalletHub, March 2014)
  •  Cape Coral ranks No. 5 on the list of top places in Florida to live after judging 100 cities and towns in Florida on a number of unique criteria such as amenities, quality of life, crime rates, tax rates, unemployment and weather. (Movoto, May 2014)
  •  Cape Coral ranks as the safest driving city in Florida. (Allstate Insurance America's Best Driver's Report, August 2014)
  •  Cape Coral recorded the third-highest population growth rate in the decade, according to the U.S. Census Bureau. (CNN Money, May 2013)

 

This is a very impressive list, to say the least. Of course, we're still recognized as a great place to retire and we're obviously still a hot spot for vacation rentals. But many of these national accolades are related to business growth and that's what we're striving for as we move forward. Better-paying jobs and more investment are on the horizon, and your EDO office is working very hard to make that a reality.
 

  

City of Cape Coral

Economic Development Director

 

 

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Thursday, September 4, 2014

Florida a top destination for retiring baby boomers

Fla. a top destination for retiring baby boomers

 

ORLANDO, Fla. – Sept. 4, 2014 – As the baby boomers retire, a significant number follow the same path their parents did – they move to Florida. And historic retirement sites in Southwest Florida continue to draw a significant number of older adults.

RealtyTrac conducted a study on two ends of the age spectrum: the baby boomers and the millennials. To spot trends, RealtyTrac analyzed Census population data between 2007 and 2013 in more than 1,800 counties nationwide to identify shifts in populations, and it overlaid that data with information on median home prices, price appreciation and rental rates.

In Florida, four counties made the top 10 list for baby boomer population growth:

Charlotte County – Punta Gorda (32.9% were baby boomers in 2013, a 34.3% increase since 2007)

Citrus County – Homosassa Springs (32.1% boomers, 28% growth since 2007)

Lee County – Cape Coral-Fort Myers (28.1% boomers, 27.6% growth since 2007)

Lake County – Orlando-Kissimmee (27% boomers, 26.5% growth since 2007)

No Florida county made the top 10 list for baby boomers moving out or millennials moving in; but it appears that one county, Citrus, is trading millennial residents for baby boomer. Citrus County not only made the top 10 list for baby boomers moving in, but it also made the top 10 list for millennials moving out. In 2003, 12 percent of the population was a millennial, a decline of 26.9 percent since 2007.

While RealtyTrac's statistics don't draw a direct connection between declining baby boomer markets and those on the upswing, many new Florida residents could come from Georgia, which had four cities on the top 10 list of declining boomers: Fulton County (boomer population down 21.9% since 2007), DeKalb County (down 20.1%), Clayton County (down 15.5%) and Cobb County (down 13.7%).

Overall, RealtyTrac notes four trends in their tracking:

• The millennial generation is generally moving from lower-priced to higher-priced markets for both buying and renting, with the tradeoff being more jobs (lower unemployment) and higher median incomes in their target markets.

• Millennials are also moving from counties with a smaller population (average 178,277) to counties with a larger population (average 587,522).

• The baby boomer generation is generally moving from higher-priced to lower-priced markets for both buying and renting, with the tradeoff being lower median household incomes and slower home price appreciation in their target markets.

• Baby boomers are also moving from counties with a larger population (average 809,464) to counties with a smaller population (261,232).

"The above population trends are also evident within the same metropolitan area, with millennials moving from lower-populated counties to higher-populated counties within the same metro, and baby boomers doing the opposite or moving out of the area entirely," says Ginny Walker, RealtyTrac's public relations supervisor.

© 2014 Florida Realtors®

 

 

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There are still plenty of Florida Vacation Homes  in Cape Coral for great rates available compared to other cities in SW Florida.