The Florida  mortgage rate(30 yr FRM)  continues to sit  at 4.94, with an average 0.7 points, according to results released by Freddie Mac, for the   week ending March 18,  2010. The national mortgage  rate also remains virtually unchanged  at 4.96.

 *Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist stated that mortgage rates were unaltered amid the turmoil of  recent housing data.

• New construction slowed by 5.9 percent in February to 575,000 homes 
• Home-builder confidence unexpectedly dipped in March according to the NAHB/Wells Fargo Housing Market Index

Lastly Nothaft stated that house prices were starting to stabilize and even rise. According to  the Federal Reserve Board  homeowners on aggregate are slowly building back equity in their homes. 

1.   Homeowners lost almost $7.9 trillion in home equity since the end of 2006
2.  Homeowners regained almost $1.1 trillion over the past three quarters ending in 2009

US Weekly Currency Interbank Exchange Rates 7/01/ 2009

  Our currency expert Charles Purdy stated that one of the explanations behind the US dollar’s comeback against sterling was the whispers flying about, that the Federal Reserve would raise the discount interest rate (the rate at which banks lend to each other).

This  happened several weeks ago and prompted high levels of volatility. The Fed opted not to comment on the rumour. Apart from this,

• inflation data showed no change in prices month on month
• unemployment figures came in more or less as expected.

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The Florida  mortgage rate(30 yr FRM)  is sitting at 4.94, with an average 0.7 points, according to results released by Freddie Mac, for the   week ending March 12,  2010. The national mortgage  rate for the US is  sitting  at 4.95.

 *Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist in this weeks release spoke of the current rates and the bigger economic picture.

He  mentioned that this  week the Florida mortgage rate eased amid mixed economic reports,  

• Pending existing home sales fell 7.6 percent in January, this is way below the market consensus of a 1 percent gain. 
• February saw the economy lost only 36,000 jobs, fewer than market forecasts
• The unemployment rate held steady at 9.7 percent. 

US Weekly Currency Interbank Exchange Rates 7/01/ 2009

 Our currency expert Charles Purdy gave us a  snapshot of  US currency this week. He mentioned that the credit rating agency Standard and Poor’s gave the US dollar a vote of confidence this week  stating that it would continue to be the international reserve currency as long as markets remain stable and US government spending is efficient and sustainable.

Lastly he mentioned that the key economic data out this week was US retail sales. After harsh weather conditions across most of the US, it was anticipated that sales would  drop marginally, however they increased!

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Typical Mortgage Payments ...the lowest amount since February 1998 ! (NAR)

The Florida  mortgage rate(30 yr FRM)  is sitting at 4.97, with an average 0.7 points, according to results released by Freddie Mac, for the   week ending March 5,  2010. The national mortgage  rate for the US is  sitting  at 4.97. This is similar to rates seen 2 weeks ago in Florida and Nationally.

 *Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Vice president and chief economist, Frank Nothaft on this weeks rates stated that the rates are favoring  affordable home buying conditions. Interestingly he stated  that payments (principal + interest) on  an average family priced home($163,800)  were a steal at  $709 in January, the lowest amount since February 1998( according to data from the National Association Of Realtors).

Nothaft then went on to speak of  the other  prominent factor favoring family home affordability,

• Federal Tax Credit ( Expires April 30th), Federal Reserve's economic review found many districts related increased home sales with the homebuyer tax credit.

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One of Manhattan's Top 5 French Bistros (Zagat Survey) Heading For Downtown Miami...

The JW Marriott Marquis Miami, will open in middle of this year and prodly presents  Florida's first db Bistro Moderne, a French-American restaurant run by Chef Daniel Boulud, three time James Beard Foundation winner. The db Bistro is  a sister restaurant to the award winning  New York City version.

db Bistro Moderne depicts  the new breed of Parisian bistros, with classically trained chefs offering creative nosh in a casual yet sumptuous surroundings.  The db Bistro will offer downtown Miami traditional French fare tweaked with flavors of the American pallet.

Yes wine is on the menu at some very nice prices...

The db Bistro offers  over 150 affordable wines starting at $25 per bottle. The dominant focus is of course  on French wines with some American and international vintages and a small number of reserve selections served from a wine tower in the lounge area. So if you are in Miami this Summer give this new restaurant in Miami a go!

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This Week Sees Mixed Economic Reports...

 The Florida  30 year fixed rate mortgage(FRM)  is sitting at 5.02, with an average 0.8 points, according to results released by Freddie Mac, for the   week ending Feb 25, 2010. The national rate for the US is  sitting  at 5.05 .This week sees the end of rates below 5 percent that were around for the past few weeks.

 *Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist in the release from Freddie Mac this week stated that long term fixed rate mortgages had followed bond yields higher. He also stated that the current economic data is somewhat conflicting. 

He highlighted data from Conference Board showed  that the January producer price index was way above the market consensus, yet the consumer price index continues to be suppressed. Lastly and most importantly  he spoke of consumer confidence, shockingly this is at the lowest level since April 2009 (Conference Board)

Nothaft then went on to mention that conflicting reports exist as to the state of the current housing market too!

• The S&P/Case-Shiller® national home price index rose for the third consecutive quarter in the fourth quarter
•  The 20-city composite index showed an increase in December 2009 for the seventh month in a row; six metropolitan areas experienced positive year-over-year growth, compared to four in November.
• New home sales,  unexpectedly slowed in January to the smallest rate since records began in 1963
• The supply of homes at the present sales rate rose to 9.1 months, this is the most since May 2009.

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Florida Housing Market May Be In  In Slow State Of Recovery!

This weeks sees the Florida  30 year fixed rate mortgage(FRM) sitting at 4.91, with an average 0.6 points, according to results released by Freddie Mac, for the   week ending Feb 18, 2010. The national rate for the US is  sitting   at 4.93 . This is the  fourth week the rates have been below 5%!

 *Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist highlighted that,  current economic data released suggests  that the housing market may be in a slow state of recovery.

He cited data released by National Association of Realtors (NAR)  that  found existing home sales rose

• In 48 states and the District of Columbia between the third and fourth quarters of 2009
• 32 states experienced double-digit growth.
• In addition, 67 metropolitan areas saw positive annual house price growth in the fourth quarter, more than double that in the third quarter, according to the NAR. 
• Florida Association of Realtors (FAR) confirm this rise in home sales in Florida

New Home Construction Is Also On The Up!

1. One-family housing starts rose to an annual pace of 484,000 homes in January,  up almost 36 percent from January 2009, according the U.S. Census figures.
2. Homebuilder studies of market conditions over the first half of 2010 improved in February, according to National Association of Homebuilders/Wells Fargo Housing Market Index.

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Gulfshore Playhouse  an award-winning theater company located in Naples, Florida creates  New York top quality theater with actors handpicked from around the country  and they boast high-profile theater, film and television credits. Their most recent benefactor is Cohen & Grigsby, a business law firm with  offices in Naples and Bonita Springs, FL.

Kristen Coury, founder and producing artistic director of Gulfshore Playhouse stated that, "Generous benefactors such as Cohen & Grigsby enable Gulfshore Playhouse to offer a wide array of compelling entertainment to the Southwest Florida region."

OK So What Has This Naples Theatre Got?

This season, Gulfshore Playhouse is creating several "adrenalin rush", professional plays in downtown Naples:

• "Beau Jest," an off-Broadway family comedy
•  "A Doll's House," a timeless classic. 
• "I'll Be Seeing Youz," - Franc D'Ambrosio in April with his new show,  a Bronx boy's musical perspective of World War II featuring the lively music of that era.
• All of Gulfshore's productions are held in the intimate 200-seat Norris Center Theater in downtown Naples.
• Officially an Equity Theatre
• $30-$38 with $25 tickets for previews.

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3 Weeks In A Trot!

This weeks (30 year FRM) for Florida  have just been released by Freddie Mac for the   week ending Feb 12, 2010. The  Florida  mortgage rates  are  at 4.97  with an average 0.7 points. The national rate for the US is    at 4.93 . This is the  third week the rates have been below 5%!

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist  highlighted that the rates are helping many homeowners to refinance their existing housing debt. Citing that the monthly payments would be almost $77 per month lower on a $200,000 loan balance, compared to June last year when the rates where a whopping 5.6%.

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According to the latest housing reports released by Florida Realtors®, Florida's existing home and condo sales are higher than last year,

• Existing home sales rose 31 percent by the end of 2009 compared to year previous
• Existing condos sales  increased 47 percent  by end of 2009 compared to year previous.

Florida Realtors® report that,  17 of Florida's metropolitan  areas (MSAs) reported an increase existing home sales, while 18 MSAs had higher condo sales through the period. A majority of the state's MSAs have reported a trend of increased sales for 18  months in a trot.

• Tampa-St.Petersburg-Clearwater area was found to have the highest number of  existing home sales and the median home price for 2009 was $135,000, 2008 saw it sitting at $169,500
• West Palm Beach-Boca Raton reported the states highest existing condo sales. The median sales price for a condo in this area was $107,300 at end of 2009 and sat at   $143,800 at end of 2008.
• Florida's median sales price for existing homes at year end 2009 was $142,600; in 2008, it was $187,700...a 24 percent decrease.
•  The national median existing single-family home price was $171,900 in November, down 4.4 percent from a year ago, according to the National Association of Realtors®. 

NAR predicts the housing recovery to gain steam in the  second half of 2010. NAR Chief Economist Lawrence Yun spoke of home-buyers taking advantage of the recently extended and  expanded tax credit  and  that this would in turn make an impact on Florida home sales activity by Spring.

Tax Credit Essentials...

• Qualified buyers who have signed a contract to buy a primary residence by April 30, 2010, have until June 30, 2010, to close the deal to qualify for the federal tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

Yun also proposed that the expanded tax credit and anticipated job growth would bolster home-buying,  this activity he predicts will absorb enough inventory to bring a rough balance between buyers and sellers. Home prices are expected to stabilize or even modestly rise as a result in 2010, according to NAR.

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 Mortgage Rates Followed Bond Yields...

This weeks  Mortgage  rates (30 year FRM) have just been released by Freddie Mac for the   week ending Jan 20, 2010. The  Florida  mortgage rates  are  at 4.97  with an average 0.7 points. The national rate for the US is    at 4.99 .

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist  this week mentioned that Fixed mortgage rates followed bond yields lower for the third week in a row, pushing 30-year mortgages below 5 percent. He also mentioned that  ARM rates slackened along with shorter-term rates, as the federal funds futures market demonstrates no increase in the Federal Reserve's target rate after its upcoming committee meeting on January 26th and 27th.

US Weekly Currency Interbank Exchange Rates 22/01/ 2009

 The US dollar gained momentum against sterling after a reduction in investor risk appetite and amplified risk aversion following a move by China and now the US Government to regulate and curb the money markets. This causes concern as it comes at a time when most Governments worldwide are looking at pulling back the emergency funding and additional over-regulation or curbing could snub out recovery growth and discourage investment. This will be a critical issue over the next year and we will have to wait and see how it culminates.

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