LinkedIN's REPORT ON TODAY'S

HOUSING MARKET

Almost 11 million homes are now underwater, says financial information provider CoreLogic, a leading provider of financial, property and consumer information. Around 3.5 million homeowners are behind in their payments and another 1.5 million homes are already in the foreclosure process, according to online marketplace RealtyTrac, the Foreclosure Authority™ , that delivers in bulk the most current and most accurate foreclosure data.

Capital Economics, one of the leading independent macro-economic research consultancies in the world, providing research on the US, Canada, Europe, Asia, Latin America, the Middle East and the UK, and on the property sector expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit. The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.

However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability. 

Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.

Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”  In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV. 

While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November, 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan. 

Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generation actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.

TRULIA REPORT: MORE PEOPLE 

WANT TO MOVE TO FLORIDA THAN LEAVE

DUE TO PRICE DECLINES

Trulia’s top 10 list includes the number of interested out-of-area residents compared to each resident considering leaving. A rating of 2, for example, means that two people are considering a home inside an area for every one person considering a move out:

1. Palm Bay-Melbourne-Titusville: 8.80
2. Lakeland-Winter Haven: 7.60
3. North Port-Bradenton-Sarasota: 6.62
4. Cape Coral-Fort Myers: 2.59
5. Tulsa, Okla.: 2.48
6. West Palm Beach-Boca Raton-Boynton Beach: 2.46
7. Fort Lauderdale-Pompano Beach-Deerfield Beach: 2.44
8. Riverside-San Bernardino-Ontario, Calif.: 2.43
9. Charleston-North Charleston-Summerville, S.C.: 2.40
10. Orlando-Kissimmee-Sanford: 2.30

New York is the top source of long distance (100 miles or more) home searches for properties along Florida’s Atlantic coast and Central Florida (e.g., Lakeland-Winter Haven, Fort Lauderdale and West Palm Beach).

MUSEUM OF DISCOVERY & SCIENCE

IN FT. LAUDERDALE OFFERS THE

WHOLE FAMILY A MEMORABLE DAY  

 

 

From the IMAX theater with 3D films for viewers wearing special glasses to the live shark tank which holds a giant megalodon shark, to a cyclone chair demonstrating inertia, you can see more than 200 interactive exhibits.  

 

Enjoy a Turtle walk, watch the playful antics of river otters in their habitat and take a ride through the Everglades in the virtual pressurized airboat in the new $25MM 34,000 foot Ecodiscovery Center which houses the Living in the Everglades exhibit.   Dig for fossils, hang out with bats, see alligators and iguanas.  Experience hurricane force winds in the Storm Center.  Watch the exciting science theater shows.  In one of the nine cockpit simulators you will test your pilot skills.  At the space exhibit, Runways to Rockets, take a simulated trip or Mars or the Moon.  

Across the street you can follow the one-mile Riverwalk Path on ther Las Olas riverfront and watch the boats going by, have lunch or dinner, and partake in the various outdoor fairs and exhibits held occasionally in the Esplanade Park.  A little farther down the block is the Broward Center for the Performing Arts, where you can end the day watching a Broadway play with spectacular sets, music and performers.

Hold your children’s next Birthday Party at the Museum or hold a special event.  Day camp is available for children.  The Explore Store has many educational and exciting games, toys, books and other unique gifts.  Open 7 days a week, admission prices vary.  The Museum strives to provide experiential pathways to lifelong learning in science for children and adults using exhibits, programs and films, and hosts about 400,000 people a year.  The Museum is located off Broward Boulevard, east of I-95; you can follow the signs to SW 5^th Avenue (Commodore Brook Avenue) and turn right- garage is on right and museum on left.   

“THE SKINNY” ON FORECLOSURES 

IMPACTING THE REAL ESTATE MARKET 

& SHADOW IN INVENTORY

150,000 properties were repossessed by lenders in the tri-county southeast Florida area since the 2007 crash.  CondoVultures.com reports that the repossessions equal about half the nearly 300,000 foreclosure actions filed during the same 5-year period.  They estimate than less than half of those properties repossessed by lenders have been resold to buyers.  They further estimate that this rate will continue steadily for the foreseeable future.

There was a 36% drop in year-over-year bank repossessions but that is rooted in part to issues related to the “foreclosure freeze” in 4Q 2010.  Some investors are concerned that purchasing bank-owned properties could lead to future title issues.

 With nearly 299,000 notices of default filed against borrowers, the Florida court system was over whelmed with foreclosure actions.  Today lenders plan for a 700-day repossession process with a cost of about $100,000 per property.  Generally bank owned properties generate lower average prices than short sales.

CoreLogic reports that at the end of October 2011 lenders had a “shadow inventory” of 1.6MM distressed properties and repossessed homes they had not yet put up for sale, down 16% from a year ago.  Florida is one of 6 sates accounting for half of these.  CoreLogic says in a healthy market shadow inventory should represent less than one month supply of homes; currently the figure is five months.

National Association of Realtors says 29% of November 2011 sales were short sales and bank owned sales.    Lender Processing Services estimates that there were almost 4MM homes in the foreclosure process or 90-days delinquent at the end of October.

No matter whose estimate we look at, it’s not a pretty picture!

DO YOU LOVE TO READ... BUT WISH IT WAS NOT SUCH A SOLITARY EXPERIENCE

DO YOU LOVE TO READ... BUT WISH IT WAS NOT SUCH A SOLITARY EXPERIENCE

Join almost 1.5MM readers and check out a social network for avid readers. List your personal collection and connect with “like [or unlike] minds.” Then browse THEIR collections and share ideas and opinions with reviews. You can join for free and can upgrade your account to catalog as many books as you want to. Head over to http://www.librarything.com.

Click the TALK section tab and then look at a topic of interest. Join one of the groups. Browse the Local entries for lists of book stores and libraries that are nearby. Click MORE and you can get free books and review them, e.g. for Amazon.com. Click Zeitgeist for 25 most reviewed books and other statistics. It probably won’t surprise you to find that J.K. Rowling and Stephen King are the top two of 75 authors. William Shakespeare is #7. TheTop 25 Books list gives places 1 through 8 to the Harry Potter Books.

THERE ARE 50MM UNEMPLOYED IN THE US - HERE'S A PHARMACY DISCOUNT CARD!

THERE ARE 50MM UNEMPLOYED IN THE US - HERE'S A PHARMACY DISCOUNT CARD!

FOR A CARD WITH YOUR NAME ON IT 
EMAIL  marilynfjacobs@gmail.com

CONCERNED ABOUT A NUCLEAR ATTACK ON THE US?  

 HERE IS A SOLUTION!

Silo missle sites in various states have been and are being converted into underground homes.

Taxpayers spent $3.3MM for a silo in Topeka, Kasas which has been converted to underground living quarters.  The silo was purchased for $40,000, in bad shape, in the 1980’s by a school teacher who, with his wife, has lived there comfortably ever after.

A 3’ layer of earth covers the top layer of reinforced concrete.  Floors are 3’ thick, walls and ceilings 18” thick and 15’ high.  The special concrete structure was built by the government to withstand a nuclear blast.   The folks who live in it say, “We love the solid, quiet feel of the place.  Not only is it very well built – it is very easy to heat and cool.”  This home has a large greenhouse around the hatch, which brings sunlight into the living space and was formerly used for heavy equipment to manipulate the missiles.  

About half of these former military sites are owned privately or by cities, counties, school districts, water companies and other commercial entities.  This is a niche market for a unique home for real estate agents.  The schoolteacher has made 55 sales, of which 5 have turned over more than once. They said that buyers include some military or former military personnel who are familiar with the silos, and know the benefits.  Others are looking for interesting projects to restore, and some want the seclusion, privacy and security.  Some buyers are survival-oriented.”

Mortgages and appraisals are a challenge.   “Prices have increased and are rising,” they said.

 

A former 14.5 acre Nike missile base in southeastern Indiana has been converted to three 5,000 sq ft residential spaces.  One features a kitchen, four bedrooms, two bathrooms, an exercise room indoor swimming pool and Jacuzzi tub.  All have single-phase electric, city water, paved access with remote-control rolling front gates and high security chain link fencing topped with barbed wire. 

An Atlas F site is for sale now in the Adirondack Mountains in New York.  Diameter is 52’ and depth is 180’.  It holds a 2300 sq ft 2-story contemporary home with 3 bedrooms, 2 baths, finished interiors, a spiral staircase, fiber-optic lighting, a generator and new well.  The floor plan is open, there is a large garage and wraparound porch that hides the underground entryway.  Price has been reduced from $4.6mm to $750,000.  The entrance features heavy security doors that were built to withstand a 2000-lb blast.  Location is on part of an exclusive airport subdivision on a 2050 foot Federal Aviation Administration-approved runway.

A communications vault in Paris, Missouri near the Mark Twain recreational lake is available, needing “fix-up”.  There are 8200 sq ft of usable underground floor space on this 13-acre site.  Ceilings and walls are 24” thick and 2’ to 4’ of earth cover the underground area.  A metal shield envelopes the structure and there are heavy blast doors with an emergency-escape hatch exit.  The property is available for $295,000.  Electricity works and most rooms have heaters and dehumidifiers.

Here is a unique living style which has a following of those seeking secure homes in hardened cold war facilities.

DID YOU KNOW…

That a recent US census, according to the St. Louis Post-Dispatch newspaper, showed that 65+ age seniors now account for the largest segment, about 13%, of the population.  In 2000, it was 12.4%   in 1900 the number was 4.1%.  That 13% equates to 40.3-million people.

Soon current baby boomers (born between 1946 and 1964) will further grow the senior ranks.  Florida maintains its #1 spot, up 17.3%, with West Virginia, Maine, Pennsylvania and Iowa following.  Alaska has the lowest amount of seniors.  

FLORIDA STAGE JOINS DELRAY'S ARTS GARAGE... performances coming...

FLORIDA STAGE JOINS DELRAY'S ARTS GARAGE... performances coming...

 

Founding producing director, Louis Tyrrell, the spark plug who, for the last 24 years, built a startup into the nation's largest professional theater dedicated exclusively to producing new and emerging American plays, will soon make presentations at the Arts Garage, a multidisciplinary cultural hub on the ground floor of a Pineapple Grove parking lot in trendy downtown Delray, just off Atlantic Avenue.


The Theater at Arts Garage encompasses many arts covered by the Arts Garage, including music, dance and visual arts - a good partnership!  Starting event will be in February with a Master Playwright Series, four weekly play-readings/lectures on Tuesday evenings.  The New Play Festival will be unveiled in early March featuring readings of 6 evolving scripts, play writing workshops and a keynote address by Pulitzer Prize-winner Marshal Norman.  With reduced space, productions will be smaller.  Tyrrell says that intimate theater "is the new normal."

A musical play, "Woody Sez" will be presented from March 16-April 8, based on the music of folk troubadour Wood Guthrie.  Those subscribers to Florida Stage left with canceled tickets when it closed, can use them for admission on a space-available basis.

Future plans include the opening of The Arts Warehouse in a 15,000 sq ft facility, not yet renovated, perhaps opening in 2014.


This is a "win-win," a great addition to Delray Beach's vibrant arts scene.

MIZNER PARK AMPHITHEATER
COMING EVENTS.....