Florida One of Top 4 States in Foreclosure Filings

Florida, California, Nevada and Arizona continued to lead the nation in the most residential foreclosures from January through June of this year.

According to RealtyTrac, the leading statistical source for foreclosure data, 154 of the 206 U.S. metropolitan areas with a population of 200,000 or more posted year-over-year increases in foreclosure activity, even while foreclosure activity decreased in nine of the 10 metros with the highest foreclosure rates.

Florida, California, Nevada and Arizona accounted for all top 20 metro foreclosure rates. Florida led the way, with nine of the top 20 metro foreclosure rates, followed by California with eight, Nevada with two and Arizona with one.

James J. Saccacio, chief executive officer of RealtyTrac, said, "If unemployment remains persistently high and foreclosure prevention efforts only delay the inevitable, then we could continue to see increased foreclosure activity and a corresponding weakness in home prices in many metro areas."

The good news is that the Daytona-Ormond Beach area was not in the top tier. The bad news is the Orlando-Kissimmee market was #8.

There are always two sides to bad news. This is great for buyers, who are finally discovering the low prices and bargains available in Ormond Beach for waterfront and canalfront homes.

Contact me for some ideas on how you can take advantage of this market.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Ormond Beach FL Puts Beach Park on Ballot

The Daytona Beach News-Journal reports that residents will be voting on a bond issue to purchase 4 beachfront acres for $5.5M to create a beachfront park. The Ormond Beach City Commission voted Tuesday to enter into a contract with the Trust for Public Land to purchase 839 S. Atlantic Ave. - 600 feet along the beach, subject to approval by the electorate on a referendum ballot Aug. 24.

The article continues, "The county agreed in May to share in the cost of the purchase, up to $3.5 million, including a development plan, estimated to cost about $1 million. 'This is the time to take advantage of low prices,' said Bob Guido of Tallahassee, senior project manager of the trust, which has helped conserve more than 2.2M acres nationwide.

"The vacant property, formerly site of a Days Inn, across the street from franchise restaurants, has three appraisals: $6 million by Hamilton & Jacobs of Port Orange; $5.82 million by Cooksey & Associates of Ormond Beach; and $5.7 million by Pomeroy Appraisal Associates of Edgewater. 'The old hotel on the property has been removed. There's sandy vegetation on the property and a sea wall that goes across the front of the property,' Guido said. 'It's a flat piece of ground. Against the sea wall there appears to be a buildup of dunes. There could be an opportunity for dune restoration on the property.'

"More than 60% of a cross-section of 300 voters in a public opinion poll sponsored by the Trust supported buying land for a first beachfront park."

If you have an opinion, you will be able to express it with your vote in the August election.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com
http://activerain.com/blogs/sherrya

Ormond Beach 30-year Mortgage Rates still at Record Lows

Frank Nothaft, Freddie Mac's chief economist stated, "Fixed-rate mortgages continued to hover at 50-year lows, thereby supporting homebuyer affordability and refinance activity. Over the past month, about four out of five conventional loan applications and more than one-half of FHA and VA loan applications were for refinance. Compared to the recent peak in 30-year fixed interest rates 13 months ago (week of June 11, 2009), current rates are a full percentage point lower. With today's rates, homebuyers would save about $1,500 in payments each year on a $200,000 loan compared to rates last June."

30-year fixed-rate mortgage (FRM) averaged 4.57 percent with an average 0.7 point for the week ending July 15, 2010, unchanged from last week when it averaged 4.57 percent. Last year at this time, the 30-year FRM averaged 5.14 percent. This rate ties the all-time low reached last week in Freddie Mac's 39-year survey.

Call or email me to start looking at a home in Ormond Beach. Don't lose the opportunity to take advantage of these rates in your investment portfolio.

with Your Key to the Beach,
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Ormond Beach Mortgage Rates Hit Another Historic Low

The average interest on a 30-year fixed mortgage dipped to a new record low of 4.57% this week, down from 4.58% just a week ago, according to Freddie Mac, which began tracking rates in 1971. Last week's rate represented another historic low.

Pessimists in the real estate market say the low rates may not provide much of a boost for housing sales, because many people do not qualify for new mortgages or have already obtained loans at low rates this year.

Don't be discouraged. If you want to take advantage of the low rates, high inventory, and great bargains available in Ormond Beach homes, call or email and let's talk.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Ormond Beach Homeowners Granted Flood Insurance Extension

Congress has reauthorized the National Flood Insurance Program, and Pres. Obama has signed the bill. Extending the flood insurance deadlines will help provide additional stability to real estate markets across the nation, especially combined with the extension of the 1st time buyer tax credit. The bill, HR 5569, retroactively reauthorizes the Federal Emergency Management Agency (FEMA) to enter into new contracts for flood insurance under the National Flood Insurance Program through September 30, 2010.

Here are some sites with information on flood insurance for homeowners:

Information about flood preparedness and flood insurance

Claims Handbook

For Condos

Filing a claim

How to Buy Flood Insurance

Ormond Beach real estate offers an incredible inventory of oceanfront and riverfront homes now, at rates the lowest in history. Call or email me to see some of these great Ormond Beach properties.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com