Naples area housing inventory hits a 5-year low – Must Read

Buyers hunting for homes in the Naples area this season won’t find as many choices. The housing inventory has hit a five-year low, according a report released Friday. Read More.

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The Experts are saying ….

John R. Talbott, previously a Goldman Sachs investment banker, is a bestselling author and economic consultant. When it comes to the housing market he is also a prophet. When housing prices started to skyrocket in 2003, he published The Coming Crash in the Housing Market correctly warning us that a real estate bubble was forming. Then in January 2006, he called the absolute peak of home prices in the US by releasing a new book, Sell Now! The End of the Housing Bubble.

Mr. Talbott, the person who accurately predicted the housing bubble and its bust, now has a new prediction – IT IS THE TIME TO BUY A HOME! In a recent article, Homes – Buy Now!, Talbott simply explains:

“I have been waiting for more than five years to offer this advice. It is now time in most cities across the country to buy a new home or refinance your existing home with thirty-year fixed rate mortgage debt.”

He goes on to explain that his conclusion is based on four different metrics, all of which favor buying today:

  • § Home Prices Relative to Peak Prices During the Bubble
  • § Home Prices Relative to Construction Costs or Replacement Costs
  • § Home Prices Relative to Incomes and Rents
  • § Home Prices in Real Terms, Not US Dollar Terms

Bottom Line

If the person who called the real estate bubble and its bust says now is the time to buy, we believe it is time to buy.
From the KCM blog.

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You may owe federal income taxes in 2013 if you have a short sale, foreclosure

You may owe federal income taxes in 2013 if you have a short sale, foreclosure after this year. Now is the time to make the hard decision: Are you going to walk away from your underwater home?
Uncle Sam is still giving homeowners until Dec. 31, 2012, to go through a short sale or foreclosure without tax consequences – as long as the lender officially releases the debt.

But on Jan. 1, 2013, the rules change: The amount a lender forgives, ether in a short sale or foreclosure, on a primary residence will be taxable on federal income taxes. Read More.

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Clubs taken over from Bonita Bay Group by members now finding success

Here’s a look at other Bonita Bay Group clubs and properties, past and present. Doing well with membership up. Read More.

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Florida’s growth near top in U.S.

Florida soon could be the third most-populous state.Florida had the nation’s third-largest population growth in the past year. The U.S. Census reported Wednesday that Florida grew by 256,000 residents from April 2010 to July 2011.

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Collier crime rate declines 15 years in a row; only county in Florida to do so

For the past 15 years, as Collier County underwent one of the most volatile times in its history — a population boom, a real estate market bust, unstable employment rates — one trend has remained the same.  Crime fell.  Read More.

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Study: Watch wording on insurance policies

Homeowner insurance policies can vary greatly, and if homeowners aren’t careful, they may find their claims denied when disaster strikes, according to a study to be published early next year by the University of Chicago Law Review. Read More.

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Hurricane predictors admit they can’t predict hurricanes

Monday, December 12, 2011

By Tom Spears

Two top U.S. hurricane forecasters, revered like rock stars in Deep South hurricane country, are quitting the practice because it doesn’t work.

William Gray and Phil Klotzbach say a look back shows their past 20 years of forecasts had no value.

The two scientists from Colorado State University will still discuss different probabilities as hurricane seasons approach — a much more cautious approach. But the shift signals how far humans are, even with supercomputers, from truly knowing what our weather will do next.

Gray, recently joined by Klotzbach, has been known for decades for an annual forecast of how many hurricanes can be expected each official hurricane season (which runs from June to November.) Southerners hang on his words, as even a mid-sized hurricane can cause billions in damage.

Last week, the pair dropped this announcement out of a clear, blue sky:

“We are discontinuing our early December quantitative hurricane forecast for the next year … Our early December Atlantic basin seasonal hurricane forecasts of the last 20 years have not shown real-time forecast skill even though the hindcast studies on which they were based had considerable skill.”

© Copyright (c) The Ottawa Citizen

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Richard White: Tips on how to identify a well-managed condo association

Richard’s article is a must read if you’re in or thinking about purchasing in an association. Read More.

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Tourist tax collections up year-over-year in Lee County

Preliminary tourist tax collections were up year-over-year, but visitors were fewer in October.  Read More.

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Foreclosure filings drop in Lee County in November

Lee County saw a drop in new foreclosure filings in November. There were 587 filings, down from 642 in October, according to a report by the Lee County Clerk’s Office. Read More.

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Thinking about becoming a landlord? You should know this

With real estate prices low, many people are considering buying an investment property and becoming a landlord. It might sound simple, but real estate pros warn that there’s a lot to know. The landlord who doesn’t follow such basic guidelines as conducting a thorough background check can get stuck with a nightmare tenant. It takes both business sense and common sense. Read More.

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Question: I read in the paper that the banks are starting the foreclosures again. I just got served with a foreclosure lawsuit. Can you explain the process in layman’s terms?

Answer: Each state has different versions of the foreclosure process. In Florida and some other states, a lender must get permission from a judge before it can repossess your home.
When you are served with a foreclosure lawsuit – Read More.

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The National Association of Realtors recently released their 2011 3rd Quarter Housing Report. In the report, they showed that combined sales of single family homes, condos and co-ops increased in EVERY state as compared to the 3rd quarter of last year. Here are the state-by-state numbers.

Home sale increase in the US

They're selling better everywhere.

 

The next time someone says houses aren’t selling, ask them which state they live in and show them the chart.

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Richard White: Only the members have right to change the common elements

As usual, Richard has some good information for those that live in condos or HOA’s. Definitely, Read More.

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Renters spend 5% more than homeowners

Rising rents are forcing renters to outspend homeowners on housing costs, according to a new study. Read More.

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Rate on 30-year mortgage below 4 pct. for 2nd time in History

Freddie Mac said Thursday the rate on the 30-year fixed loan fell to 3.99 percent, down from 4 percent last week. Read More.

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Sea turtle nesting season ends with Collier numbers equal to last year

This year’s sea turtle nesting numbers ended even with or better than the higher counts seen in the past two years. Read More.

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Florida’s existing home and condo sales up in September

Florida’s existing home and existing condo sales continued their upswing in September, according to the latest housing data released by Florida Realtors®. Existing home sales increased 10 percent last month with a total of 15,036 homes sold statewide compared to 13,723 homes sold in September 2010, according to Florida Realtors. Read More.

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Richard White: Where can I fill a complaint against my HOA?

For the answer and more information – Read More.
He’s always worth reading.

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