Rates fall back down

The average U.S. mortgage rate on the 30-year fixed mortgage fell back below 4 percent this week, staying near historic lows.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.99 percent from 4.08 percent last week. Last month, the rate touched 3.87 percent, the lowest since long-term mortgages began in the 1950s.

New Mortgage Rule- affects home buyers with credit disputes

The Federal Housing Administration (FHA) will soon change the way it considers ongoing credit disputes – such as collection agency claims in a buyer’s credit score – when approving FHA mortgage applications. The change does not impact any debt the homebuyer still owes – only debts in dispute.

Under the new guidelines, however, no FHA loan will be approved for any dispute over $1,000. Amounts less than $1,000 shouldn’t impact loan approval unless it was ordered by a court, in which case any amount must be paid in full. This change will be effective April 1, 2012.

If a potential buyer has a $1,000-plus credit dispute on file, he or she must either pay the debt before FHA loan approval, or enter into a repayment agreement and make at least three months of on-time payments.

FHA says the change will protect the program and bolster its emergency fund that has fallen below the amount mandated by Congress.

The new rule can be found in HUD Mortgagee Letter 2012-3.

Florida tops in late home loans

Florida has more federally backed home loans that have gone unpaid for a year or longer than the total number of late loans in every state except California.   A report by the Federal Housing Finance Agency found that about 166,000 Florida mortgages backed by Fannie Mae or Freddie Mac were in arrears on payments for a year or more.

Fannie Mae has about 1.2 million loans in Florida, while Freddie Mac has about 750,000.

During 2010 and 2011, nearly 165,000 federally backed loans statewide were modified to make monthly payments easier for the homeowner, according to the agency report. That was in addition to 56,558 short sales that were offered during the same period.

Orlando Real Estate sales - Week of March 18, 2012

Orlando Single-family existing homes

• Orlando Real Estate Sales of single-family homes increased to 315 during the week of Mar 18, from 309 the week prior
• The median price of single family homes decreased to $121,000, a change of -6.9%
• The number of single-family home foreclosure transactions increased to 63 last week, from 59 the week of Mar 11
• The number of single-family home short-sale transactions increased to 103 from 100 the week prior
• Orlando Single-family inventory decreased by 123, and now sits at 9,250

Orlando Condos, townhomes, and villas

• Sales of condos, townhomes, and villas decreased to 87 during the week of Mar 18, from 121 the week prior
• The median price of condos, townhomes, and villas decreased to $66,900, a change of -10.8%
• The number of condo, townhome, and villa foreclosure transactions decreased to 24 last week, from 27 the week of Mar 11
• The number of condo, townhome and villa short-sale transactions decreased to 26 from 42 the week prior
• Condo inventory decreased by 32, and now sits at 2,232

Job market get stronger

The number of Americans seeking unemployment aid fell to a four-year low last week, bolstering the view that the job market is strengthening.

The Labor Department said Thursday that weekly applications dropped 5,000 to a seasonally adjusted 348,000. That’s the lowest level since March 2008, just months into the Great Recession. The four-week average of applications, a less volatile measure, dipped to 355,000, matching a four-year low. More

Mortgage rates jump--buyers to follow suit?

The average U.S. rate on a 30-year fixed mortgage rose above 4 percent for the first time in five months. The sharp increase suggests the window to buy or refinance a home at historically low rates may be closing.

Freddie Mac announced on Thursday that the rate on the 30-year loan jumped to 4.08 percent, up from 3.92 percent the previous week.  It was just a month ago that it touched 3.87 percent, the lowest since long-term mortgages began in the 1950s.

Mortgage rates are rising because they tend to track the yield on the 10-year Treasury note. The economic outlook has improved in recent weeks causing investors to shift money out of long-term U.S. Treasury bonds and into stocks. That has driven Treasury yields higher.

Higher mortgage rates could spur more sales, especially if home prices begin to rise. Potential buyers will likely move quickly to avoid paying higher rates down the line. Read more.

To see Orlando Real Estate visit link

Sanford rallies for Trayvon Martin

Sanford, Florida.  Thousands of protesters are attending a rally led by civil rights activist Al Sharpton for  shooting death of  17-year-old Trayvon Martin in Sanford.

Martin's parents, Tracy Martin and Sybrina Fulton, believe the shooter, 28-year-old George Zimmerman, should have been arrested. They claim Zimmerman was profiling their son and acted like a vigilante. many see this as a hate crime.

Zimmerman has claimed self-defense, and Sanford Police Department officials say there is no evidence that contradicts Zimmerman's claim.  Florida's self-defense law gives people wide latitude to use deadly force rather than retreat during a fight.

The lack of an arrest has outraged residents who claim the Sanford Police Department has a history of ignoring the black community's concerns. City commissioners gave the police chief a vote of no confidence on Wednesday. The commission can't fire the chief because he reports to the city manager. The chief of Police  Bill Lee Jr. is stepping down temporarily as of today. The rally is being headlined by Sharpton, who flew down to central Florida despite the death of his mother earlier in the day.

Florida real estate- median prices rises and pending sales increase

Florida pending home sales and median prices rose, while the inventory of homes for sale dropped in February, according to the latest housing data released by Florida Realtors.

Pending sales refer to contracts that are signed but not yet completed or closed; closed sales typically occur 30 to 90 days after sales contracts are written-although short sales can take much longer.

The statewide median sales price for single-family existing homes in February was $134,000, up 7.2 percent from the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The statewide median for townhome-condo properties was $95,000, up 15.9 percent over Feb. 2011.

U.S. builders start fewer homes but permits jump

U.S. builders  have requested the most building permits in any month since October 2008.

Building permits, a gauge of future construction, jumped 5.1 percent last month to 717,000. Two-thirds are for single-family homes, which are critical to a housing recovery.  It can take up to 12 months for a builder to obtain a permit and construct a single-family home. Read more here on real estate and building permits

Orlando Real Estate Sales for the week March 11-17

Orlando home Sales

• Sales of single-family homes increased to 309 during the week of Mar 11, from 259 the week prior
• The median price of single family homes decreased to $130,000, a change of -3.7%
• The number of single-family home foreclosure transactions increased to 59 last week, from 36 the week of Mar 4
• The number of single-family home short-sale transactions increased to 100 from 87 the week prior
• Single-family inventory decreased by 98, and now sits at 9,373

Orlando Condos, townhomes, and villas

• Sales of Orlando condos, townhomes, and villas increased to 121 during the week of Mar 11, from 83 the week prior
• The median price of Orlando condos, townhomes, and villas increased to $75,000, a change of 2.7%
• The number of condo, townhome, and villa foreclosure transactions increased to 27 last week, from 23 the week of Mar 4
• The number of Orlando condo, townhome and villa short-sale transactions increased to 42 from 24 the week prior
• Condo inventory decreased by 34, and now sits at 2,264

Orlando Condos and Townhomes

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area decreased by 34.27 percent in February when compared to February of 2011 (326 to 496)).

The most (116) condos in a single price category that changed hands in February were yet again in the $1 - $50,000 price range and account for 35.58 percent of all condo sales.

Orlando homebuyers purchased 173 duplexes, town homes, and villas in February 2012, which is a 27.31 percent decrease compared to February 2011. Most (25) fell within the $120,000 - $140,000 price range; another 24 properties fell into the $100,000 – 120,000 price range.

See Orlando Real Estate for sale.

Orlando Real Estate- March Inventory

Inventory of Orlando Area Homes for Sale

*There are currently 9,253 Orlando homes available for purchase through the MLS. The February 2012 overall home inventory level is 31.36 percent lower than it was in February 2011, and almost equal to what it was in January 2012.

*Single-family home inventory is down 32.68 percent; condo inventory is down 18.46 percent.

*The current pace of Orlando real estate sales translates into 4.99 months of supply.

Orlando Real Estate-Median Price increases

Median Price for Homes sold in ORLANDO

*The median price of all existing Orlando area homes combined sold in January 2012, $108,000, is a 13.80 percent increase from the $94,900 median price recorded in January 2011.

*The median price for "normal” existing homes sold in February is $150,000, is a decrease of 3.23 percent from the median price of "normal” existing homes in February 2011.

*The median price for short sales increased by 5.26 percent to $100,000, while the median price for bank-owned sales increased by 8.11 percent to $80,000.

Orlando Real Estate- Homes inventory down 31 percent

Orlando real estate Homes inventory down 31 percent; median home price bounds 16 percent

The number of existing homes available for purchase in Orlando is continuing a steady decline that began in back in July 2010 at 16,563 and now rests at 9,253. In February 2012, total inventory was 31.36 percent less than it was in February 2011.

*Orlando home sales (all home types combined) in February 2012 were down 15.19 percent over February 2011.

*Single-family home sales in the Orlando area decreased by 2.82 percent in February when compared to February of last year. Condo sales decreased by 34.27 percent; duplex, town home, and villa sales decreased by 27.31 percent.

*Of the 1,854 sales in February, 738 "normal” sales accounted for 39.81 percent of all sales, while 498 bank-owned and 618 short sales respectively made up 26.86 percent and 37.98 percent.

*The number of "normal” sales in February increased by 29.02 percent over February 2011, while short-sales increased 20.00 percent and foreclosures dropped 54.02 percent.

*The 9,348 homes pending closing in February of this year is an increase of 1.37 percent compared to the 9,223 pendings in February of last year.

*Short sales made up 69.84 percent of pendings in February. Normal properties accounted for 17.02 percent and bank-owned properties accounted for 13.14 percent.

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in February were down by 14.20 percent when compared to February of 2011. Each individual county’s monthly sales comparisons are as follows:

• Lake: 17.14 percent above February 2011 (369 homes sold in February 2012 compared to 315 in February 2011);
• Orange: 15.54 percent below February 2011 (1,207 homes sold in February 2012 compared to 1,429 in February 2011);
• Osceola: 27.77 percent below February 2011 (398 homes sold in February 2012 compared to 551 in February 2011); and
• Seminole: 15.27 percent below February 2011 (394 sold in February 2012 compared to 465 in February 2011).

Median Price

*The median price of all existing homes combined sold in January 2012, $108,000, is a 13.80 percent increase from the $94,900 median price recorded in January 2011.

*The median price for "normal” existing homes sold in February is $150,000, is a decrease of 3.23 percent from the median price of "normal” existing homes in February 2011.

*The median price for short sales increased by 5.26 percent to $100,000, while the median price for bank-owned sales increased by 8.11 percent to $80,000.

Inventory

*There are currently 9,253 homes available for purchase through the MLS. The February 2012 overall inventory level is 31.36 percent lower than it was in February 2011, and almost equal to what it was in January 2012.

*Single-family home inventory is down 32.68 percent; condo inventory is down 18.46 percent.

*The current pace of sales translates into 4.99 months of supply.

Other

*The Orlando affordability index decreased to 271.61 percent in February. First-time homebuyer affordability in February decreased to 193.14 percent.

*Homes of all types spent an average of 96 days on the market before coming under contract in February 2012, and the average home sold for 93.14 percent of its listing price.

*New contracts are down 8.00 percent compared February of 2011. New listings are down 0.58 percent.

New real estate tax for 2013?

According to the National Association of Realtors® (NAR), there is a new real estate tax effective in 2013, but it will affect very few sellers – only people with a high annual income who turn a sizable profit on their home sale.

A 3.8 percent levy on certain investment income was included in healthcare legislation two years ago. Part of that investment income includes capital gains from home sales for individuals who make $200,000 per year or more, or married couples who earn at least $250,000.

However, even these individuals won’t pay the tax unless the home sale earns them over $250,000 for an individual or $500,000 for married couples.

And even if someone qualifies under these two conditions, a tax may still not be levied. Other tax details are considered before the 3.8 percent tax kicks in.

NAR has published a brochure on how the tax works, which is now available online. Download the 3.8% tax brochure (PDF).

Source:Florida Realtors®

Orlando Real Estate Weekly Market Report

Orlando Real Estate Report Week of March 4, 2012

Orlando Single-family existing homes

• Sales of Orlando single-family homes decreased to 259 during the week of Mar 4, from 458 the week prior
• The median price of Orlando  single family homes decreased to $135,000, a change of -3.6%
• The number of single-family home foreclosure transactions decreased to 36 last week, from 88 the week of Feb 26
• The number of single-family home short-sale transactions decreased to 87 from 140 the week prior
• Orlando Single-family inventory decreased by 132, and now sits at 9,471

Orlando Condos, townhomes, and villas

• Sales of condos, townhomes, and villas decreased to 83 during the week of Mar 4, from 170 the week prior
• The median price of condos, townhomes, and villas increased to $73,000, a change of 15.9%
• The number of condo, townhome, and villa foreclosure transactions decreased to 23 last week, from 51 the week of Feb 26
• The number of condo, townhome and villa short-sale transactions decreased to 24 from 50 the week prior
• Condo inventory decreased by 68, and now sits at 2,298

Mennello Museum of American Art-Family Day Free Admission

Sun, March 11, 12am – Mon, March 12, 12am

Repeat: A repeated event cannot start and end in different time zonesMonthly on the second SundayEditThis event has a recurrence rule that cannot be edited in Google Calendar

Where Mennello Museum of American Art map Video chat Calendar mennellomuseum@gmail.com Description Every second Sunday, Family Day arts and craft activities begin at 12:30PM, a children's workshop at 1PM, followed by a guided tour at 2:00PM. A great opportunity for a hands-on art experience.

Orlando Restaurants with free entertainment

Restaurants with Free Entertainment on Saturdays

*Bauern-Stube ~ German Music

*Cafe Tu Tu Tango ~ Belly Dancers

*Ceviche Tapas Bar & Restaurant ~ Flamenco

 

*Fiddler's Green Irish Pub & Eatery ~ Traditional Irish, Blues & Rock

*Hamburger Mary's ~ Cabaret Dinner Show

*House of Blues ~ Blues Kitchen

*Mama Della's Ristorante ~ Strolling Musicians

*Raglin Road ~ Irish Dance Shows

*Taverna Opa ~ Belly Dancing & Zorba Dancers

*Vines Grille & Bar ~ Live Jazz

Homeowner's tax deductions

Many tax breaks accompany homeownership, and noting each can add thousands of dollars to an IRS tax refund.

Talk  with your local, knowledgeable tax preparer can help ensure you take advantage of all the home ownership-related credits and deductions for which may be eligible.

Mark Steber, chief tax officer for Jackson Hewitt Tax Service Inc., notes several tax breaks available covering home-related areas:     

• Mortgage Interest. The amount of mortgage interest paid on a principal residence or second home is deductible and generally reported on Form 1098. Taxpayers can also deduct all the points paid to purchase the residence, even if the seller has paid some. If certain requirements are met, the points may be deducted in full in the year paid. Otherwise, they may be deducted over the life of the mortgage. Seller-paid points that taxpayers claim as an itemized deduction reduce the cost basis of the home.

• Buying a Home. Most of the expenses incurred when buying a home are not deductible. However, there are certain closing costs added to the basis of a residence. Keeping track of the basis is important because, when selling, it’s needed to calculate any gain or loss.

• Property Taxes. Taxpayers may deduct real estate property taxes in the year paid, reported on Form 1098, the annual statement from the financial institution holding the mortgage. Taxpayers may also be able to deduct some of the taxes paid during closing. The taxes must be the responsibility of, and paid by, the taxpayer.

• Energy Credits. Taxpayers get energy credits available for making energy efficient changes to a home. For 2011, the credit is limited to 10 percent of the cost of improvements, up to a lifetime total of $500. The credit will be further limited for each category of Improvement.

• Home Improvements. Home improvements are not generally deductible on a tax return. However, the cost of improvements is added to the basis of the home and helps keep any gain, at time of sale, below the $250,000 ($500,000 if married filing jointly) exclusion amount.

There are also tax breaks for owners facing a foreclosure or short sale. Foreclosures and short sales are treated as both a home sale and a canceled debt. When the house is a taxpayer’s primary residence, and they have lived in and owned the home for two of the last five years, any gain up to $500,000 on the disposition is tax-exempt. In addition, the canceled debt (mortgage still owed) is excluded from taxable income for 2011, as long as it is less than $2 million and is for the taxpayer’s principal residence.

Source: Florida Realtors®

Florida home prices up in Jan. 2012--Corelogic reports.

CoreLogic released its January Home Price Index (HPI) report today and nationally, home prices, including distressed sales, declined in January 2012 by 3.1 percent year-over-year. Home prices declined by 1.0 percent month-to-month – its sixth consecutive monthly decline.

Florida home sales, on the other hand, increased by 1.8 percent year-over-year. Florida was  one of only 18 states to see a price boost in home sales.

Excluding distressed home sales, national year-over-year prices declined 0.9 percent in January 2012 compared to January 2011, but that same metric posted a month-over-month gain, rising 0.7 percent in January. Distressed sales include short sales and real estate owned (REO) transactions.

In Florida, real estate prices rose even when distressed home sales were excluded – 0.9 percent year-to-year.

Overall, seven states had higher real estate price increases than Florida. South Dakota led the nation with an overall 5.7 percent price increase year-to-year, while Illinois saw the biggest price drop at 8.7 percent.

Mark Fleming, chief economist for CoreLogic,  said that although home price declines are slowly improving, that home prices are still down to nearly the same levels as 10 years ago.

 
CoreLogic January 2012 real estate report highlights

• Including distressed sales, the five states with the highest appreciation were: South Dakota (+5.7 percent), North Dakota (+4.0 percent), West Virginia (+4.0 percent), Montana (+3.6 percent) and Michigan (+3.0 percent).

• Including distressed sales, the five states with the greatest depreciation were: Illinois (-8.7 percent), Nevada (-8.0 percent), Delaware (-7.9 percent), Alabama (-7.7 percent) and Georgia (-7.5 percent).

• Excluding distressed sales, the five states with the highest appreciation were: South Dakota (+6.4 percent), Montana (+5.9 percent), North Dakota (+3.8 percent), Alaska (+3.7 percent) and Indiana (+2.7 percent).

• Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-6.7 percent), Delaware (-5.5 percent), Minnesota (-4.1 percent), New Jersey (-3.5 percent) and Georgia (-3.3 percent).

• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to January 2012) was -34.0 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -24.2 percent.

• The five states with the largest peak-to-current declines including distressed transactions are Nevada (-60.1 percent), Arizona (-50.8 percent), Florida (-49.0 percent), California (-43.6 percent) and Michigan (-43.2 percent).

• Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 71 are showing year-over-year declines in January, eight fewer than in December.

The entire CoreLogicreal estate report is available online. You can also see Orlando based real estate online.

Orlando real estate- drop in foreclosures, short sales are up

 Orlando Real Estate-

Drop in   Orlando foreclosures lifts overall median price up, but pulls overall sales numbers down.

A sharp decline in the sales of Orlando foreclosure homes contributed to a drop of 17.83 percent in Orlando's overall sales for January 2012, despite increases in the number of both short sales and normal sales. Foreclosure sales in January decreased by 57.61 percent when compared to January of 2011, while short sales increased 23.69 percent and normal sales increased 19.92 percent.

Olrando Real Estate- Weekly Report

Week of February 26, 2012

Orlando Single-family existing homes sales

• Sales of single-family homes increased to 458 during the week of Feb 26, from 239 the week prior
  
• The median price of single family homes increased to $140,000, a change of 12.0%
  
• The number of single-family home foreclosure transactions increased to 88 last week, from 55 the week of Feb 19
  
• The number of single-family home short-sale transactions increased to 140 from 76 the week prior
  
• Single-family inventory decreased by 101, and now sits at 9,603

Orlando Condos, townhomes, and villas sales
Sales of condos, townhomes, and villas increased to 170 during the week of Feb 26, from 107 the week prior

• The median price of condos, townhomes, and villas decreased to $63,000, a change of -16.0%
  
• The number of condo, townhome, and villa foreclosure transactions increased to 51 last week, from 30 the week of Feb 19
  
• The number of condo, townhome and villa short-sale transactions increased to 50 from 32 the week prior
  
• Condo inventory decreased by 8, and now sits at 2,366

Florida House passes six industry bills that impact real estate

This week, the Florida House approved six bills that impact florida real estate in some form or other:

Septic tank inspections
The 2010 law requiring septic tank inspections moved closer to being repealed after a House vote this week. Under HB 999 by Rep. Chris Dorworth (R-Heathrow), local governments will have the option whether or not to enact an evaluation program. Homeowners across the state will be protected from extensive regulations and the high costs associated with SB 550 passed in 2010.

In the Senate, SB 820 is now ready for a full vote and, if approved, will go back to the House of Representatives for a final vote. The bills will then go to Gov. Rick Scott for his signature to become law. Once signed into law, counties with “first magnitude springs” will have the ability to opt-out of the program, while all other counties would have to opt-in to the program.

In a related move, Gov. Rick Scott signed HB 7051 in law in February. HB 7051 sets numeric content standards for groundwater pollution under the U.S. Environmental Protection Agency’s Clean Water Act.

Local business tax
HB 7125 – also approved by the full House this week and awaiting action by the Senate – makes a common sense change to business tax law, exempting real estate licensees from local business taxes (formerly known as occupational licenses). A law passed in 2010 banned cities and counties from charging new business taxes, but those already doing so could continue. HB 7125 applies only to those counties still charging business taxes.

While many real estate licensees are independent contractors, Florida law requires licensees to work under a broker, which technically makes them less independent than other self-employed workers. Since Florida’s business tax law did not deal directly with a type of independent contractor that is not strictly independent, HB 7125, supported by Florida Realtors, corrects the situation. It allows a county or city to continue collecting a business tax from a broker – a company owner – but ends business taxes for salespersons and broker associates.

Property insurance
Realtor-supported legislation that would change the way Citizens Property Insurance Corp. pays claims in the event of a major storm passed the Florida House last week. Currently, if Citizens Property Insurance Corporation doesn’t have enough money to pay claims following a catastrophic storm, private insurers must pay up to 18 percent of their premiums to Citizens within 30 days of being assessed. HB 1127 by Rep. Ben Albritton (R-Bartow) significantly reduces this amount, and should make Florida more attractive to insurance companies operating in our state or considering operations here. The Senate did not consider the bill this week, but it’s awaiting action there.

Condo law
The House passed HB 319 by George Moraitis (R-Fort Lauderdale) and sent it to the Senate where it awaits further action. The bill amends laws relating to condominiums, cooperatives and homeowners’ associations; and, while it covers a lot of territory, its passage turns on language that seeks to clarify an existing safe harbor provision for lenders. When a condominium unit is foreclosed, a mortgagee is responsible for a portion of the previous unit owner’s assessments. Collection entities, however, are pursuing lenders – on behalf of associations – for unpaid late fees, interest, costs and attorneys fees, making an already uncertain closing process even more perilous. HB 319 seeks to clarify which fees mortgagees are liable for.

The Senate version of HB 319 – SB 680 by Ellyn Bogdanoff (R-Fort Lauderdale) – is in its final committee before a full Senate vote.

Property management
The “Florida Residential Landlord and Tenant Act,” which governs landlord-tenant relationships, would be updated under HB 921 by Rep. Kelli Stargel (R-Lakeland) that passed the House this week and now awaits Senate action.

The bill modifies a number of landlord-tenant laws. For example, it revises the notice a landlord provides to a tenant that describes how advance rent and security deposits are held and used by the landlord, and how they’re returned to the tenant. Other changes clarify the procedure for an eviction if a tenant has paid partial rent; how weekend days work under the applicable 24-hour notice when a sheriff returns possession of a dwelling to a landlord; maintenance responsibilities for screens and windows; and additional landlord-tenant issues.

Foreclosure
HB 213 by Rep. Kathleen Passidomo (R-Naples) passed the House on Wednesday and now awaits Senate action. If passed by the Senate and signed by Gov. Scott, HB 213 would speed the judicial foreclosure process – especially in relation to abandoned residential property – and jumpstart the economy, though critics worry that it will negatively impact some homeowners facing foreclosure.

Budget
Florida Realtors continues to monitor items in the proposed Florida budget. Money for affordable housing, a septic tank study and funds to fight unlicensed activity are being considered.

Source: Florida Realtors®

Leu Gardens Storytime presented by Nemour's Bright Start

Storytime at Leu Gardens

Presented by Nemours BrightStart!
Monday, March 5

Orange County Library System's storytelling program comes to Leu Gardens the first Monday of each month, excluding holidays. Share stories and songs with your little one. This is a free indoor event.

10:00 am - 10:15 am Infant Time (up to 18 months)
10:20 am - 10:35 am Toddler Time (18 months to 2 year olds)
10:40 am - 11:00 am Preschool Time (3 to 5 year olds)

Out and About Orlando on a Saturday night

Winter Park Playhouse - The Andrews Brothers $28/$38 ~ 2pm & 7:30pm.

The Mad Cow Theater - Dancing at Lughnasa $32 7:30pm.

The Mad Cow Theater - Hedda Gabler $27 ~ 8pm.

SAK Comedy Lab - Duel of Fools ~ 7:30pm & 9:30pm $15/$12 FL Resident.

Improv Comedy Club ~ 7:30pm & 10:15pm

Treasure Tavern - Dinner & Show $60.65 ~ 8pm.

Warren Buffet-sees real estate as better than stocks

Billionaire investor, Warren Buffett, said on CNBC’s Squawk Box recently that he’d buy up a couple hundred thousand single-family homes if it was practical.

Buffett s believes purchasing a home with ultra-low mortgage rates and holding it for the long-term has become a better investment than stocks right now.

Buffett forecasted an increase in household formations, as more people who moved in with their parents or family members during the recession look to move out and get their own home soon.

Buffett said the recovery in the housing market could vary quite a bit among local housing markets, however. He did not provide a timeline of when he expected a full housing recovery, admitting that his prediction last year that a housing recovery will take shape within the year turned out to be “dead wrong.”

See more-- Housing Market Forecast Beyond 2012 From Warren Buffet- International Business Times  

Rental demand grows, rents grow higher and renter incentives disappear

As rental demand continues to rise, rents are inching up higher and renter incentives are disappearing.

Across the country, as more people compete for apartments in the wake of the housing collapse, the market has swung in favor of landlords. For tenants, that means saying goodbye to move-in incentives and watching rents edge higher.

About a quarter of all apartments nationwide offered some type of concession in last year’s fourth quarter. By comparison, 53 percent of apartments offered concessions in the first quarter of 2010, according to data tracker MPF Research’s latest report.

“The industry moves in cycles, and right now not a lot of apartments are available,” said Jay Parsons, an analyst at MPF Research. Until apartment construction catches up to demand, landlords will maintain their control of the market, he said.

The vacancy rate are low in Pittsburgh, at 2.2 percent, is among the lowest in the country, according to MPF’s fourth-quarter data from 2011.

In New York, too, as rental demand swells in some of the most desirable neighborhoods, rates are reaching new highs. In 2011, average rents across all apartment categories rose 8.4 percent compared with the year-ago levels, according to the Citi Habitats annual report.

In Chelsea and the East Village, average monthly rent in January for a one-bedroom apartment hit $3,218 and $2,616 respectively. Both neighborhoods have vacancy rates below 1.5 percent. Furthermore, landlord concessions in New York plunged 68 percent from 2010, according to the report.

In Portland, Ore., one of the country’s tightest markets, the year-end vacancy rate was 3.1 percent, according to the Barry Apartment Report, a local data tracker.

Construction is up for apartments
Waiting lists are getting longer at apartment buildings around the country, which is fueling a spike in apartment development. MPF Research estimates 125,000 apartment units will be completed by year’s end, an 89 percent gain from 2011.

“That sounds like a huge increase,” MPF’s Parsons said. “But it’s really still on the low side by historic standards. (It) puts in perspective just how very, very low 2011 was.”

Some worry certain markets may be over-betting on construction, creating the conditions for a speculative bubble several years from now.

 

Source 2012 USA TODAY, See entire article here.