Most consumers still pessimistic, according to Fannie Survey

 Fannie Mae’s September National Housing Survey finds most consumers still pessimistic about the economy, home prices and household finances. Here are a few highlights:

• Seventy-seven percent say the economy is on the wrong track (down only 1 percentage point from last month), while only 16 percent think the economy is on the right track (the same as in August). (note: I actually think this statistic is not that bad!)

• Forty-three percent report significantly higher expenses compared to one year ago. This number has increased for five consecutive months, but the majority of respondents still say their household income has remained the same.

• The number of Americans who expect their personal financial situation to worsen over the next year has decreased for the first time in four months (down from 22 percent in August to 19 percent in September). (note: I think this is good news).

• Only 33 percent of Americans say that mortgage rates will go up in the next 12 months (down 12 percentage points since August – the lowest number recorded in Fannie Mae’s monthly tracking). This translates into no urgency to buy.

• For the fourth month in a row, Americans expect home prices to decline over the next year. On average, Americans expect home prices to go down by 1.1 percent, the highest expected decline to date.

• Only 18 percent of respondents expect home prices to increase over the next 12 months, the lowest reported number to date in the National Housing Survey, while 25 percent say they expect home prices to decline (down by 2 percentage points since August).

• While 68 percent of Americans say it is a good time to buy a home (down 1 percentage point since last month), only 10 percent of those polled say it is a good time to sell one’s home (up by 1 percentage point since August).

• On average, Americans expect home rental prices to go up by 3.3 percent over the next year, down slightly from the expected increase of 3.5 percent observed in August.

• Despite continued consumer caution about taking on a large financial obligation to buy a home, 63 percent say they would buy their next home if they were going to move (up by 1 percentage point since August), while 32 percent of Americans say they would rent their next home (down 2 percentage points since last month).  
Source: Florida Realtors®

Florida recovering a little faster than the nation

Wells Fargo released its Economic Outlook for Florida yesterday, and the news was a little positive. According to Wells Fargo, Florida is recovering more quickly that the rest of the country, but largely because the state fell so far during the crash.

It is predicted that the chance of a second recession is relatively low but recovery will be “incredibly sluggish.”  Jobs are key, and the report foresees a total of 40,000 new jobs added by the end of this year and an additional 64,000 in 2012. The report points to an upswing of jobs, albeit small, in retail and trade, as well as professional and business jobs.

Wells Fargo's other predictions for Florida

• Foreclosures will continue to impact home prices.

• The Florida economy will continue to grow. Wells Fargo predicts 2 percent in 2011 and 2.2 percent in 2012.

• Floridians’ personal income will also grow: 4.2 percent in 2011 and 4.3 percent in 2012.

• Home construction, while improving, won’t hit its full stride again – 1.2 million new homes – until 2015.

• The number of foreign investors could decline. European money problems have dampened demand from across the Atlantic, while a weaker Canadian dollar has impacted the value to Canadians. The flow of investors from the Americas has also declined. (I have personally felt this in the past few weeks).

• People will continue to move to Florida, though at a still-subdued pace: an expected 110,000 in 2011 and predicted 130,000 in 2012.

The full Wells Fargo report is available online.

30% of home buyers denied or give up on Home Loans

About 30 percent of American home buyers are either denied a mortgage, or they drop out of the application process according to estimates from the Mortgage Bankers Association. Last year, more than 2 million people were turned down for mortgages, according to the Federal Financial Institutions Examination Council.

Biggest reasons for rejection:

• Insufficient income: You simply must be able to have enough income to support the loan.

• Bad credit. If a credit score is somewhere around 620 to 660, depending on the bank, lenders almost automatically say no.

• Credit details. There are many rules, and it’s not easy to understand what a bank wants. Overtime income, for example, only counts if documented for at least two years to some lenders. Rental income may only count if the borrower has a 30 percent equity stake in the building.

• Appraisals. If an appraisal is lower than an agreed-upon selling price, the lender will stop the process. Buyers must make up the difference or the sales contract must be renegotiated.

• Incomplete information. Paperwork problems – incomplete information, missing forms, etc. – bog down about 12 percent of applications.

• External problems. A lender could nix an application if the homeowners’ association has issues for example.

• Gaps in employment history over the last two years may result in denial of the loan.

Source: “Triggers for Rejection,” The New York Times (Oct. 6, 2011

Monday-on Orlando Eats

Wayne Thiebaud 1961 Pancakes

Big Fin Seafood Kitchen- Monday Lobster Mania, $13.95 11/2lb Steamed Whole Maine Lobster.

Collage Park Food Truck Pod - 5:00-8:00pm. Enjoy street food culture. Bring a chair and eat, stand and eat or take it to go!

Dandelion Communitea Cafe- $5 Giddyup Mondays, 10:00-11:00pm. One block southwest of the Mills & Colonial intersection, right behind Colonial Photo & Hobby and Little Saigon in the Mills50 District.

Farris and Fosters's - Family Night- $29 lb Chocolate family of four.

Funky Monkey Wine Company - Sushi Monday, half off sushi rolls every Monday at Mills

Mitchell's Fish Market- Oyster Night Monday $1.50 each in the bar.
OLV Cafe- $5 Flatbreads 4:00pm-10:00pm.
Pine Twenty2 - $3hamburgers & $3 craft beers, 2:00-10:00pm.

Shipyard Brew Pub Winter Park- Live Maine Lobster Monday 5:00-8:00 pm. Join us for a whole lobster served with corn on the cob, and potatoes for $18.95!

Sunday in Orlando

Wayne Thiebaud

Lake Eola Park - Orlando Farmer's Market 10:00-4:00 pm.

Celebration Farmer's Market- 9:00am-2:00pm

Maitland Farmer's Market - 9:00am-2:00pm.

Winter Park Autumn Fest ~ 9:00am-5:00pm.
Sam Flax - Market Sundays ~11:00-4:30pm. Artists, Musicians, & Food Trucks

Pine Twenty2- Kids eat free.

Kilwins Winter Park - Fabulous Fudge ~ Buy One Slice, Get One Slice (mix & match)

Casa Feliz - Music at the Casa 12:00-3:00pm. Free

Dr. Phillips- Homes for Sale

Doctor Phillips is among one of Orlando's most desirable neighborhoods. Located about 10 miles southwest from downtown Orlando, a short drive from Walt Disney World, Universal Studios and SeaWorld, it is convenientlyaccessible from South Apopka Vineland Road, Interstate I- 4 and West Sand Lake Road.

There three Dr. Phillips homes for sale below are a sample of the homes for sale in Dr. Phillips.
Dr Phillips homes $400K and below— Phillips homes $400K to $900K— Phillips homes Luxury Homes— Dr. Phillips Neighborhoods- Recent Market Stats on Dr Phillips

	9005 EASTERLING DR, Orlando, FL 32819 $365,000    Request Showing   Bedrooms | Bathrooms | Sq. Feet Lot Sq. Feet | MLS # 3 3 3556 18317 O5044613 Beautiful Bay Hill home at a great price. Quiet street, close to many restaurants and Orlando area attractions Courtesy Of: Sandbill Realty Group Orlando
	11809 SHELTERING PINE DR, Orlando, FL 32836 $365,000    Request Showing   Bedrooms | Bathrooms | Sq. Feet Lot Sq. Feet | MLS # 5 4 4222 15556 O5061888 72 Hrs right of refusal. Back up offers accepted. This is an amazing home. $67K of upgrades to many to list. Ask your agent for the attached list. Rooms are large, Floorplan is open, 1st floor office or guest room. Full automated whole house generator With energy windows, Easily installed Hurricane Armor, A security wall safe and home security system that includes video monitoring. Garage Oneax storage sysytem. Tank-less water heater system, All upgraded appliances Included. This house is ready for immediate move in. POOL READY. Completed pool plan available, ask your agent for a copy of the attached plan. Double sided fireplace in the family room and outside patio for lovely entertaining. Huge yard with lots of privacy. Road realignment makes for a quiet location. Seller offering $1,000 for the buyers closing costs with a full price offer and closing by 9/30/11. Courtesy Of: Coldwell Banker Residential RE
	9908 SUBLETTE AVE, Orlando, FL 32836 $365,000   Request Showing   Bedrooms | Bathrooms | Sq. Feet Lot Sq. Feet | MLS # 4 3 2697 11051 O5060968 Welcome to this bright & airy comfortable home in beautiful Bay Vista Estates to make yours...Spacious 4/3 pool home featuring a very open functional 3-way split floor plan. Large Kitchen featuring vaulted ceilings, skylights, an island, a peninsula, exte nsive counter space & cabinets overlooking spacious family room, breakfast nook and pool is the heart of this home...Open formal dining room and living room grace the entrance of the home with its openness, vaulted ceiling & light. Guest suite (currently used a office/den) offers privacy from rest of home. Master Suite w/sitting area overlooks garden & pool-w/French Doors. Hardwood floors thruout all main areas, vaulted ceilings, French doors, framed windows?just a few of the touches that makes this a cozy home. Great location-close to all amenities, major roads, theme parks, airport, community park & a short walk to Bay Meadows Elementary Courtesy Of: Realty Executives Central Fl Florida Regional MLS, Information is believed to be accurate but not guaranteed. All the listings are pulled from the Mid-Florida Listings and are represented by the respective Listing Brokers, not Realty Cafe LLC nor Orlando Neighborhoods and Real Estate Blog.

Baldwin Park-Homes for Sale in the Coveted Orlando Neighborhood

Baldwin Park has been carefully planned to create the definite feel of community of the traditional American neighborhood. With its pedestrian friendly wide sidewalks, homes are within easy walking distance of stores, offices and restaurants in the Village Center. Parks, lakes, playgrounds and common areas are other places to meet and socialize, making Baldwin Park one of the friendliest communities in Orlando. Available property types for sale within the Baldwin Park community include condos, town homes, and single family homes. This is just a sample of home for sale listed by Parland International Realty, Charles Rutenberg Realty,Stockworth Realty Group, and Kelly Price & Company.

	5362 PENWAY DR, Orlando, FL 32814 $325,000    Request Showing   Bedrooms | Bathrooms | Sq. Feet Lot Sq. Feet | MLS # 3 2 1501 2925 O5047510 Turn key opportunity in this beautiful Monticello Classic by Cambridge Homes. One story home with formal dining room,great room,large kitchen with stainless steel appliances,custom drapes, split bedroom plan,2 car attached garage with access by alley way. Manufactured hardwood hickory floors in main areas and high ceilings throughout. Transferable termite bond. Enjoy the amenities Baldwin Park has to offer: Swimming pools,bike and walking trail around Lake Baldwin,restaurants and shopping. Courtesy Of: Parkland International Realty
	2877 WILFORD AVE, Orlando, FL 32814 $325,686    Request Showing   Bedrooms | Bathrooms | Sq. Feet Lot Sq. Feet | MLS # 3 2 1464 3103 O5047748 Short sale. This 3 bedroom beauty in desirable Baldwin Park is the Cambridge built Monticello Craftsman model. This home has all the upgrades including tile and wood floors, crown molding and built in closet systems in the master and 2nd bedroom. The kitchen features upgraded cabinets, a built in desk, eating area, and a pantry, plus stainless appliances. The family room is pre-wired for surround sound. The extended side porch provides space for outdoor dining. This home looks like a model and you will not be disappointed! Courtesy Of: Charles Rutenberg Realty
	1297 BENNETT RD, Orlando, FL 32814 $389,900    Request Showing   Bedrooms | Bathrooms | Sq. Feet Lot Sq. Feet | MLS # 3 3 3148 5401 O5040957 Offering exceptional curb appeal, this sought-after Charleston Single-style home offers a large and open floor plan designed for both entertaining and casual living. The foyer opens to a formal dining room that seamlessly transitions to a spacious living room. Ample cabinets and counter space, a built-in hutch, barstool seating and a breakfast nook create a spectacular kitchen. Connected to a bright and airy family room, the two rooms offer a perfect venue for entertaining gatherings of family and friends. The first-floor master suite is well appointed with two walk-in closets and an attractive master bath with dual sinks, a garden tub and a separate shower. A laundry room, half bath, built-in desk area and charming enclosed screened porch complete the first level. The second level comprises two bedrooms, two baths, a bonus room, loft-style desk area and an outdoor porch. Special features include a whole-house saltwater softener and extra insulation. Located in the award-winning master-planned community of Baldwin Park, this home is minutes from restaurants, shopping, parks and trails and is in convenient proximity to downtown Orlando. Courtesy Of: Stockworth Realty Group
	5121 DORWIN PL, Orlando, FL 32814 $399,000    Request Showing   Bedrooms | Bathrooms | Sq. Feet Lot Sq. Feet | MLS # 4 2 2704 2983 O5064885 Short Sale. Do not miss this opportunity to live near downtown on quiet, one-way street with a green view! Walk to Publix and downtown restaurants. Desirable Cartier plan includes 4 bedrooms plus a downstairs office and upstairs bonus room. Designer colors and warmly painted ceilings. Large and open kitchen with gorgeous cherry wood underlit cabinets, stainless appliances and beautiful countertops. Family and living rooms are filled with bright natural light from the surplus of windows. All windows upstairs and downstairs have upgraded blinds. Split bedroom plan. Master bathroom has designer detail tile, separate glass shower and garden tub. Master closet, second bedroom and upstairs laundry all have very nice upgraded built-ins. Newer washer and dryer included. Small fenced yard. Lots of storage throughout home. AS-IS sale. Home is in excellent condition and needs only some paint and fresh flooring. Act quickly! Pre-foreclosure . Amazing Price! Courtesy Of: Kelly Price & Company LLC Florida Regional MLS, Information is believed to be accurate but not guaranteed. All the listings are pulled from the Mid-Florida Listings and are represented by the respective Listing Brokers, not Realty Cafe LLC nor Orlando Neighborhoods and Real Estate Blog.