New FHA rules a mixed bag for condos

New guidelines from the Federal Housing Administration could increase sales in South Florida's stalled condo market, making it easier, at least temporarily, to get FHA-backed mortgages.

The guidelines, which went into effect Monday, were written to address current market conditions and the glut of empty condominiums following the real estate bust.

Several of the policies, however, expire in December 2010, leaving some real estate experts to call the changes a mixed bag that will ultimately restrict sales.

Others contend the modifications are overall good for a market suffering from a lack of condominium financing.
For more info >>> Click Here

Where is the Best Place for HAPPY HOUR in West Palm?

We are looking for opinions from the people that know best the Residence of West Palm Beach... where would you recommend to a new comer to go for Happy Hour?

So .... who's planning on using the $8,000 first-time buyers credit?

An article was posted yesterday in the Palm Beach Post discussing that Palm Beach County home buyers are not applying for the $8,000 first - time home buyers credit.

Read more on the article here.

Give us a call at the Sales Center today if you're interstested in learning more, time is running out the deadline is November 30th . We have 1 bedroom 2 bedroom and lofts available starting in the Low $100's 561.909.6180

Happy Hour at Blue Martini - First 75 receive a FREE DRINK

First 75 to RSVP receive a FREE DRINK on The Edge West Palm

WHAT:Happy Hour at Blue Martini - First 75 receive a FREE DRINK
WHEN:5:00PM Tuesday, October 20th
WHERE:Blue Martini | City Place | West Palm Beach
WHY:Bring a friend and strike up a conversation about the fabulous Palm Beach lifestyle The Edge offers as well as the Great Renter & Buyer Opportunities!


Call 561.909.6180 with any questions about this fun event!!
RSVP at rsvp@theedgewestpalm.com

www.theedgewestpalm.com

Mortgage Rates — Near Record Low — But won't last long

WASHINGTON – Sept. 11, 2009 – Rates for 30-year home loans ticked down for the second-straight week, remaining close to record lows reached over the spring.



The average rate for a 30-year fixed mortgage was 5.07 percent this week, down from 5.08 percent a week earlier, mortgage company Freddie Mac said Thursday. Rates, while above the record low of 4.78 percent hit in the spring, are still at attractive levels for people looking to buy a home or refinance.



Rates should stay low for another month or two as government efforts to keep them low remain effective, predicts Michael Larson, an interest rate and real estate analyst with Weiss Research.



But it won’t last forever. Rates will eventually trend upward, Larson said, as the economy starts to turn around and concerns return about how long overseas investors can stomach massive levels of U.S. debt.



“Over the longer-term, there’s going to be general upward pressure on interest rates across the spectrum,” he said. “Mortgage rates will be caught up in that.”

Click here to read more.

Don’t forget to join us tonight at 5PM for an Agent Mixer at the Edge West Palm

Now Fannie Mae Approved!
For more info visit www.theedgewestpalm.com

Bring your clients for an up close and personal look at the Palm Beach Lifestyle the Edge offers.

Phone: 5619096120
Email: rsvp@theedgewestpalm.com

The Edge West Palm
300 South Australian Ave.
West Palm Beach, FL

Homebuyers cashing in $8,000 tax credits

First-time homebuyers around the country have started to cash in on their tax credits from the Recovery Act.

By David Goldman, CNNMoney.com staff writer

Last Updated: September 4, 2009: 2:27 PM ET

NEW YORK (CNNMoney.com) -- Hundreds of thousands of first-time homebuyers across the country have begun to claim their tax credits, according to new government data released on Friday.

So far, nearly 315,000 people have claimed the tax credit after filing an amended 2008 tax return, according to a Treasury Department report on the status of the Recovery Act.

California led all states with 42,304 claimed credits.

Eligible first-time homebuyers can claim the credit of up to $8,000 -- or 10% of the home's value, whichever is less -- on either an amended 2008 return or on their 2009 return.

Treasury's figures more than likely sharply underestimate the real number of people who have taken advantage of the credit because many homebuyers have not yet claimed it on their tax return.

According to a recent National Association of Realtors survey, about 1.1 million first-time homebuyers have used the credit. NAR expects that number to grow to about 1.8 million by the time the credit expires on Nov. 30.

The discrepancy between Treasury and NAR probably stems from the fact that a majority of eligible first-time homebuyers have opted to wait to file for the credit on their 2009 returns, which they can file in early 2010.

State-by-state data. The Treasury figures show how some of the hardest-hit states during the housing downturn are now among the states with the largest numbers of claimed tax credits.

California, Georgia, Florida, Arizona and Michigan are all in the top 10, when it comes to claiming the credits. Though part of that is likely skewed by population figures, other large states like New York and Virginia have been left in the dust.

"We're seeing some big increases in many of the areas with the biggest price corrections," said NAR spokesman Walter Maloney. "That's no coincidence."

A National Delinquency Report from the Mortgage Bankers Association showed that California, Florida, Arizona and Nevada combined accounted for 44% of all foreclosure starts during the quarter. Last quarter, the Cape Coral metro area in Florida recorded the largest decline in home prices: 52.8% to $84,000, according to a NAR report.

READ MORE at CNNmoney.com