Mortgage Rates Finish 2011 Near Historic Lows

Freddie Mac - Dec. 29, 2011 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates finishing the year near their all-time historic lows helping to keep homebuyer affordability high. Averaging 3.95 percent, the 30-year fixed has been at or below 4.00 percent for the past nine consecutive weeks and only twice in 2011 did it average above 5.00 percent.
News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an average 0.7 point for the week ending December 29, 2011, up from last week when it averaged 3.91 percent. Last year at this time, the 30-year FRM averaged 4.86 percent.
• 15-year FRM this week averaged 3.24 percent with an average 0.8 point, up from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent this week, with an average 0.6 point, up from last week when it averaged 2.85 percent. A year ago, the 5-year ARM averaged 3.77 percent.
• 1-year Treasury-indexed ARM averaged 2.78 percent this week with an average 0.6 point, up from last week when it averaged 2.77 percent. At this time last year, the 1-year ARM averaged 3.26 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Read more at: http://freddiemac.mediaroom.com/index.php?s=12329&item=98391
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The Greg Hudson Group just sold 827 Paradise Way on Siesta Key.

The 3318sf waterfront home is located in Siesta Isles in a lush tropical setting on the Grand Canal with water views, boat dock, swimming pool & nearby Siesta Beach. This luxury home was listed for $1,199,000.

Call Greg today for information about other Siesta Key waterfront homes currently for sale. Direct: 941.302.1485
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New Year's Eve Fireworks Show

Suncoast Charities for Children charity and Marina Jack restaurant in downtown Sarasota have organized a midnight fireworks show over Sarasota Bay.

SNN Local News 6 on Comcast will be covering the event live from Marina Jack.

Read more: http://www.sarasotafl.org/events/#ixzz1hgd1Gl1q

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Lights in Bloom, Sarasota's Selby Gardens Ends Dec. 27th

Don't let your holiday end without taking in a favorite of our family!
Enhance your holiday by visiting Marie Selby Botanical Gardens' Lights in Bloom. The originator of Lights in Bloom, Bob McComb ("Mr. Illuminator"), is bringing new excitement to this glittering holiday event. Selby is adding more

These giant dragonflies, butterflies and a red-eyed tree frog will light up the night, as tree men and sugar plum faeries guide your journey. There will be live music and dance performances nightly. Dine under the Banyans featuring grilled entrées, kids' "Merry Meals," cinnamon popcorn, beer, wine and hot chocolate available for purchase. Don't miss Santa's workshop area, featuring Santa and his reindeer plus interactive games for kids of all ages. There will be Hanukkah happenings, Kwanzaa activities, and inside the Kids' Corner will be nightly holiday crafts. The Florida Garden Railway Society will be "all-board" with their Garden trains. These trains are "G"-scale locomotives featuring holiday-themed cars and a miniature village display (train details: www.fgrs.org).

In addition, Selby Gardens will feature "Holiday Splendor at the Payne Mansion." This spectacular Holiday Showhouse will be open Dec. 1, 2011, through Jan. 2, 2012, from 10 a.m. to 4:30 p.m. daily and during the evenings of Lights in Bloom. The Florida West Coast Chapter of the American Society of Interior Designers (ASID) will deck the entire first floor with stunning holiday décor. For more details, please visit the Selby website, the ASID website or the ASID Facebook page.

Tickets available beginning Dec. 1 at selby.org or Selby Gardens, 900 S. Palm Ave., Sarasota.

Read more: http://www.sarasotafl.org/events/#ixzz1hbPbMulT

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The Greg Hudson Group just sold 3630 Glen Oaks Manor Drive in Sarasota.

This updated 2BR/2BA villa with pool and 2 car garage was listed for $249,000. Glen Oaks Manor is convenient to the downtown Sarasota lifestyle. Call Greg today for information about other homes for sale in this neighborhood. Direct: 941.302.1485

BofA developing foreclosure rental programs

HousingWire,com reported this week on Friday, December 9th, 2011, - Bank of America is looking at a new program to rent a home back to the borrower after foreclosure.

"There are programs that we are quite interested in," said Ron Sturzenegger, who leads the bank's legacy asset servicing division, in an interview with HousingWire. "We are talking with investors that would come in and buy these houses and would lease them back to who would now be the now tenant."

In February, BofA formed the division to handle the servicing for delinquent mortgages, loans no longer being written, and to sort out outstanding representation and warranty claims. Currently, more than 35,000 employees at the bank are sorting through 1.1 million loans 60 days delinquent or worse, according to its third-quarter financial statement.

The Federal Housing Finance Agency is working on an REO rental program for Fannie Mae and Freddie Mac. It received more than 4,000 ideas on how to do it.

Read the entire report here.

November 2011 sales up 12.7 percent over last year

November 2011 property transactions in the Sarasota real estate market totaled 602, up 12.7 percent over last November. The total also exceeded the October 2011 sales figure of 577. The market has remained strong and stable as the winter season gets into full swing, reflecting continued confidence in Sarasota as a destination location.

In fact, the Today Show’s real estate report from Barbara Corcoran in late November noted that Sarasota was one of the top recovering markets in the nation. Corcoran said Sarasota is a “beautiful beachfront community” that offers residents and visitors “a sophisticated, urban cultural experience” that is propelling sales and prices in 2011.

Read the entire report: http://ping.fm/IdzMx

Tis The Season - Here are a couple of suggestions to kick off the holiday season:

Holiday on Parade
When December 9, 2011 @ 5:30PM - 8:00PM
Where Holley Hall
Host Sarasota Orchestra
Contact (941) 925-3183 or email
Great Escapes 2
Celebrate the holiday season with a delightful concert of Christmas and Hanukkah favorites including O Tannenbaum, Hanukah Suite, the lively Caribbean Sleigh Ride and, the highlight of this magical evening, a suite from Tchaikovsky's inimitable The Nutcracker


Read more: http://ping.fm/MvNhI

SRQ Trolley Holiday Tour of Lights
When December 9, 2011 @ 6:30PM - 8:30PM
Repeats daily until Sat Dec 31 2011 .
Where SRQ Trolley
Contact (941) 538-1414
A tour of only the best light displays in Sarasota. It's a perfect time to be with your family and enjoy each other's company while letting SRQ Trolley take you around to all the incredible holiday lights. If you're looking to get away from the stress and just enjoy each other's company, then let SRQ Trolley take you there!


Read more: http://ping.fm/b73Y4

Low Rates Send Mortgage Applications Soaring

REALTOR Magazine reports Mortgage applications, a future gauge of home buying, had a sharp jump as more consumers rushed to take advantage of low interest rates, the Mortgage Bankers Association reports.

For the week ending Dec. 2, mortgage applications increased 12.8 percent. Applications for home purchase jumped 8.3 percent from a week earlier while applications for refinancing soared 15.3 percent.

Of the home purchase applications, 85.5% were for fixed-rate 30-year loans.

"Coming out of the Thanksgiving holiday, applications increased significantly as mortgage rates dropped to their lowest levels in about two months," Michael Fratantoni, MBA vice president of research and economics, said in a statement. "In particular, refinance applications increased sharply, with some lenders seeing refinance volume double. Despite this surge, aggregate refinance activity is still below levels reported two weeks ago. Some lenders indicated they are beginning to see an increase in HARP loans, but that increase is still a small portion of the move this week."

Source: “Mortgage Applications Jump 12.8% as Refinancing Volume Soars,” HousingWire (Dec. 7, 2011)

30-year fixed mortgage hovers @ 4%

The average rate on the 30-year fixed mortgage hovered above its record low for a fifth straight week. Despite the great opportunity, few have the means or stomach to buy or refinance in the depressed housing market.

Freddie Mac said Thursday the rate on the 30-year home loan rose slightly to 4 percent from 3.98 percent the week before. Eight weeks ago, it dropped to a record low of 3.94, according to the National Bureau of Economic Research.

The average rate on the 15-year fixed mortgage was unchanged at 3.30 percent. Eight weeks ago, it too hit a record low of 3.26 percent.

Rates have been below 5 percent for all but two weeks this year. Yet this year could be the worst for home sales in 14 years.

Read the entire article here.