Consumer Confidence Jumps In April!

Getting the report on this new April 2010 survey from BEBR, I did some research as to the credibility of the source. Established in 1979 to conduct research on consumer attitudes and buying behavior in Florida, the Bureau of Economic and Business Research (BEBR) Survey Research program has grown into a state-of-the-art survey research program. Renamed in 2001 to the UF Survey Research Center (UFSRC), the program conducts a regular monthly survey of some 500 households in Florida and issues their Florida Consumer Confidence Index.

The April Consumer Confidence Survey showed some very positive signs, in spite of the state's record unemployment. Confidence spiked in April 6 points to 77 over March's 71 level. Expectations of U.S. economic conditions over the next year rose 10 points to 80. However the biggest jump was in the perception of whether it is a good time to buy big-ticket item... which rose a whopping 14 points to 87!

Consumer confidence has not been this high in Florida since October 2007 when it was at 79. "Florida's consumers have been full of surprises the past several months," Dr. Chris McCarty, director of the program, says. "Much like the reading for January, this rise in confidence was completely unexpected. Last month Florida broke its all-time record for unemployment at 12.3 percent. Yet Floridians are far more optimistic this month than last."

"Consumers are clearly optimistic that the United States is in recovery and that the economy will at least not get any worse," McCarty says. "Therefore, some of the spending may be pent-up demand from households that were cautious about spending when the recession was at its height and when job losses were on the rise."

Although long-term unemployment remains a serious problem in the near term, it appears that layoffs have mostly stopped.

Rays Baseball - A Tampa Bay Jewel

Tampa Bay is certainly getting fired up about its baseball and with the current game tally at 11 wins to 4 losses, the Rays fans have a lot to be excited about!

Tonight is the last game in the series with the White Sox and the Rays come home tomorrow to begin their home series with the Toronto Blue Jays right here at Tropicana Field. A great addition for Friday home games is the spectacular fireworks show at the end of the game. And Saturday begins the Summer Concert Series with a free concert after the game. This week will feature a performance by John Fogerty.

What is gratifying to see is the Rays dedication to giving back and supporting the community that supports their team. Through its corporate partnerships throughout the community, the team encourages environmental education programs in the Tampa Bay area. In addition, from its foundation... to recognizing our country's military heroes during Sunday home games... to helping make a child's wish come true, to helping others play the sports they love, the Rays have partnered with other corporate citizens to reach out to the Bay Area Community.

Take me out to the ball game...

Mortgage Rates Fall Last Week In Spite Of Rising For 4 Straight Weeks

We have been watching (like so many others) mortgage rates to see any impact from the Federal Reserve backing away from government backed mortgage bonds as of March 31st. See our March 27th BLOG Post. The big question was whether once those bonds had to be financed by the private sector... rates would have to rise to attract those investors.

Rates for long-term mortgages dropped last week but still remained above 5 percent, Freddie Mac said last Thursday. The average rate on a 30-year fixed rate mortgage was 5.07 percent, down from 5.21 percent the week before. It had our attention when the week of April 5th showed an average rate for a 30-year fixed mortgage at the highest since mid-August, when it was 5.29 percent. Rates had dropped to a record low of 4.71 percent in December, pushed down by a campaign by the Federal Reserve campaign in backing the mortgage bonds.

The average rate on a 15-year fixed-rate mortgage was 4.40 percent, down from 4.52 percent last week. Rates on five-year, adjustable-rate mortgages averaged 4.08 percent, down from 4.25 percent a week earlier. Rates on one-year, adjustable-rate mortgages dipped to 4.13 percent from 4.14 percent.

Although the program ended at the end of March, the Fed has left the door open to reviving the program if the economy weakens. Lower rates mean more affordable mortgages for Buyers. According to Bankrate.com, the Mortgage Rate Trend Index shows experts mixed in their forecasts with 39% believing rates will rise over the next week or so, 22% thinking they will fall and the other 39% thinking they will remain unchanged.

Don't hesitate to use our website for Mortgage Rate Comparison... and you can even apply online!

National Flood Insurance Program Back In Force

Our April 6 Blog Post discussed the problem that has occurred because Congress had recessed without extending authority for the National Flood Insurance Program (NFIP) which expired on March 28, 2010.

As we forecasted, and with the help of the insistence by the National Association of Realtors, Congress approved an extension of the NFIP at the end of last week and President Obama signed it into law within the hour. The change, part of a larger bill that covers unemployment, extends the flood insurance program to May 31, 2010; and coverage is retroactive to March 28 when the current program ran out.

The extension, which needed to be addressed immediately upon Congress coming back into session, will serve as a patch while the larger more comprehensive bill that would extend flood insurance through December 31, 2010.

“In theory, the NFIP will now return to normal operations and, since the extension is also retroactive, any new policy applications or renewals that were signed and submitted during the hiatus will be effective from the date of application (or in the case of waiting periods, the waiting period will start from the date of application),” say officials of the Independent Insurance Agents and Brokers of America.

Spotlight On Seminole, FL - Just Listed At Monterey!

The Tampa Bay Area is surrounded by water, from its Bays to the Intercoastal to the Gulf of Mexico. In addition, Lake Seminole provides a pristine setting in a park environment for its Seminole residents. Seminole remains a popular destination for home buyers with its highly rated schools and central location. The city of Seminole has about 18,500 residents, enjoying access to Clearwater, St Petersburg and the Gulf Beaches within minutes. Many areas in Seminole are in non-evacuation zones, meaning the area is high enough to avoid being in a flood zone during a hurricane or storm surge.

The Purtee Team has just listed a 3BR/2BA condo in the gated community of Monterey at Lake Seminole. Built in 2007 to the latest building codes and block construction, Monterey enjoys amenities such as its lake front community pool, fitness center and fishing pier. This 4th floor condo with direct lake views has 1890 square feet of spacious living area, as well as a screened in balcony with extra storage closet. You will find it filled with beautiful appointments such as crown molding, 42" cabinetry, high ceilings, elegant master bath and much more! It is vacant and ready to move right in! At $277,000... this elegant condo is a MUST SEE! MLS #7458871

Open House Event A Success!

Many thanks to those of you who came by our Open Houses over the weekend. The feedback we got on our new listings was exceptional and we were thrilled with the response!

It is so gratifying to see Buyers back out in the market realizing this is truly the time to make a move. With interest rates still low, inventory coming down and pricing flat or slightly rising, many people understand the value of making a decision now.

We had many discussions about the buying process, understanding of short sales versus bank-owned, and financing options. In addition, we were able to introduce quite a few to our Buyer Program that allows buyers to automatically receive email notification of new listings of properties that fit their criteria.

If you were not able to attend this weekend, please review our Featured Listings to see the great properties we currently have for sale!

Don't Forget - Statewide Open House Event This Weekend!

The Purtee Team will be participating in this event both Saturday and Sunday. You can read about it in our post from earlier in the week: http://floridagulfpropertypurteeteam.blogspot.com/2010/04/on-april-10-11-2010-more-than-35000.html

The four "Just Listed" Waterfront Properties that will be open are:

Saturday, April 10th

17717 Gulf Blvd. #502, Redington Shores Yacht & Tennis Club - 3BR/3BA Waterfront Condo @ $589,000

5396 Gulf Blvd., Seamark, St Pete Beach - 2BR/2BA Gulf Front
#902 - Updated @ $549,900
#802 - Completely Renovated and Remodeled @ $725,000

Sunday, April 11th

530 S Gulfview Blvd., Harborview Grande #406, Clearwater Beach - 3BR/2BA Waterfront Condo @ $575,000