Panama City Real Estate Blog

The Panama City Real Estate market summary for August 2010 has been published for your convenience.

An interesting aspect of the market numbers is that if we were not faced with a recession/depression the numbers indicate we would be entering a sellers market.

Home sales were up from July, however the price of homes decreased significantly.

Condo sales decreased slightly as prices remained about the same as July.

Banks and lenders continue to foreclose at an alarming rate, shortsales and foreclosures are now the market norm and there is no end in sight.

On the bright side, Panama City homes and condos that are not in foreclosure or short sale status and are priced correctly are sold very quickly - usually in less than 30 days.



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If you've read my other blog - Panama City Real Estate Blog about some of the decisions lenders are making in large part thanks to the so called Economic Recovery Act you can understand my frustration.

Are lenders losing their insanity?  Are the people in charge of the decision making process actually qualified to make these decisions?

I have to wonder at the competency of these people.

Perhaps they are more interested in taking a loss on their books than actually helping tax paying, home owners in the United States?

What do you think?

Are lenders taking advantage of a hand out for tax gains that should have been issued to home owners?

Should our government investigate the practices of these lenders?

Where are our elected officials,

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I've just posted a Panama City Real Estate market update for the month of May, 2010.  In addition my monthly Panama City Real Estate market report is available for download as well.

A few interesting things to note regarding last months numbers:

Panama City Condo sales fell slightly as well as the average condo price.  However, non condo residential sales rose slightly following slight decreases in home prices.

This may not only be due to the new airport, but also the Oil Spill may have kept many who were considering purchasing homes or condos in  Panama City, Florida to wait until the crisis is over.

Jennifer Mackay
Panama City Real Estate | Florida

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2,586 Views, 6 Comments

panama-city-real-estate-oil-spillWe've had many phone calls lately regarding the impact of the oil spill on the Panama City, and Panama City Beach Florida areas.

Several customers were so concerned with the news reports they even canceled their visits.

So allow me to alleviate as many fears and concerns about this situation as possible....

As you can see from the image (the dark spot is the oil slick), the oil is moving away from Panama City Florida which is located at the very top right of the image (at the 30 degrees latitude line).

You can follow the progress of the slick here.

Once the slick hits the gulf stream, it will travel in a southerly direction.

Panama City and Panama City Beach Florida are alive and well and expected to not be directly impacted by the oil

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Yesterday, the U.S. House of Representatives passed the Rural Housing Preservation and Stabilization Act of 2010 (H.R. 5017).

Through this legislation, the guarantee fee in the USDA Guaranteed Rural Housing (GRH) Program may be raised to offset any need for Congressional appropriations.

Additionally, H.R. 5017 would authorize USDA Rural Development to guarantee up to $30 billion in loans in Fiscal Year 2010. 

This would represent an additional $18 billion in loan making authority for the remainder of this fiscal year.

Before these changes can be implemented, similar legislative action will need to occur in the U.S. Senate.

Following this action in the House, the USDA Rural Development National Office sent an announcement that stated: Depending upon

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Just released - Fannie Mae foreclosure incentives...

Source: The Wall Street Journal, Nick Timiraos (04/26/2010) 

Beginning in July, Fannie Mae will allow financially troubled home owners to complete a “deed in lieu of foreclosure” or a short sale and be eligible to apply for a new Fannie-backed mortgage in two years.

Currently, borrowers who have completed a deed-in-lieu must wait four years to apply for a loan that Fannie will purchase. Home buyers who go through foreclosure must wait five years.

All these waiting periods can be reduced further, if the potential buyer can show extenuating circumstances. "We are beginning to think about post-recession, how you address borrowers who became unemployed through no fault of their own ... and now

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The new Panama City airport, now named Northwest Florida Beaches International Airport is making it easier for investors and re-locating families to not only vacation to Panama City Beach, but also to invest and help grow the community.

Already, we are seeing an increase in not only relocating professionals, but also many of our clients are interested in opening their own business or relocating their business from other states across the U.S.

Commercial leasing and businesses for sale will play a much more dominant role in the growth of the Panama City Florida area.

In keeping with this up and coming market and of course to stay ahead of my competition, I've created a new Panama City businesses for sale page.

Don't be left out, contact me today

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Nearly half the homes sold in March – 48.2 percent – were purchased by first-time buyers, according to a survey of more than 1,500 real estate practitioners by Campbell/Inside Mortgage Finance.

"Many observers had felt that the pool of first time home buyers had been depleted last fall," Thomas Popik, research director for Campbell Surveys, said in a statement. "Instead, the normal spring-summer buying season is combining with the tax credit to produce blow-out results for first-time home buyers."

Panama City Commercial Real Estate Market Is Looking Up

Despite the rising number of defaults, the commercial real estate market is improving.

Prices are up. Commercial real estate values have risen 6 percent in recent months, according to

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The latest mortgage market update for the Panama City, Florida area has been posted for your convenience.

Here is a short summary:

Last week’s economic data continued to be mostly positive, but mortgage rates slid downwards. This
manufacturing-lead recovery continues to maintain its pace, with Industrial Production numbers
revealing solid gains for manufacturing and mining issues. While the housing and labor market will
likely be a major drag on the recovery for some time, retail sales did tick upward more than expected.
As economically positive as most of last week’s news was, inflation at the consumer level of the
economy is all but absent. This should enable the Fed to maintain its stance regarding low interest
rates for the foreseeable

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Here's some valuable information for Florida first time home buyers and programs that are currently available...

Florida Housing’s First Time Homebuyer Program offers low fixed-rate 30-year first mortgage programs for first time homebuyers (some exceptions exist) with qualified income and purchase price limits for the county where they are purchasing a home.

There also are down payment assistance programs that can be used with the first mortgage products.

FIRST TIME HOMEBUYER PROGRAMS offered by Florida Housing are as follows:

  • Florida First: This program offers a low 30-year fixed-rate first mortgage to all borrowers who meet program guidelines and qualify for a loan. Borrowers who qualify for this first mortgage product are automatically
8,558 Views, 5 Comments