John Mayer's Newsletter 5/12/2011

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Hello Everyone!

Here is the latest Real Estate news from Florida and around the Nation. As always, please feel free to call or email me any time, even if it's just to keep in touch.

Remember, Real Estate is a sound investment at any stage of your life and having the right professional to help you along in the process is imperative.

Housing survey: Uptick in consumer attitudes

Fannie Mae: Americans more optimistic about future and value of real estate but still iffy about the economic recovery. Read more.

Mortgage fraud reaches record high

Suspected mortgage fraud activity increased nearly 5% in 2010 with Fla. retaining its No. 1 spot on top 10 list. Read more.

1 in 4 homes with mortgages underwater

About 28% of homes with mortgages are underwater, according to Zillow, up from 27%. But Fort Myers beat the trend. Read more.

Fla.'s existing home, condo sales up in 1Q

State home sales rose 13% compared to year ago; condo sales up 29%. Nationally, sales rose 8.3% last month, says NAR. Read more.

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Serving the entire Space Coast in Brevard County. Specializing in Cocoa Beach, Cape Canaveral and Merritt Island.

WASHINGTON – May 11, 2011 – The pendulum on mortgage credit has swung too far in the other direction after the recent housing downturn, says a panel of industry experts. Tighter standards are putting an unnecessary burden on creditworthy consumers, impeding the economic and housing market recoveries.

The panel addressed several thousand Realtors® gathered at a symposium, “Ensuring Mortgage Availability for Creditworthy Homebuyers,” during the Realtors 2011 Midyear Legislative Meetings & Trade Expo in Washington, D.C., this week.

“As the leading advocate for homeownership, the National Association of Realtors (NAR) believes that we cannot have a viable housing or economic recovery until creditworthy homebuyers are able to obtain mortgage financing,” said NAR President Ron Phipps. “Reforms were needed to get rid of the harmful products that led to the housing meltdown, but continuing to curtail access to affordable credit for qualified home buyers affects the entire economy.”

Panelists offered their perspectives on the current state of the industry and identified challenges.

David H. Stevens – former assistant secretary of the U.S. Department of Housing and Urban Development, former Federal Housing Administration commissioner and incoming president and chief executive officer for the Mortgage Bankers Association of America – told attendees the entire financial industry made bad decisions regarding risky loan products, and there is no doubt that reforms are needed to get back to a level of sustainable access where qualified consumers are able to achieve homeownership.

According to the 2011 NAR Member Profile, 34 percent of Realtors say that the most important factor in limiting their clients’ ability to buy a home was difficulty in obtaining a mortgage.

“The industry needs to work together to collectively ensure there are accessible and affordable mortgage products available to meet current demand, as well as that of the 17 million individuals who will require housing in the next decade,” said Stevens.

When asked if there has been a shift in America’s perspective about the value of homeownership, Stevens was optimistic. He said affordability is better today than it has ever been, and if consumers are well qualified, have a job and can afford a mortgage, they’ll realize it’s a better financial option and has greater social benefits.

Other panelists agreed that owning a home continues to be a goal for many families and that many Americans still consider buying a home a good long-term financial investment.
 
Other panelists included Martin Eakes, chief executive officer, Center for Responsible Lending; Cara Heiden, co-president for Wells Fargo Home Mortgage; Doug Jones, consumer sales and institutional mortgage services executive, Bank of America Home Loans; Patricia McClung, vice president of single family offerings management, Freddie Mac; Marc Morial, president and chief executive officer, National Urban League; Rajinder Singh, chief risk officer, CitiMortgage; and Michael Williams, chief executive officer, Fannie Mae. CNBC Real Estate Reporter Diana Olick moderated the symposium.

© 2011 Florida Realtors®

Roses can be and are grown successfully in Florida thanks to the Rosa fortuneana and Dr. Huey rootstocks. Grafting a rose onto these assures that the plant will thrive and prosper. Florida roses are grown in Florida specifically for Florida soil and climate. These roses are very resistant to nematode damage and well suited to the sandy soils of this state.

The biggest mistake most Florida gardeners make is planting rose bushes that are field grown in climates very different from ours and budded on rootstocks which are not productive and do not live long in Florida. If you are going to plant roses in your Florida garden, buy roses grown for Florida Gardens.

Because Florida has a 12-month gardening climate, the rose is an evergreen shrub that will grow and bloom for 5 - 20 years in the garden if cared for properly.

To start, planting is best done in November in southern Florida and in December or January in northern Florida.

Roses should be planted where they will receive a minimum of six hours of sunlight, preferably where they can receive the morning sun because it will dry the dew on the leaves and lessen the chance of black spot.

Roses should be planted in rich, but well-drained soil. Since sand drains too quickly and does not hold nutrients well it should be improved by adding amendments such as peat, composted cow manure, and compost. Add as much as 4" to 6" of any or all of these amendments to improve your soil.

Roses are heavy feeders and a wide variety of fertilizer is recommended to feed them. The secret to feeding Florida roses is to apply fertilizer once a month. It is recommended that newly-planted roses should not be fertilized until new growth emerges, although one-half cup of Milorganite may be applied as a top dressing on new plantings.

Water your roses well once a week unless the rain does it for you. Water in the morning so that the leaves are not wet during the night. Wet leaves can host foliage diseases.

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