O.K., I’m on a media bent today.  I just looked through some foreclosure new feeds and saw reports that Vermont foreclosures are up 30% and Florida foreclosures don’t show any sign of letting up.  Duh.

I’ll venture to say that any state/region that saw huge amounts of price appreciation over the past few years is going to have a foreclosure problem for the next few years.  It’s not just a sub-prime mess, there were a ton of people that bought, not wanting to miss out on buying property while prices seemed to always go up.  Did they over-purchase, and is it possible they’ll have problems making future payments?  There’s a good percentage of people that did, and will have problems.

The last time Southern California had a major peak in property price it was right around 1990.  Prices declined from that time until about 1996.  This run-up lasted longer, and was probably more intense due to relaxed lender standards.  So, are we likely to see at least a 6 year decline, or is this going to be just a little blip?  The only thing keeping many real estate markets going right now are the buyers who didn’t buy on the rise and are finding “value” in softer prices.

Two things to keep in mind.  Prices most likely will not reach pre-runup levels.  You’ll know it’s pretty much at the bottom when nobody wants to buy real estate.I suppose I’ll just have to sigh, and accept that media sources will always seek to find drama in the obvious.

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The Keys, sometimes known as the  Florida Keys, are such a unique and defining part of our amazing Sarasota scenery; we are really the only part of the USA that can boast of such an exciting backdrop to our state.

Strange name, the Keys... many have pondered over the origins, although most just get out there and enjoy them. Could they be named because hopping them is the 'key' to this unique paradise? Or is it because Islands necessarily have so many 'quays'?

We do have many of them in our Sarasota area, including Lido Key, Saint Armand Key, Otter Key, Coon Key and Bird Key. Parts of Siesta Key and the large Longboat Key are included in the Sarasota area.

The definition of the word key is usually given  as a long, low island most often composed of sand. Some dictionaries add that they can be composed of coral also. Webster's define a geographic key as a ledge; all could be true at once.

One thing is for sure, the white and soft sandy beaches of the Keys are truly amongst the most quality beaches in the world. The secret is out and the keys attract an international population year round - but especially in the winter months. 

Every  imaginable water sport is available here in the 2,900 square nautical miles encompassing the entire archipelago of the Florida Keys. It is also home to a unique sub-tropical marine eco-system and  the most extensive living coral reef in the USA.

A Spanish expedition in 1770 is the first recorded European landing in the area. They were insulted in Spanish (!) by the local natives, who had apparently picked up a few choice words on a previous (unrecorded) visit from Spanish 'tourists'.

It would seem that it was from the Spanish that  Florida's barrier islands  first started to be called 'keys'. A Spanish map dating from the 1500s shows these islands referred to as 'cayo'. Cayo or cay (pronounced kee) is the Spanish word for an islet.

For many years the barrier islands were largely disregarded, but in the early 1900s they attracted the attention of  circus magnate, John Ringling. Together with Owen Burns they built bridges, dredged and filled and eventually opened a resort of seasonal homes. The sun-seekers who flocked here in those days were called snowbirds!

Snowbirds still come here to enjoy those same pleasures of a hundred years ago. Many North Americans have their second home here, and realty prices stay stable in these southern hideaways.

To view some of the beautiful properties available around the keys, visit our Sarasota Luxury real estate website for more detailed information on Longboat Key real estate, Siesta Key real estate and more.

Please join us Thursday July 31st at 4pm PST for a free educational webinar discussing the benefits of having a Nevada based LLC and how you can save up to 48% on your next tax filing. Hear from qualified industry leading CPA’s, Financial Planners, and Commercial Insurance Brokers as they discuss the multiple tax relief benefits from business-friendly Nevada showing you the differences between corporations, partnerships, LLC’s, how to separate your personal assets from your business assets, and how anyone can own a Nevada LLC as you do not have to reside in the actual state. 

If you would like to participate in this event, please R.S.V.P. at http://www.jump2money.com/webinar_rsvp.php

Urgent

Action Needed To Save Down Payment Assistance!!!
It now appears that the House will accept the Senate language in Section 113 of the new
“Housing Rescue” bill banning down payment assistance programs.
In an article in today’s Washington Post, Chairman Barney Frank of the House Financial
Services Committee is quoted as saying that the House will yield to the Senate on the
termination of seller participation in down payment assistance programs. The Senate and
House of Representatives are
fast-tracking this bill. Upon the President's signature, down
payment assistance will be shut down in the United States.
Failure to act now will ensure the immediate death of down
payment assistance. In order for down payment assistance to continue, you must let your
opinion be heard TODAY. A link to your representatives contact
information may be found at www.sgadpa.com/hudrule.html
A vote to ban down payment assistance may come as early as tomorrow
or Thursday. We need you to do everything possible to make your
support for DPA heard. If you want a voice in the fate of DPA,
NOW is the time. Your comments WILL make a difference!!!
Please call them AND fax representatives and let them know (1) how              important
seller-assisted DPA is to you and the people you serve,              (2) that it is the
last bastion of minority homeownership (minority
homeownership is important to several members of the House
committee), (3) let them know how important seller-assisted DPA is
to the housing market and the economy as a whole (this is a stimulus
to the housing market that costs taxpayers NOTHING) and (4) the
statistical analysis HUD has done to convince the Senate to
ban DPA is critically flawed and the House and Senate should not
rush to judgment on such an important issue (Please see the comment
letter at www.sgadpa.com/hudrule.html)The consequences will be devastating!
By FHA's own estimates, DPA comprises nearly 40% of FHA's
volume. This means more than 300,000-500,000 working class
families will be locked out of homeownership in the next year
alone. Communities across America will take the brunt of the
$50 billion in lost real estate sales, not to mention the
indirect impact on the real estate, mortgage and building
sectors that will be forced to shed tens of thousands of jobs
due to this dangerous legislation.
Please have others in your office and as many of your realtors,
buyers, sellers (ANYONE) as possible contact their representatives
in Washington TODAY. Please make sure your address is on the
fax to identify your constituency.
We will provide commentary at www.sgadpa.com/hudrule.html
for your benefit in preparing your comments, but please use your own
words. The website has other documents to help you with your
comments, data showing the impact of DPA in your state and letters
supporting down payment assistance
Michael Whipple
877-313-3485
Regional Marketing Director
Sovereign Grant Alliance
Michael@apollogrants.com
2810 Bayhill Court
Nampa,Idaho 83686