Steve Eckhardt's Tampa Area Blog

In a report released by IHS Global Insight, using statistics from the end of 2009, titled House Prices In America, Sarasota area home prices are 27% undervalued and Tampa area home prices are 20% undervalued.

In the report, IHS deemed the country as a whole slightly undervalued.  When all of the 330 metro areas are weighted by market value, the nation is 8.9% undervalued. When weighted by housing units, the nation is 10.3% undervalued. House prices fell during the fourth quarter of 2009 by only 0.1% in quarter-over-quarter terms (1.2% year-over-year), according to the Federal Housing Finance Agency (FHFA). This decline, which comes after the first increase in 2 years in the third quarter, indicates that the housing market is still working towards - and is close to achieving - stabilization.

Steve Eckhardt, Broker, Luxury Real Estate Professional

Contact me at (813) 765-1182

www.TheFloridaAuthority.com

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TALLAHASSEE, Fla. - March 23, 2010 - Attorney General Bill McCollum wrote to legislative leaders on Friday urging them to take note of the potential for "massive" foreclosures on commercial real estate, as more than $1 trillion in commercial real estate loans from Florida's most recent big boom all reach the end of their terms about the same time.

"As I learn more about the potential for massive commercial real property mortgage foreclosures, I am convinced that swift legislative remedial action this session would avert some of the more devastating consequences of such foreclosures," McCollum wrote. "As one of the largest markets in the nation for commercial real estate loans, Florida faces a significant risk of financial loss."

McCollum urged lawmakers to look at some of the actions other large states have taken, including the passage of laws that require that all claims be consolidated into a single action, or prohibit certain lawsuits that seek to hit up borrowers personally before proceeding against the borrower's collateral.

Source: News Service of Florida

Tampa Bay homes sales for February improved year over year.   2,050 homes sold last month in the Tampa Bay area versus 1,856 in February 2009.

Just Listed - $2,499,900.  This 3.78 acre parcel off Gulf Of Mexico Drive and Bay Isles Road lies just North of Longboat Key Club on beautiful Longboat Key.  Initially zoned commercial, the property was rezoned to accomodate 12 residential units.   Contact Steve Eckhardt, Broker, Cornerstone Properties & Investments, Inc. at (813) 765-1182 for more information.

Fannie Mae, the country's largest mortgage financier, says it needs another $15.3 billion to tide over the current housing crisis. The company posted a loss of over $ 70 billion in 2009 compared to $ 58.8 billion losses in 2008. Fannie's losses were mainly on account of $11.9 billion in credit expenses, which included bad loans and costs incurred in maintaining foreclosed properties. The company also took a $5 billion write-down on low-income tax-credit investments. About 5.38% of Fannie's single-family loans were more than 90 days delinquent, up from 2.42% a year earlier. Total nonperforming loans of the company were $216.5 billion at year-end, compared with $119.2 billion in the prior year-end. Fannie has so far received over $ 60 billion in bailout money. Losses are likely to continue through 2010.

Steve Eckhardt, Broker, Luxury Real Estate Professional

Contact me at (813) 765-1182

www.TheFloridaAuthority.com

www.SearchForTampaHomes.com

Check Out Steve Eckhardt's Other Social Networking Profiles 

My Blog  http://www.luxuryhomeblog.com

Facebook    http://www.facebook.com/CornerstoneProperties

Twitter   http://www.twitter.com/theflbroker

Flickr   http://www.flickr.com/photos/27264581@N08/

Linked In   http://www.linkedin.com/in/cornerstoneproperties

YouTube http://www.youtube.com/csmtggrp85