Orlando Real Estate Statics for June 2010

Orlando Regional Realtor Association released the latest in Orlando Real Estate Market Statistics, in the recent article for June 2010. Median price of a home in Orlando inching up to $116,000, while highest month of closed contract in past 12 months, showing a sign of buyers pushing to close by June 30 for tax credit, which had now been extended to September 30.

• Average Mortgage Rate:  4.84%
• Inventory of Homes:  16,304
• New Listings: 4,470
• New Contracts:  3,736
• Under Contract: 9,625
• Back on Market: 1,343
• Expired:  743
• Withdrawn:  1,294
• Sales Closed:  2,834
• Average Days on Market: 85

Condo's Association Get Help in Collecting Deliquent HOA Fees

Many condo association have been suffering financially because home owners have stopped paying fees, and banks may not have to pay 100% of deliquent condo fees to the association.  As a result condo associations have had to delay maintenance or reduce services and amenities.  This has caused lenders to stop lending to borrowers purchasing condos in communities where these issues exist. As of yesterday Florida condo association now have much need help from the goverment in passing the SB 1196. 

• Lenders Must Pay All Past Due Condo Fees, before lenders were only required to pay the last 6 months or 1% which ever is less.
• Associations Can Make Tenant Pay Condo Fees, before a home owners could collect rent and not pay condo fees.
• Association Can Restrict Owners from Amenities for Unpaid Fees, before owners had full use of amenities even though they stopped paying condo fees.
• Florida Law Can No Longer Require Invididual Condo Insurance, lenders or Condo Declaration could still require owners to obtain condo insurance.
• Condos that are over 75 fee high are not required to retrofit sprinkler systems.

Tax Credit Deadline Extended for Home Buyers Until September 30

Good news for home buyers taking advantage of the tax credit that just ended on June 30.  The Senate has passed to extend the tax credit for those who have been under contract before April 30, but have not closed.  This has impacted about 180,000 buyers nationwide.  Finally, these home buyers can stop worrying. Also, for those transactions that have been delayed because flood insurance was required on the property for financed transactions, the Senate has extended flood insurance coverage for new policies to September 30.