Posted by Bonnie Mills on June 3rd, 2009 11:03 AMPost a Comment (0)

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Expanded FDIC coverage for accounts is extended by Congress through 2013
June 3rd, 2009 2:07 PM

Expanded FDIC coverage for accounts is extended by Congress through 2013

Published: Monday, June 1, 2009 at 1:00 a.m.
Last Modified: Thursday, May 28, 2009 at 4:38 p.m.

Savers at Southwest Florida banks got some good news from the federal government.

Congress has extended for another four years the increased federal insurance coverage at the nation's banks, thrifts and credit unions.

The Federal Deposit Insurance Corp. coverage was increased to $250,000 from $100,000 per depositor last October, a move to bolster customer confidence in the safety of their money.

That temporary increase was set to expire on Dec. 31. But in mid-May Congress extended that $250,000 coverage through Dec. 31, 2013.

Certain types of retirement accounts, such as IRA deposits, will retain their $250,000 protection after 2013.

FDIC insurance covers funds in checking and savings accounts, money market deposit accounts and certificates of deposit. It does not protect other financial products some banks offer, such as stocks, bonds, mutual fund shares or insurance.

Most savers know that they can structure the ownership of accounts to get more than the $250,000 coverage. Using joint, revocable trust, IRA and other accounts can broaden the protection.

The FDIC Web site has a electronic insurance estimator to help consumers calculate their coverage. Check out www.myFDICinsurance.gov.

Troubled bank numbers soar

The official count of troubled banks has hit a 15-year high.

The FDIC last week said its "problem list" of weak banks jumped to 305 in the first quarter, up by 53 since the beginning of the year. It's the highest total since 1994, when the savings and loan crisis was still raging.

Total assets of the problem banks grew to $220 billion from $159 billion.

Twenty-one banks failed during the first quarter, the most since late 1992. Among them was Riverside Bank of the Gulf Coast in Cape Coral, which had offices in Nokomis and Venice. TIB Financial Corp. of Naples, the owner of The Bank of Venice, took over Riverside's insured deposits and nine offices.

Bank profits fell 61 percent in the first quarter to $7.6 billion. Three out of five banks posted lower net income, and one in five was unprofitable.

"The first quarter results are telling us that the banking industry still faces tremendous challenges, and that going forward, asset quality remains a major concern," said FDIC Chairman Sheila C. Bair.

The nation's 8,246 banks set aside $60.9 billion in provisions for loan losses, up by $23.7 billion, or 64 percent, over the year.

JPMorgan boasts about business

JPMorgan Chase, which bought the failed Washington Mutual last year, is boasting about its Florida lending business.

Chase said it made 206,000 new loans and lines of credit totaling $1.9 billion in Florida during the first quarter.

About a third of the new loans involved credit card accounts. It also originated 4,960 mortgage loans worth $870 million, 7,907 student loans for $73 million and 13,510 auto loans for $279 million.


Posted by Bonnie Mills on June 3rd, 2009 2:07 PMPost a Comment (0)

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Just Listed! 9491 SW 94TH Court Ocala, FL 34481
June 30th, 2009 9:07 PM
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$195,000.00
9491 SW 94TH Court

Ocala, FL 34481



Beds: 2.0 Rooms: 0
Baths: 2.00 Sq. Ft.: 1672.00
Garage: 2.0 Built: 2007
 

MUCH BETTER THAN NEW! 2/2/2+DEN HANOVER IN WINDSOR/OTOW! UPGRADES INCLUDE: 42” WALL-MOUNTED FLAT SCREEN TV W/ACCESSORIES & CABINET, SURROUND SOUND, SPEAKERS IN ALL ROOMS, PROFESSIONALY DECORATED WITH TASTEFUL COLORS, PLANTATION SHUTTERS, CROWN MOULDING, UNDER-COUNTER LIGHTING, TANKLESS WATER HEATER, ENERGY STAR RATED, WINDOW TINTING AND HURRICANE PROTECTION, LARGE LOT ON CUL-DE-SAC, BACKS UP TO OPEN AREA, SCREENED LANAI, & PAVERS ON DRIVEWAY & ENTRY. MANY MORE UPGRADES.
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ERA Big Sun Realty
3524271131
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Posted by Bonnie Mills on June 30th, 2009 9:07 PMPost a Comment (0)

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It’s Time to Talk about Retirement
June 27th, 2009 12:23 PM
 

- RISMedia - http://rismedia.com -

It’s Time to Talk about Retirement

Posted By susanne On June 21, 2009 @ 1:07 pm In Today's Home Spun Wisdom | Comments Disabled

6-22-homespun [1]RISMEDIA, June 22, 2009-(MCT)-Maybe they can agree that their savings have been mauled by the worst financial crisis in decades, but many married couples agree on little else when it comes to planning for retirement, according to a survey released last week.

Only 38% of couples said they make decisions together about their retirement finances, and only 15% of couples are confident that either spouse is prepared to assume financial responsibility if one spouse dies, according to the survey of 502 married couples conducted online in April by Richard Day Research for Fidelity Investments.

Sixty percent of couples don’t agree on either the husband’s or wife’s retirement age, up from 56% in the same survey in 2007. Forty-four percent don’t agree whether they’ll continue working in retirement, up from 42% two years ago. And 42% disagree on whether they’ll be well off in retirement or just getting by, up from 37%.

“Couples are not on the same page and in some cases they are not even reading the same book,” said Kathleen Murphy, president of personal investing at Fidelity Investments, in a conference call with reporters.

At the very least, both need to agree on basic assumptions that impact financial planning - when they plan to retire, whether they will continue to work part time and what lifestyle they hope to maintain,” Murphy said.

Unlike many surveys of married people, this survey queried both people in a marriage, thus affording a look at how spouses’ beliefs differ. Participants were between about 45 and 72 years old (with an average age of 55 for husbands and 54 for wives), with household income of at least $75,000 or investable assets of $100,000 or more.

More couples found agreement when asked about worrisome retirement road blocks, with 57% of couples agreeing that unexpected health-care costs were a concern - a decrease from 70% who agreed on this in 2007 - and 41% agreeing that inflation is a worry, up from 28% in the survey two years ago.

Nineteen percent of couples both agreed that they worried that their Social Security benefits would be reduced, down from 23% who agreed that this was a worry in 2007.

Financial Crisis Hits Home

Couples’ expected retirement age has increased by a year, on average, since the 2007 survey, with husbands expecting to retire at age 64, up from 63 two years ago, and wives expecting to retire at age 63, up from 62. Meanwhile, 40% of couples said one or both spouses will continue to work part-time in retirement.

And, for some couples, their risk tolerance has declined since the market turmoil, with 54% of wives and 41% of husbands saying they are less risk-tolerant now. Still, 42% of wives and 52% of husbands said they maintained the same level of risk tolerance.

Another source of disagreement for couples: Their sources of retirement income.
For instance, 44% of couples disagreed on whether or not they would sell real estate, 42% disagreed on whether brokerage or mutual-fund accounts would be a source of income, 39% disagreed on whether they would rely on an annuity, 30% disagreed on whether they had a company pension, and 26% disagreed on whether they have an IRA.

But they may not even be aware of each other’s disagreements: 44% of couples agree that they never argue about money, an additional 32% said they argue about money occasionally. Just 1% said they argue frequently. Still, 22% disagree on how often they argue about money.

Advice for Newlyweds

When asked about the best financial-management advice they’d give to newlyweds, 57% of the couples agreed it would be “make all financial decisions together.”

The survey findings, however, show that “many are not heeding their own advice,” Murphy said.

Thirty-four percent said the best advice would be to “make a budget and stick to it,” according to the survey, which allowed multiple responses to this question.

Twenty-nine percent agreed the best advice is to “have an emergency fund to cover at least six months of expenses,” 16% agreed that newlyweds should “not hide expenditures from each other,” and 14% said “disclose your income, debts and assets to each other before getting married.”

©2009, MarketWatch.com Inc.
Distributed by McClatchy-Tribune Information Services.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com [2].

Click here to print.


Posted by Bonnie Mills on June 27th, 2009 12:23 PMPost a Comment (0)

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Just Listed! 8717 E SW 90 Lane Ocala, FL 34481
June 25th, 2009 4:55 PM
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$138,000.00
8717 E SW 90 Lane

Ocala, FL 34481



Beds: 2.0 Rooms: 0
Baths: 2.00 Sq. Ft.: 1998.00
Garage: 0 Built: 1990
 

What a winner! Bostonian, one of 2 built with 1998 original sqft! This incomparable home features 2 master suites with expanded bedrooms & walk-in closets, an expanded family room & a home office! The spacious kitchen has an extra large island with storage & seating for 4, a double pantry, abundant cabinetry & a built-in microwave. Both baths feature the new trend high vanities. The tiled front porch & the open patio offer splendid places to sit & relax while enjoying this end-units wonderfully
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ERA Big Sun Realty
3524271131
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Posted by Bonnie Mills on June 25th, 2009 4:55 PMPost a Comment (0)

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Just Listed! 8900 E SW 97TH ST RD Ocala, FL 34481
June 23rd, 2009 4:21 PM
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$59,900.00
8900 E SW 97TH ST RD

Ocala, FL 34481



Beds: 2.0 Rooms: 0
Baths: 2.00 Sq. Ft.: 1198.00
Garage: 1.5 Built: 1984
 

Move right into this charming 2 bedroom, 2 bath home with 1.5 car garage. It is clean, fresh and waiting just for you! All appliances included, even washer and dryer and built-in microwave. A convenient eat-in U-shaped kitchen makes meal time a snap and there is ample cabinetry for your storage needs. The dining area has a lovely chandelier and room for your china cabinet. A relaxing glassed Florida room opens to a shaded open patio, perfect for your barbeque and a rocking chair front porch
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3524271131
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Posted by Bonnie Mills on June 23rd, 2009 4:21 PMPost a Comment (0)

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Just Listed! 9053 SW 91ST CIR Ocala, FL 34481
June 16th, 2009 3:55 PM
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$144,900.00
9053 SW 91ST CIR

Ocala, FL 34481



Beds: 3.0 Rooms: 0
Baths: 2.00 Sq. Ft.: 2048.00
Garage: 2.0 Built: 1996
 

Time for a lifestyle change? How about a relaxing 3 bed, 2 bath Jefferson (2048 sf) on the golf course? Enjoy a split bedroom plan for privacy, a spacious formal dining room for great entertaining, a spacious great room, and a relaxing glassed Florida room gazing out onto the 2nd fairway! This home is spacious and light with skylights in the dining room and features abundant upgraded cabinets in the eat-in kitchen. A lovely landscaped courtyard allows for gracious outdoor entertaining.
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3524271131
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Posted by Bonnie Mills on June 16th, 2009 3:55 PMPost a Comment (0)

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Congress Weighs Buyer Tax Credit Expansion
June 12th, 2009 5:39 AM
Congress Weighs Buyer Tax Credit Expansion
Legislation introduced in Congress Wednesday would expand the tax credit now limited to first-time homebuyers to any purchaser of a home and increase the maximum available to $15,000.

The tax credit passed earlier this year is limited to $8,000 and has income caps.

U.S. Sen. Johnny Isakson, a Georgia Republican, introduced the legislation, and Senate Banking Committee Chair Christopher Dodd, a Connecticut Democrat, quickly stepped up to co-sponsor.

The National Association of REALTORS® and the National Association of Home Builders have said they would like to see the tax credit improved.

Source: The Wall Street Journal, Jessica Holzer (06/10/2009)

Posted by Bonnie Mills on June 12th, 2009 5:39 AMPost a Comment (0)

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Just Listed! 9035 E SW 94TH Street Ocala, FL 34481
June 4th, 2009 3:36 PM
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$99,000.00
9035 E SW 94TH Street

Ocala, FL 34481



Beds: 2.0 Rooms: 0
Baths: 2.00 Sq. Ft.: 1541.00
Garage: 2.0 Built: 1992
 

DELIGHTFUL BOSTONIAN END UNIT 2/2/2 + FAMILY RM, VINYL ENCLOSED FL RM & LARGE TILED FRONT PORCH. SPACIOUS KITCHEN UPDATED WITH OAK CABINETS, ISLAND & LOWER CABINETS W/PULL-OUT SHELVES. SCREENED GARAGE HAS PULL DOWN LADDER, LAUNDRY TUB AND STORAGE. BEAUTIFUL LANDSCAPING. WALK TO THE H&R POOL & ACTIVITIES! NEWER: ROOF, AIR HANDLER, WATER HEATER, REFRIGERATOR, EXTERIOR PAINT.
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3524271131
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Posted by Bonnie Mills on June 4th, 2009 3:36 PMPost a Comment (0)

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TAX CREDIT CAN IMMEDIATELY HELP THOUSANDS OF FIRST-TIME HOMEBUYERS
June 3rd, 2009 11:03 AM

News Release

- -
 Information by State
 Esta página en español
 Print version
 

HUD No. 09-072
Lemar Wooley
(202) 708-0685

www.hud.gov/news/index.cfm
For Release
Friday
May 29, 2009

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DONOVAN ANNOUNCES RECOVERY ACT'S HOMEBUYER TAX CREDIT CAN IMMEDIATELY HELP THOUSANDS OF FIRST-TIME HOMEBUYERS TO BUY A HOME
FHA plan will stimulate new home sales and help stabilize housing market

WASHINGTON - Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today's action will help stabilize the nation's housing market by stimulating home sales across the country.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today's announcement details FHA's rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA's new mortgagee letter, visit HUD's website.

"We believe this is a real win for everyone," said Donovan. "Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation's housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."

Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today's announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower's own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the downpayment. Today's action permits the first-time homebuyer's anticipated tax credit under the Recovery Act to be applied toward the family's home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit.

According to estimates by the National Association of Home Builders, the Administration's homebuyer tax credit will stimulate 160,000 home sales across the nation - 101,000 of which will be first-time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first-time buyer purchased their home. Given FHA's current market share, it's estimated that thousands of families will be able to purchase a home by allowing the anticipated tax credit to be applied toward their purchase together with an FHA-insured mortgage.

Homebuyers should beware of mortgage scams and carefully compare benefits and costs when seeking out tax credit monetization services. Programs will vary from organization to organization and borrowers should consider whether the services make sense for them, as well as what company offers the most suitable and affordable option.

For every FHA borrower who is assisted through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges. FHA will use this information to track the business closely and will refer any questionable practices to the appropriate regulatory agencies, as necessary.

###

HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

 
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