Smaller West Palm Beach Homes Okay for Generation Y?

West Palm Beach, Florida - West Palm Beach Homes in the past have been large and historically well designed. However it appears Real Estate Developers are thinking small in an effort to keep prices low and satisfy Generation Y buyers. Many Generation Y Home Buyers are more concerned about location than they are about spacious accommodations.
Compare Condos for sale in San Francisco. San Francisco has a number of complexes where units range from 250 to only 350 square feet. In Vancouver, British Columbia, there is a “micro-loft” building where apartments are 270 square feet.
Some Real Estate Developers are under the impression that for Gen Y, the home is a place to live out of, not to live in.

Real Estate Financing Still Available

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Coming soon for all your Mortgage and Loan needs is Loan Rise.

Commercial Real Estate Turnaround Likely Next Year

West Palm Beach, Florida - We have some Commercial Real Estate News for today.
Vacancies are still increasing in many parts of the U.S. and new commercial construction will be sparse this year, Kermit Baker, chief economist for the American Institute of Architects said Wednesday.

It is apparent that there are a number of factors at play that are contributing to one of the steepest construction downturns in in over 50 years.
Many businesses are nervous about expanding their facilities, a fragile financial sector, excess commercial space, and general unease in the international economy. It would have to help if this administration was more pro-business to help ease fears.

Some economists are predicting a demand for retail, hotels, healthcare, and recreation facilities could result in a turnaround for Commercial Real Estate, in 2011.

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West Palm Beach Mortgage Rates Hit an All-Time Low

West Palm Beach, Florida - Were you waiting for low interest rates to buy a West Palm Beach Home, Condo or other Real Estate in Palm Beach County?
Average interest on a 30-year fixed mortgage fell to an all-time low of 4.69 percent this week. These interest rates are down from 4.75 percent a week ago, reports Freddie Mac.

Although rates have held below 5 percent since early May, some Lenders note that demand for purchase loans has fallen in six of the past seven weeks and now is at a 13-year low. Consumers have grown used to low rates, he explains, adding that they balk at buying because they are more concerned about stagnant wages and high unemployment.

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Coming soon for all your Mortgage and Loan needs is Loan Rise.

Florida Existing-Home Sales

West Palm Beach Homes are continuing to sell. News is that existing-home sales remained at elevated levels in May on buyer response to the tax credit. Most Florida real estate consultants characterized this by seeing stabilizing home prices and historically low mortgage interest rates. Gains in the West and South were offset by a decline in the Northeast; the Midwest was steady.

Existing-home sales, which are completed transactions that include single-family homes, townhomes, and condominiums were at a seasonally adjusted annual rate of 5.66 million units in May. That is down 2.2 percent from an upwardly revised surge of 5.79 million units in April. May closings are 19.2 percent above the 4.75 million-unit level in May 2009; April sales were revised to show an 8.0 percent monthly gain.

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Coming soon for all your Mortgage and Loan needs is Loan Rise.

CitiMortgage to let delinquent homeowners stay to 6 Months

South Florida Radio stations have reported that CitiMortgage will let troubled homeowners stay in their properties for up to six months without making mortgage payments if they agree to transfer ownership to the bank. This form is called a Deed in Lieu of Foreclosure.

This program is available in Florida, Texas, Illinois, Michigan, and possibly some other States. If the plan proves successful, CitiMortgage will may expand it and other Banks may follow their path.

Some people think this will cut down on the number of homeowners who trash the Home.
West Palm Beach Homes For Sale has purchased some REOs (Bank Owned) that had significant damage.

Palm Beach Mall closing forever

West Palm Beach - The Palm Beach Mall will be closing down after Sunday. Many people have memories when this was the premier Shopping Mall in Palm Beach County. However those days are long gone.

Two stores that have longterm leases, JC Penney and George's Music and a Firestone Complete Auto Care on an outparcel portion of the Mall, will remain open for now. However the sad news is the mall will close.
ORIX, is the mortgage servicer for the mall, will take over from the Simon Property Group.
The future of this West Palm Beach Commercial Property is unclear, however there have been talks of a completer tear-down. At that point it would be possible for big box stores and offices.
By Frank Kilwin