Home Buying Power August, 2006

According to the most recent national housing opportunity pulse survey by the National Association of Realtors only 14% say rising mortgage interest rates would keep them from buying a home. 34% cited increasing property taxes and 28% said a major concern was the rising cost of energy(electricity, etc.). According to the US Census Bureau the average month mortgage principal and interest payment was $840 in 2005 it was $1040, in April 2006 it was $1132. More than a 10% jump in the past year alone. The price of electricity was up 12% from February 2005 to February 2006 accoring to Energy Information Admininistration estimates. State and Local Property taxes per household in fiscal year 2003 averaged $985 and by 2004 that figure was $1121 according to the US Census Bureau. Real Estate taxes in Volusia County and Ormond By the Sea have increased significantly in the past few years as property values skyrocketed. Owners without a homestead exemption to hold the line on increases have been hit hard. For information about Ormond Beach and Ormond By the Sea homes and condos for sale or rent, contact Ocean View Realty Group or visit our web site at http://www.ovrealty.com/. Marion O’Connor is our sales specialist – ovforsale@aol.com Deanna Thomas is our rental specialist – ovrentals@aol.com Ocean View Realty Group 1350 Oceanshore Blvd. Suite A Ormond Beach, Fl 32176 386-441-8245 Fax 386-441-2407 Toll free USA & Canada 800-356-3409 Vacation rental information is at www.ormondbeachcondorentals.com

Florida Home Sales for July, 2006

Florida Association of Realtors figures for July 2006 show existing home sales dropped 1/3 from July 2005. Increasing mortgage rates, taxes, and insurance appear to be factors. Sales nationally for July were at a 2 year low as inventories of unsold homes were at a record high. Condo sales were also down 37% and the median sale price also declined 15%. Ocean View Realty Group 1350 Ocean Shore Blvd. Suite A Ormond Beach, FL 32176 www.ovrealty.com Toll Free USA & Canada 1-800-356-3409 Local phone 386-441-8245 Fax 386-441-2407 For buying or selling contact Marion O’Connor at ovforsale@aol.com For Rental information contact Deanna Thomas at ovrentals@aol.com

Volusia County Housing Affordability

Housing affordability in Volusia County has taken a big hit according to the National Association of Home Builders Affordability Index for the second quarter 2006. In early 2000 Volusia County was 28th most affordable in the country. The Deltona-Daytona Beach-Ormond Beach Metro Area ranked just below Orlando at number 134. There are a total of 10 Florida Metro Areas ranked more affordable. The index uses the median household income and the median selling price of homes and indicates that 31.4% of homes are affordable at the median income.

Real Estate

Real Estate, like the stock market, should be a long term investment. Day traders and others that were buying real estate due to the increasing values thought that long term meant 90 days! As the real estate market returns to normal, holding a property for 10 or 20 years will probably once again produce a reasonable return when eventually sold, and potentially some enjoyment and tax considerations along the way.

Seascape Condo for Sale

2 bedroom 2 bath approximately 1200 sq. ft. condo unit at Seascape condo in Ormond by the Sea. Features include ocean view, inside laundry and underground parking. Currenty occupied by a tenant who would like to stay. $309,000

Volusia County New Construction Values

The Volusia County Department of Economic Development reported the value of new construction for the first half of 2006 down $100 million from last year. Single family home permits went from 3401 the first half of 2005 to 1900 for the first half of 2006. The total commercial and residential new construction values were $675 million in the first half of 2005 and $575 million the first half of 2006. This may be part of the natural correction following a couple of record breaking years. Contact Realtor Marion O’Connor today at ovforsale@aol.com or toll free USA and Canada 800-356-3409. You can also visit our web site at www.ovrealty.com.

Seabridge North Condo for Sale

Just reduced to $309,000 this 2 bedroom 2 bath condo is the top (5th) floor northeast corner of the building and features fabulous views and a wrap around balcone. This unit comes with a garage. For additional information and your private showing of this and other available Ormond by the Sea homes and condos contact Realtor Marion O'Connor today ovforsale@aol.com or toll free USA & Canada 800-356-3409. Visit our website at www.ovrealty.com SOLD

U.S. Home Sales - June 2006

The Commerce Department reported that new home sales dropped 3% last month. This was the first decline since the 11.5% drop in February 2006. Many economists are predicting another year of slow sales with some parts of the country experiencing price declines. If you are thinking of buying or selling Ormond Beach or Ormond by the Sea real estate contact Realtor Marion O'Connor at ovforsale@aol.com or 1-800-356-3409 or visit her web site at http://fl.living.net/realtor/marion from there you can search the Daytona Beach Area Multiple Listing Service (MLS) for all types of properties for sale in the area.

Real Estate Market Update

Harvard University's joint center for housing studies says over the next 10 years there will be at least 2 million more new households than were formed over the past decade. This means that the current national slowdown in home sales will not last long. Real Estate prices falling in the past have been precipitated by over building housing supply or big employment drops and neither condition is present currently. For all your Ormond Beach and Ormond by the Sea residential Real Estate needs visit the Ocean View Realty Group web site at www.ovrealty.com