Saturday is 'Leap Day' 2020 - But why is there a leap year?

 

For the first time in four years, February has 29 days! But why exactly do we have leap years and how come we sometimes skip it?

Why is there a leap year?

It takes about 365.25 days (more specifically 365.2422 days) for Earth to make one revolution around the sun, according to NASA. To make up for the extra time, an additional day is added to the calendar at the end of February every four years.

So in short, that’s a leap year.

To break it down even further, the length of a year is based on how long it takes a planet to revolve around its sun. Since Earth’s days don’t perfectly line up with the Earth’s orbit, an extra day is added to keep time and seasons in order.

Without a leap day, the dates of annual events, like equinoxes and solstices, would slowly shift to later in the year. NASA points out that after only a century without leap days, summer wouldn’t start until mid-July.

 

Source: Saturday is ‘Leap Day’ 2020 – But why is there a leap year?

Homebuying power has risen 16% despite price gains

 

Homebuyers had some challenges in 2019 but the year ended with some positives including lower mortgage rates and better affordability.

Despite rising home prices, driven by increasing demand clashing with tight supply in many markets, homebuyers were compensated by the lower rates which returned affordability to levels not seen since early 2018.

Black Knight’s Monthly Mortgage Monitor released today (Feb. 3) shows that the average 30-year mortgage payment dropped 10% between December 2018 and early January 2020.

During that timescale, the average national home price gained almost $13,000 and the growth rate – having declined from nearly 7% in early 2018 to just 3.6% in August 2019 – recovered to 4.6% year-over-year by the end of 2019.

It now requires 20.6% of median monthly income to purchase the same home as it did just over a year ago, the smallest such payment-to-income ratio in two years

All of this means homebuyers have gained 16% extra buying power, equating to an extra $48,000 based the US average home price.

Low end homes accelerating faster

Not all segments of the housing market have seen the same impact from falling interest rates, explains Black Knight Data & Analytics President Ben Graboske.

“The low end of the market, those homes in the bottom 20% by price, saw 6.6% annual growth, nearly three times the rate of the top 20%,” he said. “That said, higher-priced homes have been more reactive to recent rate declines. The annual growth rate among the top price tier has more than tripled over the past four months – from 0.7% year-over-year in August to 2.3% as of December – while there’s been very little acceleration at the lowest end of the market.”

Although the lower rates have offset price gains to some extent in recent months, there is likely to be a time when the boost to the market that greater affordability has created, will again push prices to challenging levels.

“Recent history at comparable levels of affordability suggest acceleration in home price growth may well continue in the coming months as this increased buying power puts upward pressure on home prices across the country,” noted Graboske.

Refinance candidates

In light of the Freddie Mac Weekly Mortgage Market Survey showing the average 30-year mortgage rate fell to 3.6% on Jan 23, Black Knight calculates that there are now 9.4 million 30-year-mortgage holders in good standing who have at least 20% equity in their homes, credit scores of 720 or higher and who could cut their current interest rate by at least 0.75% by refinancing.

This is the largest the population has been since mid-October 2019, when interest rates briefly fell below 3.6%. On average, these borrowers could save $264 per month, for an aggregate monthly savings of nearly $2.5 billion.

Source: Homebuying power has risen 16% despite price gains

Low Rates Boost Homebuying Power 16 Percent

 

BY: JANN SWANSON

Low Rates Boost Homebuying Power 16 Percent

Decrease Font SizeTextIncrease Font SizeFeb 3 2020, 9:32AM

Black Knight, it the current edition of its Mortgage Monitor covering December mortgage performance data, writes an epitaph for slowing home price appreciation. Prices had been appreciating at an annual rate of nearly 7 percent in early 2018 but had fallen to 3.8 percent in August of 2019 as affordability worsened.

But then, as Black Knight’s President of Data & Analytics, President Ben Graboske writes, “The national home-price-growth rate gained a good deal of steam as mortgage interest rates declined throughout the second half of last year. In fact, December marked four consecutive months of home price growth acceleration and the largest single-month acceleration in more than 6.5 years, while the annual rate of appreciation saw nearly a full percentage point increase over the last four months of 2019, closing out the year at 4.7 percent.”

Much of the month’s Monitor is concerned not only with how these lower interest rates throughout the back half of last year contributed to sharply accelerating home price growth, but also to improving affordability.

At the low end of the market, those homes in the bottom 20 percent by price, continue to grow at nearly three times the rate of those in the top 20 percent price tier; 6.6 percent versus 2.3 percent in the last four months of 2019. However, that highest priced tier has been more reactive to the recent declines in interest rates; the rate of appreciation among those homes nearly tripled from August to December while the bottom tier barely budged.

Source: Low Rates Boost Homebuying Power 16 Percent

Great Time to Buy a Home, Or Sell! Survey says.

BY: JANN SWANSON

Survey Says: Great Time to Buy a Home, Or Sell!

Decrease Font SizeTextIncrease Font SizeJan 9 2020, 10:21AM

Results of a survey by the National Association of Realtors (NAR) released today echo the findings from the most recent National Housing Survey (NHS) conducted by Fannie Mae – Americans think this is a great time to buy a home. Sixty-three percent of respondents to NAR’s fourth quarter Housing Opportunities and Market Experience (HOME) survey expressed that opinion (59 percent told NHS pollsters this.) Further, 33 percent of respondents told NAR they strongly believe this.

Even more Americans think it is a good time to sell, nearly three-quarters (74 percent) said so. Both buying and selling sentiments were unchanged from the third quarter survey.

Lawrence Yun, NAR’s chief economist, said these positive sentiments can be linked to the strong job market and favorable economic conditions. “The mobility rate has been very low as many have opted to stay put for longer,” said Yun. “However, this latest boost – Americans saying now is a good time to move – is good news. With mortgage rates low, the timing is indeed ideal for those who want to enter into homeownership and for those looking to move on to their next home.”

NAR noted generational and demographic differences in survey responses. Those from the so-called silent generation, those born between 1925 and 1945, were most likely to view this as a good time to buy (73 percent) followed by younger baby boomers, those born between 1955 and 1964 at 70 percent. The “good time to sell” sentiment was most often expressed by those earning more than $100,000 and those living in the West. Each group responded positively at rates just over 80 percent.

“The Western region has seen home prices increase to the point that costs have outpaced income,” said Yun. “So, it is no wonder that those living in the West would think that now is a perfect time to place a home on the market. California especially is seeing some of the highest prices ever.”

Sixty-found percent of those responding to the survey said they think prices have gone up in their local market over the last year. Only 6 percent thought they had declined. Nearly half (48 percent) expect further appreciation over the next six months, 41 percent expect price stability and 11 percent believe prices will fall.

More than half of respondents said they believe the U.S. economy is improving, the same as in the third quarter survey. Optimism was highest among those making more than $100,000 and lowest among Millennials; only 47 percent thought it was improving. There was also a substantial urban/rural gap. Forty-one percent of urbanites saw an improving situation versus 66 percent of those living in rural areas. Yun commented, “Whether it is a reflection of politics or true economic conditions, there is a difference of views between rural and urban areas,” he said.

Source: Survey Says: Great Time to Buy a Home, Or Sell!

Art Festival, NatureFest, Bark-a-Palooza, Mardi Gras parties top things to do this weekend

 

Here are the best events and things to do this weekend in Stuart, Jensen Beach, Fort Pierce, Port St. Lucie, Vero Beach and Sebastian.

It’s the last full weekend of February on the Treasure Coast.

Check out the best events and things to do in Martin, St. Lucie and Indian River counties, including Mardi Gras celebrations and long-running art and nature festivals.

Here’s What To Do in 772 this weekend.

Martin County

The 30th annual Downtown Stuart Art Festival is 10 a.m. to 5 p.m. Saturday and Sunday along Southwest Osceola Street, Stuart. It’s an outdoor gallery stroll that features more than 200 local and national artists displaying sculptures, paintings, jewelry, photography, ceramics, glass, wood, collage and mixed media. Plus, the Live Well Be Well Tour includes as area of booths that offer information and demonstrations on current health and medical practices, sustainable energy alternatives, organic foods, homeopathic treatments and state-of-the-art exercise equipment. Admission is free. Pets are welcome on leashes. Proceeds benefit Stuart Main Street. For more information, call 561-746-6615 or go to artfestival.com.

The first House a Vet Music Fest is noon to 11 p.m. Saturday at the Pineapple Field concert venue next to Tako Tiki, 3340 N.E. Pineapple Ave., Jensen Beach. It includes live music by five bands, food and beverage vendors and raffles. Admission is $7 in advance or $10 at the gate. It’s the first fundraiser for the nonprofit, which was created in 2013 to help Habitat for Humanity of Martin County build a home for a veteran. For more information, call 772- 678-8149 or go to facebook.com/takotikijensenbeach.

The 61st annual Martin County Fair concludes this weekend at the Martin County Fairgrounds, 2616 S.E. Dixie Highway, Stuart. It moves to Indiantown next year. Fair hours are 4:30 p.m. to midnight Friday and noon to midnight Saturday. Admission is $10, but it’s reduced to $5 with two cans of pet food per person Friday and free for ages 5 and younger Saturday. For more information, call 772-220-3247 or go to martincountyfair.com.

St. Lucie County

The 24th annual NatureFest Celebration is 9 a.m. to 3 p.m. Saturday at the Manatee Observation and Education Center, 480 N. Indian River Drive, Fort Pierce. It features nearly 30 exhibitors showcasing the Treasure Coast’s wildlife, natural resources and outdoors with interactive exhibits; touch-tank demonstrations; children’s activities; selfies with Moe the Manatee; presentations by local environmental specialists, including the Florida Forest Service, Sirenian International, Indian River Lagoon Aquatic Preserves and Friends of the Savannas Preserve State Park. Admission is free. Plus, the center has free admission and hourly fish feedings. For more information, call 772-429-8597 or go to manateeeducationcenter.org.

The 24th annual NatureFest Celebration is 9 a.m. to 3 p.m. Saturday at the Manatee Observation and Education Center, 480 N. Indian River Drive, Fort Pierce.Buy Photo

The 24th annual NatureFest Celebration is 9 a.m. to 3 p.m. Saturday at the Manatee Observation and Education Center, 480 N. Indian River Drive, Fort Pierce. (Photo: LEAH VOSS/TCPALM)

Outdoor Movie Night at Lyngate Park is 6-8 p.m. Friday at 1301 S.E. Lyngate Drive, Port St. Lucie. The PG-rated film “Because of Winn-Dixie” is based on the book about a girl and her dog in a small Florida town. Admission is free. Bring blankets, chairs and snacks. For more information, call 772-878-2277 or go to facebook.com/cityofpsl.

Mardi Gras at Sailfish Brewing Company is 8-11 p.m. Friday at 130 N. Second St., Fort Pierce. Wear carnival costume or come covered in beads. Ages 21 and older only. Also, the Michael Big Bear benefit with live music, belly dancing performances and astrology readings is 1-7 p.m. Sunday to raise money for the burial of the Native American and Purple Heart Vietnam veteran who died from Agent Orange exposure. For more information, go to facebook.com/sailfishbrewingcompany.

Mardi Gras at Sailfish Brewing Company is 8-11 p.m. Friday at 130 N. Second St., Fort Pierce. Then, Mardi Gras at Filthy’s Fine Cocktails & Beer starts at 10 p.m. Saturday and lasts until 2 a.m. at 1238 16th St., Vero Beach.

Mardi Gras at Sailfish Brewing Company is 8-11 p.m. Friday at 130 N. Second St., Fort Pierce. Then, Mardi Gras at Filthy’s Fine Cocktails & Beer starts at 10 p.m. Saturday and lasts until 2 a.m. at 1238 16th St., Vero Beach. (Photo: FILE PHOTO)

The Calvary Stampede 5K starts at 7:30 a.m. Saturday at Tradition Square, 10799 S.W. Civic Lane, Port St. Lucie. It travels through tree-lined neighborhood streets and ends with refreshments and medals. Registration is $35. For more information, go to calvary5k.com.

The 33rd annual Florida Cracker Trail Ride across the state ends with a parade about 10:30 a.m. Saturday through downtown Fort Pierce. The horseback ride began in Bradenton to honor the history of cattle pioneers. After the Civil War, a group of settlers were known as Florida Crackers because of the cracking sound from the whips they used to flush cows out of palmetto scrub and spur on oxen to pull carts and wagons. Every year, they gathered west of Fort Pierce to drive their giant herd of scrub cattle across the state toward Bradenton and then to Punta Rassa to ship them to Havana. They needed provisions for the trip but didn’t have money, so P.P. Cobb let them fill their saddlebags with his merchandise and pay him after they sold their herds to the Cubans, who paid in Spanish gold coins. The Cracker Trail was the only dry route across Florida with the Kissimmee River and its floodplains to the north and Lake Okeechobee and the Everglades to the south. For more information, go to floridacrackertrail.org.

The Indoor Arts, Crafts & Awareness Day is 11:30 a.m. to 6 p.m. Sunday at the Port St. Lucie Community Center, 2195 S.E. Airoso Blvd. Admission is free. The purpose is to raise awareness, promote healthy relationships and raise money to benefit the nonprofit WE LEAP to bring a women and children’s shelter to St. Lucie County. For more information, go to weleap2.org.

Indian River County

The Bark-a-Palooza Family Fun Day is 3-6 p.m. Saturday at American Icon Brewery, 1133 19th Place, Vero Beach. Activities include dog portraits, a bounce house, dog treats made from scratch, samples, giveaways and dogs available for adoption. Proceeds from beers sold benefit the Humane Society of Vero Beach & Indian River County. For more information, go to facebook.com/americaniconbrewery.

Mardi Gras at Filthy’s Fine Cocktails & Beer starts at 10 p.m. Saturday and lasts until 2 a.m. at 1238 16th St., Vero Beach. It includes DJ music, beads and drinks specials, such as $4 Abita on draft, $6 hurricane buckets and $6 king cake martinis. For more information, go to facebook.com/drinkatfilthys.

The Sebastian Art Club’s Art by the River is 10 a.m. to 4 p.m. Saturday at Riverview Park, 600 U.S. 1. Local artists exhibit and sell works that include oils, watercolors, acrylics, mixed media, photography and sculpture. For more information, call 772-571-6632 or go to sebastianriverartclub.com.

The 30th annual Downtown Stuart Art Festival is 10 a.m. to 5 p.m. Saturday and Sunday at 26 S.W. Osceola St., Stuart.Buy Photo

The 30th annual Downtown Stuart Art Festival is 10 a.m. to 5 p.m. Saturday and Sunday at 26 S.W. Osceola St., Stuart. (Photo: HOBIE HILER)

The 19th annual Daddy Daughter Dance is 6-8:30 p.m. Saturday at the Indian River County IG Center, 1590 Ninth St. S.W., Vero Beach. The theme is Totally Tubular ‘80s for ages 3-11. Cost is $42.80 per couple and $10.70 for each extra child. Registration ends Wednesday. For more information, call 772-226-1732 or go to facebook.com/ircig.

Megan’s Hoedown Fundraiser is 10 a.m. to 2 p.m. Sunday at LaPorte Farms, 7700 129th St., Sebastian. It includes barbecue, a mechanical bull, face painting and pony rides. Proceeds benefit Megan Gowe to help her receive kidney and pancreas transplants. For more information, call 772-633-0813 or go to laportefarms.com.

Laurie K. Blandford is TCPalm’s entertainment reporter and columnist dedicated to finding the best things to do on the Treasure Coast. Follow her on Twitter at @TCPalmLaurie or Facebook at faceboook.com/TCPalmLaurie.

Source: Art Festival, NatureFest, Bark-a-Palooza, Mardi Gras parties top things to do this weekend

NATIONAL RANDOM ACTS OF KINDNESS WEEK – Week of February 17

 

The week of February 17 is Random Act of Kindness Week.

Winter is getting long for you and that person behind you in line at the coffee shop. So perk it up by doing something nice for them. The goal of Random Act of Kindness Week is to change schools, the workplace, families, and society through kindness.

The Random Act of Kindness Website has ideas https://www.randomactsofkindness.org where there are all kinds of inspiring stories and ideas of random acts of kindness.

Psychiatrists say there are benefits for you:

• Fuels personal energy and self-esteem


• Makes you happier.


• Good for your heart.


• Helps you live longer.


• Decreases the harmful chemicals in your body

HOW TO OBSERVE

You can get Random Act of Kindness ideas at randomactsofkindness.org

Follow on Facebook or other social media platforms. Use Hashtag #RandomActsofKindnessWeek, #RAKday or

#kindnessstartswithone.

Concrete ideas include:

• Feed a Stranger’s Meter


• When driving, allow someone into your lane.


• Share a book


• Buy coffee for that person ahead or behind you in line.

HISTORY

Random Acts Of Kindness Day was first created in Denver, Colorado in 1995. Random Act of Kindness Week began in 2018.

Source: NATIONAL RANDOM ACTS OF KINDNESS WEEK – Week of February 17

10 Year Botanical Gardens Celebration

 

City of Port St. Lucie 10 Year Botanical Gardens Celebration (All Welcome)

Sat, Mar 7, 2020 11:00am | US/Eastern

Location Details
Port St. Lucie Botanical Gardens

 map

2410 SE Westmoreland Blvd.

Port Saint Lucie FL 34952 US

Location Phone: 772.337-1959

Renters Mistakenly Believe They're Paying Less Than Owners

Renters questions in a new Freddie Mac survey expressed a rather unfortunate misconception. In its new Profile of Today’s Renter and Owner, the company said it found that “An unprecedented number of renters believe renting is more affordable than owning. Eighty-four percent of respondents stated that belief, up 17 percentage points from the February 2018 survey and an all-time high. However, the survey also found that 42 percent of renters paid more than one-third of their income on rent compared to 24 percent of homeowners who paid that much on their mortgage.

With interest rates currently low, 40 percent of the survey’s renters plan to purchase a home, and 46 percent of homeowners have plans to renovate in the next several months. Rates are inspiring other moves among owners; 29 percent plan to refinance and 27 percent would like to purchase a new home or an investment property.

Freddie Mac said Baby Boomers stood out in the survey as the least likely to take action due to rates. Seventy-one percent said they were highly satisfied with their experience as a homeowner and 61 percent prefer to live in a small home. Thirty-four percent of Boomer owners said they would never move compared to 18 percent of Gen X and 8 percent of Millennials.

Even as renters, Boomers were more satisfied than other generations. Half said so as compared to 39 percent of older Millennials 35 percent of Gen X, and a third of younger Millennials. Further, 27 percent of renters say they will never move compared to less than 10 percent of the younger cohorts.

“The housing market is strong and, based on our survey, the low mortgage rate environment may inspire both renters and owners to make an educated move this spring,” said David Brickman, CEO of Freddie Mac. “While Baby Boomers tend to be satisfied with their current housing situation, younger generations are still struggling to determine whether to rent or purchase a home, largely due to lack of supply and affordability constraints.”

While renters do feel renting is the more affordable option, concerns are emerging about many renters’ ability to make housing work within their family budget. The 42 percent of renters who are cost burdened by the traditional one-third rent-to-income measure, is up 8 percentage points since last April while the percentage of cost-burdened owners has not changed in eight years.

Sixty-nine percent of renters are growing more concerned about their rent going up in the next 12 months and 67 percent have made spending changes or have moved to afford their monthly housing payment, up five points from April 2019. Among those who live in rural areas, 70 percent made changes as did 82 percent of those in the “essential workforce.” These are increases from 59 percent and 76 percent respectively in April of last year.

Half of all renters are finding it difficult to find affordable housing that is close to work, up 22 percent since April 2019. Still, 18 percent of renters say they are not interested in ever purchasing a home, up 4 points from August 2017.

Freddie Mac contracted with Harris Insights & Analytics to conduct the online survey over a four-day period, beginning August 22. The poll collected data from 4,012 respondents over the age of 18, including 2,715 homeowners, 1,233 renters and 64 others.

Source: Renters Mistakenly Believe They’re Paying Less Than Owners

Black Knight: Falling Rates, Rising Home Prices Have Boosted Re-financeable Population - MortgageOrb

Due to falling mortgage interest rates and rising home prices, about 9.4 million homeowners currently stand to gain from refinancing their mortgages, data from mortgage software firm Black Knight shows.

These are homeowners in good standing who have at least 20% equity in their homes and credit scores of 720 or higher, according to the firm’s most recent Mortgage Monitor report.

These homeowners could cut their current interest rate by at least 0.75%, saving an average of $264 per month, the firm’s research shows.

Source: <a href=”https://mortgageorb.com/black-knight-falling-rates-rising-home-prices-have-boosted-re-financeable-population”>Black Knight: Falling Rates, Rising Home Prices Have Boosted Re-financeable Population – MortgageOrb

Some people spend years in the renter’s cycle. Make a plan to own a home!

 

Related Article Title: Date Used for Derogatory Credit Waiting Period Question: We are working on a conventional refinance where the borrower had a derogatory credit event.  To ensure that we meet the seasoning period required by Fannie Mae, what is the date that they use for the waiting period? – Mortgage Currentcy – Derogatory Credit […] A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Source: Life Happens!  Some people believe the worst about their credit issues and spend years in the renter’s cycle.  Let’s discuss your situation; let me take the fear out of your mind and help you make a plan to own a home! – Mortgage Currentcy

Cost Differences Between Homeownership and Renting Narrows

The gap between the median monthly costs of homeownership and home renting narrowed in the fourth were separated by less than $300 in the fourth quarter of last year, according to new data from Realtor.com.

The monthly cost to purchase the median home was $1,600 during the fourth quarter while the median monthly rent in that period was $1,319. On average, the cost of buying the median home accounted for 30 percent of the national median income, while renting accounted for 25 percent.

Realtor.com also determined it was cheaper to buy than rent in 16 percent of the 593 counties with populations of 100,000 or more, up from 12 percent one year earlier. And it was cheaper to rent than buy in 84 percent of the nation’s largest counties, most notably New York City, San Francisco and Los Angeles.

“The move toward a more balanced equation is good news for home sellers during this spring home buying season as more people, especially the large cohort of millennials who turn 30 this year, begin to weigh the cost of buying versus renting,” said Realtor.com Senior Economist George Ratiu. “Due to a combination of factors, we saw the monthly cost to buy a home fall one percent year-over-year, while rents increased four percent during the same time frame.”

Source: https://nationalmortgageprofessional.com/news/73662/cost-differences-between-homeownership-renting-narrows