MORE GOOD NEWS
The National Association of Realtors says pending U.S. home sales rose 5.1 percent in February to rate of 4.72 million units. Economists had expected sales would fall. That's the second bit of good housing news over the past week -- last Tuesday, the government issued a better-than-expected housing starts report.
Monday, March 23, 2009
Tuesday, March 17, 2009
UP UP AND AWAY??????
HOUSING STARTS: The U.S. Commerce Department reported Tuesday that construction of new homes and apartments in February jumped 22.2 percent from January to a seasonally adjusted annual rate of 583,000 units, defying economists' forecasts for a drop in activity. Applications for building permits, considered a reliable sign of future activity, also rose in February by 3 percent.Read the full story:http://click.email.floridarealtors.org/?ju=fe271575736d077f761374&ls=fdf515707c62077b7714767c&m=feff1070756103&l=fecc177274660379&s=fe2b15767767027c771279&jb=ffcf14&t=
HOUSING STARTS: The U.S. Commerce Department reported Tuesday that construction of new homes and apartments in February jumped 22.2 percent from January to a seasonally adjusted annual rate of 583,000 units, defying economists' forecasts for a drop in activity. Applications for building permits, considered a reliable sign of future activity, also rose in February by 3 percent.Read the full story:http://click.email.floridarealtors.org/?ju=fe271575736d077f761374&ls=fdf515707c62077b7714767c&m=feff1070756103&l=fecc177274660379&s=fe2b15767767027c771279&jb=ffcf14&t=
Thursday, February 26, 2009
TIME TO GET OFF THE FENCE
It has been said that you will only know that the housing market has hit the bottom after it begins to rise again. Sales in January were up 50% in Florida as compared to a year ago. Sales of foreclosed properties and short sales, plus sales of all "existing Homes" continued to shrink the inventory of properties listed for sale. The median prices of existing single-family homes sold in January, 2009 were at 2002 levels. In Miami-Dade County this level in January, 2009 was $208,100. Those in the know say that it was after 2002 that prices began to soar to unsustainable levels. The above data was reported by the Florida Association Of Realtors. The numbers are County and Florida specific with no allowances being made for individual neighborhoods that may be either ahead, or behind the trends.
Wednesday, December 24, 2008
ANOTHER MONTH OF INCREASED SALES
It has been said by some experts that the bottom will be reached when home prices reach 2002-2003 levels. That level was reached in November when the "median" price of single family homes in Miami-Dade County was $224,700 as opposed to $359,300 in November 2007. This is a 37% drop from the same month a year ago. According to The Florida Association Of Realtors this is slightly below 2003 numbers. Sales of homes actually rose 39% in November 2008 over sales for November 2007!
Wednesday, December 3, 2008
ONLY GOOD NEWS-AGAIN
FAR (Florida Association Of Realtors) has just released its data for the period ending October 31, 2008. Housing prices are the lowest in four years. Compared to October, 2007 prices in Miami-Dade County have dropped thirty percent (30%)!!!! October was the third month in a row where falling prices led to increased (23%) sales of existing single family homes. The median price of a single family home was $246,800 in October.The President of the area's largest brokerage said that "People are seeing prices they will never see again...." 63% of all listings have an asking price under $300,000.
Talk of funding not being available is nonsense. Ditech is advertising all over the television. We can get 95% financing for qualified buyers. It is true that 100% financing to unqualified buyers and or buyers who refuse to substantiate income is not likely. However, a good to excellent credit rating and cash availability for the down payment and closing costs will get you the home of your dreams. Don't forget that the only time you will know that the market has hit bottom is after it starts to climb again..
FAR (Florida Association Of Realtors) has just released its data for the period ending October 31, 2008. Housing prices are the lowest in four years. Compared to October, 2007 prices in Miami-Dade County have dropped thirty percent (30%)!!!! October was the third month in a row where falling prices led to increased (23%) sales of existing single family homes. The median price of a single family home was $246,800 in October.The President of the area's largest brokerage said that "People are seeing prices they will never see again...." 63% of all listings have an asking price under $300,000.
Talk of funding not being available is nonsense. Ditech is advertising all over the television. We can get 95% financing for qualified buyers. It is true that 100% financing to unqualified buyers and or buyers who refuse to substantiate income is not likely. However, a good to excellent credit rating and cash availability for the down payment and closing costs will get you the home of your dreams. Don't forget that the only time you will know that the market has hit bottom is after it starts to climb again..
Wednesday, November 19, 2008
IS THE BOTTOM A MONTH AWAY?
A study released on Wednesday by Mt. Pleasant-based Default Research finds that, while foreclosures in South Florida were up 325 percent from the same time last year, the area saw a decline from September to October.
“Our statistics show that foreclosures are beginning to level off in the region,” Research founder Serdar Bankaci said. “Inventories in the region have been falling for the past few months, and that should result in home prices starting to stabilize by the New Year.”
A study released on Wednesday by Mt. Pleasant-based Default Research finds that, while foreclosures in South Florida were up 325 percent from the same time last year, the area saw a decline from September to October.
“Our statistics show that foreclosures are beginning to level off in the region,” Research founder Serdar Bankaci said. “Inventories in the region have been falling for the past few months, and that should result in home prices starting to stabilize by the New Year.”
Sunday, October 26, 2008
IS THIS IT? ARE WE THERE?
Has the South Florida housing market reached the bottom? Based upon numbers just released, some experts think it has. September "existing"- home sales rose for the second straight month compared to a year ago. Better yet, sales of existing-homes in September rose a whopping 5.5% nationwide, and 14% in Miami-Dade over August sales. This is the highest increase since 2004.
The report repeated what is already a fact of life. Banks are unloading properties and neighbors are lowering prices to compete.
The report also stated that the median price for homes in Miami-Dade was now at the 2004 level which was at least three years before the peak prices were reached. Note that none of the above comments apply to condos which are a completely different tale.
Remember our comments of several blogs ago to the effect that you will never know when the bottom has been reached until prices begin to rise again.
Has the South Florida housing market reached the bottom? Based upon numbers just released, some experts think it has. September "existing"- home sales rose for the second straight month compared to a year ago. Better yet, sales of existing-homes in September rose a whopping 5.5% nationwide, and 14% in Miami-Dade over August sales. This is the highest increase since 2004.
The report repeated what is already a fact of life. Banks are unloading properties and neighbors are lowering prices to compete.
The report also stated that the median price for homes in Miami-Dade was now at the 2004 level which was at least three years before the peak prices were reached. Note that none of the above comments apply to condos which are a completely different tale.
Remember our comments of several blogs ago to the effect that you will never know when the bottom has been reached until prices begin to rise again.
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