Forecast: Fewer foreclosures on horizon

Forecast: Fewer foreclosures on horizon

WASHINGTON – Dec. 10, 2010 – U.S. credit bureau TransUnion predicted Thursday the number of delinquent mortgage accounts would drop by nearly 20 percent next year.

The number of delinquent accounts – those with payments 60 days past due – is predicted to fall to 4.98 percent by the end of 2011 from 6.89 percent at the end of 2009.

“This is a welcome contrast to the year-over-year increases of 54 percent between 2006 and 2007, 53 percent between 2007 and 2008 and 50 percent between 2008 and 2009,” TransUnion said in a press release.

Steve Chaouki, group vice president in TransUnion’s financial services business unit, said the decrease in delinquencies could be attributed to “a slowly improving unemployment picture and continued stabilization in housing markets.”

“While there is continued price pressure in many markets, we expect a rise in property values along with some stabilization of values in those states and markets hardest hit by the recession,” he said.

TransUnion said Nevada would see a 24.77 percent drop in its delinquency rate next year while Arizona’s rate would drop 24.27 percent. In Florida, the rate would drop 23.9 percent.

“Interestingly, the states projected to experience the greatest decrease in mortgage delinquencies – Nevada, Arizona and Florida – are the same areas expected to have the highest 60-day mortgage delinquency rates at the end of next year,” TransUnion said.

The states most in need of improvement, in other words, are expected to experience the highest rates of improvement.

Copyright © United Press International 2010

 

Strong rebound in pending home sales

 

Strong rebound in pending home sales

WASHINGTON – Dec. 2, 2010 – Pending home sales jumped 10.4 percent in October, showing another positive uptrend since bottoming in June, according to the National Association of Realtors®.

The Pending Home Sales Index (PHSI), a forward-looking indicator, rose to 89.3 based on contracts signed in October from 80.9 in September. The index remains 20.5 percent below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6.

The latest surge also reflects market strength, since buyers had an additional push to close quickly in October 2009 to qualify for one version of the first-time homebuyer tax credit that expired in November. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

The data also surprised economists who had expected a decline in pending home sales given current troubles within the housing market. However, Lawrence Yun, NAR chief economist, says excellent housing affordability conditions drew in more homebuyers.

“It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels,” Yun says. “The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011. More importantly, a return to more normal loan underwriting standards and removal of unnecessary underwriting fees for very low risk borrowers is needed and could quickly help in the housing and economic recovery.”

Recent loan performance data from Fannie Mae and Freddie Mac clearly demonstrates very low default rates on recently originated mortgages – much lower that the vintages of 2002 and 2003 before the housing boom.

The PHSI in the Northeast jumped 19.6 percent to 71.3 in October but is 27.3 percent below the tax credit peak in October 2009. In the Midwest, the index surged 27.3 percent in October to 81.7 but is 24.8 percent below a year ago.

Pending home sales in the South rose 7.1 percent to an index of 93.8 but are 18.4 percent below October 2009. In the West, the index slipped 0.4 percent to 104.3 and is 15.6 percent below a year ago.

Near term, Yun expects home sales to continue climbing from their cyclical low this past summer.

“Even so, we now have some consumer concerns regarding the mortgage interest deduction, an important component in housing affordability,” Yun says.

© 2010 Florida Realtors®

 

Florida's existing condo sales up in 3Q 2010

ORLANDO, Fla. – Nov. 11, 2010 – Sales of existing condominiums in Florida rose 15 percent in third quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 16,938 existing condos sold statewide in 3Q 2010; during the same period the year before, a total of 14,793 units changed hands.

Fourteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in the third quarter, according to Florida Realtors. The statewide existing-condo median sales price was $84,000 for the three-month period; in 3Q 2009, it was $106,000 for a decrease of 21 percent.

“A healthy housing market is built on the foundation of a robust economy,” said Dr. Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness. “As the economic recovery continues in Florida – and in particular as the labor market improves – the housing market will follow suit. The price decline in the condo market continues to attract domestic and foreign buyers to Florida to take advantage of this buying opportunity.

“The third-quarter single-family and condo Florida resales data reflect a slowdown relative to second-quarter data as the expiration of the first-time homebuyer’s tax credit in April pulled future demand into the second quarter,” Snaith said, adding that the drop-off was expected.

Meanwhile, in the year-to-year quarterly comparison for existing single-family home sales, 41,122 homes sold statewide for the quarter compared to 44,451 homes in 3Q 2009 for a 7 percent decrease. The statewide existing-home median sales price was $135,200 in 3Q 2010; a year earlier, it was $145,300 for a decrease of 7 percent. Sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes, according to the National Association of Realtors® (NAR). The median is a typical market price where half the homes sold for more, half for less.

The University of Florida’s Bergstrom Center for Real Estate Studies’ latest quarterly survey of real estate trends reports that the jobless rate remains a top concern for the future outlook of the state’s real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts.

Timothy Becker, the center’s director, noted that investment in real estate continues to flow into Florida, though investors are wary about the economy. “The apartment sector is the stellar performer,” he said, adding that conditions continue to improve in the commercial sector. “We’re starting to see stabilization across property types in occupancy, with respondents saying they feel better about what rents are going to look like in the near future.”

Low mortgage rates continued to be available during the third quarter of the year. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.45 percent in 3Q 2010; one year earlier, it averaged 5.16 percent.

© 2010 Florida Realtors®

Related Topics: Home sales

GLOBAL BUYERS BUY UP FLORIDA PROPERTY - CASH

GLOBAL BUYERS

Who they are – most international buyers come from Europe (30.8 percent); North America (27.5 percent); and Asia (25.2 percent) with the remainder being from Latin America, Africa, and Oceania. They speak their native language, embody their culture and follow their customs. Global buyers can include relocating employees, immigrant families, college/university students, and foreign investors.
What they buy – REALTORS® reported that 69 percent of their clients bought single-family homes, 18 percent bought condominiums, and the rest was in townhomes and commercial real estate.
Where they buy - Suburban communities were the most sought after, followed by rural or small town communities and urban areas. Four states account for the most sales – Florida, California, Texas, and Arizona; but sales took place across the country.
How they buy – More than 45 percent of international buyers pay cash (compared to the 93 percent of U.S. homeowners who secure a mortgage). The international buyer on average paid nearly 20 percent more than the domestic buyer, according to a REALTOR® survey that covered the late 2008 to early 2009.

 

New home sales rise 6.6% after dismal summer

 

New home sales rise 6.6% after dismal summer

WASHINGTON (AP) – Oct. 27, 2010 – Sales of new U.S. homes improved last month after the worst summer in nearly five decades, but not enough to lift the struggling economy.

The Commerce Department says new home sales in September grew 6.6 percent from a month earlier to a seasonally adjusted annual sales pace of 307,000. The increase follows a stretch where three of the past four months were the slowest on records dating back to 1963.

High unemployment, tight credit and uncertainty about home prices have kept people from buying homes. Government tax credits propelled the market earlier in the year, but those expired in April.

The median sales price was $223,800. That was up 3.3 percent from a year earlier.
Copyright © 2010 The Associated Press

 

Florida's consumer confidence gets big boost

 

Florida’s consumer confidence gets big boost

GAINESVILLE, Fla. – Oct. 27, 2010 – Historically low interest rates, bargains on condominiums and a moratorium on foreclosures likely caused a six-point jump in Florida’s consumer confidence in October to 74, its highest level in six months, according to a new University of Florida (UF) survey.

“Much like the spike in April’s consumer confidence, this increase was not expected,” says Chris McCarty, director of UF’s Survey Research Center in the Bureau of Economic and Business Research. In April, home appliance rebates sparked the increase, he says.

All five of the index components rose in October, with the biggest increase in perceptions about whether it’s a good time to buy big-ticket consumer items, which jumped 10 points to 85.

Perceptions of personal finances now compared with a year ago rose six points to 55, while perceptions of personal finances a year from now rose seven points to 85. Perceptions of U.S. economic conditions over the next year rose five points to 68, while perceptions of U.S. economic conditions over the next five years rose two points to 78.

“As we get closer to the holiday season, consumers should expect increases in both gas and food prices, which will likely affect consumer confidence and holiday sales,” McCarty says. “Given the large increase in confidence this month, I expect a slight decline next month, barring some significant change in the economic climate.”

The rise in confidence this month was particularly marked among seniors. The index rose only two points for those under 60, but 11 points for those 60 and older.

“This is an odd result when the biggest news for seniors during October was the announcement on Oct. 15 of no cost-of-living adjustment to Social Security,” McCarty says. “Since then, there has been a push among President Obama and some in Congress for a one-time payment of $250 as compensation.”

It’s also possible that the midterm election cycle could somehow affect senior optimism, McCarty says. “It is not unusual for the potential viability of one candidate … to translate into one of the index components, although that is typically one of the two components measuring perceptions of U.S. economic conditions.”

A likely cause of an increase in consumer confidence overall is the effect of the temporary moratorium on foreclosures and the possibility of delaying foreclosures as a result of the news that banks may be vulnerable in not following procedures in the filing of paperwork when buying and selling mortgages.

The increase in confidence comes amid mixed economic news about employment, housing, tax revenue and tourism revenue. The latest unemployment figures, which were just released, show Florida’s jobless rate in September was up to 11.9 percent from a revised August figure of 11.8 percent – far above the national unemployment rate of 9.6 percent.

“Although housing prices have been declining, condo sales have been on the rise due in part to bargain-buying by those with cash,” McCarty says. Florida’s number of tourists and the resulting tourism revenue are also outpacing last year.

“My thinking had been that consumer confidence would remain mired in the upper 60s and low 70s until there was a clear path to economic recovery,” McCarty says. “While I still believe that to be the case, the confidence index for Florida has been somewhat erratic since April.”
 
The research center conducts the Florida Consumer Attitude Survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for October was collected from 403 responses.

© 2010 Florida Realtors®

 

Les avantages d'un investissement en Floride

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La rentabilité à moyen terme la plus élevée à ce jour! Le meilleur rapport risque/rentabilité raisonnablement possible.
Il y a encore peu de temps sur 10 ans la hausse des prix de nos produits a été en moyenne de 12% à 20% par an : soit au minimum un doublement du capital en 4 à 6 ans

 

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Office: 1-239-298-9264
Fax: 1-800-976-6499

 

Mailing address:
PO Box 101521
Cape Coral, Fl 33910

 

 

 

 

 

Obama official says banks can restart foreclosures

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=249067

 

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Foreclosure wheels begin to turn again for Bank of America, GMAC

Foreclosure wheels begin to turn again for Bank of America, GMAC

NEW YORK – Oct. 19, 2010 – Bank of America and Ally Financial’s GMAC Mortgage have begun to lift their freezes on more than 100,000 foreclosure cases in Florida and other states, saying they’re not finding flaws in their paperwork.

Late Monday, Bank of America issued a statement saying that it expects to begin going back next week to courts in the 23 states where foreclosures are a judicial process, including Florida. A statement from spokesman Dan Frahm said the lender is preparing to re-submit documents in 102,000 foreclosure cases already underway.

Also Monday, Ally Financial spokesman James Olecki confirmed that GMAC is re-submitting documents in some foreclosure cases including at least one in Florida “as each of those files is reviewed and remediated when needed.”

Among major lenders, Bank of America had called a halt to all foreclosure sales nationwide. It also, along with GMAC, JPMorgan Chase and PNC Financial Services, initiated reviews in the 23 judicial foreclosure states. Bank of America later extended its review nationwide. Wells Fargo did not undertake a review of its procedures.

Major lenders in September began announcing halts to all or parts of their foreclosure processes, after revelations – in sworn statements submitted in lawsuits in which homeowners are fighting foreclosures – showing that employees or representatives failed to verify mortgage paperwork before submitting foreclosure cases to courts.

The so-called “robo-signers” said, under oath, that they handled thousands of documents each month without knowing whether they were accurate, as required by court procedure.

The GMAC and Chase documents surfaced in Palm Beach County cases that are still going through the courts.

On Monday, Bank of America said its “initial assessment findings” have shown “the basis for our foreclosure decisions is accurate.”

GMAC’s Olecki wrote in an e-mail, “Again, we have been in the midst of a review for approximately two months and have found no evidence of any inappropriate foreclosures to date.”

A spokesman for PNC Financial said the lender hasn’t changed its position on reviewing foreclosure documents. A spokesman for JPMorgan Chase repeated the bank’s intention to review about 115,000 foreclosure files and delay foreclosure sales.

Monday’s developments won’t speed the foreclosure process in Florida’s overburdened courts, said Alexander Fernandez, director of homeownership preservation for Neighborhood Housing Services of South Florida. He noted there are more than 50,000 cases in Broward County alone that are still pending. And renewed cases, he said, would probably go to the back of the line.

Foreclosure defense attorneys questioned how the process can be re-started. “Do they simply get to resubmit the document and go on like nothing happened?” said Matthew Weidner, a St. Petersburg foreclosure defense attorney.

Beyond Florida, Bank of America said it would continue its halt of foreclosure sales in the 27 states that do not handle foreclosures through the judicial system.

Copyright © 2010 Sun Sentinel, Fort Lauderdale, Fla., Harriet Johnson Brackey. Distributed by McClatchy-Tribune Information Services.

Provided by http://www.floridacapecoral.info

 

Goldman Sachs sued by German Bank

 

Goldman Sachs Group Inc., which served as the placement agent for a collateralized debt obligation named Davis Square Funding VI, was sued by Landesbank Baden-Wuerttemberg over its $37 million loss on the investment.

 

The CDO held 95 percent residential mortgage-backed securities, of which 33 percent were subprime and 46 percent were "midprime," the German bank said in a complaint filed yesterday in federal court in Manhattan. TCW Group Inc., the investment adviser on the CDO, was also sued by the bank.

 

When Goldman sold the investments to a Luxembourg affiliate of LBBW in March 2006, they were represented as "safe, secure, and nearly risk free," according to the complaint. At the same time, Goldman senior executives privately observed that "it was game over" for subprime lenders and were reducing their exposure to the mortgages, LBBW said.

 

Bank of America delays foreclosures in 23 states

Bank of America delays foreclosures in 23 states

WASHINGTON – Oct. 4, 2010 – Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents.

The move adds the nation’s largest bank to a growing list of mortgage companies whose employees signed documents in foreclosure cases without verifying the information in them.

Bank of America isn’t able to estimate how many homeowners’ cases will be affected, Dan Frahm, a spokesman for the Charlotte, N.C.-based bank, said Friday. He said the bank plans to resubmit corrected documents within several weeks.

Two other companies, Ally Financial Inc.’s GMAC Mortgage unit and JPMorgan Chase, have halted tens of thousands of foreclosure cases after similar problems became public.

The document problems could cause thousands of homeowners to contest foreclosures that are in the works or have been completed. If the problems turn up at other lenders, a foreclosure crisis that’s already likely to drag on for several more years could persist even longer. Analysts caution that most homeowners facing foreclosure are still likely to lose their homes.

State attorneys general, who enforce foreclosure laws, are stepping up pressure on the industry.

On Friday, Connecticut Attorney General Richard Blumenthal asked a state court to freeze all home foreclosures for 60 days. Doing so “should stop a foreclosure steamroller based on defective documents,” he said.

And California Attorney General Jerry Brown called on JPMorgan to suspend foreclosures unless it could show it complied with a state consumer protection law. The law requires lenders to contact borrowers at risk of foreclosure to determine whether they qualify for mortgage assistance.

In Florida, the state attorney general is investigating four law firms, two with ties to GMAC, for allegedly providing fraudulent documents in foreclosure cases. The Ohio attorney general asked judges this week to review GMAC foreclosure cases.

In New York, State Attorney General Andrew Cuomo is reviewing the matter “to prevent homeowners from being improperly removed from their homes,” according to a spokesman, Richard Bamberger, who said Friday that Cuomo’s office has been in contact with several of the financial institutions.

Mark Paustenbach, a Treasury Department spokesman, said the Treasury has asked federal regulators “to look into these troubling developments.” And the Office of the Comptroller of the Currency, which regulates national banks, has asked seven big banks to examine their foreclosure processes.

“We both want to see that they fix the processing problems, but also to look to see whether there is specific harm” to homeowners, John Walsh, the agency’s acting director told lawmakers Thursday.

A document obtained Friday by the Associated Press showed a Bank of America official acknowledging in a legal proceeding that she signed up to 8,000 foreclosure documents a month and typically didn’t read them.

The official, Renee Hertzler, said in a February deposition that she signed 7,000 to 8,000 foreclosure documents a month.

“I typically don’t read them because of the volume that we sign,” Hertzler said.

She also acknowledged identifying herself as a representative of a different bank, Bank of New York Mellon, that she didn’t work for. Bank of New York Mellon served as a trustee for the investors holding the homeowner’s loan.

Hertzler could not be reached for comment.

A lawyer for the homeowner in the case, James O’Connor of Fitchburg, Mass., said such problems are rampant throughout the industry.

“We have had thousands, maybe hundreds of thousands of foreclosures around the country by entities that did not have the right to foreclose,” O’Connor said.

The disclosure comes two days after JPMorgan said it would temporarily stop foreclosing on more than 50,000 homes so it could review documents that might contain errors. Last week, GMAC halted certain evictions and sales of foreclosed homes in 23 states to review those cases after finding procedural errors in some foreclosure affidavits.

Consumer advocates say the problems are widespread across the lending industry.

“The general level of sloppiness is pervasive around the industry,” said Diane Thompson, counsel at the National Consumer Law Center.

Vickee Adams, a spokeswoman for Wells Fargo & Co., said Wells’ “policies, procedures and practices satisfy us that the affidavits we sign are accurate.”

Mark Rodgers, a spokesman for Citigroup Inc., said the bank “reviews document handling processes in our foreclosure group on an ongoing basis, and we have strong training to ensure that appropriate employees are fully aware of the proper procedures.”

Mortgage finance companies Fannie Mae and Freddie Mac said Friday they’re directing companies they work with that collect loan payments to follow proper procedures.

In some states, lenders can foreclose quickly on delinquent mortgage borrowers. By contrast, the 23 states in which Bank of America is delaying foreclosures use a lengthy court process. They require documents to verify information on the mortgage, including who owns it.

Those states are: Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.
Copyright © 2010 The Associated Press, Alan Zibel, AP real estate writer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. AP Business Writer Christopher S. Rugaber contributed to this report.

 

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Cape Coral Florida Real Estate FREE FORECLOSURE LIST

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no tax on chinese drywall homes

Chinese Drywall   If you own a home severely tainted with Chinese drywall, your property should be valued at $0, because of a law passed this year in the state Legislature. If the building is uninhabitable, owners will not have to pay property taxes on it until it is repaired, the law states. Homeowners still have to pay taxes on the land the property sits on, and Non Ad-Valorem taxes will also be required. Affected homeowners should provide their county appraiser with documentation showing that their homes contain the drywall, which emits sulfur odors and can cause structural damage.

Information is released without any guarantee

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Was ist ein Short sale ?

Was ist ein “Short Sale”?

Ein Short Sale auch benannt als “Pre Foreclosure” (vor der Zwangsvollstreckung), bezeichnet einen Immobilienverkauf, bei dem die Bank oder das Hypothekeninstitut die ausstehende Schuld eventuell reduzieren wuerde, da der Eigentümer nicht mehr in der Lage ist, die Schulden bezahlen zu koennen. Eine Short sale Transaktion ist sehr individuell, je nach Faktoren die den Ablauf beeinflussen kann ein Zeitraum von ca. 6 Monaten und laenger verstreichen bis zur offiziellen Protokollierung

Wenn eine Zwangsvollstreckung droht, streben mittlerweile viele Hausbesitzer den Weg des Short Sale’s an. Das Finanzinstitut versucht mit einem Short Sale den Verlust auf dem Darlehen zu minimieren bevor es zu einer Zwangsvollstreckung kommt. Ein Short Sale bedeutet eine Verhandlung mit dem Finanzierungsinstitut ueber die ausstehende Schuldenlast. Die Bank laesst eine Wertschaetzung oder Marktanalyse von dem Objekt erstellen und ermittelt hierdurch den Verkaufspreis und die Konditionen, die Sie als Finanzierungsinstitut akzeptieren werden. Oft liegt Verkaufspreis hoeher als der Listingspreis, den die Marktsituation und/ oder der Marktwert kann sich bereits in dem Zeitraum der Abwicklungsphase geaendert haben.

 

 

Alexandra Fischer, realtor

lic. real estate broker & owner

 

cell: 239 298 9264

fax:  800 976 6499

 

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Del Prado Realty, LLC.

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4903 Chiquita Blvd S. #103
Cape Coral Fl 33914

 

 

 

Google Invests in Low-Income Housing

Google Invests in Low-Income Housing
Google Inc. is investing $86 million in a tax-credit fund to finance the construction of 480 low-income housing units.

The developments will be spread among seven communities in the West and Midwest to provide housing for low-income families and senior citizens. The housing will include units with as many as four bedrooms, according to a prepared statement.

"Our investment … allows us to further our goal of providing relief to people who otherwise may not have access to quality housing," says Brent Callinicos, a Google vice president.

Source: Dow Jones Newswires, Francesca Freeman (08/31/2010

 

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Sehr schoene Eigentumswohnung mit ca. 60m2 im 2. Stock inmitten der Stadt Cape Coral gelegen. 1 Schlafzimmer und ein Badezimmer. Der Pool laedt geradezu zum Schwimmen ein

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WHAT IS A SHORT SALE IN FLORIDA S REAL ESTATE MARKET?

WHAT IS A SHORT SALE IN FLORIDA S REAL ESTATE MARKET?
A short sale is similar to a regular residential/ home sale with one exception. In a regular home sale, the lender is paid in full when the new homeowner takes clear and marketable title to the property. In a short sale, the lender accepts less than what is owed.

Through a short sale, the property never makes it to the courthouse steps. The homeowner is delinquent in their payments but the lender has not yet published public notice.

With a short sale, the lender allows the house to be sold for less than the actual mortgage balance. As a result, the borrower avoids a deficiency judgment. The lenders would rather get most of their mortgage through a sale arranged by the owner then take the property back at a foreclosure sale.

However, the problem for the borrower after a short sale is that the difference between the balance owed to the mortgage company / bank and the full mortgage balance is considered by the IRS to be a forgiveness of debt for tax purposes. The mortgage lender may send the borrower a Form 1099 for the difference amount making the seller responsible for taxes on that additional tax liability.

What does this mean to the buyer if he/she is purchasing a property through a "short sale" ?
The offer/ contract for purchase and sale is subject to current lender`s approval / acceptance.
Which is more time complex compared to a regular sale / purchase where only the seller and buyer agrees to the condition and terms of the contract. There is a chance that the bank denies your offer. So be aware that while you are waiting on an answer to your offer regarding a "short sale" property you can NOT submit an new offer (binding contract with clauses for example right to inspection) on another property unless you would like to execute a multiple purchase.

DOWNSIDES

It sounds too good to be true - your mortgage lender tells you they will accept less money than you owe from your home sale to help you avoid going to foreclosure. This agreement is known as a short sale - also known as short-sale or shorted sale. Under certain conditions, the lender will accept a payoff less than you owe and will release the secured lien. For example, you may owe $150,000 on your note, but your home is appraised at $125,000 because of a down turn in the real estate market. You may be having problems keeping up with your mortgage payments because you just lost your job. You lender may agree to accept $125,000 from the sale of your house as payment in full to release your lien. Wow, you think you just saved $25,000 and are now out of trouble - no foreclosure and no more house payment. Before you get too excited, check with your lawyer, your CPA or tax accountant, and a realtor who has a lot of experience with real estate short sales. A short sale may, in fact, be the best solution for you, but it could also come back to bite you.

WHY LENDERS AGREE TO SHORT SALES

Mortgage companies and banks sometimes agree to short sales because when a property is foreclosed, the loan becomes a "non-performing" loan on the accounting books. Non-performing loans may affect how much the bank can get from the Federal Reserve in order to lend money to other people and make more profits. Often times, the lender can make more money on a short sale than on a foreclosure even though they don't get the full pay off amount on your loan. Not all lenders will accept a short sale and there are possible downsides for you.

WHAT LENDERS AND REALTORS MAY NOT TELL YOU

* A lender may release your secured lien for less than you owe, but they have the right to collect the remaining amount of the original loan. In the earlier example, if your lender accepts $125,000 for your $150,000 secured note, they can still seek a judgement against you for the remaining $25,000 debt.

A new federal tax law provides a strong financial incentive to go ahead with a short sale.

Before 2007, if someone lost a home in foreclosure or was forced to sell for less than the loan amount, the Internal Revenue Service figured that that person owed the government for a phantom profit -- tax on the money he or she did not have to repay.

But under the Mortgage Debt Forgiveness Act, signed by President Bush in December, this "debt cancellation income" is forgiven for 2007-09, and is not taxable.

"Until recently, the problem with the short sale was they would have a phantom tax they had to pay," said said David Agee of the Bradenton law firm of Reed and Agee. "Because part of the problem with a short sale is: 'I am somebody in trouble. I can't pay for it.'"

Information given is no guide to or guarantee of future performance.

More information on our website

http://www.floridacapecoral.info/shortsaleexplanation.htm

 

 

Sales of existing single-family homes in Florida rose 21 percent in second quarter 2010

ORLANDO, Fla. – Aug. 11, 2010 – Sales of existing single-family homes in Florida rose 21 percent in second quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 51,564 existing homes sold statewide in 2Q 2010; during the same period the year before, a total of 42,604 existing homes sold. It marks the eighth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Statewide sales of existing condominiums in the second quarter rose 45 percent compared to the same time the previous year. This marks the seventh consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

Statewide sales activity in 2Q 2010 also increased over 1Q 2010’s sales figure in both the existing home and existing condo markets, Florida Realtors’ records show. For 2Q 2010, statewide sales of existing homes rose 32.7 percent over the 1Q 2010 figure; statewide existing condo sales in 2Q 2010 increased 24.2 percent over the 1Q 2010 level.

Looking forward, the University of Florida’s Bergstrom Center for Real Estate Studies’ latest quarterly survey of real estate trends reported that job growth and the BP oil spill were cited as top concerns for the future outlook of the state’s real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts.

The center’s director, Timothy Becker, noted in the report that the oil spill has created “a cloud of uncertainty that is affecting all markets across the state. Our respondents indicate that the effect of the oil spill is being felt across Florida despite the fact that oil is only showing up on some beaches in the Panhandle.”

The survey reported the outlook for investment in industrial properties continues to brighten and is becoming increasingly positive.

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in 2Q 2010 compared to the same three-month period a year earlier; 18 of the MSAs showed gains in condo sales.

The statewide existing-home median sales price was $141,300 in 2Q 2010; a year earlier, it was $143,000 for a decrease of 1 percent. The 2Q 2010 statewide existing-home median sales price was 5.6 percent higher than the statewide existing-home median sales price of $133,800 in 1Q 2010. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.

In the year-to-year quarterly comparison for condo sales, 20,986 units sold statewide for the quarter compared to 14,430 in 2Q 2009 for a 45 percent increase. The statewide existing-condo median sales price was $98,900 for the three-month period; in 2Q 2009, it was $110,300 for a decrease of 10 percent. The 2Q 2010 statewide existing-condo median sales price was 3.2 percent higher than the 1Q 2010 statewide existing-condo median sales price of $95,800.

Low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.91 percent in 2Q 2010; one year earlier, it averaged 5.03 percent.

© 2010 Florida Realtors®

Comparable Market Analysis explained

Sellers: What to Look For in the Similar Market Analysis
When searching for the right representative to market your house, one extremely essential aspect of gauging his or her marketplace information and expertise can be discovered in how the agent approaches the Identical Market place Analysis (CMA) for your house.

Basically set, the CMA is intended to be an apples to apples comparison. CMAs ready for sellers usually present particulars on three or much more nearby, similar components. The CMA information is vital, in truth the amount a single element, for identifying the marketplace worth of your home.

The following are items to appear for in the qualities that the representative chooses as the comparables for your residence. And don't be shy about asking the representative for specifics on each. A leading-notch seller's representative will have carried out in-depth study in choosing the comparables to existing in the CMA.

Terminology

Very first, here is some fundamental CMA and home listing terminology.

Energetic: The property is actively for purchase and there is not an recognized buy agreement. There may possibly be an provide or negotiations in the performs, but an contract is not finalized.

DOM: The amount of times the home has been on the industry.

Energetic Contingent: A obtain present has been produced, the vendor has recognized the present, but there are customer contingencies that may well prevent the purchase going via. The most standard contingency is financing--the purchaser has yet to secure loan commitment. Other contingencies may well be: the inspection time period, possibly individual inspection, specialist inspection or both; examination of monetary records for income-creating qualities; and/or the buyer's sale or closing of another house (the latter becoming much less common). There might be 1 or much more contingencies.

In some instances, Productive Contingent standing signifies that the owner is willing to take backup provides, need to the existing offer you not go by means of or if there is a "kick-out" clause in the contract (a kick-out clause is an arrangement among the purchaser and vendor giving the seller the correct to demand contingency removal inside of a specific amount of times; if the buyer can't carry out within just that time time period, the agreement may be terminated).

Pending: Terms of the obtain agreement have been fulfilled and the closing of the transaction is around or nearly assured. Usually a listing will move from Lively, to Lively Contingent, to Pending, and lastly to Offered. If an recognized buy deal is a cash obtain with no or minor contingencies, the standing moves from Lively directly to Pending.

Unique Checklist Price tag: The initial asking selling price of the house on the listing's commence date.

List Price: The present inquiring selling price, possibly the same as the authentic checklist, or right after cost reductions or cost raises from the authentic record quantity.

Marketed Selling price: The final amount paid by the buyer to the vendor.

Back on Industry: The residence was temporarily off the marketplace, normally since a invest in offer was accepted, but the offer fell via (e.g., the customer could not acquire financing).

Topic Residence: The residence you are evaluating in a CMA, possibly as the owner or the shopper.

Similar House: The qualities that are being employed as the finest-fit comparisons to the subject house.

Simple Features Comparable or Identical



When the property was made need to be about the exact same time as yours (developed between 1999 and 2003 for case in point)
General square footage ought to be the same or extremely close to your house; be positive to check out the under air square footage and total square footage
The building type need to match yours (for instance, concrete block with stucco)
The roofing is equivalent in type and age (concrete tile about 5 a long time outdated, for illustration)
Space utilization overall should similar to yours: the quantity of bedrooms and bathrooms, garage spaces, floor prepare design (split bedroom, great space), variety of stories, unit floor (condos), a household space (or not), formal dining (or not), lanai/patio...
For waterfront properties, it's also important to assure attributes such as seawall, boat dock, and boat lift are similar in top quality, age, and dimension.

General Condition of the House Ask about the how nicely maintained the similar attributes are. If yours is meticulously maintained, a similar that "requires TLC" or that has roof destruction is not a valid comparison. Also crucial are any upgrades your residence, or the comparables, have undergone. If your kitchen is the unique and is 15 many years outdated, but a similar house has an upgraded kitchen with granite countertops and new appliances, an adjustment needs to be made or a various similar employed. Area, Whole lot, and Watch


Whole lot sizing and kind: in South West Florida, the majority of a lot are a quarter of an acre (.250). Corner a lot, oversize tons, triple plenty, and cul-de-sac tons normally command larger costs.
The equivalent qualities are in your geographic area, generally inside of a mile radius or so.
Look at and kind of look at are equivalent (waterfront, golf course, wooded region, Gulf of Mexico, bay, basin, lake, pond, parking lot, obstructions, etc.).

If yours is waterfront, pay out close attention to the waterfront kinds of the comparables. Simply because there are so a lot range in the waterfront attributes in South West Florida, particularly in the canal devices, this is important. For illustration, a gulf entry residence that is an hour from the Gulf, even if equivalent in construction and other aspects, is not planning to command as a lot as a gulf entry house that is 20 minutes from the Gulf. Likewise, a freshwater good deal with a lake watch is far more prized than 1 on a regular freshwater canal. Intersecting canal views are valued higher, as are components on wider canals (120-200'). Likewise, check out the particulars on comparables for the Caloosahatchee River views and Gulf of Mexico beach front views (frontage, direction, obstructions).

Adjustments Are At times Needed In some instances, it might not be achievable to locate nearby components that carry all of the identical features. For example, if the close by components are identical in rectangular footage, layout, good deal size, age and situation.... but yours has a swimming pool and the others do not, an adjustment can be manufactured to the comparable attributes. The adjustment is extra (or subtracted) from the similar. So if the comparable does not have a swimming pool, and yours is brand new, the representative would adjust the equivalent benefit by adding the benefit of the swimming pool, say $40,000, to provide the similar up to par with your home (the subject house). Purchase Position and Dates The equivalent attributes must be ones that have lately marketed, within just the final six months or ideally the final three months. If offered info is not accessible (no similar attributes have offered in the neighborhood), then following greatest is individuals that have lately gone pending.

Also spend near interest to the DOM, the amount of Times On Industry. This is calculated from the original checklist day to the day of closing (when title transfers to the new owner). This is an critical aspect: if the home marketed quickly, you know it was priced right. If the house was on the industry for 180 nights or much more (perhaps with a number of price tag decreases along the way), the pricing method that seller utilized is circumspect and gives evidence it was priced too higher. (Other elements might have delayed the selling, but more often than not, DOM is an indicator of price point.)

REFERENCE: http://www.floridacapecoral.us

 

Low U.S. home prices, high loonie make it a good time to be a Canadian snowbird

Low U.S. home prices, high loonie make it a good time to be a Canadian snowbird

TORONTO – Aug. 6, 2010 – Mary and Ron Ethier long believed a getaway home in the Florida sun would remain a retirement dream, but when a recent real estate turnaround opened the border to a growing flock of snowbirds, the couple suddenly saw an opportunity too tempting to pass up.

“We just felt with the prices that were happening down there, that it was out of our reach financially,” said Mary Ethier from her home in Pembroke, Ont. “But when their real estate market basically took a big hit and the Canadian dollar came up, we thought if we’re ever going to do it, now’s the time to get off our butts and go and do it.”

The couple, too busy with their lawn-care franchise to enjoy Ontario summers, toured homes in the Fort Myers, Fla., area in the fall of 2007 and made a lowball offer, expecting to negotiate, but instead found their deal accepted.

By January, they owned a condo in a gated community, a property foreclosed upon when the U.S. housing bubble burst and home prices began to plummet and many American homeowners realized they could no longer pay their mortgages.

The loonie has since risen to hover around parity while U.S. home prices have stagnated, creating new financial incentives for Canadians to act fast and scoop up American real estate deals.

“It’s a once in a lifetime opportunity for Canadians,” says Mark Dziedzic, a Canadian Realtor with Cross Border Realty and a snowbird himself.

The Sun Belt states of Texas, Arizona, California and Florida are favorites, while there are also deals to be had in Nevada and Georgia. The average price of a home in Phoenix, Ariz., is US$144,600, compared to $432,253 in Toronto.

“People are buying $40,000 to $50,000 condos in Phoenix right now. Condos (in Toronto) are selling for $400,000 to $500,000,” Dziedzic said. Taxes, condo fees and closing costs are also generally less expensive in the U.S., he added.

Prices in most U.S. regions have steadied after falling for three years, but a high number of foreclosures persist, lowering prices, especially in Florida and Nevada, said Bank of Montreal mortgage specialist Laura Parsons.

“This is the time to buy if you’re going to,” she said.

“I think you’ve got to look at this as a long-term investment because you’re getting such a deal. You’re going to have to hang on to it for a while,” and ride out any further downturns before the market picks up again, she said.

There is a fine balance between rushing to buy and waiting for lower prices. Economists predict the U.S. housing market will remain soft, but it’s futile to make decisions based on where a currency or a housing market is going.

“I don’t think you need to rush down and get a place, but the good stuff in the lower price range ... those are moving. The good ones come up and they’re sold,” Dziedzic said.

Buying real estate in the U.S. is becoming easier for Canadians as more snowbirds snap up getaway homes.

© The Canadian Press 2010

 

 

FINANZIERUNG FUER DAS FERIENHAUS IN FLORIDA

ES IST MOEGLICH ...

...   DIE FINANZIERUNG FUER DAS FERIENHAUS IN FLORIDA!

 

 

Fuer ein 2. Haus in Florida gibt e simmer noch die Moeglichkeit einer Bankfinanzierung ueber US Banken fuer Nichtamerikaner.

Vorrausetzung ist eine Anzahlung von 30% des Kaufpreises, was auf eine 70% Beleihung schliesst.

 

 

Zinssaetze variable:

3   Jahren ARM              5,49%

5   Jahren ARM             6,00%

7   Jahren  ARM            6,375%

10 Jahren  ARM 6,625%

Gerne beraet Sie unsere deutschsprachige Finanzierungsberaterin!

Kontaktieren Sie uns unter email: info@floridacapecoralrealestate.com, Telefon +1 239 298 9264,

Weitere Informationen finden Sie unter www.capecoralflorida.de

 

 

Stand Juli 2010

 

FINANZIERUNG FUER DAS FERIENHAUS IN FLORIDA

ES IST MOEGLICH ...

...   DIE FINANZIERUNG FUER DAS FERIENHAUS IN FLORIDA!

 

 

Fuer ein 2. Haus in Florida gibt e simmer noch die Moeglichkeit einer Bankfinanzierung ueber US Banken fuer Nichtamerikaner.

Vorrausetzung ist eine Anzahlung von 30% des Kaufpreises, was auf eine 70% Beleihung schliesst.

 

 

Zinssaetze variable:

3   Jahren ARM              5,49%

5   Jahren ARM             6,00%

7   Jahren  ARM            6,375%

10 Jahren  ARM 6,625%

Gerne beraet Sie unsere deutschsprachige Finanzierungsberaterin!

Kontaktieren Sie uns unter email: info@floridacapecoralrealestate.com, Telefon +1 239 298 9264,

Weitere Informationen finden Sie unter www.capecoralflorida.de

 

 

Stand Juli 2010

 

Cape Coral vacation rentals

Cape Coral vacation rental Villa Tiffany

http://www.youtube.com/watch?v=lUVjEdNwDiA

 

visit our homepage at

http://www.ferienhaustiffanyflorida.com/

 

new gulf oil spill model - Cape Coral in good shape

The chance that Florida's west coast will be hit is somewhere between 1 percent and 20 percent, the new model shows. But due to the influence of the Gulf Stream's Loop Current, the probability of oil in communities from the Keys to somewhere around West Palm Beach ranges from 61 percent to as high as 80 percent.

http://www.overoll.com/Article/www.npr.org/NOAA-Releases-New-Gulf-Oil-Spill-Model--NPR/280601/2743064.news

 

International interest in U.S. homeownership increases

NAR: International interest in U.S. homeownership increases

WASHINGTON – July 8, 2010 – International homebuyers are increasingly attracted to property in the U.S., according to the National Association of Realtors®’ 2010 Profile of International Home Buying Activity. Several factors, including the strength of the dollar, the value and desirability of U.S. real estate, and the emerging economic recovery, continue to drive international interest in owning a home in this country.

“While all real estate in the U.S. is local, the same is not true for property owners,” said NAR President Vicki Cox Golder. “The U.S. continues to be a top destination for international buyers from all over the world. Foreign buyers understand the value of owning a home in this country and can rely on Realtors to help guide them through the complex process of buying property in the U.S. With expertise, knowledge and experience, Realtors have a global perspective.”

The survey covers the period between April 1, 2009, and March 31, 2010. During that time foreign buyers, including those with residency outside the U.S. as well as recent immigrants and temporary visa holders, are estimated to have purchased $66 billion of U.S. residential property, or 7 percent of the residential market.

Slightly more than a quarter of Realtors, 28 percent, reported working with at least one international client in the past year. This is a significant increase from the 2009 report, when 23 percent of Realtors worked with foreign clients. Eighteen percent of all Realtors were estimated to have completed at least one sale, compared to 12 percent last year.

“Several factors have contributed to an increase in international buyer interest in the U.S.,” said Golder. “A large majority of Realtors report the changes in value to the U.S. dollar have had a strong impact on the international real estate business. In addition, perceptions abroad about trends in the U.S. real estate market have led many international clients to believe purchasing a home in the U.S. is more affordable than in their country and holds more value.”

International buyers came from 53 different countries around the world. The top four countries were Canada, Mexico, the U.K. and China/Hong Kong. With 23 percent of international buyers coming from Canada, the country has remained the largest buying group in the past three years. Foreign buyers from Mexico have been steadily increasing. In 2010, Mexico replaced the U.K. as the second largest buying group with 10 percent of buyers. Buyers from the U.K. decreased from 10.5 percent in 2009 to nine percent in 2010. Eight percent of recent buyers came from China/Hong Kong.

Two factors important to international clients when purchasing property in the U.S. are proximity to their home country and the convenience of air transportation. Florida typically attracts European, Canadian and South American buyers while the East Coast draws Europeans. The West Coast brings Asian buyers and the Southwest attracts Mexicans.

International buyers were reported in 39 states in 2010, but a slight majority of the total buyers are concentrated in Florida, California, Arizona and Texas. These four states account for 53 percent of purchases and have remained the top destinations for the past three years, with Florida and California remaining the top two destinations.

The median price paid by international buyers for a home in the U.S. was $219,400, a decrease from 2009’s median price of $247,100. However, the median price paid by foreign buyers was significantly higher than the overall median market price, which was $172,500 in 2009. On average, foreign buyers tend to purchase closer to the upper end of the market; 16 percent of the total international purchases were for homes priced at more than $500,000. According to Realtors, this was because international buyers are typically looking for a second home.

A majority of international buyers, 66 percent, purchased single-family detached homes. However, more international buyers purchased a condo than did their U.S. counterparts, at 23 percent and 7 percent, respectively. Only 44 percent of international buyers used a mortgage to pay for their home, compared to 92 percent of domestic buyers. Fifty-five percent of foreign buyers paid all cash. Realtors reported that a majority of international buyers use all cash because of the difficulty in establishing international credit in the U.S. Over one-third, 34 percent, of potential foreign buyers was unable to complete transactions because of financing problems in the U.S.

© 2010 Florida Realtors

 

Cape Coral 4th of July greetings

 

http://www.123greetings.com/send/view/07703410515446720416

 

 

Ferienhaus Villa Tiffany in Cape Coral ist eine Villa der gehobenen Klasse

Unser Ferienhaus Villa Tiffany in Cape Coral ist eine Villa der gehobenen Klasse. Ausgestattet mit 3 Schlafzimmern und 2 Baedern gibt es genuegend Platz fuer die ganze Famile

 

Die neuwertige, vollklimatisierte, exclusive Villa mit neuem und elektr. beheizbarem Pool mit grosser Terrasse liegt in ruhiger Lage von SW Cape Coral in einem Salzwasserkanalgebiet. Die raeumlich grosszuegige und lichtdurchflutete Villa Tiffany mit hohen Raumdecken und extra Features (Jacuzzi) verleiht ein sehr behagliches Wohnklima. Ein zusaetzlicher Raum (Den) dient als Ruhe oder Leseraum. Die moderne und voll ausgestattete Kueche bietet neben der Breakfast Bar auch eine Fruehstuecksecke mit Tisch und Stuehlen mit Blick auf den Pool. Zu Ihrer Unterhaltung ist die Villa mit folgendem ausgestattet: Internet, mehreren Fernsehern, Telefon fuer Ortsgespraeche, Radio, DVD Player und Ipod Ladestation, Laptop und Faxgeraet sowie Kinderbett und Hochstuhl, Fahrraeder, Sonnenliegen und Terassenmoebel stehen fuer Ihren taeglichen Bedarf zur Verfuegung. Die Schlafzimmer verfuegen ueber Einbauschraenke und einem King oder Queen size Bett. Waschmaschine und Trockner befinden sich in dem vorgesehenen Waschraum im Haus.

In nur 7 Fahrminuten erreichen Sie mehrere Shopping Plazas

Unser Ferienhaus verfuegt ueber einen sehr grossen Pool und man kann sich so richtig austoben. Wenn Sie vergleichen dann stellen Sie fest dass nicht alle gleich gross sind und gerade hier liegt ja der grosse Unterschied ! Wenn schon Urlaub, dann richtig !

Es erwartet Sie ein uebergrosses Pooldeck mit 6 Sonnenliegen und es koennen noch Stuehle / Liegen beigestellt werden.

Ja, Platz fuer die ganze Familie unter der Sonne Cape Coral Floridas.

Es gibt natuerlich auch einen grossen Tisch mit genuegend Stuehlen und einen Grill sodass auch alle gemeinsam am Abend oder auch zum Fruehstueck beisammen sitzen koennen. Es ist also fuer alle gesorgt.

 

Und wenn es einmal zu kuehl sein sollte auf der Terrasse dann gibt es ein Esszimmer mit einem ausziehbaren Tisch. Es kommt allerdings sehr selten vor dass es Ihnen bei uns zu kalt sein wird.

Wir haben 360 garantierte Sonnentage.

 

 Unser Ferienhaus Tiffany in  Cape Coral Florida wartet auf SIE

 

Real Estate Market Sees Strengthening

Real Estate Market Sees Strengthening

Snowbird season is over, and now it’s time for the summer selling season.

Yes, there is a summer selling season. In fact, for the last three years the second quarter (April through June) was the strongest selling season in Cape Coral, followed by the third quarter (July through September). But all in all they were quite consistent all four quarters. So when is it a good idea to sell in Cape Coral? When the reason for selling is right for you!

In good times and in challenging times, one factor you cannot remove from the Cape Coral real estate market is the waterfront appeal. The old adage “Location, Location, Location” will never change in the world of real estate. And we’ve got the best of locations – 400 miles of canals, continuous sunshine, close to beaches/airport and affordable home values. These factors are the propulsion behind our strengthening real estate market.

In 2009 we saw the strongest market ever. This year is also off to a strong start. For the five months of the year, sales are more than 90 percent over sales at this time last year.

Foreclosures

The number of foreclosures in Cape Coral is falling. Buyers looking for foreclosure opportunities have fewer to choose from and steady competition from many buyers. For the first five months of this year, non-distressed sales accounted for almost 40 percent of the total sales. In all of 2009, non-distressed sales were only 27 percent of the homes sold. As the inventory of foreclosures and eventually short sales declines in the market, prices will rise and the regular (old fashioned) real estate transaction shall return.

The foreclosure media attention has certainly brought baby boomers to our area earlier than they may have intended to buy their retirement home. The baby boomers have recognized the value of buying their retirement home early and at wholesale prices. We all know that their money sitting in retirement accounts isn’t earning them anything, so it’s a no-brainer to buy your retirement home at the bottom of the market.

Inventory levels

The most important factor in any market recovery is the equalization of supply and demand. Fortunately for Cape Coral, we have seen a tremendous adjustment in supply in a favorable downward direction. For the past two years demand has been stronger than ever. Inventory levels are about one third the level they were at the beginning of 2006. This year is off to a great start. Sales continue to be aggressive even after the sunset of the homebuyer tax credit. The historically low interest rates and prices still far below replacement cost make this an excellent time to buy.

The housing future of Cape Coral continues to be much brighter than most of the entire country. Despite the economy, people will always want what we are blessed to enjoy every day – a warm, sunny and tropical waterfront living community.

Source: New Press June, 2010

 

Florida Real Estate hit bottom

 

 

VA Clinic construction continues

 

 

Del Prado Blvd widening Cape Coral

Del Prado Blvd widening Cape Coral update

 

Florida's existing home, condo sales rise in April

Florida’s existing home, condo sales rise in April

ORLANDO, Fla. – May 24, 2010 – Sales of existing homes in Florida rose 27 percent in April, which means that sales activity has increased in the year-to-year comparison for 20 months, according to the latest housing data released by Florida Realtors®. Another positive sign: Last month's statewide existing-home median price of $140,100 was 1 percent higher than the statewide median price in April 2009.

Existing home sales rose 27 percent last month with a total of 16,781 homes sold statewide compared to 13,244 homes sold in April 2009, according to Florida Realtors. Statewide existing home sales last month increased nearly 3 percent over statewide sales activity in March. Meanwhile, April's statewide existing-home median price was 2.3 percent higher than March's statewide existing-home median price of $137,000. It marks the second month in a row that the statewide existing-home median price has increased over the previous month's median.

"Buyers responding to the federal homebuyer tax credit before it expired helped to boost home sales across Florida," said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. "And buying conditions remain favorable, with a variety of housing options available in local markets at attractive and affordable prices. Plus, current mortgage interest rates are at historically low levels, which gives buyers more 'bang' for their buck."

Florida Realtors also reported a 55 percent increase in statewide sales of existing condos in April compared to the previous year's sales figure; statewide existing condo sales last month rose 2 percent over the total units sold in March. Though April's statewide existing-condo median price of $103,600 was down 3 percent compared to the year-ago figure, it was 6.9 percent higher than March's statewide existing-condo median price.

 

Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in April while all but one MSA had higher condo sales. A majority of the state's MSAs have reported increased sales for 22 consecutive months.

Florida's median sales price for existing homes last month was $140,100; a year ago, it was $138,100 for a 1 percent gain. The median is the midpoint; half the homes sold for more, half for less.

Thenational median sales price for existing single-family homes in March 2010 was $170,700, up 0.6 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $301,790in March; in Massachusetts, it was $280,000; in Maryland, it was $235,785; and in New York, it was $209,900.

According to NAR's latest outlook, two trends are influencing a broader stabilization of home prices in housing markets across the nation: months of increased sales activity and lower levels of inventory. "Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably," said NAR Chief Economist Lawrence Yun. "With home values stabilizing, a revival in homebuying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears."

In Florida's year-to-year comparison for condos, 7,291 units sold statewide last month compared to 4,703 units in April 2009 for an increase of 55 percent. The statewide existing condo median sales price last month was $103,600; in April 2009 it was $107,200 for a 3 percent decrease. The national median existing condo price was $170,600 in March, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.10 percent in April, up from the average rate of 4.81 percent during the same month a year earlier, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state's smaller markets, the Panama City MSA reported a total of 128 homes sold in April compared to 108 homes a year earlier for a 19 percent increase. The market's existing home median sales price last month was $160,000; a year earlier it was $156,800 for an increase of 2 percent. A total of 65 condos sold in the MSA in April compared to 53 units sold the same month a year earlier for an increase of 23 percent. The existing condo median price last month was $187,100; a year earlier, it was $172,900 for an 8 percent gain.

© 2010 Florida Realtors®