According to CoreLogic, a company that analyzes the real estate market, 78 of 100 metropolitan areas experienced year-over-year price declines in August 2010; this compares with 58 in July 2010.
Some states actually showed a price increase.
The five states with the highest price increase in August 2010 was as follows:
Maine up 5.8%
New York up 3.7%
Connecticut up 2.5%
Virginia up 2.4%
South Dakota up 2.1%
The majority of the states encountered a price decrease.
The five states with the biggest price decline in August 2010 was as follows:
Idaho down 14.0%
Alabama down 10.4%
Utah down 7.3%
Oregon down 6.3%
Florida down 6.2%
The decline in home prices in the United States from the peak in April 2006 until August 2010 was 28.2%. If distressed properties were not included in the calculation then home prices were down 19.6%, according to CoreLogic.
Please feel free to post an opinion or question and we will try to address them in future posts.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Sunday, October 31, 2010
3Q 2010 US Housing Foreclosure Report
The foreclosure problem worsened during the third quarter of 2010 in the United States as activity picked up across the nation.
During July 2010 through September 2010, home foreclosure actions remained most prevalent in four main states: California, Nevada, Florida and Arizona. These areas tended to see skyrocketing home values during the boom years. What followed was elevated levels of unemployment when compared with the US as a whole, the collapse of home values and increased foreclosure action.
The trend of increased distressed property seems to be spreading to other areas in the United States. High unemployment and slow job growth has caused homeowners to fall behind on their mortgage payments; this in turn, has led to home price uncertainty.
According to RealtyTrac, a firm that tracks default notices, home auctions and repossessions, 133 out of 206 metropolitan areas with at least 200,000 residents saw an annual increase in foreclosure activity during 3Q 2010.
During 3Q 2010, the highest rankings of foreclosures to households was as follows:
1 Las Vegas-Paradise, Nev.
2 Cape Coral-Fort Myers, Fla.
3 Modesto, Calif.
4 Stockton, Calif.
5 Merced, Calif.
6 Riverside-San Bernardino-Ontario, Calif.
7 Miami-Fort Lauderdale-Pompano Beach, Fla.
8 Phoenix-Mesa-Scottsdale, Ariz.
9 Bakersfield, Calif.
10 Vallejo-Fairfield, Calif.
11 Orlando-Kissimmee, Fla.
12 Reno-Sparks, Nev.
13 Sacramento-Arden-Arcade-Roseville, Calif.
14 Boise City-Nampa, Idaho
15 Deltona-Daytona Beach-Ormond Beach, Fla.
16 Fresno, Calif.
17 Visalia-Porterville, Calif.
18 Naples-Marco Island, Fla.
19 Palm Bay-Melbourne-Titusville, Fla.
20 Lakeland, Fla.
Source: Fox News
As a Certified Distressed Property Expert (CDPE), I can help both distressed homeowners navigate the process of a short sale. In addition, my expertise will help those who are seeking to take advantage of distressed properties that are currently in the marketplace.
Please feel free to post an opinion or question and we will try to address them in future posts.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
During July 2010 through September 2010, home foreclosure actions remained most prevalent in four main states: California, Nevada, Florida and Arizona. These areas tended to see skyrocketing home values during the boom years. What followed was elevated levels of unemployment when compared with the US as a whole, the collapse of home values and increased foreclosure action.
The trend of increased distressed property seems to be spreading to other areas in the United States. High unemployment and slow job growth has caused homeowners to fall behind on their mortgage payments; this in turn, has led to home price uncertainty.
According to RealtyTrac, a firm that tracks default notices, home auctions and repossessions, 133 out of 206 metropolitan areas with at least 200,000 residents saw an annual increase in foreclosure activity during 3Q 2010.
During 3Q 2010, the highest rankings of foreclosures to households was as follows:
1 Las Vegas-Paradise, Nev.
2 Cape Coral-Fort Myers, Fla.
3 Modesto, Calif.
4 Stockton, Calif.
5 Merced, Calif.
6 Riverside-San Bernardino-Ontario, Calif.
7 Miami-Fort Lauderdale-Pompano Beach, Fla.
8 Phoenix-Mesa-Scottsdale, Ariz.
9 Bakersfield, Calif.
10 Vallejo-Fairfield, Calif.
11 Orlando-Kissimmee, Fla.
12 Reno-Sparks, Nev.
13 Sacramento-Arden-Arcade-Roseville, Calif.
14 Boise City-Nampa, Idaho
15 Deltona-Daytona Beach-Ormond Beach, Fla.
16 Fresno, Calif.
17 Visalia-Porterville, Calif.
18 Naples-Marco Island, Fla.
19 Palm Bay-Melbourne-Titusville, Fla.
20 Lakeland, Fla.
Source: Fox News
As a Certified Distressed Property Expert (CDPE), I can help both distressed homeowners navigate the process of a short sale. In addition, my expertise will help those who are seeking to take advantage of distressed properties that are currently in the marketplace.
Please feel free to post an opinion or question and we will try to address them in future posts.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Thursday, October 28, 2010
The US Foreclosure Fiasco And What It Means For The Market
The recent stalling of foreclosure actions stems from procedural problems.
Affidavits lenders file in regards to summary judgment foreclosures states certain facts that the signer indicates personal knowledge of. An example would be the amount owed on the mortgage. The affidavits are submitted as fact with respect to the summary judgment process.
The problem arose when depositions taken by lawyers for homeowners showed GMAC and Chase Bank did not have adequate time to review and certify all the facts. A review by these attorneys showed the lenders signed more than 10,000 affidavits in regards to foreclosure action in one month.
The issue will most likely slow down the eviction process just when lenders started to make progress in getting through their respective "distressed property" backlog. In August 2010 lenders started 283,000 foreclosures, which is up from 220,000 in April 2010.
Karl Case of the famed Case-Shiller Housing Index is quoted as saying the foreclosure document flaws might, "actually get the lenders to the table and encourage them to work out deals that are to the benefit of everybody." The theory is that if foreclosures are delayed or never happen, the housing market might hit a floor.
We think the uncertainty this might have would make the US housing market more unstable. The stock market, for instance, does not like uncertainty-- I doubt those looking to make a large investment in a home would like additional confusion.
The US housing market will reach a bottom when the majority of "distressed properties" have been flushed out of the market, in our view. Whether through natural sales and/or with the assistance of investors, the housing supply and demand must come back to an equilibrium in order to acheive balance, in our view.
As a Certified Distressed Property Expert (CDPE), I can help both distressed homeowners navigate the process of a short sale. In addition, my expertise will help those who are seeking to take advantage of distressed properties that are currently in the marketplace.
Please feel free to post an opinion or question and we will try to address them in future posts.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Affidavits lenders file in regards to summary judgment foreclosures states certain facts that the signer indicates personal knowledge of. An example would be the amount owed on the mortgage. The affidavits are submitted as fact with respect to the summary judgment process.
The problem arose when depositions taken by lawyers for homeowners showed GMAC and Chase Bank did not have adequate time to review and certify all the facts. A review by these attorneys showed the lenders signed more than 10,000 affidavits in regards to foreclosure action in one month.
The issue will most likely slow down the eviction process just when lenders started to make progress in getting through their respective "distressed property" backlog. In August 2010 lenders started 283,000 foreclosures, which is up from 220,000 in April 2010.
Karl Case of the famed Case-Shiller Housing Index is quoted as saying the foreclosure document flaws might, "actually get the lenders to the table and encourage them to work out deals that are to the benefit of everybody." The theory is that if foreclosures are delayed or never happen, the housing market might hit a floor.
We think the uncertainty this might have would make the US housing market more unstable. The stock market, for instance, does not like uncertainty-- I doubt those looking to make a large investment in a home would like additional confusion.
The US housing market will reach a bottom when the majority of "distressed properties" have been flushed out of the market, in our view. Whether through natural sales and/or with the assistance of investors, the housing supply and demand must come back to an equilibrium in order to acheive balance, in our view.
As a Certified Distressed Property Expert (CDPE), I can help both distressed homeowners navigate the process of a short sale. In addition, my expertise will help those who are seeking to take advantage of distressed properties that are currently in the marketplace.
Please feel free to post an opinion or question and we will try to address them in future posts.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Sunday, October 10, 2010
Is The US Housing Market Recovering Or Not?
The fundamental issues of this article is: 1) is the US housing market recovering and 2) why or why not?
As can be surmised from some of our recent postings, the US housing market seems to be stabilizing, at best. In certain regions of the country we are seeing more improvement than in others. However, in my opinion, the US housing market is not in a sustained recovery as of yet. Overall sales of homes are lower now than they have been at any point in the past ten years.
The question then becomes: with all of the avenues taken by government agencies in order to stimulate the housing market, why is there no recovery, yet?
The primary reason is obvious, the economy is still on unsettled grounds. In my view, the small business owners, self-employed and real estate investors have been severely damaged during this prolonged recession. Small businesses have been an engine of job growth and investors have helped to expedite getting housing supply and demand in balance in previous downturns.
One of the main things the government agencies have tried to do in order to help heal the housing market is lower borrowing costs. Reduced rates lowered the cost of owning a home and helped spur borrowing to grow businesses; this in turn helped spur job growth and economic development.
The Federal Reserve has pushed interest rates to extremely low levels and mortgage rates are near historic lows. Why is this not working? and why should those interested in buying, selling or investing in real estate care?
Let's take the second question first: we should care because tracking the trends is important to understanding the market.
Why has lowering the interest rates not worked so far? Here's my opinion:
1) rates are near historic lows for the "prime" customers. Essentially those that do not need a loan and are low credit risks are getting the advantageous loans. I have had several clients start out as cash buyers and then turn into taking a mortgage-- why? lenders are offering very advantagous rates-- to those with good credit.
2) Private mortgage backed security market imploded. Only those guaranteed by the quasi-government Fannie Mae and Freddie Mac are able to sell its mortgages into the market. With "Fannie" and "Freddie" essential bankrupt if not for government intervention, the agencies are guaranteeing only the better creditworthy loans.
3) Underwriting requirements have become much stricter. Full documentation and much less discretion by lenders in borderline cases.
4) Prospective homeowners need loan-to-value ratios that are more in the 70% range. Lower credit scores means more downpayment and increases to the mortgage rates. People need more cash down and the low rates for the most creditworthy do not apply to folks with FICO scores of mid-700s and below.
5) Appraisals are much more cautious in the comparables and the psychology seems to be an expectation of further deterioration. Therefore, the appraisals are conservative; this leaves the lender feeling as though it has less collateral-- means higher rate and more of a downpayment required.
6) Consumer psychology is such that those that might have taken a risk and bought a home in the past are holding back. Not sure of their future earnings and delaying large purchases. Why buy a large ticket item when you are not sure you will be able to afford it or if you think the value may decline in the next six months-- why not just wait.
7) Many homeowners are stuck-- they are underwater on their homes, meaning they owe more on the mortgage than the home could be sold for in the current market. Many of these people want to downsize and move on. However, the reality is they are stuck until values increase-- assuming they can hold the home during that period of time. If not, it becomes another distressed home on the market (i.e., short sale or foreclosure).
8) Lenders are not offering loans to investors-- they need to come up with all cash needed. The days of securitizing and selling investment paper is a thing of the past, for now. That means, even savvy investors-- those that could take advantage of the excess supply are less likely to soak up some of the excess supply. This continues to leave the supply and demand curve out of equilibrium-- for now.
We will continue to monitor these issues going forward. We think these are some of the key issues for those who are involved in the real estate market. Please feel free to post an opinion or question and we will try to address them in future posts.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
As can be surmised from some of our recent postings, the US housing market seems to be stabilizing, at best. In certain regions of the country we are seeing more improvement than in others. However, in my opinion, the US housing market is not in a sustained recovery as of yet. Overall sales of homes are lower now than they have been at any point in the past ten years.
The question then becomes: with all of the avenues taken by government agencies in order to stimulate the housing market, why is there no recovery, yet?
The primary reason is obvious, the economy is still on unsettled grounds. In my view, the small business owners, self-employed and real estate investors have been severely damaged during this prolonged recession. Small businesses have been an engine of job growth and investors have helped to expedite getting housing supply and demand in balance in previous downturns.
One of the main things the government agencies have tried to do in order to help heal the housing market is lower borrowing costs. Reduced rates lowered the cost of owning a home and helped spur borrowing to grow businesses; this in turn helped spur job growth and economic development.
The Federal Reserve has pushed interest rates to extremely low levels and mortgage rates are near historic lows. Why is this not working? and why should those interested in buying, selling or investing in real estate care?
Let's take the second question first: we should care because tracking the trends is important to understanding the market.
Why has lowering the interest rates not worked so far? Here's my opinion:
1) rates are near historic lows for the "prime" customers. Essentially those that do not need a loan and are low credit risks are getting the advantageous loans. I have had several clients start out as cash buyers and then turn into taking a mortgage-- why? lenders are offering very advantagous rates-- to those with good credit.
2) Private mortgage backed security market imploded. Only those guaranteed by the quasi-government Fannie Mae and Freddie Mac are able to sell its mortgages into the market. With "Fannie" and "Freddie" essential bankrupt if not for government intervention, the agencies are guaranteeing only the better creditworthy loans.
3) Underwriting requirements have become much stricter. Full documentation and much less discretion by lenders in borderline cases.
4) Prospective homeowners need loan-to-value ratios that are more in the 70% range. Lower credit scores means more downpayment and increases to the mortgage rates. People need more cash down and the low rates for the most creditworthy do not apply to folks with FICO scores of mid-700s and below.
5) Appraisals are much more cautious in the comparables and the psychology seems to be an expectation of further deterioration. Therefore, the appraisals are conservative; this leaves the lender feeling as though it has less collateral-- means higher rate and more of a downpayment required.
6) Consumer psychology is such that those that might have taken a risk and bought a home in the past are holding back. Not sure of their future earnings and delaying large purchases. Why buy a large ticket item when you are not sure you will be able to afford it or if you think the value may decline in the next six months-- why not just wait.
7) Many homeowners are stuck-- they are underwater on their homes, meaning they owe more on the mortgage than the home could be sold for in the current market. Many of these people want to downsize and move on. However, the reality is they are stuck until values increase-- assuming they can hold the home during that period of time. If not, it becomes another distressed home on the market (i.e., short sale or foreclosure).
8) Lenders are not offering loans to investors-- they need to come up with all cash needed. The days of securitizing and selling investment paper is a thing of the past, for now. That means, even savvy investors-- those that could take advantage of the excess supply are less likely to soak up some of the excess supply. This continues to leave the supply and demand curve out of equilibrium-- for now.
We will continue to monitor these issues going forward. We think these are some of the key issues for those who are involved in the real estate market. Please feel free to post an opinion or question and we will try to address them in future posts.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Sunday, October 3, 2010
2Q 2010: Florida Housing Foreclosure Snapshot
After commenting on the foreclosure market in the US, now let's tackle the Florida foreclosure market during 2Q 2010 (please see previous piece on US foreclosures). Florida's foreclosure situation is not good, but not the worst in the country.
From April 2010 to June 2010 the highest share of foreclosure sales were as follows:
Nevada: 56% of all sales were foreclosed homes
Arizona: 47%
California: 43%
Rhode Island: 37%
Massachusetts: 35%
Florida: 34%
Michigan: 33%
Georgia: 27%
Idaho: 27%
Oregon: 25%
As we analyzed in greater depth in our previous article, the US had nearly 25% foreclosed homes sold in total during 2Q 2010.
Distressed homes, those that are short sales or foreclosures accounted for 34% of all existing houses sold in August 2010, from 32% in July 2010 and 31% when compared with August 2009; this is according to the National Association of Realtors.
Florida was not among the biggest discounts to market in regards to foreclosure prices versus traditional home sales during 2Q 2010. The price discount for foreclosure sales and market sales are as follows:
Ohio: 43%
Kentucky: 43%
California: 43%
Michigan: 35%
Tennessee: 35%
Pennsylvania: 35%
Georgia: 35%
Illinois: 35%
District of Columbia: 35%
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
From April 2010 to June 2010 the highest share of foreclosure sales were as follows:
Nevada: 56% of all sales were foreclosed homes
Arizona: 47%
California: 43%
Rhode Island: 37%
Massachusetts: 35%
Florida: 34%
Michigan: 33%
Georgia: 27%
Idaho: 27%
Oregon: 25%
As we analyzed in greater depth in our previous article, the US had nearly 25% foreclosed homes sold in total during 2Q 2010.
Distressed homes, those that are short sales or foreclosures accounted for 34% of all existing houses sold in August 2010, from 32% in July 2010 and 31% when compared with August 2009; this is according to the National Association of Realtors.
Florida was not among the biggest discounts to market in regards to foreclosure prices versus traditional home sales during 2Q 2010. The price discount for foreclosure sales and market sales are as follows:
Ohio: 43%
Kentucky: 43%
California: 43%
Michigan: 35%
Tennessee: 35%
Pennsylvania: 35%
Georgia: 35%
Illinois: 35%
District of Columbia: 35%
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Foreclosure Report: Almost 1 in 4 US Home Sales a Foreclosure During 2Q 2010
Many of my clients looking to buy are asking about foreclosures and short sales. With nearly 25% of all home sales in the US being a foreclosure during the second quarter of 2010, it does not seem like my experience is unusual.
How much longer can we expect high levels of foreclosure activity? According to Realty Trac, the market is on pace to work through distressed properties in about three years. Realty Trac thinks the distressed inventory will largely be worked through by the end of 2013.
How much of a discount to market is the buyer getting with a foreclosure? The latest data suggests a 26% discount when compared with homes not in the foreclosure process. During 1Q:10 homes in foreclosure sold for 27% below the market, according to industry data. So we can see, there's not much movement in price discount.
Is the percentage discount the same in every US home market? No. The highest discounts were in Ohio, Kentucky and California-- at about a 43% discount. So, you need to know your local market trends.
Lenders are expected to take over a record 1.2 million homes in 2010; this compares with around 1 million last year. To give an frame of reference, there were about 100,000 foreclosures in 2005 before the housing bust. And in a normal market, foreclosures account for less than 5% of sales, according to Realty Trac.
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
How much longer can we expect high levels of foreclosure activity? According to Realty Trac, the market is on pace to work through distressed properties in about three years. Realty Trac thinks the distressed inventory will largely be worked through by the end of 2013.
How much of a discount to market is the buyer getting with a foreclosure? The latest data suggests a 26% discount when compared with homes not in the foreclosure process. During 1Q:10 homes in foreclosure sold for 27% below the market, according to industry data. So we can see, there's not much movement in price discount.
Is the percentage discount the same in every US home market? No. The highest discounts were in Ohio, Kentucky and California-- at about a 43% discount. So, you need to know your local market trends.
Lenders are expected to take over a record 1.2 million homes in 2010; this compares with around 1 million last year. To give an frame of reference, there were about 100,000 foreclosures in 2005 before the housing bust. And in a normal market, foreclosures account for less than 5% of sales, according to Realty Trac.
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Subscribe to:
Posts (Atom)