Existing home sales in Florida increased 2.0% in April 2011 with a total of 17,192 homes sold statewide compared to 16,781 homes sold in April 2010, according to Florida Realtors. On a year-over-year basis, existing condos rose by 17.0% in April 2011.
Florida’s median sales price for existing homes in April 2011 was $131,700; a year ago, it was $140,300 for a 6 percent decrease. On a sequential basis, the median price for existing homes increased by 4.3% in April 2011 over March 2011.
The national median sales price for an existing home in the US was down 5.3% to $160,500 in April 2011.
Regarding condos in Florida, on a year-to-year basis 8,987 units were sold in April 2011 compared to 7,703 units in April 2010; this is an increase of 17.0%. On a sequential basis, existing Florida condo median sales price for April 2011 was $91,900; in April 2010 it was $100,200 for an 8.0% decrease.
In the US the national median existing condo sales price was $153,100 in March 2011; this increased by 9.0% in April 2011.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. You can text me or call me at the number below.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
Wednesday, May 25, 2011
Friday, May 20, 2011
Current Consumer Sentiment And The Housing Market: Homes For Sale: Homes For Rent
Consumer sentiment plays a role in the housing market, in my opinion. With more than half of US homeowners and renters predicting the housing market will not recover until 2014, the US housing market may take a long while to fully rebound.
Trulia and RealtyTrac found that 54% of respondents do not expect a recovery in the housing market for at least three more years. With demand being weak and difficulty in obtaining mortgages, there is not much to kick-start the housing market in the near-term.
Another overhang is the more than 1.8 million properties (according to Core-Logic) that are delinquent or in foreclosure, which will add to the inventory of unsold homes. The CEO of Trulia is quoted as saying he doesn't expect to see signs of price stability in the housing market for another 18 months (that would be around 2013).
With the uncertainty in the current market, it is more imperative than ever to work with a professional when buying or selling a home. If you are thinking of selling or buying a home, or require more information, please feel free to contact me. You can text me or call me at the number below.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
Trulia and RealtyTrac found that 54% of respondents do not expect a recovery in the housing market for at least three more years. With demand being weak and difficulty in obtaining mortgages, there is not much to kick-start the housing market in the near-term.
Another overhang is the more than 1.8 million properties (according to Core-Logic) that are delinquent or in foreclosure, which will add to the inventory of unsold homes. The CEO of Trulia is quoted as saying he doesn't expect to see signs of price stability in the housing market for another 18 months (that would be around 2013).
With the uncertainty in the current market, it is more imperative than ever to work with a professional when buying or selling a home. If you are thinking of selling or buying a home, or require more information, please feel free to contact me. You can text me or call me at the number below.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
Monday, May 16, 2011
Homes For Sale: Homes For Rent: April 2011: Reduction In Florida Foreclosures; Sign of a Turnaround?
Is the real estate market in Florida finally turning around? Foreclosures in April 2011 fell 59.0% when compared with last year, according to RealtyTrac, a service that tracks foreclosures. Some may point to this as a sign that the real estate market is improving in Florida. However, despite the big drop in foreclsoure activity, Florida was still second in the country in regards to foreclosure activity.
Nationwide, foreclosure proceedings in April dropped 34 percent from April 2010 and were 9 percent lower than March 2011. Part of the reason for the slowdown seems to be the lengthening of the time to process foreclosures (please see previous posts on this subject).
RealtyTrac estimates it now takes an average of 400 days from initial default to completion of the foreclosure. This compares with 340 days a year ago and 151 days in 2007. The average foreclosure in Floridaq took 619 days in March 2011, according to RealtyTrac-- or three times longer than 1Q:07.
As mentioned in previous posts, we think this points to the possibility of increased number of short sales in the foreseeable future. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
Nationwide, foreclosure proceedings in April dropped 34 percent from April 2010 and were 9 percent lower than March 2011. Part of the reason for the slowdown seems to be the lengthening of the time to process foreclosures (please see previous posts on this subject).
RealtyTrac estimates it now takes an average of 400 days from initial default to completion of the foreclosure. This compares with 340 days a year ago and 151 days in 2007. The average foreclosure in Floridaq took 619 days in March 2011, according to RealtyTrac-- or three times longer than 1Q:07.
As mentioned in previous posts, we think this points to the possibility of increased number of short sales in the foreseeable future. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
Saturday, May 14, 2011
Homes For Sale: Homes For Rent: More Homes Underwater, Prices Continue To Slide In US
According to Zillow, US home values fell faster in 1Q:11 than they have in any quarter since 2008. Zillow's Home Value Index fell 3.0% sequentially from 4Q:10 to 1Q:11 and declined 8.2% on a year-over-year basis. The average home in the United States now costs $169,600, according to Zillow, and values have fallen 29.5% from the market's peak in June 2006.
Zillow estimates more than one in four homes in the United States is underwater. Zillow pegs 28.4% of single-family homes with mortgages were underwater at the end of 1Q:11, this is up from 27.0% in 4Q:10. A homeowner is underwater when they owe more on their mortgage than their home is worth.
The increase in underwater homes are fueling foreclosures. In March 2011, one out of every 1,000 homes in the country was foreclosed upon by the lender, according to Zillow. With the increase in distressed properties, I think short sales will pick up as well. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
Zillow estimates more than one in four homes in the United States is underwater. Zillow pegs 28.4% of single-family homes with mortgages were underwater at the end of 1Q:11, this is up from 27.0% in 4Q:10. A homeowner is underwater when they owe more on their mortgage than their home is worth.
The increase in underwater homes are fueling foreclosures. In March 2011, one out of every 1,000 homes in the country was foreclosed upon by the lender, according to Zillow. With the increase in distressed properties, I think short sales will pick up as well. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
Homes For Sale: Homes For Rent: Banks Stalling Foreclosures, Time To Process Lengthens
RealtyTrac, an industry consulting firm, said the time for a bank to take back foreclosed homes has increased 37% in New York from last year. It now takes about two years for the lender to take back a foreclosed property. Some industry experts believe this is because banks cannot afford to take back the homes.
The banks do not want to have inventory of properties whose values have dropped significantly, according to some experts. The banks would have to write-down the losses and raise more capital to be in line with compliance standards.
In the meantime, without taking possession through foreclosures, the banks collect servicing fees on the bad mortgages and the banks do not have to incur other costs, such as lawn maintenance on these homes.
The increased scrutiny of mortgage documents and faulty paperwork is also prolonging the process of foreclosure. According to Rick Sharga of RealtyTrac, it will take between three and four years in order to get loans into foreclosure at the current pace.
I think this means there will be an increase in short sales for distressed homeowners. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
The banks do not want to have inventory of properties whose values have dropped significantly, according to some experts. The banks would have to write-down the losses and raise more capital to be in line with compliance standards.
In the meantime, without taking possession through foreclosures, the banks collect servicing fees on the bad mortgages and the banks do not have to incur other costs, such as lawn maintenance on these homes.
The increased scrutiny of mortgage documents and faulty paperwork is also prolonging the process of foreclosure. According to Rick Sharga of RealtyTrac, it will take between three and four years in order to get loans into foreclosure at the current pace.
I think this means there will be an increase in short sales for distressed homeowners. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
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