We have avocated getting investors more involved in helping to stem the flood of foreclosed properties entering the market. After a dramatic fall in prices, we expect the market to stabilize more quickly with more investor participation in the market.
The Obama administration is very close to announcing a pilot program that would allow the US government to sell foreclosures in bulk to investors as rentals. There are currently a quarter of a million foreclosed properties on the books at Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) and one million more are coming out soon.
The Lender Processing Service recent reported late-stage mortgage delinquencies at close to two million. Investors who can raise large sums of cash (i.e., institutional investors) will be able to buy properties on a large scale. We think this will help reduce the potential glut of inventory from these newly foreclosed homes.
Large investors will be able to buy 50-500 properties in one single deal. These big investors would be able to finance more than $1 billion in these type of transactions. The reduction in fear of a large wholesale of new inventory blowing on the market and the amount of time for absorbtion could be eliminated under this new plan. We think this is a good thing for the US housing market.
The added benefit might be to have rental prices even out a bit. The rental market has heated up with all of the recent problems in the market place. As a result, rent prices have been increasing along with demand. The additional rental units from this plan might also stabilize rental prices and ease the potential for inflation, in our view.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
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, January 15, 2012
Will US Home Prices Rise Or Fall In 2012? Homes For Sale: Homes For Rent
We recently published our prediction for the price of US housing for 2012. The bottom line is we do not expect an annual price increase in 2012.
Part of our rationale for the stagnant (at best) market price is the new wave of foreclosures expected to cause excess supply. Banks are expected to deal more aggressively with the 3.5 million seriously delinquent mortgages on the books. Seriously delinquent homes are defined as being four months in arrears.
A recent report from RealtyTrac, an industry data firm, reported 1.9 million US homes were supplied with default notices last year; this is down from 2.9 million in 2010.
It could take a while for the homes to flood the market as the average foreclosure took 806 days in Florida and 1,019 in New York. This contrasts with California's average of 352 days in 2011. The reason being FL and NY have extensive court review foreclosures.
I think the housing market will remain stagnant until the plethora of foreclosures are absorbed. I do not anticipate that will happen in 2012.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
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
Part of our rationale for the stagnant (at best) market price is the new wave of foreclosures expected to cause excess supply. Banks are expected to deal more aggressively with the 3.5 million seriously delinquent mortgages on the books. Seriously delinquent homes are defined as being four months in arrears.
A recent report from RealtyTrac, an industry data firm, reported 1.9 million US homes were supplied with default notices last year; this is down from 2.9 million in 2010.
It could take a while for the homes to flood the market as the average foreclosure took 806 days in Florida and 1,019 in New York. This contrasts with California's average of 352 days in 2011. The reason being FL and NY have extensive court review foreclosures.
I think the housing market will remain stagnant until the plethora of foreclosures are absorbed. I do not anticipate that will happen in 2012.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
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
Lennar Says Orders Are Up Because Of Increasing Price To Rent: Homes For Sale: Homes For Rent
Lennar, one of the largest home builders in the US said the housing market was bottoming out.
Lennar's chief executive, Stuart Miller, said some of the housing markets in the United States were "fundamentally changing" as foreclosure inventories were being taken off the market.
On the most recent Lennar conference call, executives said new homes were selling as a result of high rents, attractive new home prices and low mortgage interest rates.
Buyers might want to move more quickly if they see something they like. And sellers might re-consider a "low-ball" offer if things seem to be moving in the right direction for them.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
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
Lennar's chief executive, Stuart Miller, said some of the housing markets in the United States were "fundamentally changing" as foreclosure inventories were being taken off the market.
On the most recent Lennar conference call, executives said new homes were selling as a result of high rents, attractive new home prices and low mortgage interest rates.
Buyers might want to move more quickly if they see something they like. And sellers might re-consider a "low-ball" offer if things seem to be moving in the right direction for them.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
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, January 1, 2012
Housing Closing Costs: Homes For Sale: Homes For Rent
As a Realtor, I am asked about closing costs. I recommend consulting those who are directly involved in these costs. Please feel free to contact me for contacts in the industry. However, I provide some information below for general discussion.
According to Bankrate.com, the average closing cost in 2011 on a $200,000 home was $4,070; this was an 8.8% over 2010.
Of course, you can get a home loan that do not have closing costs; however, this is usually in exchange for a higher interest rate. Generally speaking, this option makes less sense for those NOT planning on staying in the home for a long time.
Another common question is how can I reduce these costs. Well, one way beyond taking a higher rate (as discussed above), is to buy an expensive home. Lenders tend to waive fees for an $800,000 purchase, more so than a $200,000 purchase.
Also, if you are getting a loan from an institution you have an existing relationship with can help.
Another avenue might be the seller themselves. The weak housing market might have the seller cover the closing costs as part of the sale-- it is still a "buyer's market."
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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
According to Bankrate.com, the average closing cost in 2011 on a $200,000 home was $4,070; this was an 8.8% over 2010.
Of course, you can get a home loan that do not have closing costs; however, this is usually in exchange for a higher interest rate. Generally speaking, this option makes less sense for those NOT planning on staying in the home for a long time.
Another common question is how can I reduce these costs. Well, one way beyond taking a higher rate (as discussed above), is to buy an expensive home. Lenders tend to waive fees for an $800,000 purchase, more so than a $200,000 purchase.
Also, if you are getting a loan from an institution you have an existing relationship with can help.
Another avenue might be the seller themselves. The weak housing market might have the seller cover the closing costs as part of the sale-- it is still a "buyer's market."
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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
US And Palm Beach County Home Values Bottomed In 2011? Homes For Rent Homes For Rent
Moody's Analytics expects home prices in the US to level out in 2012, then start to rise.
As a general theme, we believe it is important to follow the trends of the overall market (US) and be knowledgeable of the local areas, as real estate is a local business.
Some Realtors believe certain parts of Palm Beach County in Florida have already bottomed. One was recently quoted in a local publication that "for Delray Beach and Boca Raton, I feel the bottom was here a few months ago and things are already starting to look up." There are Realtors who were quoted as predicting a 2.0% annual increase by 2013.
I do not anticipate any significant price appreciation in the Palm Beach and Broward County markets for 2012. Please see our prediction for the 2012 market in a post during December 2011.
The median home prices for Palm Beach County have declined about 50% over the last six years. These significant price declines mean buyers today should not fear a large decrease in home equity, in my view.
As a local Realtor, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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
As a general theme, we believe it is important to follow the trends of the overall market (US) and be knowledgeable of the local areas, as real estate is a local business.
Some Realtors believe certain parts of Palm Beach County in Florida have already bottomed. One was recently quoted in a local publication that "for Delray Beach and Boca Raton, I feel the bottom was here a few months ago and things are already starting to look up." There are Realtors who were quoted as predicting a 2.0% annual increase by 2013.
I do not anticipate any significant price appreciation in the Palm Beach and Broward County markets for 2012. Please see our prediction for the 2012 market in a post during December 2011.
The median home prices for Palm Beach County have declined about 50% over the last six years. These significant price declines mean buyers today should not fear a large decrease in home equity, in my view.
As a local Realtor, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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
More Housing Contracts Signed in November 2011; Sign Of A Turnaround?; Homes For Sale: Homes For Rent
The number of signed contracts for homes rose to the highest level in a year-and-a-half in November 2011. There is usually a couple of months lag between a signed contract and a completed deal.
However, things are still not back to the levels seen just a few years ago. Sales of previously occupied homes are around the level of 2008, which were the worst yearly showing since 1997.
The number of contracts used to be a good gauge of future home sales; this is no longer the case. Many buyers are canceling their contracts before consummation, making it a less reliable predictor of sales.
Buyers are still hesitant due to high unemployment, weak job prospects, larger down payments required, more difficult to obtain a loan and fear prices will keep falling.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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
However, things are still not back to the levels seen just a few years ago. Sales of previously occupied homes are around the level of 2008, which were the worst yearly showing since 1997.
The number of contracts used to be a good gauge of future home sales; this is no longer the case. Many buyers are canceling their contracts before consummation, making it a less reliable predictor of sales.
Buyers are still hesitant due to high unemployment, weak job prospects, larger down payments required, more difficult to obtain a loan and fear prices will keep falling.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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
Case-Shiller Index: October 2011: Slow Price Decrease Continues: Homes For Sale: Homes For Rent
The Case-Shiller Index data for October 2011 show a continued year-over-year decline in the low single digits for the US housing market.
The nation saw the price of homes decline by about 3.0% to 3.5% on a year-over-year basis in October 2011; the sequential decline was about 1.2%.
Another noteworthy statistic, in our view, is existing home sales are still near a low annual rate of 4.0 million in November 2011.
The South Florida market trended with the nation as a whole in October 2011. The year-over-year decline was 4.0% and the sequential decrease was 1.2% in October 2011.
Other areas of note:
October 2011 October/September September/August
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 152.70 -1.1% -0.8% -1.1%
Chicago 116.40 -1.8% -0.8% -4.8%
Miami 138.20 -1.2% -0.7% -4.0%
Minneapolis 111.27 -2.8% -1.0% -8.4%
New York 168.12 -1.2% -0.1% -2.0%
Tampa 126.71 -0.5% -1.5% -6.1%
Composite-10 154.10 -1.1% -0.5% -3.0%
Composite-20 140.30 -1.2% -0.7% -3.4%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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 nation saw the price of homes decline by about 3.0% to 3.5% on a year-over-year basis in October 2011; the sequential decline was about 1.2%.
Another noteworthy statistic, in our view, is existing home sales are still near a low annual rate of 4.0 million in November 2011.
The South Florida market trended with the nation as a whole in October 2011. The year-over-year decline was 4.0% and the sequential decrease was 1.2% in October 2011.
Other areas of note:
October 2011 October/September September/August
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 152.70 -1.1% -0.8% -1.1%
Chicago 116.40 -1.8% -0.8% -4.8%
Miami 138.20 -1.2% -0.7% -4.0%
Minneapolis 111.27 -2.8% -1.0% -8.4%
New York 168.12 -1.2% -0.1% -2.0%
Tampa 126.71 -0.5% -1.5% -6.1%
Composite-10 154.10 -1.1% -0.5% -3.0%
Composite-20 140.30 -1.2% -0.7% -3.4%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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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