According to Mark Zandi, chief economist for Moody's Analytics, Inc., the US housing market crash is indeed over. He cites new and existing home sales, along with housing starts being off the bottom.
Some analysts point to an improvement in the Conference Board's confidence index in April 2012 and others highlight they believe jobs are easier to find in the US.
Bank of America's senior economist, Michelle Meyer and Mark Fleming of CoreLogic, Inc. also think prices are near the bottom. Ms. Meyer predicts US home prices will bottom out in 2012 and will stay there until 2014, when she predicts a 2.5% increase for the US housing market.
Rober Shiller, a Yale University economics professor and one-half of the Case-Shiller Index founding team is more cautious. He is concerned about downside to the US housing market. He things home prices could languish and/or edge down for years in the US.
Based on recent activity I am seeing, I believe we are near the bottom in the US and South Florida housing markets. Please see previous articles for more details on why. If you are in the market to buy a home, I think now is a good time to be looking-- it is still a "buyers" 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 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
Thursday, May 24, 2012
South Florida Home Prices Increase in March 2012: Homes For Sale: Homes For Rent
The Zillow Home Value Index showed a 1.1% price increase for homes in the South Florida area in March 2012 over March 2011. The Case-Shiller Housing Index showed a 0.8% year-over-year increase in February 2012. Zillow believe the South Florida home market is at price levels last seen in 2002.
Zillow predicts a 5.6% year-over-year increase for home prices next year for the South Florida market. Zillow points to the 19.8% increase in Bal Harbour, 14.1% increase in Bay Harbor Islands and 13.5% increase in Sunny Isles Beach.
Zillow says that about 50% of recent sales were distressed (i.e., foreclosures and short sales), which is down from 60% a year ago. The company believes distressed sales make up about 10% of overall sales in a "normal" real estate market.
I think the Zillow estimate of almost 6.0% year-over-year growth in the South Florida market for next year is ambitious. I expect to see home prices stabilize in South Florida during 2H:12 on a year-over-year basis. I think the upper-end of the range for South Florida home price appreciation in 2013 over 2012 is about 3.0%. A lot will depend on the upcoming US presidential election, the job market and lending practices, in my 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
Zillow predicts a 5.6% year-over-year increase for home prices next year for the South Florida market. Zillow points to the 19.8% increase in Bal Harbour, 14.1% increase in Bay Harbor Islands and 13.5% increase in Sunny Isles Beach.
Zillow says that about 50% of recent sales were distressed (i.e., foreclosures and short sales), which is down from 60% a year ago. The company believes distressed sales make up about 10% of overall sales in a "normal" real estate market.
I think the Zillow estimate of almost 6.0% year-over-year growth in the South Florida market for next year is ambitious. I expect to see home prices stabilize in South Florida during 2H:12 on a year-over-year basis. I think the upper-end of the range for South Florida home price appreciation in 2013 over 2012 is about 3.0%. A lot will depend on the upcoming US presidential election, the job market and lending practices, in my 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
Case-Shiller Housing Index: February 2012: Prices Still In Decline: Homes For Sale: Homes For Rent
The Case-Shiller Index is now at levels last seen in late-2002. Although prices fell in 15 of the 20 cities tracked by Case-Shiller Index, on a sequential basis, prices actually rose in Miami. The price decline is largely blamed on foreclosed properties being a heavy representation of sales. We had predicted this would occur. Generally, foreclosed properties sell at a discount to non-distressed homes (please see previous articles).
The US housing market should begin to stabilize, in my view. Builders are planning to construct more homes in 2012 than any other year, going back to 2008. I think we are hitting trough point and will begin to see prices stabilize during 2H:12. Much of the potential recovery in US housing will depend on job growth, in my opinion.
The market fell about 3.5% on a year-over-year basis in February 2012, according to Case-Shiller. I think the slight price increase (almost 1.0%) for the South Florida region in February is a positive sign. I expect to see prices at a steady pace with the previous year in 2H:12 for the South Florida market and the US housing market as a whole.
Some areas of note:
February 2012 February/January January '12/December '11
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 146.23 -1.1% -0.5% -2.4%
Chicago 105.39 -2.5% -1.9% -6.9%
Miami 139.49 0.6% 0.6% 0.8%
Minneapolis 110.16 -1.0% -0.8% 0.4%
New York 159.58 -0.8% -1.0% -3.0%
Tampa 123.91 -0.2% -0.8% -2.9%
Composite-10 146.90 -0.8% -1.0% -3.6%
Composite-20 134.20 -0.8% -1.0% -3.5%
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
The US housing market should begin to stabilize, in my view. Builders are planning to construct more homes in 2012 than any other year, going back to 2008. I think we are hitting trough point and will begin to see prices stabilize during 2H:12. Much of the potential recovery in US housing will depend on job growth, in my opinion.
The market fell about 3.5% on a year-over-year basis in February 2012, according to Case-Shiller. I think the slight price increase (almost 1.0%) for the South Florida region in February is a positive sign. I expect to see prices at a steady pace with the previous year in 2H:12 for the South Florida market and the US housing market as a whole.
Some areas of note:
February 2012 February/January January '12/December '11
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 146.23 -1.1% -0.5% -2.4%
Chicago 105.39 -2.5% -1.9% -6.9%
Miami 139.49 0.6% 0.6% 0.8%
Minneapolis 110.16 -1.0% -0.8% 0.4%
New York 159.58 -0.8% -1.0% -3.0%
Tampa 123.91 -0.2% -0.8% -2.9%
Composite-10 146.90 -0.8% -1.0% -3.6%
Composite-20 134.20 -0.8% -1.0% -3.5%
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
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