Case Shiller Housing Index: September 2012: South Florida Sequential Growth Slowing

The September 2012 Case Shiller Housing Index showed the trend of slowing housing price increases.  The National Index was up only 0.3% on a sequential basis in September 2012.  The South Florida real estate market was only up 0.1% in September 2012 over August 2012, according to the Case Shiller Index figures.
 
David M. Blitzer, Cha irman of the Index Committee at S&P Dow Jones Indices commented that "We are entering the seasonally weak part of the year. The headline figures, which are not seasonally adjusted, showed five cities with lower prices in September versus only one in August; in the seasonally adjusted data the pattern was reversed: one city fell in September versus two in August. Despite the seasons, housing continues to improve."
 
The question I have is whether it is infact the slowing growth is a seasonal factor or whether the market is "leveling out." In general I sense there is more activity in the South Florida real estate market now when compared with a few months ago.  So, I tend to think the trend of the Case Shiller Index is indeed a seasonal issue.  We will continue to monitor the trends in the national and South Florida markets.

Other markets of interest:

Sep-12	Monthly	Sequential	Annual
Metropolitan Area	Level	Change	Change
Boston	157.26	-0.60%	1.90%
Chicago	116.69	-0.60%	-1.50%
Miami	150.24	0.10%	7.40%
Minneapolis	126.02	1.10%	8.80%
New York	166.1	-0.10%	-2.30%
Tampa	134.9	0.00%	5.90%
Composite 10	158.93	0.30%	2.10%
Composite 20	146.22	0.30%	3.00%
Source:
S&P Indices
Firserv

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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

An Analytical Approach To Buying, Selling and Leasing Real Estate

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

Palm Beach County Home Prices Up Sharply In September 2012: Homes For Sale: Homes For Rent

According to the Realtors Association of the Palm Beaches, the median sales price for existing homes in September 2012 was up 25% from a year earlier.  The median price for a condominium was up 10% on a year-over-year basis in September 2012.

Sellers are holding out for their prices as the level of inventory continues to decline.  There were 6,605 single family homes on the market at the end of September 2012, which was nearly half the number as a a year ago.  Condominiums on the market were down about 40% during the same time.

Affordability of homes, low mortgage rates and decreasing options has helped drive home prices upward.  If the lenders are able to properly manage the introduction new distressed property inventory, I suspect home prices will hold steady or could continue to rise.  The presumption is that not much else changes in the current housing market.

I take an analytical approach to buying, selling and leasing real estate.  I work with families, people looking for a second home, investors, etc.  As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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

An Analytical Approach To Buying, Selling and Leasing Real Estate

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

Some Potential Pitfalls To Buying "Foreclosed" Homes Through Auctions

Given my analytical approach to buying, selling and leasing real estate, I attract real estate investors as clients.  I am able to break down the market in qualitiative and quantitative terms in order for the investor to better understand the market and execute on their investment plans.

Many times I am asked about potentially buying homes at auction.  I caution people to be careful.  A case in point is the recent article in the Sun-Sentinel in the September 23rd issue in regards to online auctions in Broward and Palm Beach counties.

The gist of the article surrounded around people who thought they bought homes in the public auction only to find out about a "poison pill" embedded.  The homes they bought were then foreclosed on by one or more banks.

Some investors who bought auctioned homes that were foreclosed upon by a homeowners association, were then being foreclosed upon again by banks.  Essentially the homeowners association debt was auctioned under the guise of a foreclosure auction.

Investors think they are getting a great deal only to learn they bought a worthless second mortgage or other liens, according to Lloyd McClendon, who heads 1Auctions.com, which runs the online foreclosure acutions for Broward County. 

Title searches and other measures should be done to be sure you know what you are bidding on.  In my opinion, those looking into foreclosures should work with an attorney.  Another avenue to look into is working with a Realtor on homes that are listed with a broker. 

As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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

An Analytical Approach To Buying, Selling and Leasing Real Estate

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

Verbal Offers / Low Earnest Money Deposits: Homes For Sale: Homes For Rent

Whether buying or selling real estate there comes a time when a verbal offer is made or received as well as one with a relatively low level of an earnest money deposit.  I recommend buyers put forth an offer in writing with a reasonable amount of money in an escrow account. 

Many buyers do not want to "waste time" putting together an offer or "tie up" money in escrow.  However, if representing a seller I would like to know that the offer is a serious one and will be willing to stay the course through the entire process of a real estate transaction.  If not, you run the risk of being passed over for another "deal" that comes along.

As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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

An Analytical Approach To Buying, Selling And Leasing Real Estate

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: August 2012: US Home Prices Continue To Rise: Homes For Sale: Homes For Rent

The Case Shiller Housing Index indicates housing prices continued to show positive momentum during August 2012.  The market was up about 1.0% on a sequential basis and about 2.0% on a year-over-year basis in August 2012.

Positive consumer confidence trends, consumer default rates are dropping and the inventory levels of homes are in decline.  We have touched on the declining inventory for several months now.  People who have been putting off the purchase of a home are entering the market to buy, just at a time when inventory levels seem to be decreasing.

The South Florida housing market continues to show solid growth.  The Case Shiller Index shows prices in South Florida increased 2.0% on a sequential basis and almost 7% on a year-over-year basis during August 2012. 

From a macro-economic perspective, it seems to me inflationary pressures on commodities, etc. will help to push up the price of homes.  The recent activity for new construction will improve the situation in the labor market for construction, in my view; this could also put upward pressure on future home prices.

Some other markets of interest:

Aug-12	Monthly	Sequential	Annual
Metropolitan Area	Level	Change	Change
Boston	158.27	0.70%	1.70%
Chicago	117.45	0.70%	-1.60%
Miami	150.12	2.10%	6.70%
Minneapolis	124.65	1.20%	7.40%
New York	166.32	0.70%	-2.30%
Tampa	134.91	0.40%	4.20%
Composite 10	158.62	0.90%	1.30%
Composite 20	145.87	0.90%	2.00%
Source:
S&P Indices
Firserv

As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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

I take an analytical approach to buying, selling and leasing real estate.

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