Case Shiller Index: January 2013: Shows Strong Year-Over-Year Price Appreciation:

The US housing market continues to show price appreciation on a year-over-year basis in January 2013, according to the Case Shiller Housing Index.

The US housing market was up in the range of 7.0% to 8.0% during January 2013 over January 2012. 

The South Florida housing market remains strong with almost 1.0% sequential growth and almost 11.0% year-over-year growth in January 2013.

The Case Shiller Report stated, "economic data continues to support the housing recovery.  Single-family home building permits and housing starts posted double-digit year-over-year increases in February 2013.  Despite a slight uptick in foreclosure filings, numbers are still down 25% year-over-year.  Steady employment and low borrowing rates pushed inventories down to their lowest post-recession levels."

The data from the report is in line with what we have been stating during the past six months or more about the activity in the local South Florida market.  Inventory levels continue to be low and buyers are trying to get in before rates rise. 

A look at some of the markets we focus on:

Jan-13	Monthly	Sequential	Annual
Metropolitan Area	Level	Change	Change
Boston	153.8	0.10%	4.00%
Chicago	111.62	-0.70%	3.30%
Miami	153.51	0.80%	10.80%
Minneapolis	124.95	-0.20%	12.10%
New York	161.64	-0.50%	0.60%
Tampa	135.2	0.20%	8.90%
Composite 10	158.72	0.20%	7.30%
Composite 20	146.14	0.20%	8.10%
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 rental home, 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

The greatest compliment you can give is the referral of your friends and loved ones

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
  

Foreclosures To Flood South Florida Housing Market?

As we have discussed, the inventory levels of homes on the market seems to be dwindling in South Florida.  According to an article in the Sun-Sentinel, listings have dropped by about 50% from a year ago.  The article went on to say large investment firms are investing millions of dollars in distressed properties in the South Florida market.  The result has been a rise in prices. 

We have wondered about the possibility that more foreclosures will potentially disrupt the upward trend of home price in the South Florida market.  The Sun-Sentinel quoted RealtyTrac as saying there are currently 56,000 homes in Palm Beach and Broward counties that are in the "shadow inventory."  The "shadow inventory" has not yet been introduced for sale onto the market.

Some experts believe the banks will not rush to bring many foreclosed homes on the market as to not ruin the positive price momentum.  Also, the continued interest by the large investment firms will most likely shut out individual buyers to those institutional investors who are buying homes in bulk.  The result may be a continued shortage of homes.

One of the important trends to follow is the number of distressed properties that hit the market during the current calendar year.  If the banks hold back inventory of foreclosures and/or institutional investors continue to target the South Florida housing market, we could continue to see tight inventory levels.  However, if the banks begin to increase the number of foreclosed properties being introduced into the market, prices could level-out or even decrease.

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, 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

The greatest compliment you can give is the referral of your friends and loved ones

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: December 2012: US Home Prices Continue To Rise

US Housing prices continued to rise at a pace of about 6% to 7% on a year-over-year basis in December 2012.  The Case Shiller Composite 10 and Composite 20 rose 5.9% and 6.8%, respectively, during 2012 over 2011.

The South Florida housing market continued to show better than average price increases during December 2012.  Home prices increased 10.6% in December 2012 over December 2011.  Sequentially, the market was up 80 basis points, almost a full percentage point.

To quote from the Case Shiller report, "Home prices ended 2012 with solid gains," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. "Housing and residential construction led the economy in the 2012 fourth quarter."

With a shortage of inventory in the local South Florida market, I foresee a continuation of the sequential uptick until we start to see more inventory reach the market place.

Other areas of interest:

December	Monthly	Sequential	Annual
Metropolitan Area	Level	Change	Change
Boston	153.81	0.10%	3.60%
Chicago	112.61	-1.30%	2.20%
Miami	152.36	0.80%	10.60%
Minneapolis	126.09	-0.10%	12.20%
New York	161.58	-0.40%	-0.50%
Tampa	134.04	0.20%	7.20%
Composite 10	158.49	0.20%	5.90%
Composite 20	145.95	0.20%	6.80%
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 rental home, 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

The greatest compliment you can give is the referral of your friends and loved ones

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

Buying A Home: How Long Do I Have To Wait After Short Sale, Foreclosure And Deed In Lieu of Foreclosure?

Those folks who lost their homes in a distressed property situation might be ready to buy a home again.  The Sun-Sentinel recently reported on different scenarios based on information from Fannie Mae and the Department of Housing and Urban Development.  Below is a synoposis of the waiting periods to purchase a new home:

Foreclosure:
seven years for a government backed Fannie Mae or Freddie Mac loan;
three years for a Federal Housing Administration (FHA) loan; and
one to two years for an FHA loan if there were extenuating circumstances (e.g., illness of wage earner)

Short Sale:
seven years for Fannie Mae or Freddie Mac with less than 10% down;
four years for Fannie Mae or Freddie Mac with 10% down;
two years for Fannie Mae or Freddie Mac with 20% down; and
three years for an FHA loan

Deed in Lieu of Foreclosure:
seven years for Fannie Mae or Freddie Mac with less than 10% down;
four years for Fannie Mae or Freddie Mac with 10% down;
two years for Fannie Mae or Freddie Mac with 20% down;
three years for FHA; and
one to two years for FHA loan with extenuating circumstances

I think another strong wave of buyers will be those who were involved with a distressed property and are now on solid footing again.  I look forward to working with those buyers who are seeking the "American Dream" once again after experiencing a "rocky road."

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, 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

The greatest compliment you can give is the referral of your friends and loved ones

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