Freddie Mac reported mortgage rates have moved up to almost 4.0%; the company reports the average 30-year fixed rate is now 3.98%.
I believe 4.0% is a milestone that people will take notice of. When they hear this number, people will realize rates are rising. Those who are interested in buying homes will begin to buy in earnest before it moves up higher, in my view.
With the Federal Reserve hinting it may start to cut back on buying mortgage-backed securities and the employment picture improving, mortgage rates could continue to climb.
If home prices stay on the upward trend as does mortgage rates, it could put a damper on the recent housing recovery in the longer-term. However, I believe prices will continue to trend slightly higher on a sequential basis for the remainder of the year in the South Florida market. Buyers will become more aggressive to take advantage of the low rates and I do not foresee a huge influx of inventory over the next six months of the year.
If you are thinking of selling your home, now may be a very good time to get it listed.
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
Thursday, June 13, 2013
May 2013: Florida Leading The Nation In Foreclosure Activity
RealtyTrac, Inc., a firm that tracks foreclosures, said Florida had the most foreclosure activity than any other state in the US during May 2013. One in every 303 homes was in involved in a foreclosure filing.
Palm Beach county had one in every 286 homes being in foreclosure activity during May 2013, according to RealtyTrac, Inc. Broward county had one in every 317 homes involved in foreclosure activity, according to RealtyTrac, Inc. during May 2013. Miami-Dade was only one in every 143 homes being involved in foreclosure activity, according to RealtyTrac, Inc. during the timeframe.
The Florida foreclosure numbers were almost three times more than the national average, according to the RealtyTrac, Inc. report.
As we have discussed in previous posts, there is a dearth of inventory in the local market right now. An increase in homes hitting the market might help to balance out the supply and demand equation.
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
Palm Beach county had one in every 286 homes being in foreclosure activity during May 2013, according to RealtyTrac, Inc. Broward county had one in every 317 homes involved in foreclosure activity, according to RealtyTrac, Inc. during May 2013. Miami-Dade was only one in every 143 homes being involved in foreclosure activity, according to RealtyTrac, Inc. during the timeframe.
The Florida foreclosure numbers were almost three times more than the national average, according to the RealtyTrac, Inc. report.
As we have discussed in previous posts, there is a dearth of inventory in the local market right now. An increase in homes hitting the market might help to balance out the supply and demand equation.
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
New Florida Foreclosure Law And How It Affects Consumers
The new law was signed by Florida's Governor Rick Scott on Friday (June 7, 2013) and went directly into effect.
The new law allows lenders to query the court as to why a final foreclosure order has not been entered. Furthermore, condominium associations and homeowners associations can ask the courts to expedite the foreclosure process under certain circumstances.
Lenders must now provide details showing the entity owns the loan before foreclosing on the property. There are protections in the law for innocent parties who purchased a property where a former owner may have claim to the property.
Perhaps the most pertinent part of the law is deficiency judgments in foreclosure actions can be sought for only one year, down from five years. The deficiency judgment is the difference between the proceeds from the home and what is owed on the mortgage note.
I believe it is preferable for distressed homeowners to complete a short sale when compared to a foreclosure. (Please see previous entries on the subject of short sales by searching short sale in the label section of the Blog).
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
The new law allows lenders to query the court as to why a final foreclosure order has not been entered. Furthermore, condominium associations and homeowners associations can ask the courts to expedite the foreclosure process under certain circumstances.
Lenders must now provide details showing the entity owns the loan before foreclosing on the property. There are protections in the law for innocent parties who purchased a property where a former owner may have claim to the property.
Perhaps the most pertinent part of the law is deficiency judgments in foreclosure actions can be sought for only one year, down from five years. The deficiency judgment is the difference between the proceeds from the home and what is owed on the mortgage note.
I believe it is preferable for distressed homeowners to complete a short sale when compared to a foreclosure. (Please see previous entries on the subject of short sales by searching short sale in the label section of the Blog).
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
Wednesday, June 5, 2013
Case Shiller House Index March 2013 Shows Continued Rise In US Housing Prices
The recovery in US housing prices continues in March 2013, according to the Case-Shiller Home Price Index. The US composite shows year-over-year growth of about 10% to 11% for March 2013; sequential growth as 1.4%.
The South Florida market saw prices move up 10.7% on an annual basis in March 2013, according to the Case-Shiller Home Price Index; sequentially, prices increased by 1.2%. These statistics were more-or-less in line with the national averages by measure of the Case-Shiller Index.
I think the following is an interesting quote from the report:
The average home price was back to the mid-2003 level in March 2103, according to the Case-Shiller report. The decline for the US composites are still off about 28% to 29% from the peak value in June/July 2006.
Other areas of interest:
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
The South Florida market saw prices move up 10.7% on an annual basis in March 2013, according to the Case-Shiller Home Price Index; sequentially, prices increased by 1.2%. These statistics were more-or-less in line with the national averages by measure of the Case-Shiller Index.
I think the following is an interesting quote from the report:
“Other housing market data reported in recent weeks
confirm these strong trends: housing starts and permits, sales of new home and
existing homes continue to trend higher. At the same time, the larger than
usual share of multi-family housing, a large number of homes still in some
stage of foreclosure and buying-to-rent by investors suggest that the housing
recovery is not complete.”
The average home price was back to the mid-2003 level in March 2103, according to the Case-Shiller report. The decline for the US composites are still off about 28% to 29% from the peak value in June/July 2006.
Other areas of interest:
| Mar-13 | Monthly | Sequential | Annual |
| Metropolitan Area | Level | Change | Change |
| Boston | 155.71 | 1.20% | 6.70% |
| Chicago | 110.73 | 0.00% | 7.80% |
| Miami | 155.89 | 1.20% | 10.70% |
| Minneapolis | 123.15 | -1.10% | 12.50% |
| New York | 161.54 | -0.40% | 2.60% |
| Tampa | 139.91 | 2.60% | 11.80% |
| Composite 10 | 161.48 | 1.40% | 10.30% |
| Composite 20 | 148.65 | 1.40% | 10.90% |
| 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
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