South Florida home prices continued its five month sequential slide during December 2010, according to the Case-Shiller Home Price Index. Compared with December 2009, homes prices were down 3.7% in December 2010; this is the lowest level since the real estate market crash begain in 2006.
The national home price index fell 2.4% from December of last year; this is a proxy for the US housing market, in our view. On a quarterly basis, the Case-Shiller national home index was dwon 4.1% in 4Q:10 versus 4Q:09.
Also hitting new lows in December 2010 since their respective peaks in 2006/2007 were the following markets: Atlanta, Charlotte, Chicago, Detroit, Las Vegas, Miami, New York, Phoenix, Portland (OR), Seattle and Tampa.
Level Change (%) Change (%) 1-Year Change (%)
U.S. National Index 130.38 -3.9% -1.9% -4.1%
Boston 152.54 -0.1% -1.0% -0.8%
Miami 143.11 -0.5% -0.2% -3.7%
Minneapolis 117.09 -1.3% -2.2% -5.3%
New York 167.86 -0.9% -1.2% -2.3%
Tampa 130.23 -2.6% -0.9% -6.2%
Composite-10 156.26 -0.9% -0.8% -1.2%
Composite-20 142.42 -1.0% -1.0% -2.4%
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 to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Showing posts with label 2010. Show all posts
Showing posts with label 2010. Show all posts
Saturday, February 26, 2011
Sunday, January 30, 2011
Homes For Sale: Case-Shiller Index: November 2010; US Real Estate Market Continues Weakness as Does Florida
According to the Case-Shiller Index, for the most-part, US housing prices are not appreciating. Home prices in the Florida markets reported on continue to slide. We think general economic conditions are largely to blame-- such as increased levels of unemployment and lack of income growth prospects.
Looking at the United States as a whole, the Case-Shiller Index report states: “Looking at the monthly statistics, 19 of 20 MSAs and both Composites were down in November over October. Fourteen MSAs and both composites have posted at least four consecutive months of decline with November’s report." Therefore, on a sequential basis, the market as a whole remains soft and in decline.
When focusing on the Florida market, two of the nine overall markets hitting their lowest levels since home prices peaked were in Florida: Miami and Tampa. The others were: Atlanta, Charlotte, Chicago, Detroit, Las Vegas,Portland (OR), and Seattle and Tampa. These markets hit their lowest levels since home prices peaked in 2006 and 2007, meaning that average home prices in those markets have fallen even further than the lows set in the spring of 2009. Again, we see the state of Florida continuing to show a weak real estate market.
Looking at markets of interest:
November 2010 November/October October/September
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 152.76 -1.0% -1.2% -0.8%
Miami 143.81 -0.2% -1.1% -3.5%
New York 169.75 -1.0% -1.6% -1.7%
Tampa 134.05 -0.8% -1.0% -4.0%
Composite-10 157.68 -0.8% -1.3% -0.4%
Composite-20 143.85 -1.0% -1.3% -1.6%
With the economy not showing signs of job growth, continued uncertainty and tight credit markets, we suspect a tough slog for the US housing market as a whole.
When focusing on the South Florida market, the trends seem to be worse when compared with the nation as a whole. This is exacerbated by the higher level of distressed properties in the market as well as an economy largely based on construction and discretionary income spending.
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 to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Looking at the United States as a whole, the Case-Shiller Index report states: “Looking at the monthly statistics, 19 of 20 MSAs and both Composites were down in November over October. Fourteen MSAs and both composites have posted at least four consecutive months of decline with November’s report." Therefore, on a sequential basis, the market as a whole remains soft and in decline.
When focusing on the Florida market, two of the nine overall markets hitting their lowest levels since home prices peaked were in Florida: Miami and Tampa. The others were: Atlanta, Charlotte, Chicago, Detroit, Las Vegas,Portland (OR), and Seattle and Tampa. These markets hit their lowest levels since home prices peaked in 2006 and 2007, meaning that average home prices in those markets have fallen even further than the lows set in the spring of 2009. Again, we see the state of Florida continuing to show a weak real estate market.
Looking at markets of interest:
November 2010 November/October October/September
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 152.76 -1.0% -1.2% -0.8%
Miami 143.81 -0.2% -1.1% -3.5%
New York 169.75 -1.0% -1.6% -1.7%
Tampa 134.05 -0.8% -1.0% -4.0%
Composite-10 157.68 -0.8% -1.3% -0.4%
Composite-20 143.85 -1.0% -1.3% -1.6%
With the economy not showing signs of job growth, continued uncertainty and tight credit markets, we suspect a tough slog for the US housing market as a whole.
When focusing on the South Florida market, the trends seem to be worse when compared with the nation as a whole. This is exacerbated by the higher level of distressed properties in the market as well as an economy largely based on construction and discretionary income spending.
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 to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Saturday, January 15, 2011
Homes for sale: US Home Prices Fall Again During November 2010
The US housing market continues to struggle to find a bottom. Home prices in the United States fell 5.1% in November 2010 when compared with a year earlier, according to real estate analytics firm CoreLogic.
The decline in US home prices in November was steeper than the year-over-year decrease of 3.4% in October. Forty-four of the states experienced an annual decline in November.
Mark Zandi, an economist with Moody's Analytics said the US housing market is "double dipping." He predicts prices will continue to fall from the peak levels in 2006; he seems to indicate an expectation of the bottom hitting in late 2011 and price declines of 35% off the peak in 2006.
According to CoreLogic, the six states that experience a year-over-year increase in housing prices were: Indiana, Vermont, New York, Wyoming, North Dakota and Maine. However, in general, these states did not see as sharp of a rise in prices during the "boom" period.
The consensus of many leading economists that focus on the real estate market seem to think the bottom of the market will not hit until the end of 2011.
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 to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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 decline in US home prices in November was steeper than the year-over-year decrease of 3.4% in October. Forty-four of the states experienced an annual decline in November.
Mark Zandi, an economist with Moody's Analytics said the US housing market is "double dipping." He predicts prices will continue to fall from the peak levels in 2006; he seems to indicate an expectation of the bottom hitting in late 2011 and price declines of 35% off the peak in 2006.
According to CoreLogic, the six states that experience a year-over-year increase in housing prices were: Indiana, Vermont, New York, Wyoming, North Dakota and Maine. However, in general, these states did not see as sharp of a rise in prices during the "boom" period.
The consensus of many leading economists that focus on the real estate market seem to think the bottom of the market will not hit until the end of 2011.
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 to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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 9, 2011
Case-Shiller Index For October 2010: US Real Estate Market Showing Signs of a "Double Dip"?
The Case-Shiller Index for October 2010 showed some ominous signs for the US real estate market.
US home prices have shown a deceleration in annual growth rates for 18 of the 20 City Composites when comparing October 2010 with September 2010.
The news for the Florida market is showing sustained weakness when compared with the overall United States market. The Miami and Tampa composite housing prices have hit their lowest levels since 2006, which seems to indicate these markets have been weaker than the US composite as a whole.
On a year-over-year basis, home sales are down about 25% and the months' supply of unsold homes is up more than 50%. The US economy continued to be in a malaise during October 2010 and the unemployment rate continued to hover close to 10%.
Some data of interest:
October 2010 October/September September/August 1-Year Change (%)
Boston -1.2% -1.3% -0.2%
Miami -1.1% -1.2% -3.4%
New York -1.6% -0.5% -1.7%
Tampa -0.9% -0.8% -3.6%
Composite-10 -1.2% -0.6% 0.2%
Composite-20 -1.3% -0.8% -0.8%
With the economy not showing signs of job growth, continued uncertainty and tight credit markets, we suspect a tough slog for the US housing market as a whole.
When focusing on the South Florida market, the trends seem to be worse when compared with the nation as a whole. This is exacerbated by the higher level of distressed properties in the market as well as an economy largely based on construction and discretionary income spending.
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 to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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 home prices have shown a deceleration in annual growth rates for 18 of the 20 City Composites when comparing October 2010 with September 2010.
The news for the Florida market is showing sustained weakness when compared with the overall United States market. The Miami and Tampa composite housing prices have hit their lowest levels since 2006, which seems to indicate these markets have been weaker than the US composite as a whole.
On a year-over-year basis, home sales are down about 25% and the months' supply of unsold homes is up more than 50%. The US economy continued to be in a malaise during October 2010 and the unemployment rate continued to hover close to 10%.
Some data of interest:
October 2010 October/September September/August 1-Year Change (%)
Boston -1.2% -1.3% -0.2%
Miami -1.1% -1.2% -3.4%
New York -1.6% -0.5% -1.7%
Tampa -0.9% -0.8% -3.6%
Composite-10 -1.2% -0.6% 0.2%
Composite-20 -1.3% -0.8% -0.8%
With the economy not showing signs of job growth, continued uncertainty and tight credit markets, we suspect a tough slog for the US housing market as a whole.
When focusing on the South Florida market, the trends seem to be worse when compared with the nation as a whole. This is exacerbated by the higher level of distressed properties in the market as well as an economy largely based on construction and discretionary income spending.
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 to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Monday, November 29, 2010
October 2010 Real Estate Sales Information for Florida (Condo and Single Family Homes)
Is the Florida real estate market beginning to show signs of a bottom?
The October 2010 year-to-date unit price per unit sold for single family homes was up 7% over the previous year, according to housing data recently released by the Florida Realtors. In addition, condominium unit sales were reported to be up 33% over the previous year during year-to-date October 2010.
However, when looking at a year-over-year comparison of October 2010 housing results in Florida, the market does not seem to be trending in the same direction.
The statewide existing median condo sales price of $82,400 in October 2010 was 22% below October 2009; unit sales were also down 5% during the same timeframe. The median existing single family home price fell 3% to $136,600 in October 2010, versus October 2009; the number of units sold decreased 21% on a year-over-year basis in October 2010.
What does this all mean-- I think we are still looking at an uncertain housing market in Florida. Buyers still seem to be anxious about the economy and sellers are somewhat hamstrung by the declining home prices.
If you are buying or selling a home, please feel free to contact me.
I have provided a link to a property search engine where you can find and view listings. Contact me for more details on those listings and/or information in the area.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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 October 2010 year-to-date unit price per unit sold for single family homes was up 7% over the previous year, according to housing data recently released by the Florida Realtors. In addition, condominium unit sales were reported to be up 33% over the previous year during year-to-date October 2010.
However, when looking at a year-over-year comparison of October 2010 housing results in Florida, the market does not seem to be trending in the same direction.
The statewide existing median condo sales price of $82,400 in October 2010 was 22% below October 2009; unit sales were also down 5% during the same timeframe. The median existing single family home price fell 3% to $136,600 in October 2010, versus October 2009; the number of units sold decreased 21% on a year-over-year basis in October 2010.
What does this all mean-- I think we are still looking at an uncertain housing market in Florida. Buyers still seem to be anxious about the economy and sellers are somewhat hamstrung by the declining home prices.
If you are buying or selling a home, please feel free to contact me.
I have provided a link to a property search engine where you can find and view listings. Contact me for more details on those listings and/or information in the area.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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, October 31, 2010
August 2010: US Property Values Continue To Fall; Florida In Top Five States
According to CoreLogic, a company that analyzes the real estate market, 78 of 100 metropolitan areas experienced year-over-year price declines in August 2010; this compares with 58 in July 2010.
Some states actually showed a price increase.
The five states with the highest price increase in August 2010 was as follows:
Maine up 5.8%
New York up 3.7%
Connecticut up 2.5%
Virginia up 2.4%
South Dakota up 2.1%
The majority of the states encountered a price decrease.
The five states with the biggest price decline in August 2010 was as follows:
Idaho down 14.0%
Alabama down 10.4%
Utah down 7.3%
Oregon down 6.3%
Florida down 6.2%
The decline in home prices in the United States from the peak in April 2006 until August 2010 was 28.2%. If distressed properties were not included in the calculation then home prices were down 19.6%, according to CoreLogic.
Please feel free to post an opinion or question and we will try to address them in future posts.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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 states actually showed a price increase.
The five states with the highest price increase in August 2010 was as follows:
Maine up 5.8%
New York up 3.7%
Connecticut up 2.5%
Virginia up 2.4%
South Dakota up 2.1%
The majority of the states encountered a price decrease.
The five states with the biggest price decline in August 2010 was as follows:
Idaho down 14.0%
Alabama down 10.4%
Utah down 7.3%
Oregon down 6.3%
Florida down 6.2%
The decline in home prices in the United States from the peak in April 2006 until August 2010 was 28.2%. If distressed properties were not included in the calculation then home prices were down 19.6%, according to CoreLogic.
Please feel free to post an opinion or question and we will try to address them in future posts.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
3Q 2010 US Housing Foreclosure Report
The foreclosure problem worsened during the third quarter of 2010 in the United States as activity picked up across the nation.
During July 2010 through September 2010, home foreclosure actions remained most prevalent in four main states: California, Nevada, Florida and Arizona. These areas tended to see skyrocketing home values during the boom years. What followed was elevated levels of unemployment when compared with the US as a whole, the collapse of home values and increased foreclosure action.
The trend of increased distressed property seems to be spreading to other areas in the United States. High unemployment and slow job growth has caused homeowners to fall behind on their mortgage payments; this in turn, has led to home price uncertainty.
According to RealtyTrac, a firm that tracks default notices, home auctions and repossessions, 133 out of 206 metropolitan areas with at least 200,000 residents saw an annual increase in foreclosure activity during 3Q 2010.
During 3Q 2010, the highest rankings of foreclosures to households was as follows:
1 Las Vegas-Paradise, Nev.
2 Cape Coral-Fort Myers, Fla.
3 Modesto, Calif.
4 Stockton, Calif.
5 Merced, Calif.
6 Riverside-San Bernardino-Ontario, Calif.
7 Miami-Fort Lauderdale-Pompano Beach, Fla.
8 Phoenix-Mesa-Scottsdale, Ariz.
9 Bakersfield, Calif.
10 Vallejo-Fairfield, Calif.
11 Orlando-Kissimmee, Fla.
12 Reno-Sparks, Nev.
13 Sacramento-Arden-Arcade-Roseville, Calif.
14 Boise City-Nampa, Idaho
15 Deltona-Daytona Beach-Ormond Beach, Fla.
16 Fresno, Calif.
17 Visalia-Porterville, Calif.
18 Naples-Marco Island, Fla.
19 Palm Bay-Melbourne-Titusville, Fla.
20 Lakeland, Fla.
Source: Fox News
As a Certified Distressed Property Expert (CDPE), I can help both distressed homeowners navigate the process of a short sale. In addition, my expertise will help those who are seeking to take advantage of distressed properties that are currently in the marketplace.
Please feel free to post an opinion or question and we will try to address them in future posts.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
During July 2010 through September 2010, home foreclosure actions remained most prevalent in four main states: California, Nevada, Florida and Arizona. These areas tended to see skyrocketing home values during the boom years. What followed was elevated levels of unemployment when compared with the US as a whole, the collapse of home values and increased foreclosure action.
The trend of increased distressed property seems to be spreading to other areas in the United States. High unemployment and slow job growth has caused homeowners to fall behind on their mortgage payments; this in turn, has led to home price uncertainty.
According to RealtyTrac, a firm that tracks default notices, home auctions and repossessions, 133 out of 206 metropolitan areas with at least 200,000 residents saw an annual increase in foreclosure activity during 3Q 2010.
During 3Q 2010, the highest rankings of foreclosures to households was as follows:
1 Las Vegas-Paradise, Nev.
2 Cape Coral-Fort Myers, Fla.
3 Modesto, Calif.
4 Stockton, Calif.
5 Merced, Calif.
6 Riverside-San Bernardino-Ontario, Calif.
7 Miami-Fort Lauderdale-Pompano Beach, Fla.
8 Phoenix-Mesa-Scottsdale, Ariz.
9 Bakersfield, Calif.
10 Vallejo-Fairfield, Calif.
11 Orlando-Kissimmee, Fla.
12 Reno-Sparks, Nev.
13 Sacramento-Arden-Arcade-Roseville, Calif.
14 Boise City-Nampa, Idaho
15 Deltona-Daytona Beach-Ormond Beach, Fla.
16 Fresno, Calif.
17 Visalia-Porterville, Calif.
18 Naples-Marco Island, Fla.
19 Palm Bay-Melbourne-Titusville, Fla.
20 Lakeland, Fla.
Source: Fox News
As a Certified Distressed Property Expert (CDPE), I can help both distressed homeowners navigate the process of a short sale. In addition, my expertise will help those who are seeking to take advantage of distressed properties that are currently in the marketplace.
Please feel free to post an opinion or question and we will try to address them in future posts.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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, October 28, 2010
The US Foreclosure Fiasco And What It Means For The Market
The recent stalling of foreclosure actions stems from procedural problems.
Affidavits lenders file in regards to summary judgment foreclosures states certain facts that the signer indicates personal knowledge of. An example would be the amount owed on the mortgage. The affidavits are submitted as fact with respect to the summary judgment process.
The problem arose when depositions taken by lawyers for homeowners showed GMAC and Chase Bank did not have adequate time to review and certify all the facts. A review by these attorneys showed the lenders signed more than 10,000 affidavits in regards to foreclosure action in one month.
The issue will most likely slow down the eviction process just when lenders started to make progress in getting through their respective "distressed property" backlog. In August 2010 lenders started 283,000 foreclosures, which is up from 220,000 in April 2010.
Karl Case of the famed Case-Shiller Housing Index is quoted as saying the foreclosure document flaws might, "actually get the lenders to the table and encourage them to work out deals that are to the benefit of everybody." The theory is that if foreclosures are delayed or never happen, the housing market might hit a floor.
We think the uncertainty this might have would make the US housing market more unstable. The stock market, for instance, does not like uncertainty-- I doubt those looking to make a large investment in a home would like additional confusion.
The US housing market will reach a bottom when the majority of "distressed properties" have been flushed out of the market, in our view. Whether through natural sales and/or with the assistance of investors, the housing supply and demand must come back to an equilibrium in order to acheive balance, in our view.
As a Certified Distressed Property Expert (CDPE), I can help both distressed homeowners navigate the process of a short sale. In addition, my expertise will help those who are seeking to take advantage of distressed properties that are currently in the marketplace.
Please feel free to post an opinion or question and we will try to address them in future posts.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Affidavits lenders file in regards to summary judgment foreclosures states certain facts that the signer indicates personal knowledge of. An example would be the amount owed on the mortgage. The affidavits are submitted as fact with respect to the summary judgment process.
The problem arose when depositions taken by lawyers for homeowners showed GMAC and Chase Bank did not have adequate time to review and certify all the facts. A review by these attorneys showed the lenders signed more than 10,000 affidavits in regards to foreclosure action in one month.
The issue will most likely slow down the eviction process just when lenders started to make progress in getting through their respective "distressed property" backlog. In August 2010 lenders started 283,000 foreclosures, which is up from 220,000 in April 2010.
Karl Case of the famed Case-Shiller Housing Index is quoted as saying the foreclosure document flaws might, "actually get the lenders to the table and encourage them to work out deals that are to the benefit of everybody." The theory is that if foreclosures are delayed or never happen, the housing market might hit a floor.
We think the uncertainty this might have would make the US housing market more unstable. The stock market, for instance, does not like uncertainty-- I doubt those looking to make a large investment in a home would like additional confusion.
The US housing market will reach a bottom when the majority of "distressed properties" have been flushed out of the market, in our view. Whether through natural sales and/or with the assistance of investors, the housing supply and demand must come back to an equilibrium in order to acheive balance, in our view.
As a Certified Distressed Property Expert (CDPE), I can help both distressed homeowners navigate the process of a short sale. In addition, my expertise will help those who are seeking to take advantage of distressed properties that are currently in the marketplace.
Please feel free to post an opinion or question and we will try to address them in future posts.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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, October 10, 2010
Is The US Housing Market Recovering Or Not?
The fundamental issues of this article is: 1) is the US housing market recovering and 2) why or why not?
As can be surmised from some of our recent postings, the US housing market seems to be stabilizing, at best. In certain regions of the country we are seeing more improvement than in others. However, in my opinion, the US housing market is not in a sustained recovery as of yet. Overall sales of homes are lower now than they have been at any point in the past ten years.
The question then becomes: with all of the avenues taken by government agencies in order to stimulate the housing market, why is there no recovery, yet?
The primary reason is obvious, the economy is still on unsettled grounds. In my view, the small business owners, self-employed and real estate investors have been severely damaged during this prolonged recession. Small businesses have been an engine of job growth and investors have helped to expedite getting housing supply and demand in balance in previous downturns.
One of the main things the government agencies have tried to do in order to help heal the housing market is lower borrowing costs. Reduced rates lowered the cost of owning a home and helped spur borrowing to grow businesses; this in turn helped spur job growth and economic development.
The Federal Reserve has pushed interest rates to extremely low levels and mortgage rates are near historic lows. Why is this not working? and why should those interested in buying, selling or investing in real estate care?
Let's take the second question first: we should care because tracking the trends is important to understanding the market.
Why has lowering the interest rates not worked so far? Here's my opinion:
1) rates are near historic lows for the "prime" customers. Essentially those that do not need a loan and are low credit risks are getting the advantageous loans. I have had several clients start out as cash buyers and then turn into taking a mortgage-- why? lenders are offering very advantagous rates-- to those with good credit.
2) Private mortgage backed security market imploded. Only those guaranteed by the quasi-government Fannie Mae and Freddie Mac are able to sell its mortgages into the market. With "Fannie" and "Freddie" essential bankrupt if not for government intervention, the agencies are guaranteeing only the better creditworthy loans.
3) Underwriting requirements have become much stricter. Full documentation and much less discretion by lenders in borderline cases.
4) Prospective homeowners need loan-to-value ratios that are more in the 70% range. Lower credit scores means more downpayment and increases to the mortgage rates. People need more cash down and the low rates for the most creditworthy do not apply to folks with FICO scores of mid-700s and below.
5) Appraisals are much more cautious in the comparables and the psychology seems to be an expectation of further deterioration. Therefore, the appraisals are conservative; this leaves the lender feeling as though it has less collateral-- means higher rate and more of a downpayment required.
6) Consumer psychology is such that those that might have taken a risk and bought a home in the past are holding back. Not sure of their future earnings and delaying large purchases. Why buy a large ticket item when you are not sure you will be able to afford it or if you think the value may decline in the next six months-- why not just wait.
7) Many homeowners are stuck-- they are underwater on their homes, meaning they owe more on the mortgage than the home could be sold for in the current market. Many of these people want to downsize and move on. However, the reality is they are stuck until values increase-- assuming they can hold the home during that period of time. If not, it becomes another distressed home on the market (i.e., short sale or foreclosure).
8) Lenders are not offering loans to investors-- they need to come up with all cash needed. The days of securitizing and selling investment paper is a thing of the past, for now. That means, even savvy investors-- those that could take advantage of the excess supply are less likely to soak up some of the excess supply. This continues to leave the supply and demand curve out of equilibrium-- for now.
We will continue to monitor these issues going forward. We think these are some of the key issues for those who are involved in the real estate market. Please feel free to post an opinion or question and we will try to address them in future posts.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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 can be surmised from some of our recent postings, the US housing market seems to be stabilizing, at best. In certain regions of the country we are seeing more improvement than in others. However, in my opinion, the US housing market is not in a sustained recovery as of yet. Overall sales of homes are lower now than they have been at any point in the past ten years.
The question then becomes: with all of the avenues taken by government agencies in order to stimulate the housing market, why is there no recovery, yet?
The primary reason is obvious, the economy is still on unsettled grounds. In my view, the small business owners, self-employed and real estate investors have been severely damaged during this prolonged recession. Small businesses have been an engine of job growth and investors have helped to expedite getting housing supply and demand in balance in previous downturns.
One of the main things the government agencies have tried to do in order to help heal the housing market is lower borrowing costs. Reduced rates lowered the cost of owning a home and helped spur borrowing to grow businesses; this in turn helped spur job growth and economic development.
The Federal Reserve has pushed interest rates to extremely low levels and mortgage rates are near historic lows. Why is this not working? and why should those interested in buying, selling or investing in real estate care?
Let's take the second question first: we should care because tracking the trends is important to understanding the market.
Why has lowering the interest rates not worked so far? Here's my opinion:
1) rates are near historic lows for the "prime" customers. Essentially those that do not need a loan and are low credit risks are getting the advantageous loans. I have had several clients start out as cash buyers and then turn into taking a mortgage-- why? lenders are offering very advantagous rates-- to those with good credit.
2) Private mortgage backed security market imploded. Only those guaranteed by the quasi-government Fannie Mae and Freddie Mac are able to sell its mortgages into the market. With "Fannie" and "Freddie" essential bankrupt if not for government intervention, the agencies are guaranteeing only the better creditworthy loans.
3) Underwriting requirements have become much stricter. Full documentation and much less discretion by lenders in borderline cases.
4) Prospective homeowners need loan-to-value ratios that are more in the 70% range. Lower credit scores means more downpayment and increases to the mortgage rates. People need more cash down and the low rates for the most creditworthy do not apply to folks with FICO scores of mid-700s and below.
5) Appraisals are much more cautious in the comparables and the psychology seems to be an expectation of further deterioration. Therefore, the appraisals are conservative; this leaves the lender feeling as though it has less collateral-- means higher rate and more of a downpayment required.
6) Consumer psychology is such that those that might have taken a risk and bought a home in the past are holding back. Not sure of their future earnings and delaying large purchases. Why buy a large ticket item when you are not sure you will be able to afford it or if you think the value may decline in the next six months-- why not just wait.
7) Many homeowners are stuck-- they are underwater on their homes, meaning they owe more on the mortgage than the home could be sold for in the current market. Many of these people want to downsize and move on. However, the reality is they are stuck until values increase-- assuming they can hold the home during that period of time. If not, it becomes another distressed home on the market (i.e., short sale or foreclosure).
8) Lenders are not offering loans to investors-- they need to come up with all cash needed. The days of securitizing and selling investment paper is a thing of the past, for now. That means, even savvy investors-- those that could take advantage of the excess supply are less likely to soak up some of the excess supply. This continues to leave the supply and demand curve out of equilibrium-- for now.
We will continue to monitor these issues going forward. We think these are some of the key issues for those who are involved in the real estate market. Please feel free to post an opinion or question and we will try to address them in future posts.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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, October 3, 2010
2Q 2010: Florida Housing Foreclosure Snapshot
After commenting on the foreclosure market in the US, now let's tackle the Florida foreclosure market during 2Q 2010 (please see previous piece on US foreclosures). Florida's foreclosure situation is not good, but not the worst in the country.
From April 2010 to June 2010 the highest share of foreclosure sales were as follows:
Nevada: 56% of all sales were foreclosed homes
Arizona: 47%
California: 43%
Rhode Island: 37%
Massachusetts: 35%
Florida: 34%
Michigan: 33%
Georgia: 27%
Idaho: 27%
Oregon: 25%
As we analyzed in greater depth in our previous article, the US had nearly 25% foreclosed homes sold in total during 2Q 2010.
Distressed homes, those that are short sales or foreclosures accounted for 34% of all existing houses sold in August 2010, from 32% in July 2010 and 31% when compared with August 2009; this is according to the National Association of Realtors.
Florida was not among the biggest discounts to market in regards to foreclosure prices versus traditional home sales during 2Q 2010. The price discount for foreclosure sales and market sales are as follows:
Ohio: 43%
Kentucky: 43%
California: 43%
Michigan: 35%
Tennessee: 35%
Pennsylvania: 35%
Georgia: 35%
Illinois: 35%
District of Columbia: 35%
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
From April 2010 to June 2010 the highest share of foreclosure sales were as follows:
Nevada: 56% of all sales were foreclosed homes
Arizona: 47%
California: 43%
Rhode Island: 37%
Massachusetts: 35%
Florida: 34%
Michigan: 33%
Georgia: 27%
Idaho: 27%
Oregon: 25%
As we analyzed in greater depth in our previous article, the US had nearly 25% foreclosed homes sold in total during 2Q 2010.
Distressed homes, those that are short sales or foreclosures accounted for 34% of all existing houses sold in August 2010, from 32% in July 2010 and 31% when compared with August 2009; this is according to the National Association of Realtors.
Florida was not among the biggest discounts to market in regards to foreclosure prices versus traditional home sales during 2Q 2010. The price discount for foreclosure sales and market sales are as follows:
Ohio: 43%
Kentucky: 43%
California: 43%
Michigan: 35%
Tennessee: 35%
Pennsylvania: 35%
Georgia: 35%
Illinois: 35%
District of Columbia: 35%
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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, September 29, 2010
Bargain Hunting For Condos In South Florida? You Might Be In Luck
The South Florida condominium market may be ripe for investors given the current conditions of the market. The large number of foreclosures should be advantageous to those looking to invest in the South Florida market.
As we discussed in a previous article, there are new Acts in place to help the large scale investors. However, there are still deals for smaller investors and homebuyers looking for a favorable price.
Median condo prices fell as follows:
Broward County: 14% year-over-year slide in August 2010 to $73,000
Palm Beach County: 24% year-over-year decrease in August 2010 to $84,900.
Where do we go from here?
Some analysts expect prices to fall another 5% to 10% before reaching a stage of price stabilization. These analysts believe it will take a year or more before prices increase consistently.
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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 we discussed in a previous article, there are new Acts in place to help the large scale investors. However, there are still deals for smaller investors and homebuyers looking for a favorable price.
Median condo prices fell as follows:
Broward County: 14% year-over-year slide in August 2010 to $73,000
Palm Beach County: 24% year-over-year decrease in August 2010 to $84,900.
Where do we go from here?
Some analysts expect prices to fall another 5% to 10% before reaching a stage of price stabilization. These analysts believe it will take a year or more before prices increase consistently.
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Florida's Palm Beach County's Home Prices Continue To Fall In August 2010
Florida's Palm Beach County has seen median prices fall in August 2010 and some analysts think the trend could continue through the end of 2010.
Florida's Palm Beach County posted 793 sales of existing homes in August 2010, down slightly on a sequential basis and up 5% from August 2009.
The median single-family home price was $227,800 or 7% below August 2009.
The median price of a single-family home dropped 46% since the peak of $421,500 in November 2005.
What has been the main causes?
The high unemployment rate in Florida at double-digit rates, and an excess supply of homes with many foreclosures in the market.
Where do we go from here?
Zillow.com's chief economist said he'd be surprised if the South Florida region's home prices did not hit "bottom" in 2011.
I think it is important to watch the factors we have previously discussed in an article to get a sense of any particular real estate market (i.e., South Florida or Broward County).
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Florida's Palm Beach County posted 793 sales of existing homes in August 2010, down slightly on a sequential basis and up 5% from August 2009.
The median single-family home price was $227,800 or 7% below August 2009.
The median price of a single-family home dropped 46% since the peak of $421,500 in November 2005.
What has been the main causes?
The high unemployment rate in Florida at double-digit rates, and an excess supply of homes with many foreclosures in the market.
Where do we go from here?
Zillow.com's chief economist said he'd be surprised if the South Florida region's home prices did not hit "bottom" in 2011.
I think it is important to watch the factors we have previously discussed in an article to get a sense of any particular real estate market (i.e., South Florida or Broward County).
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Florida's Broward County Median Home Prices Fall in August 2010
Florida's Broward County has seen median prices fall in August 2010 and some analysts think the trend could continue through the end of 2010.
Florida's Broward County posted 683 sales of existing homes in August 2010, down 5% on a sequential basis and 16% from August 2009.
The median single-family home price was $206,000 or 5% below August 2009.
The median price of a single-family home dropped 47% since the peak of $391,100 in November 2005.
What has been the main causes?
The high unemployment rate in Florida at double-digit rates, and an excess supply of homes with many foreclosures in the market.
Where do we go from here?
Zillow.com's chief economist said he'd be surprised if the South Florida region's home prices did not hit "bottom" in 2011.
I think it is important to watch the factors we have previously discussed in an article to get a sense of any particular real estate market (i.e., South Florida or Broward County).
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Florida's Broward County posted 683 sales of existing homes in August 2010, down 5% on a sequential basis and 16% from August 2009.
The median single-family home price was $206,000 or 5% below August 2009.
The median price of a single-family home dropped 47% since the peak of $391,100 in November 2005.
What has been the main causes?
The high unemployment rate in Florida at double-digit rates, and an excess supply of homes with many foreclosures in the market.
Where do we go from here?
Zillow.com's chief economist said he'd be surprised if the South Florida region's home prices did not hit "bottom" in 2011.
I think it is important to watch the factors we have previously discussed in an article to get a sense of any particular real estate market (i.e., South Florida or Broward County).
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Tuesday, September 28, 2010
July 2010 Case-Shiller Report: US Home Prices Rise 0.6%
The Case-Shiller home price index tracks single-family homes in 20 major US cities. The index showed a 0.6% rise in prices during July 2010 from June 2010. Prices increased 3.2% on a year-over-year basis.
Prices rose in 12 of the 20 markets on a year-over-year comparison during July 2010. The only South Florida market included in the index is Miami; the market was up 0.4% in July 2010 over the previous year, according to the Case-Shiller home price index.
The 3.2% year-over-year increase for July 2010 compares with 4.2% for June 2010. This poses a question for the direction of the US home market:
Are we seeing continued growth or a trend toward slowing year-over-year growth-- thus, leading towards another downturn?
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Prices rose in 12 of the 20 markets on a year-over-year comparison during July 2010. The only South Florida market included in the index is Miami; the market was up 0.4% in July 2010 over the previous year, according to the Case-Shiller home price index.
The 3.2% year-over-year increase for July 2010 compares with 4.2% for June 2010. This poses a question for the direction of the US home market:
Are we seeing continued growth or a trend toward slowing year-over-year growth-- thus, leading towards another downturn?
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Saturday, September 25, 2010
August New Homes Sales Still Slow In US
Annual sales of new homes in the United States were only 288,000 in August 2010. Sales were down 29% from a year earlier and were relatively unchanged on a sequential basis. This was the second lowest sales amount for the month of August on record. The median sales price of $204,700 was down 1.2% from August 2009 and the lowest amount since December 2003.
Sales of new homes increased by 54% in the Western portion of the US and they were up 15% in the Northeastern US during August 2010. However, this was offset by a 26% drop in the Midwest and an 11% decline in the South.
Foreclosures and other distressed properties (i.e., short sales), have been putting a damper on pricing and unit sales of new homes. As a result, builders are cutting back on adding new inventory to the market. Although home construction is up 25% from the bottom in April 2009, it is 75% below the peak new construction that took place in January 2006.
The number of unsold new homes in the US was 206,000 in the US as of August 2010. Experts believe this is about 8.6 months worth of supply. Therefore, it seems unlikely that construction will ramp up during the next six to nine months.
What does this mean to those looking to buy a home now?
It is still a buyer's market. Those looking for a new home have many options and can be choosy. However, for the best deals, home buyers should be focused on distressed properties.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Sales of new homes increased by 54% in the Western portion of the US and they were up 15% in the Northeastern US during August 2010. However, this was offset by a 26% drop in the Midwest and an 11% decline in the South.
Foreclosures and other distressed properties (i.e., short sales), have been putting a damper on pricing and unit sales of new homes. As a result, builders are cutting back on adding new inventory to the market. Although home construction is up 25% from the bottom in April 2009, it is 75% below the peak new construction that took place in January 2006.
The number of unsold new homes in the US was 206,000 in the US as of August 2010. Experts believe this is about 8.6 months worth of supply. Therefore, it seems unlikely that construction will ramp up during the next six to nine months.
What does this mean to those looking to buy a home now?
It is still a buyer's market. Those looking for a new home have many options and can be choosy. However, for the best deals, home buyers should be focused on distressed properties.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Friday, September 3, 2010
Some Inexpensive Ideas For Labor Day Weekend 2010 In South Florida
Beyond South Florida's wonderful beaches is great food, museums, night life and recreational facilities.
Visitors and locals can enjoy the lifestyle of South Florida without blowing the budget.
Below are a few of links that have some inexpensive ideas for Labor Day weekend 2010 in South Florida.
http://bit.ly/cMUEzH
http://bit.ly/bGbh9k
http://bit.ly/972qOP
Safe and happy long weekend.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
Visitors and locals can enjoy the lifestyle of South Florida without blowing the budget.
Below are a few of links that have some inexpensive ideas for Labor Day weekend 2010 in South Florida.
http://bit.ly/cMUEzH
http://bit.ly/bGbh9k
http://bit.ly/972qOP
Safe and happy long weekend.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
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