Home prices in the US continue to fall, according to the Case-Shiller Index. The national composite fell by 3.8% on a sequential basis during the fourth quarter of 2011 and was down 4.0% versus the fourth quarter of 2010. Both the 10- and 20-City Composites fell by 1.1% in December 2011 over November 2011.
Distressed properties are beginning to return to the market, as we predicted (see earlier posts). The distressed properties (i.e., short sales and foreclosures) are prompting buyers to wait for better prices. An ancillary effect is new construction is being delayed by the increase in distressed properties hitting the market.
The recent improvement in domestic economic activity has not been strong enough to stabilize home prices. According to RealtyTrac, about 5 million houses have been lost to foreclosure since 2006. Some experts are predicting another 1 million US homes will be lost in the foreclosure process during 2012.
Our prediction is it will take another year to absorb all of the new inventory that is expected to hit the market in the coming year. If the economy continues to show improvement, we think 2013 might shape up for the beginning of a return to price increases for the US housing market.
Other areas of interest:
December 2011December/NovemberNovember/OctoberMetropolitan AreaLevelChange (%)Change (%)1-Year Change (%)
Boston 148.54-1.2%-1.6%-2.6%
Chicago 110.23-2.0%-3.4%-6.5%
Miami 137.700.2%-0.5%-3.8%
Minneapolis 111.64-1.8%-0.5%-4.9%
New York 163.11-1.2%-1.4%-2.9%
Tampa 125.08-0.2%-1.1%-4.3%
Composite-10 149.89-1.1%-1.3%-3.9%
Composite-20 136.71-1.1%-1.3%-4.0%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Showing posts with label 2011. Show all posts
Showing posts with label 2011. Show all posts
Saturday, March 10, 2012
Sunday, February 12, 2012
Case-Shiller Home-Price Index November 2011: US Home Prices Keep Falling: Homes For Sale: Homes For Rent
Through November 2011, the Case-Shiller Home-Price Index showed a sequential decline 1.3% for both the 10- and 20-City Composites. The 10- and 20-City Composites posted annual returns of -3.6% and -3.7% versus November 2010, respectively.
US home prices have fallen 33% nationwide since the housing bust; today's US home prices are around the levels of homes sold in 2003. Most housing experts seem to think the large level of vacant homes will keep prices depressed for years to come.
Home experts also indicate home prices are likely to begin rising first in hard-hit areas like Arizona, California, Nevada and Florida. South Florida had experienced a sequential decrease of 0.5% in November 2011 and a 4.4% year-over-year decline in November 2011.
Many economists have compared the current US housing market with the UK market in the 1990s. During that time it took more than four years for home prices to begin to rise again.
Other areas of interest:
November 2011 November/October October/September
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 150.34 -1.6% -1.1% -1.6%
Chicago 112.46 -3.4% -1.8% -5.9%
Miami 137.47 -0.5% -1.2% -4.4%
Minneapolis 113.25 -0.6% -1.5% -5.0%
New York 165.66 -1.1% -1.5% -2.3%
Tampa 125.32 -1.1% -0.5% -6.1%
Composite-10 151.90 -1.3% -1.2% -3.6%
Composite-20 138.49 -1.3% -1.3% -3.7%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
US home prices have fallen 33% nationwide since the housing bust; today's US home prices are around the levels of homes sold in 2003. Most housing experts seem to think the large level of vacant homes will keep prices depressed for years to come.
Home experts also indicate home prices are likely to begin rising first in hard-hit areas like Arizona, California, Nevada and Florida. South Florida had experienced a sequential decrease of 0.5% in November 2011 and a 4.4% year-over-year decline in November 2011.
Many economists have compared the current US housing market with the UK market in the 1990s. During that time it took more than four years for home prices to begin to rise again.
Other areas of interest:
November 2011 November/October October/September
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 150.34 -1.6% -1.1% -1.6%
Chicago 112.46 -3.4% -1.8% -5.9%
Miami 137.47 -0.5% -1.2% -4.4%
Minneapolis 113.25 -0.6% -1.5% -5.0%
New York 165.66 -1.1% -1.5% -2.3%
Tampa 125.32 -1.1% -0.5% -6.1%
Composite-10 151.90 -1.3% -1.2% -3.6%
Composite-20 138.49 -1.3% -1.3% -3.7%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Sunday, January 1, 2012
US And Palm Beach County Home Values Bottomed In 2011? Homes For Rent Homes For Rent
Moody's Analytics expects home prices in the US to level out in 2012, then start to rise.
As a general theme, we believe it is important to follow the trends of the overall market (US) and be knowledgeable of the local areas, as real estate is a local business.
Some Realtors believe certain parts of Palm Beach County in Florida have already bottomed. One was recently quoted in a local publication that "for Delray Beach and Boca Raton, I feel the bottom was here a few months ago and things are already starting to look up." There are Realtors who were quoted as predicting a 2.0% annual increase by 2013.
I do not anticipate any significant price appreciation in the Palm Beach and Broward County markets for 2012. Please see our prediction for the 2012 market in a post during December 2011.
The median home prices for Palm Beach County have declined about 50% over the last six years. These significant price declines mean buyers today should not fear a large decrease in home equity, in my view.
As a local Realtor, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
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 a general theme, we believe it is important to follow the trends of the overall market (US) and be knowledgeable of the local areas, as real estate is a local business.
Some Realtors believe certain parts of Palm Beach County in Florida have already bottomed. One was recently quoted in a local publication that "for Delray Beach and Boca Raton, I feel the bottom was here a few months ago and things are already starting to look up." There are Realtors who were quoted as predicting a 2.0% annual increase by 2013.
I do not anticipate any significant price appreciation in the Palm Beach and Broward County markets for 2012. Please see our prediction for the 2012 market in a post during December 2011.
The median home prices for Palm Beach County have declined about 50% over the last six years. These significant price declines mean buyers today should not fear a large decrease in home equity, in my view.
As a local Realtor, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
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
More Housing Contracts Signed in November 2011; Sign Of A Turnaround?; Homes For Sale: Homes For Rent
The number of signed contracts for homes rose to the highest level in a year-and-a-half in November 2011. There is usually a couple of months lag between a signed contract and a completed deal.
However, things are still not back to the levels seen just a few years ago. Sales of previously occupied homes are around the level of 2008, which were the worst yearly showing since 1997.
The number of contracts used to be a good gauge of future home sales; this is no longer the case. Many buyers are canceling their contracts before consummation, making it a less reliable predictor of sales.
Buyers are still hesitant due to high unemployment, weak job prospects, larger down payments required, more difficult to obtain a loan and fear prices will keep falling.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
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
However, things are still not back to the levels seen just a few years ago. Sales of previously occupied homes are around the level of 2008, which were the worst yearly showing since 1997.
The number of contracts used to be a good gauge of future home sales; this is no longer the case. Many buyers are canceling their contracts before consummation, making it a less reliable predictor of sales.
Buyers are still hesitant due to high unemployment, weak job prospects, larger down payments required, more difficult to obtain a loan and fear prices will keep falling.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
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 Index: October 2011: Slow Price Decrease Continues: Homes For Sale: Homes For Rent
The Case-Shiller Index data for October 2011 show a continued year-over-year decline in the low single digits for the US housing market.
The nation saw the price of homes decline by about 3.0% to 3.5% on a year-over-year basis in October 2011; the sequential decline was about 1.2%.
Another noteworthy statistic, in our view, is existing home sales are still near a low annual rate of 4.0 million in November 2011.
The South Florida market trended with the nation as a whole in October 2011. The year-over-year decline was 4.0% and the sequential decrease was 1.2% in October 2011.
Other areas of note:
October 2011 October/September September/August
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 152.70 -1.1% -0.8% -1.1%
Chicago 116.40 -1.8% -0.8% -4.8%
Miami 138.20 -1.2% -0.7% -4.0%
Minneapolis 111.27 -2.8% -1.0% -8.4%
New York 168.12 -1.2% -0.1% -2.0%
Tampa 126.71 -0.5% -1.5% -6.1%
Composite-10 154.10 -1.1% -0.5% -3.0%
Composite-20 140.30 -1.2% -0.7% -3.4%
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 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 www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
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 nation saw the price of homes decline by about 3.0% to 3.5% on a year-over-year basis in October 2011; the sequential decline was about 1.2%.
Another noteworthy statistic, in our view, is existing home sales are still near a low annual rate of 4.0 million in November 2011.
The South Florida market trended with the nation as a whole in October 2011. The year-over-year decline was 4.0% and the sequential decrease was 1.2% in October 2011.
Other areas of note:
October 2011 October/September September/August
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 152.70 -1.1% -0.8% -1.1%
Chicago 116.40 -1.8% -0.8% -4.8%
Miami 138.20 -1.2% -0.7% -4.0%
Minneapolis 111.27 -2.8% -1.0% -8.4%
New York 168.12 -1.2% -0.1% -2.0%
Tampa 126.71 -0.5% -1.5% -6.1%
Composite-10 154.10 -1.1% -0.5% -3.0%
Composite-20 140.30 -1.2% -0.7% -3.4%
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 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 www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
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 17, 2011
More Foreclosures In August 2011: Homes For Sale: Homes For Rent
The trend continues as more homeowners fell behind on their mortgages, according to Realty Trac, an online marketer of foreclosed properties. Foreclosure filings were up 7.0% in August 2011 over July 2011. However, this is 33.0% below August 2010.
A bellwether for the future is the 33.0% rise in default notices on a sequential basis in August 2011. This is the beginning of the foreclosure process.
Some experts believe lenders are beginning a new push after being slowed down by the "robo-signing" issue last fall.
I find buyers are still focused on the distressed market with foreclosures being the choice over short-sales. I think the reason is primarily two-fold: lower price and less time to get approval.
Surprisingly, Florida was not in the top-three of states hardest hit by foreclosures. Nevada was number one in August, followed by California and then Arizona.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
A bellwether for the future is the 33.0% rise in default notices on a sequential basis in August 2011. This is the beginning of the foreclosure process.
Some experts believe lenders are beginning a new push after being slowed down by the "robo-signing" issue last fall.
I find buyers are still focused on the distressed market with foreclosures being the choice over short-sales. I think the reason is primarily two-fold: lower price and less time to get approval.
Surprisingly, Florida was not in the top-three of states hardest hit by foreclosures. Nevada was number one in August, followed by California and then Arizona.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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, August 31, 2011
Case Shiller Index June 2011: Mixed Signals: Homes For Sale: Homes For Rent
On a national basis, the Case Shiller Index showed a sequential improvement in 2Q:11 from the 1Q:11 low, but still posted an annual decline of 5.9% versus 2Q:10. Nationally, home prices are back to levels seen in 2003.
David Blitzer, the chairman of the Index Committe at S & P Indeces implied there are mixed signals on the housing market throughout the country. He suggests that we are in a state of regional housing markets, as opposed to a "national market" where everything rose and fell together.
The South Florida region showed a 0.6% sequential drop home prices in June 2011 over May 2011; this compares with a 1.1% average increase for the nation. On a year-over-year basis, the price of the average home fell 5.1% in June 2011 versus June 2010; and this compares with an average 4.5% year-over-year decrease for the nation.
Some areas of interest were as follows:
June 2011 June/May May/April
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 154.47 2.4% 2.6% -2.1%
Chicago 115.61 3.2% 1.7% -7.4%
Cleveland 100.68 1.5% 1.2% -6.1%
Miami 139.46 0.6% 1.2% -5.1%
Minneapolis 112.31 3.2% 2.7% -10.8%
New York 166.59 0.9% 0.7% -3.6%
Tampa 128.90 1.3% 0.7% -7.0%
Composite-10 154.88 1.1% 1.0% -3.8%
Composite-20 141.30 1.1% 1.0% -4.5%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
David Blitzer, the chairman of the Index Committe at S & P Indeces implied there are mixed signals on the housing market throughout the country. He suggests that we are in a state of regional housing markets, as opposed to a "national market" where everything rose and fell together.
The South Florida region showed a 0.6% sequential drop home prices in June 2011 over May 2011; this compares with a 1.1% average increase for the nation. On a year-over-year basis, the price of the average home fell 5.1% in June 2011 versus June 2010; and this compares with an average 4.5% year-over-year decrease for the nation.
Some areas of interest were as follows:
June 2011 June/May May/April
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 154.47 2.4% 2.6% -2.1%
Chicago 115.61 3.2% 1.7% -7.4%
Cleveland 100.68 1.5% 1.2% -6.1%
Miami 139.46 0.6% 1.2% -5.1%
Minneapolis 112.31 3.2% 2.7% -10.8%
New York 166.59 0.9% 0.7% -3.6%
Tampa 128.90 1.3% 0.7% -7.0%
Composite-10 154.88 1.1% 1.0% -3.8%
Composite-20 141.30 1.1% 1.0% -4.5%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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, August 13, 2011
Palm Beach County Florida See More Home Sales, Housing Prices Decline: Homes For Sale: Homes For Rent
Existing home sales in Palm Beach County increased 18% in the second quarter 2011 over the same time in 2010. This was better than the state of Florida, which had a 1% sales increase in the number of existing sales 2Q:11 over 2Q:10.
The increase in sales comes at a "price"-- a lower price. The median sales price for a single-family home in Palm Beach County fell 13% to $206,000 in 2Q:11 over the previous year. The median sales price in the state of Florida was down 5% during 2Q:10, to $134,600, versus the previous time frame last year.
Looking at the United States' housing market as a whole, there were less sales on a percentage basis and not as steep of a price drop when compared with Florida. Existing home sales nationwide fell almost 13% 2Q:11 over 2Q:10. The median existing single-family home price was $171,900 in 2Q:11, which was down 2.8% from the same time last year.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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 increase in sales comes at a "price"-- a lower price. The median sales price for a single-family home in Palm Beach County fell 13% to $206,000 in 2Q:11 over the previous year. The median sales price in the state of Florida was down 5% during 2Q:10, to $134,600, versus the previous time frame last year.
Looking at the United States' housing market as a whole, there were less sales on a percentage basis and not as steep of a price drop when compared with Florida. Existing home sales nationwide fell almost 13% 2Q:11 over 2Q:10. The median existing single-family home price was $171,900 in 2Q:11, which was down 2.8% from the same time last year.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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, June 28, 2011
Case Shiller Index: April 2011: Slight Sequential Uptick In Prices; YOY Down Trend Continues: Homes For Sale: Homes For Rent
Case Shiller Housing Index continues to show weakness in the US. One positive is a slight sequential increase in April 2011 over March 2011; however, this was less than 1.0% price increase.
In April 2011 the year-over-year price decrease was 5.6% in the Miami region (South Florida) versus the national average reduction of around 3.5%, according to the Case Shiller Index. The Tampa area showed greater weakness with an annual decrease of 7.7% in April 2011.
The postive sequential trend alluded to earlier might be the start of a positive trend in the US housing market. However, it is only one month and a relatively weak sequential move to the upside.
The South Florida market continues to be plagued by heightened levels of unemployment, higher than usual levels of distressed properties along with the general economic uncertainty of recent months. Tighter lending practices, tougher appraisals and economic uncertainty seem to be discouraging those who are seeking financing. The recent "soft patch" in the national economy seems to be making some cash buyers or those who will use limited financing take a longer look. The lenders and buyers seem to be waiting for an indication as to which way the US economy is headed at the moment.
Some other areas of the nation that we focus on are listed below:
Case-Shiller Housing Index:
April 2011 April/March March/ February
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 147.07 -0.2% -1.7% -4.2%
Chicago 110.12 -0.4% -2.4% -8.6%
Miami 136.99 -0.2% -0.8% -5.6%
Minneapolis 106.07 0.4% -3.7% -11.1%
New York 164.17 0.8% -1.0% -2.8%
Tampa 126.47 -0.4% -0.5% -7.7%
Composite-10 152.51 0.8% -0.8% -3.1%
Composite-20 138.84 0.7% -0.9% -4.0%
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.
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
In April 2011 the year-over-year price decrease was 5.6% in the Miami region (South Florida) versus the national average reduction of around 3.5%, according to the Case Shiller Index. The Tampa area showed greater weakness with an annual decrease of 7.7% in April 2011.
The postive sequential trend alluded to earlier might be the start of a positive trend in the US housing market. However, it is only one month and a relatively weak sequential move to the upside.
The South Florida market continues to be plagued by heightened levels of unemployment, higher than usual levels of distressed properties along with the general economic uncertainty of recent months. Tighter lending practices, tougher appraisals and economic uncertainty seem to be discouraging those who are seeking financing. The recent "soft patch" in the national economy seems to be making some cash buyers or those who will use limited financing take a longer look. The lenders and buyers seem to be waiting for an indication as to which way the US economy is headed at the moment.
Some other areas of the nation that we focus on are listed below:
Case-Shiller Housing Index:
April 2011 April/March March/ February
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 147.07 -0.2% -1.7% -4.2%
Chicago 110.12 -0.4% -2.4% -8.6%
Miami 136.99 -0.2% -0.8% -5.6%
Minneapolis 106.07 0.4% -3.7% -11.1%
New York 164.17 0.8% -1.0% -2.8%
Tampa 126.47 -0.4% -0.5% -7.7%
Composite-10 152.51 0.8% -0.8% -3.1%
Composite-20 138.84 0.7% -0.9% -4.0%
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.
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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 Condo Sales And Home Sales Were Up In May 2011: Homes For Sale: Homes For Rent
Florida's existing home sales increased 3.0%, to 17,228, in May 2011 when compared with the year earlier, according to Florida Realtors. Sales of existing condominiums rose by 17.0% in May 2011 over May 2010.
The increase in unit sales is coming with a reduced price. Florida's existing homes sold for a median price of $135,000 in May 2011, which was 5.0% below last year. On a sequential basis, prices increased 2.9%. On a national level, year-over-year home prices were down 5.4%, to $163,200.
Median prices for a condo in Florida were actually up 2.0%, to $98,200 in May 2011 over May 2011. On a sequential basis, the median condo sales price was 6.9% higher.
The data seems to indicate what I am seeing in my local market-- which is to say, there's more interest in lower price, more affordable homes. I am seeing increased interest from investors and those looking for a second home. Those seeking more expensive homes are out in the market; however, they tend to be discriminating and are taking a while to pull the trigger in making an offer.
If you are thinking of selling or buying a home, renting out or leasing a home, or require more information, please feel free to contact me.
You can text me or call me at the number below.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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 increase in unit sales is coming with a reduced price. Florida's existing homes sold for a median price of $135,000 in May 2011, which was 5.0% below last year. On a sequential basis, prices increased 2.9%. On a national level, year-over-year home prices were down 5.4%, to $163,200.
Median prices for a condo in Florida were actually up 2.0%, to $98,200 in May 2011 over May 2011. On a sequential basis, the median condo sales price was 6.9% higher.
The data seems to indicate what I am seeing in my local market-- which is to say, there's more interest in lower price, more affordable homes. I am seeing increased interest from investors and those looking for a second home. Those seeking more expensive homes are out in the market; however, they tend to be discriminating and are taking a while to pull the trigger in making an offer.
If you are thinking of selling or buying a home, renting out or leasing a home, or require more information, please feel free to contact me.
You can text me or call me at the number below.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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, June 27, 2011
US Housing Market Remains Weak; Some Tidbits on New Home Sales, Which Declined Again in May 2011: Homes For Sale: Homes For Rent
The US housing market continues to be weak as new home sales continued to fall during May 2011.
The sequential number of homes sold in the US was down 2.1% to 319,000 units in May 2011; median home prices increased 2.6% to $222,600 during the same time.
Last year was the worst as far as the number of new homes sold during the past 50 years. New home sales have been decreasing during the past five years. The previous five years saw some record high sales numbers.
Home prices have fallen more during the "Great Recession" when compared with the Great Depression of the 1930's. After the Great Depression, it took 19 years for prices to fully recover.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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 sequential number of homes sold in the US was down 2.1% to 319,000 units in May 2011; median home prices increased 2.6% to $222,600 during the same time.
Last year was the worst as far as the number of new homes sold during the past 50 years. New home sales have been decreasing during the past five years. The previous five years saw some record high sales numbers.
Home prices have fallen more during the "Great Recession" when compared with the Great Depression of the 1930's. After the Great Depression, it took 19 years for prices to fully recover.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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 2, 2011
Case Shiller Housing Index: March 2011: US Home Prices Continue To Slide: Homes For Sale: Homes For Rent
US homes prices are back to the mid-2002 levels, according to the Case-Shiller Index.
On a year-over-year basis, the Case-Shiller Index showed home prices nationally fell 5.1% in 1Q:2011. On a sequential basis, home prices fell 4.2% in the US. The Case-Shiller National Index fell to a new recession low during 1Q:2011.
Locally, the South Florida market saw the price of homes drop 6.1% on a year-over-year basis in March 2011. This compares with a 6.9% decline in prices for the Tampa area during the same time frame.
Looking at some markets of interest:
March 2011 March/February February/January
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 147.36 -1.7% -1.5% -2.7%
Chicago 110.57 -2.4% -2.2% -7.6%
Miami 137.28 -0.8% -2.0% -6.1%
Minneapolis 105.57 -3.7% -3.3% -10.0%
New York 163.50 -0.9% -0.6% -3.4%
Tampa 127.08 -0.7% -0.8% -6.9%
Composite-10 151.66 -0.6% -1.2% -2.9%
Composite-20 138.16 -0.8% -1.1% -3.6%
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.
To receive more information on properties in the area, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
On a year-over-year basis, the Case-Shiller Index showed home prices nationally fell 5.1% in 1Q:2011. On a sequential basis, home prices fell 4.2% in the US. The Case-Shiller National Index fell to a new recession low during 1Q:2011.
Locally, the South Florida market saw the price of homes drop 6.1% on a year-over-year basis in March 2011. This compares with a 6.9% decline in prices for the Tampa area during the same time frame.
Looking at some markets of interest:
March 2011 March/February February/January
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 147.36 -1.7% -1.5% -2.7%
Chicago 110.57 -2.4% -2.2% -7.6%
Miami 137.28 -0.8% -2.0% -6.1%
Minneapolis 105.57 -3.7% -3.3% -10.0%
New York 163.50 -0.9% -0.6% -3.4%
Tampa 127.08 -0.7% -0.8% -6.9%
Composite-10 151.66 -0.6% -1.2% -2.9%
Composite-20 138.16 -0.8% -1.1% -3.6%
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.
To receive more information on properties in the area, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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, May 20, 2011
Current Consumer Sentiment And The Housing Market: Homes For Sale: Homes For Rent
Consumer sentiment plays a role in the housing market, in my opinion. With more than half of US homeowners and renters predicting the housing market will not recover until 2014, the US housing market may take a long while to fully rebound.
Trulia and RealtyTrac found that 54% of respondents do not expect a recovery in the housing market for at least three more years. With demand being weak and difficulty in obtaining mortgages, there is not much to kick-start the housing market in the near-term.
Another overhang is the more than 1.8 million properties (according to Core-Logic) that are delinquent or in foreclosure, which will add to the inventory of unsold homes. The CEO of Trulia is quoted as saying he doesn't expect to see signs of price stability in the housing market for another 18 months (that would be around 2013).
With the uncertainty in the current market, it is more imperative than ever to work with a professional when buying or selling a home. If you are thinking of selling or buying a home, or require more information, please feel free to contact me. You can text me or call me at the number below.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
Trulia and RealtyTrac found that 54% of respondents do not expect a recovery in the housing market for at least three more years. With demand being weak and difficulty in obtaining mortgages, there is not much to kick-start the housing market in the near-term.
Another overhang is the more than 1.8 million properties (according to Core-Logic) that are delinquent or in foreclosure, which will add to the inventory of unsold homes. The CEO of Trulia is quoted as saying he doesn't expect to see signs of price stability in the housing market for another 18 months (that would be around 2013).
With the uncertainty in the current market, it is more imperative than ever to work with a professional when buying or selling a home. If you are thinking of selling or buying a home, or require more information, please feel free to contact me. You can text me or call me at the number below.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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, May 16, 2011
Homes For Sale: Homes For Rent: April 2011: Reduction In Florida Foreclosures; Sign of a Turnaround?
Is the real estate market in Florida finally turning around? Foreclosures in April 2011 fell 59.0% when compared with last year, according to RealtyTrac, a service that tracks foreclosures. Some may point to this as a sign that the real estate market is improving in Florida. However, despite the big drop in foreclsoure activity, Florida was still second in the country in regards to foreclosure activity.
Nationwide, foreclosure proceedings in April dropped 34 percent from April 2010 and were 9 percent lower than March 2011. Part of the reason for the slowdown seems to be the lengthening of the time to process foreclosures (please see previous posts on this subject).
RealtyTrac estimates it now takes an average of 400 days from initial default to completion of the foreclosure. This compares with 340 days a year ago and 151 days in 2007. The average foreclosure in Floridaq took 619 days in March 2011, according to RealtyTrac-- or three times longer than 1Q:07.
As mentioned in previous posts, we think this points to the possibility of increased number of short sales in the foreseeable future. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
Nationwide, foreclosure proceedings in April dropped 34 percent from April 2010 and were 9 percent lower than March 2011. Part of the reason for the slowdown seems to be the lengthening of the time to process foreclosures (please see previous posts on this subject).
RealtyTrac estimates it now takes an average of 400 days from initial default to completion of the foreclosure. This compares with 340 days a year ago and 151 days in 2007. The average foreclosure in Floridaq took 619 days in March 2011, according to RealtyTrac-- or three times longer than 1Q:07.
As mentioned in previous posts, we think this points to the possibility of increased number of short sales in the foreseeable future. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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, May 14, 2011
Homes For Sale: Homes For Rent: More Homes Underwater, Prices Continue To Slide In US
According to Zillow, US home values fell faster in 1Q:11 than they have in any quarter since 2008. Zillow's Home Value Index fell 3.0% sequentially from 4Q:10 to 1Q:11 and declined 8.2% on a year-over-year basis. The average home in the United States now costs $169,600, according to Zillow, and values have fallen 29.5% from the market's peak in June 2006.
Zillow estimates more than one in four homes in the United States is underwater. Zillow pegs 28.4% of single-family homes with mortgages were underwater at the end of 1Q:11, this is up from 27.0% in 4Q:10. A homeowner is underwater when they owe more on their mortgage than their home is worth.
The increase in underwater homes are fueling foreclosures. In March 2011, one out of every 1,000 homes in the country was foreclosed upon by the lender, according to Zillow. With the increase in distressed properties, I think short sales will pick up as well. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Zillow estimates more than one in four homes in the United States is underwater. Zillow pegs 28.4% of single-family homes with mortgages were underwater at the end of 1Q:11, this is up from 27.0% in 4Q:10. A homeowner is underwater when they owe more on their mortgage than their home is worth.
The increase in underwater homes are fueling foreclosures. In March 2011, one out of every 1,000 homes in the country was foreclosed upon by the lender, according to Zillow. With the increase in distressed properties, I think short sales will pick up as well. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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, April 26, 2011
Homes For Sale: Homes For Rent: Case-Shiller Index Update February 2011
United States residential home prices have dropped during the 12 months to February 2011, according to the Case-Shiller Index. The Case-Shiller Index of property values in 20 cities fell 3.3% from February 2010.
The continuation of distressed properties (e.g., foreclosures) are weighing on the prices of homes in the US. “There is very little, if any, good news about housing,” David Blitzer, chairman of the Case-Shiller index committee at S&P, said in a statement. “The 20-city composite is within a hair’s breadth of a double-dip.”
The Miami component of the index saw prices fall 6.2% on a year-over-year basis in February 2011 and Tampa was down 6.0%. On a sequential basis the two segments fell 2.0% and 1.2%, respectively.
Some areas of interest are as follows:
February 2011 February/January January '11/ December '10
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 149.86 -1.5% -0.2% -1.0%
Chicago 113.26 -2.2% -1.8% -7.6%
Miami 138.44 -2.0% -1.3% -6.2%
Minneapolis 109.93 -3.1% -3.3% -8.3%
New York 165.19 -0.5% -1.0% -3.1%
Tampa 128.38 -1.2% -0.5% -6.0%
Composite-10 152.70 -1.1% -1.0% -2.6%
Composite-20 139.27 -1.1% -1.1% -3.3%
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.
To receive more information on properties in the area, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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 continuation of distressed properties (e.g., foreclosures) are weighing on the prices of homes in the US. “There is very little, if any, good news about housing,” David Blitzer, chairman of the Case-Shiller index committee at S&P, said in a statement. “The 20-city composite is within a hair’s breadth of a double-dip.”
The Miami component of the index saw prices fall 6.2% on a year-over-year basis in February 2011 and Tampa was down 6.0%. On a sequential basis the two segments fell 2.0% and 1.2%, respectively.
Some areas of interest are as follows:
February 2011 February/January January '11/ December '10
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 149.86 -1.5% -0.2% -1.0%
Chicago 113.26 -2.2% -1.8% -7.6%
Miami 138.44 -2.0% -1.3% -6.2%
Minneapolis 109.93 -3.1% -3.3% -8.3%
New York 165.19 -0.5% -1.0% -3.1%
Tampa 128.38 -1.2% -0.5% -6.0%
Composite-10 152.70 -1.1% -1.0% -2.6%
Composite-20 139.27 -1.1% -1.1% -3.3%
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.
To receive more information on properties in the area, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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, April 23, 2011
Homes For Sale: Homes For Rent: Quarterly Update: Ambassadors in Highland Beach Florida
Ambassadors consists of 2 oceanfront buildings with 80 units each. Some of the units have amazing direct views of the Atlantic Ocean.
The building is ocean front with private access to the beach. The swimming pool is oceanside with a fitness facility included in the Homeowner's Association fees. There is one covered parking spot per unit and 24-hour manned security gate. Quarterly maintenance includes common area maintenance, security, water, cable, high-speed Internet and trash removal.
During the past twelve months we estimate the median sold information is as follows:
2 bedrooms
2 bathrooms
1,050 square feet
$251,500 sales price
To receive more information on Ambassadors or other other properties in the area, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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 building is ocean front with private access to the beach. The swimming pool is oceanside with a fitness facility included in the Homeowner's Association fees. There is one covered parking spot per unit and 24-hour manned security gate. Quarterly maintenance includes common area maintenance, security, water, cable, high-speed Internet and trash removal.
During the past twelve months we estimate the median sold information is as follows:
2 bedrooms
2 bathrooms
1,050 square feet
$251,500 sales price
To receive more information on Ambassadors or other other properties in the area, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
Homes For Sale: Homes For Rent: US Monthly House Price Index Declined 1.6% January 2011 to February 2011
US Monthly House Price Index Declined 1.6% January 2011 to February 2011, according to the Federal Housing Finance Agency’s monthly House Price Index. A previously reported 0.3% decrease in January was revised to a 1.0% decrease.
On a year-over-year basis, US house prices declined 5.7% in February 2011. The US Index is about 18.6% below the peak of April 2007 and is about the same level as the February 2004 index level.
With prices continuing to decrease, I think now is a good time for those seeking to purchase a home to begin looking. In my view, the market isslowly decreasing in price and should reach a trough level within the next 12 months-to-18 months; this assumes similar economic trends that we are seeing now.
Each market within the US and each sub-market behave in a slightly different manner. For that reason, I suggest working with a real estate professional that knows respective markets. Although I follow the real estate market on a macro-level, I specialize in the South Florida real estate market.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your name, phone number and e-mail address to the number below and I will provide information requested.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
On a year-over-year basis, US house prices declined 5.7% in February 2011. The US Index is about 18.6% below the peak of April 2007 and is about the same level as the February 2004 index level.
With prices continuing to decrease, I think now is a good time for those seeking to purchase a home to begin looking. In my view, the market isslowly decreasing in price and should reach a trough level within the next 12 months-to-18 months; this assumes similar economic trends that we are seeing now.
Each market within the US and each sub-market behave in a slightly different manner. For that reason, I suggest working with a real estate professional that knows respective markets. Although I follow the real estate market on a macro-level, I specialize in the South Florida real estate market.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your name, phone number and e-mail address to the number below and I will provide information requested.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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, April 21, 2011
Homes for Sale: Homes for Rent: Florida's Existing Homes and Condo Sales Increase
Florida’s existing home and existing condo sales rose in March 2011. Existing home sales increased 12 percent last month with a total of 18,522 homes sold statewide compared to 16,540 homes sold in March 2010, according to Florida Realtors.
Florida’s median sales price for existing homes last month was $126,300; a year ago, it was $136,000 for a 7 percent decrease. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price.
In Florida’s year-to-year comparison for condos, 9,703 units sold statewide last month compared to 7,830 units in March 2010 for an increase of 24 percent. The statewide existing condo median sales price last month was $84,300; in March 2010 it was $94,800 for an 11 percent decrease. The national median existing condo sales price was $150,400 in February 2011, according to NAR.
Essentially, I think more investors are entering the Florida real estate market and relying more on all cash deals. This has helped to increase unit sales while hurting pricing.
We have discussed this in previous posts and I think this is further evidence in the recent real estate market for Florida. I would not be surprised to see this trend continue into the second calendar quarter of 2011.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your name, phone number and e-mail address to the number below and I will provide information requested.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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 median sales price for existing homes last month was $126,300; a year ago, it was $136,000 for a 7 percent decrease. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price.
In Florida’s year-to-year comparison for condos, 9,703 units sold statewide last month compared to 7,830 units in March 2010 for an increase of 24 percent. The statewide existing condo median sales price last month was $84,300; in March 2010 it was $94,800 for an 11 percent decrease. The national median existing condo sales price was $150,400 in February 2011, according to NAR.
Essentially, I think more investors are entering the Florida real estate market and relying more on all cash deals. This has helped to increase unit sales while hurting pricing.
We have discussed this in previous posts and I think this is further evidence in the recent real estate market for Florida. I would not be surprised to see this trend continue into the second calendar quarter of 2011.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your name, phone number and e-mail address to the number below and I will provide information requested.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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, April 4, 2011
Homes For Sale: Reasons To Be Optimistic About US Housing Market: Part I
Mike Castleman is the founder and CEO of Metrostudy, which has been collecting United States housing data for many years. Mr. Castleman predicts there will be a shortage of homes in the US soon, which will lead to rising home prices.
Metrostudy aggregates data on the number of homes that are vacant and for sale and how long it takes to sell all of them in each of the cities on which it collects data. The company supplies the information to its client base in order to try and determine whether a market has a surplus or a shortage of new housing.
In the 41 cities Metrocity covers, about 78,000 houses are either vacant, for sale or under construction. The category reached a peak of 343,000 units in mid-2006. Mr. Castleman says that if we had normal levels of buying the current inventory would sell in 2 1/2 months. If this were to be the case, Mr. Castleman says there would be an "incredible shortage" of homes and he predicts "that's where we are headed."
I have found that the more desireable communities that I serve have continued to have a dearth of "distressed priced" homes; and those that happened to enter the market were snapped up quickly. I think it depends on the area in which you are seeking to buy or sell a home. Certain segments of the South Florida market have a narrow inventory level and have not experienced as big a price drop after the housing "bubble" burst.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your e-mail address to the number below and I will provide information requested.
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>
Metrostudy aggregates data on the number of homes that are vacant and for sale and how long it takes to sell all of them in each of the cities on which it collects data. The company supplies the information to its client base in order to try and determine whether a market has a surplus or a shortage of new housing.
In the 41 cities Metrocity covers, about 78,000 houses are either vacant, for sale or under construction. The category reached a peak of 343,000 units in mid-2006. Mr. Castleman says that if we had normal levels of buying the current inventory would sell in 2 1/2 months. If this were to be the case, Mr. Castleman says there would be an "incredible shortage" of homes and he predicts "that's where we are headed."
I have found that the more desireable communities that I serve have continued to have a dearth of "distressed priced" homes; and those that happened to enter the market were snapped up quickly. I think it depends on the area in which you are seeking to buy or sell a home. Certain segments of the South Florida market have a narrow inventory level and have not experienced as big a price drop after the housing "bubble" burst.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your e-mail address to the number below and I will provide information requested.
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>
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