The September 2010 Case-Schiller Index showed the slowest year-over-year growth for any month in the year. Property values rose only 0.6% for September 2010 over September 2009.
The two biggest factors seem to be over-supply of homes and the economy (i.e., almost 10% unemployment). The CEO of homebuilder D.R. Horton recently said he expects sales to remain weak in 2011. He said the company would adjust price points to demand (editors note: seems to be indicating price reductions).
Here's some information from Case-Shiller Index of interest:
============================================================
1-mo 3-mo 1-yr 2-yrs 3-yrs
earlier earlier earlier earlier earlier
============================================================
US Composite-20 -0.71% -0.34% 0.59% -8.75% -24.63%
New York -0.34% 1.01% -0.13% -8.91% -15.41%
Miami -1.24% -0.87% -2.71% -18.51% -41.65%
Boston -1.31% -0.98% 0.42% -2.92% -8.46%
Chicago -1.53% -0.11% -5.58% -15.61% -24.12%
The indications seem to be for continued pricing pressure in the near-term. As we stated earlier, we still believe there is potential for another 5% to 10% slide in home prices during the next 12 months in the South Florida real estate market.
If you are buying or selling a home, please feel free to contact me.
I have provided a link to a property search engine below 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
Showing posts with label 3Q 2010. Show all posts
Showing posts with label 3Q 2010. Show all posts
Tuesday, November 30, 2010
Wednesday, November 10, 2010
South Florida 3Q 2010 Real Estate Picture, According To Zillow
As we expected, the prices of homes in the South Florida market continued to decline during 3Q 2010; this according to real estate firm Zillow.
The large number of distressed properties and the weak job market continue to cause hardship for homeowners in the market.
Zillow reports the peak for home values in the South Florida market was June 2006. Zillow estimates home values in the market have fallen 53.5% since June 2006 to 3Q 2010. Among the 25 markets followed by Zillow, the South Florida market dropped the most during this time.
Of the single family homes in the South Florida market, Zillow estimates 42% are "underwater", meaning they owe more on the mortgage than the home is worth.
Prices continue to fall in the market in order to keep up with the distressed properties in the area. Zillow reports 21% of homeowners in the South Florida market reduced the listing price on their home during 3Q 2010.
We think the trend will continue in the foreseeable future, meaning home values will not appreciate during the next year. However, we see the market bottoming out during the next 12 months.
In order to track our predictions, we include the following information: According to Zillow, the South Florida median selling price fell as follows:
--Single family home prices were down 7.8% from last year in 3Q 2010, to $221,200;
--Condominium prices were down 14.2% from last year in 3Q 2010, to $109,800.
Another intresting tid bit to track our theory: Esslinger-Wooten-Maxwell Realty estimates short sales and foreclosures (i.e., distressed property) accounted for more than 60% of home sales during 3Q 2010.
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
The large number of distressed properties and the weak job market continue to cause hardship for homeowners in the market.
Zillow reports the peak for home values in the South Florida market was June 2006. Zillow estimates home values in the market have fallen 53.5% since June 2006 to 3Q 2010. Among the 25 markets followed by Zillow, the South Florida market dropped the most during this time.
Of the single family homes in the South Florida market, Zillow estimates 42% are "underwater", meaning they owe more on the mortgage than the home is worth.
Prices continue to fall in the market in order to keep up with the distressed properties in the area. Zillow reports 21% of homeowners in the South Florida market reduced the listing price on their home during 3Q 2010.
We think the trend will continue in the foreseeable future, meaning home values will not appreciate during the next year. However, we see the market bottoming out during the next 12 months.
In order to track our predictions, we include the following information: According to Zillow, the South Florida median selling price fell as follows:
--Single family home prices were down 7.8% from last year in 3Q 2010, to $221,200;
--Condominium prices were down 14.2% from last year in 3Q 2010, to $109,800.
Another intresting tid bit to track our theory: Esslinger-Wooten-Maxwell Realty estimates short sales and foreclosures (i.e., distressed property) accounted for more than 60% of home sales during 3Q 2010.
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 31, 2010
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
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