Home For Sale: US Housing Back To Pre-Boom Affordability Levels, According To Moody's Analytics

According to Moody's Analytics, home affordability returned to pre-bubble levels in a growing number of U.S. markets over the past year as price declines laid the groundwork for a housing recovery.

By a measure of median home prices to annual household incomes, housing affordability at the end of September 2010 returned or surpassed the average reached in the 1989-2003 period in 47 of 74 markets analyzed. This is significant as most economists believe the rise in housing prices begain in 2003.

According to Moody's, the ratio of home prices to annual household income reached a peak of 2.3 in late 2005. By September 2010 the ratio hit 1.6, matching the lowest level in the 35 years. Moody's pegs the average ratio at 1.9 between 1989 and 2003.

We are not "out of the woods" yet. Many housing analysts expect an additional decline of 5% to 10% in the US housing market before prices reach bottom later this year or early next year. Demand continues to be a problem as potential buyers are worried about the economy as well as lending standards that are tightening.

The real estate market remains dynamic as a whole and individual subsections, such as pockets of South Florida, always seem to be in flux. I am following the market as a whole as well as participating in the South Florida real estate market. Please feel free to contact me in regards to purchasing, selling, renting, leasing or investing in real estate.

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

Home For Sale: Low Tax States, Like Florida, Luring Residents from High Tax States Like New York

There are many tax advantages to living in Florida, such as the Homestead laws. This is one of the reasons that many of my people are relocating from the Northeast of the United States to the southern portion of the country.

According to Reuters News, some of the states with the largest population gains from the 2010 U.S. Census are also known as low-tax states; these states include Florida, Texas and Nevada.

Imagine if you were a family of four with a $150,000 income. According to TurboTax, the family could save $13,368 in state and local income taxes if they moved from New York to Florida. The family could save even more when property taxes and estate taxes are included.

Retirees benefit greatly, as many have money invested in tax-deferred retirement accounts; they would profit if withdrawing the money in a low-tax state.

Florida real estate becoming much more affordable when compared with several years prior when the state was experiencing a "bubble" in pricing. As such, now is a great time to look for a second home and/or a home to retire to in the "Sunshine State".

I am a Realtor who knows the various types of communities in South Florida. 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

Florida's Existing Condo Sales Rise In July 2010

Housing sales in July 2010 plunged 25.5% from the year-ago level. The volume of single family home sales in the United States declined to the lowest level since 1995. No particular region of the U.S. was immune as the Northeast dropped 30%, the Midwest was down 33%, the West was off 23% and the South was down 20%.

Nonetheless there are some areas of activity. The data released by the Florida Realtors showed sales of existing condominiums in Florida rose by 11% in July 2010 over July 2009. The increase in sales did come at a reduced price. The median sales price of condominiums in July 2010 was 20% lower than the $108,500 in July 2009.

As the Florida condominium sales data indicates, there is still real estate sales activity throughout the state. The combination of mortgage rates being at the lowest levels in a very long time and steep price declines in many areas, makes real estate affordability in the state of Florida at the highest level in decades. Those buyers who can afford to purchase a home, now is a good time.

Please feel free to contact me for all of your real estate needs in South Florida.

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100