Saturday, January 15, 2011

Homes for sale: US Home Prices Fall Again During November 2010

The US housing market continues to struggle to find a bottom. Home prices in the United States fell 5.1% in November 2010 when compared with a year earlier, according to real estate analytics firm CoreLogic.

The decline in US home prices in November was steeper than the year-over-year decrease of 3.4% in October. Forty-four of the states experienced an annual decline in November.

Mark Zandi, an economist with Moody's Analytics said the US housing market is "double dipping." He predicts prices will continue to fall from the peak levels in 2006; he seems to indicate an expectation of the bottom hitting in late 2011 and price declines of 35% off the peak in 2006.

According to CoreLogic, the six states that experience a year-over-year increase in housing prices were: Indiana, Vermont, New York, Wyoming, North Dakota and Maine. However, in general, these states did not see as sharp of a rise in prices during the "boom" period.

The consensus of many leading economists that focus on the real estate market seem to think the bottom of the market will not hit until the end of 2011.

As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.

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

http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Homes For Sale: Interest in Florida's Real Estate Market Picks Up

The National Association of Realtors recently released its list of most searched real estate markets on its Website www.realtor.com.

The top 10 most searched for cities at Realtor.com for 2010 are:

1. Las Vegas
2. Los Angeles
3. Orlando
4. San Antonio
5. Miami
6. Phoenix
7. San Diego
8. Austin, Texas
9. Tampa
10. Chicago

With the majority of home buyers seeking properties online, we think this is a good indication of interest by market sub-segments. Florida represents three of the top ten most searched cities for 2010 on Realtor.com.

We think two main themes are driving the Web traffic to the state of Florida: 1) many distressed properties and 2) "Baby-Boomers" nearing retirement age. The pick up in searches for 2010 should translate into an increase in sales for 2011; the lead time from interest in a home to taking possession takes several months, at least.

If you are thinking of selling or buying a home in the South Florida market, please feel free to contact me. http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser

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

http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Sunday, January 9, 2011

Case-Shiller Index For October 2010: US Real Estate Market Showing Signs of a "Double Dip"?

The Case-Shiller Index for October 2010 showed some ominous signs for the US real estate market.

US home prices have shown a deceleration in annual growth rates for 18 of the 20 City Composites when comparing October 2010 with September 2010.

The news for the Florida market is showing sustained weakness when compared with the overall United States market. The Miami and Tampa composite housing prices have hit their lowest levels since 2006, which seems to indicate these markets have been weaker than the US composite as a whole.

On a year-over-year basis, home sales are down about 25% and the months' supply of unsold homes is up more than 50%. The US economy continued to be in a malaise during October 2010 and the unemployment rate continued to hover close to 10%.

Some data of interest:

October 2010 October/September September/August 1-Year Change (%)

Boston -1.2% -1.3% -0.2%

Miami -1.1% -1.2% -3.4%

New York -1.6% -0.5% -1.7%

Tampa -0.9% -0.8% -3.6%

Composite-10 -1.2% -0.6% 0.2%

Composite-20 -1.3% -0.8% -0.8%

With the economy not showing signs of job growth, continued uncertainty and tight credit markets, we suspect a tough slog for the US housing market as a whole.

When focusing on the South Florida market, the trends seem to be worse when compared with the nation as a whole. This is exacerbated by the higher level of distressed properties in the market as well as an economy largely based on construction and discretionary income spending.

As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.

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

http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Thursday, December 23, 2010

Homes For Sale: Forclosure and Short Sales: New Legal Tactic to Help Homeowner and Condo Assoc; More Distressed Home Statistics

There is a new mortgage terminator strategy, which is a legal tactic that forces lenders (e.g., banks) to come current with homeowner association dues on distressed homes. The action is a "quiet title action" that requires a lender to prove it owns a property free and clear by foreclosing or giving up its lien.

According to the Community Associations Institute, more than 70% of bank owned houses and apartments are not making regular assessment payments to the boards that operate the properties.

Why would a lender not take title on a foreclosed home and leave it in a "short sale" situation? The answer is in many situations it makes more financial sense for the banks to let things lie. The new strategy will force banks to make a decision as to whether or not it makes sense to hand over title to the homeowners association or come current on fees. The new strategy has been sanctioned by three courts in Florida recently.

Non-payment of association dues puts a financial strain on the community. When not enough funds are collected to pay the bills related to the community, either residents take up the slack or the association reduces the amount of services it provides.

HOA assessment delinquencies doubled since 2005 from 19% of associations reporting delinquency rates of 5% or above, to 65% in 2010. In 2010, 30% of associations have delinquent assessments exceeding 10%. Moreover, 10% or almost 30,000 associations in the US have rates above 20% delinqencies in 2010.

With the new legal tactic in place, associations can take title and force the primary lien holder to initiate it own foreclosure proceeding or release its mortgage so the association can sell the unit to cover the fees owed. This will allow for better upkeep of the communities, help to stave off falling home prices and not place a bigger burden on homeowners who are current with association dues.

I think it is very important for buyers and sellers to understand what is happening in the local markets. As this post discussed, it is important to understand what is happening in individual communities.

As a local Relator, I am aware of what is happening in many of the communities. 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

Wednesday, December 22, 2010

S FL: Homes For Sale: Foreclosure and Short Sale: South Florida Has Many Distressed Properties; To Pressure Homeowners Looking To Sell

According to Moody's Analytics, there were 15 million underwater homeowners in the United States in the first quarter of 2010. More than half, 7.8 million, owed 25% more than what the home is worth.

Moody's estimates almost one-third of the total (more than 4 million) underwater homeowners owed more than 50% of the homes' value. The worst US markets for underwater homes were 1) California (424,000), 2) Florida (121,000) and 3) Illinois (121,000).

The bottom line is the economy is in a holding pattern until these figures can be reduced, in our opinion. Homeowners cannot sell and move up and home improvements are being delayed. We believe this trickles down throughout the whole US economy.

During previous recessions, the housing industry and consumer spending strengthened the overall economy. To put in perspective the current lull in housing, we turn to the National Homebuilders Association's annual homebuilding estimate of 600,000 for 2010. This compares with the US output in new homes of 1.7 million in more normal times. The National Homebuilders Association's economist, David Crowe, does not expect home building to return to its normal levels for another three years (editor's note: estimated to be 2014)

In regards to home prices returning to a point where their mortgage balance was even with current property values-- estimates have put an estimate of 11 years for that to happen. The assumption behind the 11 year estimate is if prices were to rise at an annual rate of 3% per year. we believe an average of 3% annual price appreciation during the next 11 years to be a likely scenario.

I think it is very important for sellers to understand their respective local markets. This will allow them to competitively price their properties and garner the most interest in what seems like a lengthy buyer's market 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

Tuesday, December 21, 2010

South Florida Real Estate: Homes For Sale: Free Home Search: Country Club: Delray Beach: Mizner Country Club

Free home search for Mizner Country Club and other real estate (preview listings, etc.)-- homes for sale: cut and paste this link into your browser:

http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217

Mizner Country Club is one of the premier country club communities in Delray Beach, Florida. There is a mandatory equity membership to the clubhouse in order to live in the community. Amenities include: golf, tennis, fitness center, dining, social events and many other features. The advantageous location is one of the many reasons homeowners have chosen the community. Mizner CC is close to major shopping areas, restaurants, major roads and has almost everything one would need within the confines of the community.

I specialize in country club communities in Delray Beach and throughout South Florida. Please feel free to contact me for more information on Mizner Country Club or any other community 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

Saturday, December 11, 2010

South Florida Real Estate: Homes For Sale: Free Home Search: Country Club: Boca Raton: Woodfield Country Club

Free home search for Woodfield Country Club and other real estate (preview listings, etc.)-- homes for sale: cut and paste this link into your browser:

http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217

Woodfield Country Club is one of the premier country club communities in Boca Raton, Florida. There is a mandatory equity membership to the clubhouse in order to live in the community. Amenities include: golf, tennis, fitness center, dining, social events and many other features. The central Boca Raton location is one of the many reasons homeowners have chosen the community. Woodfield CC is close to major shopping areas, restaurants, major roads and has almost everything one would need within the confines of the community.

I specialize in country club communities in Boca Raton and throughout South Florida. Please feel free to contact me for more information on Woodfield Country Club or any other community 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