CoreLogic believes US "shadow inventory" of homes may have peaked recently. The "shadow inventory" refers to homes in the foreclosure process that are headed toward the housing market.
As of April 2011 CoreLogic estimates there were about 1.7 million homes that were in the foreclosure process. The firm says this is about 18% below the peak and represents a five-month supply of homes at the current sales pace.
Those behind on their mortgates has declined 8.3% in the first quarter of 2011, according to the Mortgagte Bankers Association. The National Association of Realtors reported foreclosures and short sales (i.e., distressed properties) accounted for 31% of existing home sales in May 2011 versus 37% in April 2011.
Excess inventory supply needs to be taken out of the market in order to reach a bottom in the market, in my view. The stabiliztion of the US economy is helping to reduce delinquencies on mortgage payments and has spurred some into action to purchase a home, in my view.
I think it is too early to declare the market has hit "rock bottom." The recent signs have shown a "softer" decent, which leads me to believe we are getting closer to the nadir. Much depends on the continued strenghtening of the US economy and the economic situation in your local area.
In the meantime, there are many homeowners who are in a distressed situation. As a Certified Distressed Property Expert (CDPE) and a Realtor, I can help. Please contact me.
Otherwise, 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
Tuesday, June 14, 2011
Home Foreclosure Could Cost You Your Job; Short Sale A Better Way?: Homes For Sale: Homes For Rent: Foreclosure Short Sale Realtor
Those who rely on federal security clearances for their job, foreclosure could mean more than losing a house. The reason is a foreclosure in your background could cause you to lose your security clearance.
Along with criminal arrests, drug and alcohol use, debt is another potential pitfall for someone with security clearances. The concern is someone could sell confidential information in order to catch up after falling behind on debts.
Homeowners who are struggling with the mortgage and need security clearance for work purposes should consider a short-sale. These folks should attempt to document the mortgage was sensible at the time. In addition taking decisive action to rectify the situation should be helpful.
One way to try and alleviate the financial obligation is by arranging a short sale of the property. Upon completion of a short sale with debt foregiveness, the financial burden is lifted without potential related issues in the 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
Along with criminal arrests, drug and alcohol use, debt is another potential pitfall for someone with security clearances. The concern is someone could sell confidential information in order to catch up after falling behind on debts.
Homeowners who are struggling with the mortgage and need security clearance for work purposes should consider a short-sale. These folks should attempt to document the mortgage was sensible at the time. In addition taking decisive action to rectify the situation should be helpful.
One way to try and alleviate the financial obligation is by arranging a short sale of the property. Upon completion of a short sale with debt foregiveness, the financial burden is lifted without potential related issues in the 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
Monday, June 13, 2011
How Much Will I Save In A Foreclosure And Short Sale? Homes For Sale: Homes For Rent
With foreclosures accounting for 28% of all sales in the nation, we focus on distressed homes. In an attempt to stay at the forefront of the distressed market, we discuss the percentage discount for foreclosures and short sales in the US.
In the United States, the average REO (i.e., foreclosure) cost on average about 35% less than comparable properties, according to RealtyTrac.
Nationwide, short sales sold at an average 9% discount, according to CNNMoney.
These figures are as of May 2011. However, there are variations depending on the market.
The Certified Distressed Property Expert (CDPE) designation means I have focused my efforts on foreclosures and short sales. 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
In the United States, the average REO (i.e., foreclosure) cost on average about 35% less than comparable properties, according to RealtyTrac.
Nationwide, short sales sold at an average 9% discount, according to CNNMoney.
These figures are as of May 2011. However, there are variations depending on the market.
The Certified Distressed Property Expert (CDPE) designation means I have focused my efforts on foreclosures and short sales. 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
Wednesday, June 8, 2011
Vote On Best Boca Raton, Florida Country Club Community: Homes For Sale: Homes For Rent
With an abundance of top-rated country club communities in Boca Raton, Florida, we are seeking to rank the top-five.
We would like your feedback as a component of our rankings. Please leave a comment with your favorite country club community in Boca Raton and the reason why. You do not have to currently live there. For instance, there are many people who have friends at various clubs and have a particular liking to one over others.
We look forward to reading and posting your comments. If you wish your comments to be counted in our survey, but not posted, please let us know in the body of your comment section.
We will keep you apprised of the results and look forward to doing more rankings for other types of communities and different South Florida cities.
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
We would like your feedback as a component of our rankings. Please leave a comment with your favorite country club community in Boca Raton and the reason why. You do not have to currently live there. For instance, there are many people who have friends at various clubs and have a particular liking to one over others.
We look forward to reading and posting your comments. If you wish your comments to be counted in our survey, but not posted, please let us know in the body of your comment section.
We will keep you apprised of the results and look forward to doing more rankings for other types of communities and different South Florida cities.
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
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
Wednesday, May 25, 2011
Florida's existing home and condo sales increase in April 2011: Homes For Sale: Homes For Rent
Existing home sales in Florida increased 2.0% in April 2011 with a total of 17,192 homes sold statewide compared to 16,781 homes sold in April 2010, according to Florida Realtors. On a year-over-year basis, existing condos rose by 17.0% in April 2011.
Florida’s median sales price for existing homes in April 2011 was $131,700; a year ago, it was $140,300 for a 6 percent decrease. On a sequential basis, the median price for existing homes increased by 4.3% in April 2011 over March 2011.
The national median sales price for an existing home in the US was down 5.3% to $160,500 in April 2011.
Regarding condos in Florida, on a year-to-year basis 8,987 units were sold in April 2011 compared to 7,703 units in April 2010; this is an increase of 17.0%. On a sequential basis, existing Florida condo median sales price for April 2011 was $91,900; in April 2010 it was $100,200 for an 8.0% decrease.
In the US the national median existing condo sales price was $153,100 in March 2011; this increased by 9.0% in April 2011.
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
Florida’s median sales price for existing homes in April 2011 was $131,700; a year ago, it was $140,300 for a 6 percent decrease. On a sequential basis, the median price for existing homes increased by 4.3% in April 2011 over March 2011.
The national median sales price for an existing home in the US was down 5.3% to $160,500 in April 2011.
Regarding condos in Florida, on a year-to-year basis 8,987 units were sold in April 2011 compared to 7,703 units in April 2010; this is an increase of 17.0%. On a sequential basis, existing Florida condo median sales price for April 2011 was $91,900; in April 2010 it was $100,200 for an 8.0% decrease.
In the US the national median existing condo sales price was $153,100 in March 2011; this increased by 9.0% in April 2011.
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
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