As we have written about in the past, there are many issues to follow to get a sense of the housing market. On a more macro-level, understanding the consumer is important on the demand side of the market.
We have identified consumer confidence and the job market as two key areas to follow. The recent trend does not show promise for a turnaround the US housing market.
Consumer confidence fell to a seven-month low in June 2011. As the Chairman of America's Research Group indicated, "Americans still feel like they're in a recession." The Conference Board's Consumer Confidence Index was 58.5 in June 2011, down from 61.7 in May 2011. A reading of 90 indicates a relatively healthy economy.
A large reason most Americans feel like the recession is still with us is because of the second factor we discussed-- the job market. The unemployment rate continues to hold in the low 9.0% range and has inched up recently. Americans are still worried about their jobs and the prospects of landing a new job. Stagnant wages are also a concern for workers in the United States.
With out the feeling of job stability or good prospects of landing a new job in the near future, we think it is unlikely the US housing market will show any robust growth in the next six months.
However, it remains a buyer's market and those who are qualified can take advantage of the imbalance between supply and demand in the market.
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. Text me your e-mail address for free 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
Sunday, July 17, 2011
Some Banks Are Offering Homeowners A Cash Reward To Do A Short Sale: Homes For Sale: Homes For Rent: Real Estate Agent
According to the Florida Sun-Sentinel, JP Morgan Chase and Wells Fargo & Company are offering a cash reward to certain Florida homeowners who agree to a short sale. Some defaulting homeowners in Florida have confirmed receiving $10,000 to $20,000 from banks in order to agree to a short sale.
The banks are not giving many details on why only some Florida homeowners are being chosen and not others. The only comment is that it is determined by "individual circumstances," according to the Sun-Sentinel.
In the first three months of 2011, RealtyTrac, Inc., reported the average foreclosure in Florida took 619 days. The incentive program would all the banks to write-off the bad loans quickly and avoid the lengthly foreclosure process.
We have written in previous posts about the benefits of doing a short sale as opposed to being foreclosed upon by the lender. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help distressed homeowners complete a short sale.
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. Text me your e-mail address for free 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
The banks are not giving many details on why only some Florida homeowners are being chosen and not others. The only comment is that it is determined by "individual circumstances," according to the Sun-Sentinel.
In the first three months of 2011, RealtyTrac, Inc., reported the average foreclosure in Florida took 619 days. The incentive program would all the banks to write-off the bad loans quickly and avoid the lengthly foreclosure process.
We have written in previous posts about the benefits of doing a short sale as opposed to being foreclosed upon by the lender. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help distressed homeowners complete a short sale.
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. Text me your e-mail address for free 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
After A Foreclosure Or A Short Sale, How Long Do You Have To Wait To Buy A House?: Homes For Sale: Homes For Rent: Real Estate Agent
As a Certified Distressed Property Expert (CDPE) and a Realtor in the South Florida housing market, I have come across many distressed home situations recently. Representing both sellers and buyers in the distressed property market is one of my specialities.
The main idea is for sellers to avoid foreclosure via a short sale or another avenue. There have been many short sales and foreclosures recently and the question for those who have been through it is: how long do I have to wait until I can purchase a home again.
Below is a brief synopsis as reported recently by the New York Times:
Fannie Mae and Freddie Mac:
Up to seven years after a foreclosure and up to four years after a bankruptcy WITHOUT extenuating circumstances (i.e., illness or job loss).
Up to three years after a foreclosure and up to two years following a short sale, deed in lieu or discharge or dismissal of bankruptcy with extenuating circumstances.
Federal Housing Administration (FHA) Loans:
Those loans insured by the FHA will have to wait up to three years after a foreclosure and two years after a bankruptcy is discharged.
Short sales WITHOUT extenuating circumstances will have to wait up to three years.
Short sales with extenuating circumstances and were on time with all payments a year prior to the short sale may not have to wait at all and might qualify for an FHA loan immediately.
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. Text me your e-mail address for free 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
The main idea is for sellers to avoid foreclosure via a short sale or another avenue. There have been many short sales and foreclosures recently and the question for those who have been through it is: how long do I have to wait until I can purchase a home again.
Below is a brief synopsis as reported recently by the New York Times:
Fannie Mae and Freddie Mac:
Up to seven years after a foreclosure and up to four years after a bankruptcy WITHOUT extenuating circumstances (i.e., illness or job loss).
Up to three years after a foreclosure and up to two years following a short sale, deed in lieu or discharge or dismissal of bankruptcy with extenuating circumstances.
Federal Housing Administration (FHA) Loans:
Those loans insured by the FHA will have to wait up to three years after a foreclosure and two years after a bankruptcy is discharged.
Short sales WITHOUT extenuating circumstances will have to wait up to three years.
Short sales with extenuating circumstances and were on time with all payments a year prior to the short sale may not have to wait at all and might qualify for an FHA loan immediately.
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. Text me your e-mail address for free 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
Monday, July 4, 2011
Happy Fourth of July
Happy independence day to all of our US readers. Thank you to all those who sacrificed to make our country what it has become.
To those who are pursuing the American Dream of homeownership, please call or text me at 561-247-3550. I look forward to working with you.
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
To those who are pursuing the American Dream of homeownership, please call or text me at 561-247-3550. I look forward to working with you.
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
Sunday, July 3, 2011
Ambassadors in Highland Beach: Quarterly Update: Homes For Sale: Homes For Rent
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
1,100 square feet
$270,000 sales price
To receive more information on Ambassadors or other other properties in the area, feel free to text me or call me at 561-247-3550.
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
1,100 square feet
$270,000 sales price
To receive more information on Ambassadors or other other properties in the area, feel free to text me or call me at 561-247-3550.
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 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
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