The US Commerce Department reported builders are slowing down the number of new homes being built. Housing starts dropped 5% in August 2011 with a 571,000 annual rate of build, according to the US Commerce Department.
New home construction is being constrained by high unemployment rates, a glut of foreclosed and empty homes and declining home prices. Tighter lending standards by banks and a lack of consumer confidence is also hampering new home construction in the US.
The inactivity of new homes being build is a natural reaction to the glut of homes on the market currently. The inventory levels need to be thinned out before a price rebound can occur, in our view. As this process occurs, we expect consumer confidence to improve should the US economy begin to show signs of growth. Should economic activity pickup, we expect more lending and a rebound in the US housing market.
The question is when will all of this occur? It is very hard to predict any market and calling the "bottom" is not an easy task. However, when it comes to housing and you plan on living in the home for at least 10 years, now is a good time to purchase a home, in our view (please see earlier posts for reasoning).
The market is diffcult to predict-- if you are looking to buy, sell, rent or lease a home, now might be a good time to take action.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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
Saturday, October 8, 2011
South Florida Housing Trends: Some Positive Numbers For August 2011: Homes For Sale: Homes For Rent
Miami-Dade and Broward Counties showed some positive home sales trends in August 2011.
Existing conco sales in Miami-Dade were up 51% from last year and 18% on a sequential basis in August 2011. Single-family homes had a 49% year-over-year increase and a 9% sequential uptick.
In Broward County, annual sales increased 21% for existing condos and single family homes rose 19% in August 2011.
When looking at the pricing there were upward trends as well. Miami-Dade existing condos sold at a 13% increase in August 2011 over August 2010; single family homes dipped 1%.
Broward's median price for existing condos rose by 6% in August 2011 on a year-over-year basis and single family home prices increased 5%.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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
Existing conco sales in Miami-Dade were up 51% from last year and 18% on a sequential basis in August 2011. Single-family homes had a 49% year-over-year increase and a 9% sequential uptick.
In Broward County, annual sales increased 21% for existing condos and single family homes rose 19% in August 2011.
When looking at the pricing there were upward trends as well. Miami-Dade existing condos sold at a 13% increase in August 2011 over August 2010; single family homes dipped 1%.
Broward's median price for existing condos rose by 6% in August 2011 on a year-over-year basis and single family home prices increased 5%.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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, October 5, 2011
How Much Time Does A Homeowner Have To Do A Short Sale? Homes For Sale: Homes For Rent
There are more than four million homes in the US either in foreclosure or 90 days or more late with payments in August 2011, according to published reports.
Many of these homeowners fall into the criteria for a short sale, which could allow for debt foregiveness under certain circumstances. Short sales are advantageous when compared with foreclosure for many reasons.
With a large amount of bad loans, lenders have had to prioritize which homes to target and the others have languished in the foreclosure process.
Once borrowers start missing payments, they spend an average of one year and nine months (611 days) in the foreclosure process before lenders repossess the homes, according to LPS Mortgage Monitor. The average was 523 days a year ago and 251 days three years ago.
The length of time to repossess a foreclosed home has been increasing as the numbers above indicate. Bottlenecks are worse in judicial states where foreclosures are processed through the court system. In non-judicial states foreclosures take about six months less time when compared with judicial states.
I can help with the short sale process and we can work together towards a successful short sale.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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
Many of these homeowners fall into the criteria for a short sale, which could allow for debt foregiveness under certain circumstances. Short sales are advantageous when compared with foreclosure for many reasons.
With a large amount of bad loans, lenders have had to prioritize which homes to target and the others have languished in the foreclosure process.
Once borrowers start missing payments, they spend an average of one year and nine months (611 days) in the foreclosure process before lenders repossess the homes, according to LPS Mortgage Monitor. The average was 523 days a year ago and 251 days three years ago.
The length of time to repossess a foreclosed home has been increasing as the numbers above indicate. Bottlenecks are worse in judicial states where foreclosures are processed through the court system. In non-judicial states foreclosures take about six months less time when compared with judicial states.
I can help with the short sale process and we can work together towards a successful short sale.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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
South Florida Homes For Sale Declining: Homes For Sales: Homes For Rent
Believe it or not the number of homes and condominiums for sale have decreased in South Florida during 2011. In fact, the number of single family homes and condos on the market was about half of what was available in October 2011 versus October 2010.
As I have been telling clients, homes that are priced right are getting offers, even in this sluggish housing market. Inventory levels are an important factor in determining price.
More good news for those looking to sell their homes in South Florida: CoreLogic reported shadow inventory levels of homes for sale declined to 1.6 million in July 2011, which was at 1.9 million a year ago. Shadow inventory is a hiddden supply of homes that are likely to come on the market as a result of foreclosures.
Let's not get too excited yet. One factor is the reduction of foreclosures due to the "robo-signer" controversy. Lenders seem to be getting over the hump on this issue and are starting the foreclosure process more quickly.
In addition, high level of under water mortgages and a sluggish labor market should cause an increase in both foreclosures and shadow inventory.
The market is diffcult to predict-- if you are looking to buy, sell, rent or lease a home, now might be a good time to take action.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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
As I have been telling clients, homes that are priced right are getting offers, even in this sluggish housing market. Inventory levels are an important factor in determining price.
More good news for those looking to sell their homes in South Florida: CoreLogic reported shadow inventory levels of homes for sale declined to 1.6 million in July 2011, which was at 1.9 million a year ago. Shadow inventory is a hiddden supply of homes that are likely to come on the market as a result of foreclosures.
Let's not get too excited yet. One factor is the reduction of foreclosures due to the "robo-signer" controversy. Lenders seem to be getting over the hump on this issue and are starting the foreclosure process more quickly.
In addition, high level of under water mortgages and a sluggish labor market should cause an increase in both foreclosures and shadow inventory.
The market is diffcult to predict-- if you are looking to buy, sell, rent or lease a home, now might be a good time to take action.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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
Saturday, October 1, 2011
Short Sale Real Estate Transactions Losing Appeal? Homes For Sale Homes For Rent
Although my own experience working with clients has varied, short sales seem to be losing some appeal. The reason is buyers are complaining the sale transaction process is taking too long.
I can attest recently that my clients decided to forego their offer when the second extension period had lapsed. On the flip side of the coin, recently I have had satisfied customers who had a relatively quick turnaround time and enjoyed the discounted price the short sale offered.
The approval time for short sales can take several months after the potential buyers submits an offer. According to the HousingPulse Tracing Survey, the average time for short sales is 16.6 weeks. The survey found the majority of this time is spent waiting for approval from the lenders.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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
I can attest recently that my clients decided to forego their offer when the second extension period had lapsed. On the flip side of the coin, recently I have had satisfied customers who had a relatively quick turnaround time and enjoyed the discounted price the short sale offered.
The approval time for short sales can take several months after the potential buyers submits an offer. According to the HousingPulse Tracing Survey, the average time for short sales is 16.6 weeks. The survey found the majority of this time is spent waiting for approval from the lenders.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
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
Saturday, September 17, 2011
More Foreclosures In August 2011: Homes For Sale: Homes For Rent
The trend continues as more homeowners fell behind on their mortgages, according to Realty Trac, an online marketer of foreclosed properties. Foreclosure filings were up 7.0% in August 2011 over July 2011. However, this is 33.0% below August 2010.
A bellwether for the future is the 33.0% rise in default notices on a sequential basis in August 2011. This is the beginning of the foreclosure process.
Some experts believe lenders are beginning a new push after being slowed down by the "robo-signing" issue last fall.
I find buyers are still focused on the distressed market with foreclosures being the choice over short-sales. I think the reason is primarily two-fold: lower price and less time to get approval.
Surprisingly, Florida was not in the top-three of states hardest hit by foreclosures. Nevada was number one in August, followed by California and then Arizona.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access 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
A bellwether for the future is the 33.0% rise in default notices on a sequential basis in August 2011. This is the beginning of the foreclosure process.
Some experts believe lenders are beginning a new push after being slowed down by the "robo-signing" issue last fall.
I find buyers are still focused on the distressed market with foreclosures being the choice over short-sales. I think the reason is primarily two-fold: lower price and less time to get approval.
Surprisingly, Florida was not in the top-three of states hardest hit by foreclosures. Nevada was number one in August, followed by California and then Arizona.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access 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
Sunday, September 4, 2011
Hamlet Country Club in Delray Beach: Quarterly Update: Homes For Sale: Homes For Rent
The Hamlet Country Club community has a world-class golf and country club located in the heart of Delray Beach, Florida.
Located on Atlantic Avenue, minutes from the oceanic charm of Downtown Delray, the Hamlet Country Club is a gated community of quaint to estate properties surrounding one of the finest private golf courses in Palm Beach County. Club amenities, including an 18-hole championship golf course, complete practice facilities, a full service Clubhouse, Har-Tru tennis courts and a fitness center, are available to both Resident and Non Resident members.
During the past twelve months we estimate the average sold information for a single family home is as follows:
3 bedrooms
2 bathrooms
2,795 square feet
$231,000 sales price
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access 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
Located on Atlantic Avenue, minutes from the oceanic charm of Downtown Delray, the Hamlet Country Club is a gated community of quaint to estate properties surrounding one of the finest private golf courses in Palm Beach County. Club amenities, including an 18-hole championship golf course, complete practice facilities, a full service Clubhouse, Har-Tru tennis courts and a fitness center, are available to both Resident and Non Resident members.
During the past twelve months we estimate the average sold information for a single family home is as follows:
3 bedrooms
2 bathrooms
2,795 square feet
$231,000 sales price
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access 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
Subscribe to:
Posts (Atom)