Case Shiller Housing Index: September 2013: South Florida Market Continues To Outpace US Price Increases

Home prices in the US were near mid-2004 levels in September 2013, according to the Case Shiller Index. 

The US market as indicated by the Case Shiller Composite 10 and Composite 20 showed a year-over-year increase of 13.3% in September 2013.

The South Florida market had a more robust price increase of 100 basis points when compared with the US market as a whole.  The South Florida home market was up 14.3% on a year-over-year basis in September 2013, according to the Case Shiller Index report.

The report touched upon a concern about a potential "bubble" in the housing market.  The commentary noted, "the strong price gains in the West are sparking questions and concerns about the possibility of another bubble."  The report also pointed out home construction is below the boom levels and interest rates are expected to rise. 

Other areas of interest:

Sep-13	Monthly	Sequential	Annual
Metropolitan Area	Level	Change	Change
Boston	169.04	0.50%	7.50%
Chicago	128.05	0.30%	9.70%
Miami	171.7	0.80%	14.30%
Minneapolis	138.4	0.80%	10.10%
New York	173.45	0.60%	4.30%
Tampa	154.24	0.20%	14.50%
Composite 10	180.03	0.70%	13.30%
Composite 20	165.66	0.70%	13.30%
Source:
S&P Indices
Firserv

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com

The greatest compliment you can give is the referral of your friends and loved ones

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

Economist Says Rising Mortgage Rates Will Not Hurt US Housing Market

In which direction will the market go?

Aneta Markowska, Chief US Economist for societe Generale made an interesting point about rising mortgage rates and the US housing market.  Despite rising interest rates, Markowska believes US home prices will continue to rise, not fall.

Markowska's research shows American expectation is for annulized home prices to increase 5.0%.  With current 30-year fixed mortgages at 4.44%, homebuyers will feel like they are up 0.56%.  The relatively low interest rate compared with the anticipated appreciation of the home shows a profit, according to Markowska.

Markowska believes this will continue to spur home buying despite a rise in mortgage rates.  Markowska stated, "If you're in you 20s or 30s thinking about starting a family, you're not going to be renting forever.  And, I think if you expect prices to rise, you're going to be enticed to actually come in and pull the trigger."

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com

The greatest compliment you can give is the referral of your friends and loved ones

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

Case Shiller Housing Index: August 2013: US Home Prices Continue To Rise, But At Slower Pace

The US housing market showed a price increase of 1.3% on a sequential basis and 12.8% on a year-over-year basis in August 2013, according to Case Shiller Housing Index.

The Sequential increase for the US housing market hit a zenith of 2.6% in April 2013 and has been increasing at a declining rate since. 

The South Florida market has had a similar trend with the peak of sequential increases being 2.6% in May 2013.  We also see sequential price increases for home sales at a declerating rate since May in the South Florida housing market. 

The South Florida market continues to show robust price increases from a year ago, with a 13.5% year-over-year increase in August 2013.  South Florida continues to outpace the US housing market for price increases as a whole on a year-over-year basis.

With the Federal Reserve situation relatively settled with Janet Yellen set to be confirmed, I foresee confidence in the market for continued low mortgage rates.  This should be a positive for the housing market for 1H:14.

If you are looking to buy a home, this could be a good time as prices continue to show an inclination to increase.  Sellers should be in a good position in the near-term.  I work with both buyers and sellers, so please contact me if you are making a move in the South Florida market.

Other areas of interest:

Aug-13	Monthly	Sequential	Annual
Metropolitan Area	Level	Change	Change
Boston	168.27	0.70%	6.30%
Chicago	127.68	1.60%	8.70%
Miami	170.41	0.80%	13.50%
Minneapolis	137.34	1.80%	10.20%
New York	172.46	1.10%	3.60%
Tampa	153.93	1.80%	14.10%
Composite 10	178.75	1.30%	12.80%
Composite 20	164.53	1.30%	12.80%
Source:
S&P Indices
Firserv

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling and Leasing Real Estate

http://MYsouthFLrealestate.com

The greatest compliment you can give is the referral of your friends and loved ones

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

US Foreclosure Inventory Was Down As Of August 2013

Corelogic, a real estate consulting firm, reported 48,000 completed foreclosures in August 2013, down from 72,000 a year ago. 

The company reported 939,000 of US homes were in some stage of foreclosure as of August 2013.  The year-ago number was around 1.4 million homes, according to Corelogic.  An economist for Corelogic stated, "A surge in completed foreclosures and a rise in the foreclosure inventory is unlikely."

Corelogic reported Florida lead the country with 111,000 foreclosures during the 12-months ended August 2013.  For the country, the company reports fewer than 2 million homes in the "shadow inventory" of foreclosures, which it estimates constitutes about 3.7 months worth of supply.

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling and Leasing Real Estate

http://MYsouthFLrealestate.com

The greatest compliment you can give is the referral of your friends and loved ones

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

Agents Can Help With Purchase Of New Homes In New Developments

The misconception among buyers is agents only help with re-sales and not new home construction.  This is not true as many developers invite agents to get first views of new communities and work closely with brokers.

I work with buyers in new communities

Recently new home sales began to slow somewhat.  Given this fact, developers are beginning to offer incentives.  As an agent being aware of the market and current trends, I will work with my buyers to optimize the amount of incentives-- whether it be free upgrades, mortgage rate discounts, price reductions in cash incentives, etc.

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling and Leasing Real Estate

http://MYsouthFLrealestate.com

The greatest compliment you can give is the referral of your friends and loved ones

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

Almost Half of US Home Sales Were Cash Purchases In August 2013

According to RealtyTrac, about 45% of US home purchases were cash deals in August 2013.  Miami , FL was the leading area with about 69% of sales being for cash, followed by Detroit (68%), Las Vegas (66%), Jacksonville, FL (65%) and Tampa, FL (64%).

RealtyTrac reported 15% of US home sales were short sales in August 2013 and foreclosures made up about 10% of the US home sales.

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling and Leasing Real Estate

http://MYsouthFLrealestate.com

The greatest compliment you can give is the referral of your friends and loved ones

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

Case Shiller Housing Index July 2013: South Florida Outpaces US Housing Market Price Appreciation On Year-Over-Year Basis

The South Florida housing market experienced a price increase of 13.7% in July 2013 over July 2012, according to the Case Shiller Index.  This compares favorably with about 12.4% price appreciation for the US market during the same timeframe, according to Case Shiller.

On a sequential basis the South Florida market did not keep up with the percentage price increase the the US market as a whole, according to Case Shiller.  The Index showed the South Florida housing market was up 1.2% in price appreciation for July 2013 over June 2013, with the US being up around 1.9%. 

Two interesting take-aways from the report, in my view.  First, according to the Case Shiller report, "more cities are experiencing slow gains each month than the previous month, suggesting that the rate of increase may have peaked.  Second, the report indicated it felt the rise in interest rates are affecting the US housing market.  However, the Fed's announcment of QE3 bond buying "will continue for the time being and may have only a limited, though favorable, impact on housing."

Other areas of interest:

July	Monthly	Sequential	Annual
Metropolitan Area	Level	Change	Change
Boston	167.02	1.40%	6.30%
Chicago	125.69	3.20%	7.80%
Miami	169.07	1.20%	13.70%
Minneapolis	134.91	1.80%	9.50%
New York	170.96	1.50%	3.50%
Tampa	151.17	2.30%	12.60%
Composite 10	176.52	1.90%	12.30%
Composite 20	162.49	1.80%	12.40%
Source:
S&P Indices
Firserv

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling and Leasing Real Estate

http://MYsouthFLrealestate.com

The greatest compliment you can give is the referral of your friends and loved ones

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