Friday, January 18, 2013

Is The Foreclosure Crisis In Florida Easing?: Homes For Sale: Homes For Rent

We're number one-- in foreclosures for 2012.  Nevada was number one for a while, but Florida has surpassed the state in 2012 (it was #2 in the nation), according to the Sun-Sentinel. 

Apparently when lenders resumed foreclosure filings after the paperwork errors, also referred to as "Robo-Signing," it helped to push up the number of foreclosures in the state.

Nonetheless, RealtyTrac, a real estate consulting firm, states the foreclosure problem seems to be winding down and is "comfortably past the peak."

One in 32 homes in Florida received a foreclosure filing in 2012, according to the Sun-Sentinel.  The paper reports both Palm Beach and Broward counties had one in 31 homes in some form of foreclosure during 2012.

Many industry experts believe the South Florida market is primed for recovery.  My broker, Scott Agran, was quoted as saying, "I feel like we have definitely moved beyond more problems or more surprises in the marketplace."

Should the market continue to improve, it might be a good time to buy or sell your home.  Contact me so we can work through your individual situation.

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

Shadow Inventory of Foreclosures Not As Bad As Once Feared?: Homes For Sale: Homes For Rent

Those who have been avid readers of my blog know I am concerned about the potential for a new round of foreclosures putting a damper on the recovering South Florida and national housing market.

One must continually research the inputs of these theories in order to validate or formulate a new prediction of the future.  In that regard, CoreLogic, a real estate consulting firm, said it believes the threat from "shadow inventory" is receding.

Shadow inventory refers to homes that are in foreclosure or are in the foreclosure process.  Should a lot of new foreclosure hit the market, it might counter-balance the supply of homes and put pressure on prices.

Two reasons cited is the increase in short sales (see articles on this subject on this blog) and loan modifications have helped improve the situation.  Also, investors have been snapping up existing foreclosed properties, which has helped balance the supply and demand in the marketplace.

Corelogic reported the "shadow inventory" dropped to 2.3 million in October 2012, from 2.6 million a year ago.  Should we continue to see a decline in potential foreclosures, I think it bodes well for the housing market in general.


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

Staying Away From The Flu (Influenza)

With the flu epidemic in full swing and many "snowbirds" entering the South Florida area, I thought it would be a good idea to review ways to avoid getting the flu.

Here are some things you can do to avoid the flu bug:

1) get immunized -- even in January, experts say it's not too late;

2) wash your hands -- the virus spreads from the hands by then touching your eyes, nose or mouth;  hand sanitizers may not be effective; experts recommend washing with warm water and soap;

3) help prevent the spread -- if you need sneeze and cough, do so into a tissue or your sleeve;

4) stay home -- if you get the flu, stay home, it will help prevent the spread; and

5) take Tamiflu -- or another antiviral medication within the first 48 hours of illness; it can lessen negative effects of the illness and mitigate the duration of having the flu.


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

Saturday, January 5, 2013

Palm Beach County Rental Occupancy Rate: Homes For Sale: Homes For Rent

The rental market in South Florida continues to show strong demand.  According the the Sun-Sentinel, the occupancy rates for apartments in Broward County and Palm Beach County are past 90%. 

The article also indicates landlords were able to raise monthly rent rates due to the high demand.

I tell clients to be prepared when making an offer as the rental market moves quickly.  Prospective tenants should be prepared to put up an earnest money deposit and security (typically one month's rent each).  Also, credit score, work history and related information will most likely need to be shared with prospective landlords and possibly condo/homeowner's associations.

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

Distressed And "Underwater" South Florida Homeowners: Homes For Sale: Homes For Rent

With the South Florida housing market on the upswing, people have asked me what the status of "underwater" and distressed properties in the market.

According to Zillow, about four in 10 homeowners in South Florida with a mortgage are "underwater," meaning they owe more on the home than the current value.  I believe this situation is tamping down the rate of sales in the market.  Many may want to move but are unable to as they will need to come up with money in order to meet the short fall from the sales price and the outstanding mortgage.

A recent article in the Sun-Sentinel about foreclosures quoted 29,6000 Florida homes that received a foreclosure notice in November 2012; this less than half of the state's peak of 64,588 foreclosure notices going out in April 2009. 

There are still distressed properties in the South Florida real estate market, just not as many as there once were.  Homeowners are still struggling with their current mortgages and I am here to help.

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for 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

Monday, December 31, 2012

Case Shiller Housing Index: October 2012: "Sustained Recovery In Home Prices" : Homes For Sale : Homes For Rent

Quoting from the Case-Shiller report, “Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength."  The indication is the US housing market is continuing on its path to recovery.

The Index's 10-City and 20-City Composites in October 2012 are back to levels seen in autumn of 2003; still way off the peak levels in June/July 2006.  Both Composites are still 30% and 35% off their peak levels, respectively. 

The South Florida market saw relatively flat sequential growth in October 2012.  However, the year-over-year comparison was up 8.5% in October 2012. 

Quoting from the October Case-Shiller Index report, “Annual rates of change in home prices are a better indicator of the performance of the housing market than the month-over-month changes because home prices tend to be lower in fall and winter than in spring and summer." 

Currently, inventory levels remain tighter than the previous year (please see some earlier posts for more information) in the South Florida housing market.  I remain cautiously optimistic for the market as a whole.  The potential for a new wave of foreclosures is a concern, in my opinion.  However, I do not expect to see a large drop in home prices; a relatively flat market is more likely, in my view. 

Other areas of interest:

Oct-12 Monthly Sequential Annual
Metropolitan Area Level Change Change
Boston 155.13 -1.40% 1.60%
Chicago 114.9 -1.50% -1.30%
Miami 149.97 -0.20% 8.50%
Minneapolis 124.96 -0.70% 9.20%
New York 165.3 -0.40% -1.20%
Tampa 134.08 -0.50% 5.90%
Composite 10 158.77 -0.10% 3.40%
Composite 20 146.08 -0.10% 4.30%
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 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
     
 

Thursday, December 20, 2012

US Home Sales Increase In November 2012; To Help US Economy Grow In 2013? : Homes For Sale : Homes For Rent

Sales of existing homes rose 5.9% to 5.04 million annual rate in November 2012, according to the National Assocation of Realtors.  The rate is the highest since November 2009.

Some economists believe the housing industry will help grow the US economy in 2013.  Mark Zandi, chief economist at Moody's Analytics stated the following: “Housing is going from being a powerful headwind to the economy to what will be a powerful tailwind.  It turned around in 2012, and I think it’s going to take off in 2013.”

According to Bloomberg Consumer Confidence Index, rising real estate values is helping to lift consumer confidence; the Bloomberg Consumer Confidence Index is at an eight month high. 

For those who were waiting for a "bottom" in the real estate market, now might be the time to start looking for a home to purchase.

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for 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