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NAHB: Nearly 100 house markets improving

2012-02-07T15:54:00.000-08:00

ScottSorensonRealEstate.com

WASHINGTON – Feb. 6, 2012 – The list of housing markets showing measurable improvement expanded by 29 metros in February for a total of 98 entries on the National Association of Home Builders/First American Improving Markets Index (IMI).

With the latest addition of Miami, the list now includes seven Florida cities: Cape Coral, Deltona, Jacksonville, Miami, North Port, Punta Gorda and Tampa. Thirty-six states have at least one metro area that’s improving.

The index lists metropolitan areas that have shown improvement in housing permits, employment and house prices for at least six consecutive months. The February index adds some metropolitan areas that have been particularly weak. The IMI measures improvement from an economic trough, and NAHB says new notable entrants with six months of an upswing include Miami along with Boston; Detroit; Kansas City, Mo.; Portland, Ore.; Memphis, Tenn.; and Salt Lake City.

“The number of improving housing markets has risen for six consecutive months,” says NAHB Chairman Bob Nielsen. “Despite the many challenges that continue to drag on a housing recovery – including the tight lending environment for builders and buyers – improving conditions are slowly but surely spreading from one housing market to the next.”

“While many of the markets on the February IMI are far from fully recovered, the index points out where employment, home prices and housing production are no longer retreating and have held above their lowest recession troughs for six months or more,” said NAHB Chief Economist David Crowe. “This is a sign that a large cross section of the country is starting to turn the corner as local economic conditions stabilize.”

The IMI measures three sets of independent monthly data to get a mark on the top improving Metropolitan Statistical Areas (MSA). The three indicators are employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac, and single-family housing permit growth from the U.S. Census Bureau. An MSA must have improvement in all three areas for at least six months following their respective troughs to be included on the improving markets list.

Seven markets dropped from the NAHB/First American Improving Markets Index in February as they experienced softening house prices: San Jose, Calif.; Washington, D.C.; Kankakee, Ill.; New Orleans; Worcester, Mass.; Jackson, Miss.; and Sherman, Tex.

A complete list of all 98 metropolitan areas currently on the IMI, and a separate breakout of metros newly added to the list in February, is available at: www.nahb.org/imi.

Real estate drops but second home market may see increase

2012-02-07T15:46:00.000-08:00

ScottSorensonRealEstate.com

WASHINGTON – Feb. 6, 2012 – Despite the fact that 30-year mortgage rates are under 4 percent and home prices have remained low, many people can’t to take advantage of increased housing affordability.

Recovery will be slow, according to Karl Case, co-founder of the S&P/Case-Shiller home price index, with many homeowners struggling not to lose their property. Rather than relocate, many homeowners are improving their existing residences, with the National Association of the Remodeling Industry expecting $113.6 billion to be spent on remodeling through the third quarter.

However, experts predict a growing number of baby boomers will snap up vacation and rental properties in the coming years, with many planning to retire in these homes.

Second-home buyers tend to purchase distressed properties at a discount, but experts say the dwellings are vacant for 90 percent of the year and that buyers could be earning rental income. Second-home buyers should work with a professional to learn the opportunities available to them with regard to renting, as those who use the property for no more than 14 days per year can deduct as much as $25,000 for maintenance and other expenses.

Source: Realty Times (02/03/12) Chongchua, Phoebe

Baby boomers geared up to move

2012-02-04T09:58:00.000-08:00

ScottSorensonRealEsate.Com

WASHINGTON, D.C. – Where will baby boomers go to retire? A new survey conducted by Mason-Dixon Polling & Research for the Consumer Federation of the Southeast finds one in three could move out of their home state in search of low taxes, low housing costs, pleasant climates and quality health care. They also want diverse recreational activities, supportive senior services, arts and cultural opportunities, nearby beaches and access to education.

The baby boom generation has 78 million members, and the first wave – those born in 1946 – reach the full age for Social Security retirement benefits this year.

According to the survey, a full third of baby boomers are open to moving across state lines to find the assets they are looking for, including a mid-size town that welcomes a diverse population.

“According to this survey, substantial numbers (of baby boomers) are interested in relocating in retirement,” says Walter Dartland, president of the Consumer Federation of the Southeast. “The decisions they make about where they will retire will have a huge impact not only on their families’ finances but on the communities to which they move.”

Attracting even a small percentage of boomers can significantly impact a community. If just 0.3 percent move to a single area, it adds an estimated 1 billion per year in new economic income through jobs and new business.

“This important survey, one of the most extensive of its kind in a decade, underscores the tremendous contribution that Americans aged 50 and older can offer to communities wherever they choose to live,” says Jeff Johnson, AARP Florida’s interim state director. “AARP Florida believes this research will help inform the efforts of many communities to better equip themselves to address issues important to a 50-plus population.”

Survey highlights

• More than half (58 percent) plan to buy a house in their retirement relocation destination.

• Some 96 percent of baby boomers surveyed say top-quality health care services are “very” or “somewhat” important to them in considering a relocation destination.

• Affordable housing ranks second, with nearly 92 percent ranking that as a “very” or “somewhat” important criterion.

• A warm, welcoming year-round climate is “very” or “somewhat” important to 85.5 percent – but a strong plurality of this group want their warm summers to be paired with a few cooler months.

• Low local taxes are “very” or “somewhat” important to 81.1 percent.

• Eight out of 10 relocating boomers want affordable recreational opportunities in a relocation destination, and about the same number seek strong local services for elder care.

• Seven in 10 prefer a mid-size city or small town.

• Arts and cultural opportunities are very or somewhat important to three in four.

• Beaches or ocean nearby is very or somewhat important to about six in 10.

• Educational opportunities are important to about half. A large university is a plus for four in 10 boomers willing to consider relocation.

• Diversity in a location is very or somewhat important.

Almost 54 percent of respondents indicated that the weak economy was not delaying their retirement plans, but about 36 percent said that the economy had delayed retirement.

Pollsters asked respondents to name – unprompted and with no suggested options – a state they might consider relocating to for retirement. About 18 percent mentioned Florida as a top relocation destination.

The survey, conducted by Mason-Dixon Polling & Research between Nov. 14 and 22, 2011, surveyed 1,100 Americans ages 47 to 65 who said they would relocate in retirement, were considering relocation or weren’t sure. All respondents surveyed lived in the eastern half of the U.S., outside of Florida. The survey carries a margin of error of plus or minus 3 percent.

To view the poll results visit: consumerfederationse.com

CoreLogic releases 2011 home price stats

2012-02-04T09:41:00.000-08:00

ScottSorensonRealEstate.Com
SANTA ANA, Calif. – Feb. 2, 2012 – CoreLogic released its December Home Price Index (HPI) report. Including distressed sales, home prices in the U.S. decreased 4.7 percent in 2011 compared with December 2010. Florida, however, fared a bit better than the national average with a price decline of only 3.3 percent. According to CoreLogic, 2011 was the fifth consecutive year for a decrease in the HPI.

The HPI also calculated price changes if distressed sales are excluded. Nationally, prices declined just 0.9 percent after backing out non-homeowner sales in 2011. Florida matched the national average with a 0.9 percent drop for the year. Distressed sales include short sales and real estate owned (REO) transactions.

The report also shows that national home prices decreased 1.4 percent in December compared to the month before if they include distressed sales – its fifth consecutive monthly decline. However, national home prices actually rose 0.2 percent month-to-month if distressed sales are backed out of the equation. It’s the first time the price non-distressed sales rose for the month since July 2011.

“While overall prices declined by almost 5 percent in 2011, non-distressed prices showed only a small decrease,” says Mark Fleming, chief economist for CoreLogic. “Until distressed sales in the market recede, we will see continued downward pressure on prices.”

Highlights as of December 2011

• Including distressed sales, the five states with the highest appreciation were: Montana (+4.4 percent), Vermont (+4.0 percent), South Dakota (+3.1 percent), Nebraska (+2.5 percent) and New York (+1.7 percent).

• Including distressed sales, the five states with the greatest depreciation were: Illinois (-11.3 percent), Nevada (-10.6 percent), Georgia (-8.3 percent), Ohio (-7.7 percent), and Minnesota (-7.5 percent).

• Excluding distressed sales, the five states with the highest appreciation were: Montana (+7.7 percent), South Dakota (+3.5 percent), Indiana (+3.3 percent), Alaska (+3.1 percent), and Massachusetts (+2.9 percent).

• Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-9.7 percent), Minnesota (-5.2 percent), Arizona (-4.9 percent), Delaware (-4.2 percent) and Michigan (-3.5 percent).

• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to December 2011) was -33.7 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -24.0 percent.

• The five states with the largest peak-to-current declines including distressed transactions are Nevada (-60.0 percent), Arizona (-51.9 percent), Florida (-50 percent), Michigan (-43.7 percent), and California (-43.5 percent).

Housing inventory down 22% nationwide

2012-01-24T13:33:00.000-08:00

www.ScottSorensonRealEstate.Com

WASHINGTON – Jan. 24, 2012 – Housing inventory slid to 1.89 million homes in December – down 6 percent from the previous month and 22.3 percent from the prior year, according to Realtor.com.

In the 145 markets tracked by Realtor.com, only Springfield, Ill., registered a year-over-year increase. Inventories plunged 49.7 percent in Miami, 49.1 percent in Phoenix, and 46.6 percent in Bakersfield, Calif.

Meanwhile, the national median price edged up 5 percent year-over-year.

Asking prices – the amount sellers include on a Realtor.com listing – climbed 32.5 percent in Miami, 21.7 percent in Naples, 21.5 percent in Fort Myers-Cape Coral, and 19.4 percent in Punta Gorda, according to Realtor.com.

However, asking prices were down 11 percent in Detroit, 10 percent in Chicago, 7.6 percent in Las Vegas, and 7 percent in Sacramento.

Source: “Housing Inventory Ends Year Down 22 Percent,” Wall Street Journal (01/19/12)

2011 HOUSING INVENTORY ENDS AT 5 YEAR LOW

2012-01-21T14:25:00.000-08:00

A service from the Naples Area Board of REALTORS®
January 20, 2012

2011 HOUSING INVENTORY ENDS AT 5 YEAR LOW
Annual Pending and Closed Sales Rise
www.ScottSorensonRealEstate.com

NAPLES, Fla.-January 20, 2012- The 2011 Naples area real estate activity has led to a five year low of inventoryaccording to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

Statistics compiled by NABOR show an increase in overall sales with inventory diminishing in Collier County, which is an encouraging sign that the favorable market conditions are moving buyers.

"Homebuyers have fewer choices today in 2012 than they had in 2011. Sales have continued to increase which has resulted in the overall available inventory to decline and naturally increase prices in some market categories," said Kathy Zorn, Broker/Owner of Florida Home Realty.

Brenda Fioretti, NABOR Media Relations Chairman and Managing Broker of Prudential Florida Realty agrees, "As the winter sales season begins in the Naples area, we currently have 1,564 fewer homes on the market than we did at the same time in 2010. The loss of listings includes 1,000 properties in the $300,000 and under price bracket. This is the lowest level of available homes and condos we have seen at the start of a new year since 2007!"

The available inventory declined 17 percent in 2011 with 7,581 available properties compared to 9,145 available properties in 2010. In the under $300,000 market category, the available inventory declined 21 percent to 3,771 properties in 2011 compared to 4,763 properties in 2010.

"Overall pending sales and closed sales increased year over year as our inventory continued to decline in 2011. Pending sales increased 8 percent and closed sales increased 5 percent," said John Steinwand, President of Naples Realty Services.

Every market category showed sale increases in both pending and closed sales with the largest increase in the $1 million and above categories.

"Closed sales in the $2 million and above luxury market increased 12 percent with 223 sales in 2011 compared to 199 sales in 2010," said Bill Poteet, 2012 NABOR President and President of Poteet Properties. "The traditional market has become a large percentage of our total market share (66 percent) as the number of short sale and foreclosure sales diminishes."

The 2011 report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. An overall summary combines the statistics for both single family and condominium properties. The statistics are presented in chart format, along with the following statistics:

¨ Single family pending sales increased 5 percent with 5,162 contracts in 2011 compared to 4,896 contracts in 2010.

¨ Condo pending sales increased 11 percent with 4,908 contracts in 2010 compared to 4,422 contracts in 2010.

¨ The overall median closed price over $300,000 increased 2 percent to $550,000 in 2011 from $540,000 in 2010.

The 2011 fourth quarter report showed overall pending sales for the 12 months ending December 2011 increased 8 percent to 10,071contracts compared to 9,319 contracts for the same 12 months of 2010.

¨ Overall closed sales in the $1 million to $2 million category increased 38 percent with 76 sales in the fourth quarter of 2011 compared to 55 sales in the fourth quarter of 2010.

¨ Single-family home sales in the $500,000 to $1 million price range increased 13 percent with 90 sales in the fourth quarter of 2011 compared to 80 sales in the fourth quarter of 2010.

¨ Condo sales declined 2 percent to 793 sales in the fourth quarter of 2011 compared to 808 sales in the same quarter of 2010.

To view the report, visit www.NaplesArea.com

The Naples Area Board of REALTORS (NABOR) is an established organization (Chartered 1949) whose members have a positive and progressive impact on the Naples community. NABOR is a local board of REALTORS and real estate professionals with a legacy of nearly 60 years serving 4,000 plus member-customers. NABOR is a member of Florida REALTORS and the National Association of REALTORS, which is the largest trade association in the United States with more than 1.3 million members and over 1,400 local boards of REALTORS nationwide. NABOR is structured to provide programs and services to its membership through various committees and the NABOR Board of Directors, all of whose members are non-paid volunteers.

View the Fourth Quarter 2011 Statistics
View the Annual 2011 Statistics

Foreign buyers see big bargains in U.S. real estate

2012-01-16T21:07:00.000-08:00

MIAMI – Jan. 16, 2012 – Foreign investors are finding plenty of deals in the U.S. when it comes to real estate, and, as such, more international investors are flocking to key states to buy their piece of the American Dream. www.ScottSorensonRealEstate.com

Mexico is the top country of origin for foreign buyers purchasing U.S. homes, according to a recent study by Credit Sesame, which used National Association of Realtors® data for its findings.

“In this period of tremendous uncertainly globally, real estate here is a safe haven,” Susan Wachter, professor of real estate and finance at The University of Pennsylvania, told MSNBC.com.

The top destinations of foreign investors for U.S. real estate purchases are:

1. Florida: Thirty-one percent of all home purchases are made by foreign buyers, with most coming from Cuba, Haiti and Colombia.

2. California: Twelve percent of all home purchases, with most coming from Mexico, the Philippines, China, India and Vietnam.

3. Texas: Nine percent of all home purchases, with most coming from Mexico, India, Vietnam, China and the Philippines.

Source: “Housing more affordable than ever ... for foreign investors,” MSNBC.com (Jan. 13, 2012)

Fla. real estate brokers sunnier than most

2012-01-13T09:30:00.000-08:00

MIAMI – Jan. 12, 2012 – Florida real estate brokers may be the cheeriest in the South.

The latest Beige Book report from the Federal Reserve once again has the Sunshine State avoiding the general gloom hitting the housing industry throughout the Atlanta district, which spans the Southeast. While brokers in the region said November and December brought “soft” home sales, Florida said sales actually “rebounded” after a brief soft patch. The reason: international buyers and cash deals. www.ScottSorensonRealEstate.Com

Florida’s housing shout-out came in a relatively upbeat Beige Book, which the Fed issues about every six weeks as an anecdotal report card on the nation’s economic health. Most districts reported somewhere between “modest” and “moderate” growth, suggesting the recovery is holding steady.

South Florida received two mentions, both tied to the region’s strong tourism rebound. Describing encouraging dispatches from tourism businesses throughout the Southeast, Fed authors wrote “South Florida in particular experienced greater travel activity from Canadians and South Americans.”

In a more discouraging passage, the Fed said most Atlanta district business “contacts” said extra hiring in the winter was mostly “temporary and seasonal.”

“However,” the report continued, “there were some scattered reports among healthcare and hospitality contacts in South Florida that hiring was occurring as a result of increased demand or expansion.”

Indeed, healthcare and hospitality companies have accounted for almost 60 percent of the 28,000 jobs added in Broward and Miami-Dade counties in 2011.

Only Nevada and California vied with Florida for being hardest hit by the housing crash, so it’s natural for Florida to enjoy a stronger turnaround than places where prices didn’t fall as far. Florida’s relative optimism on the sales front has been a recurring theme in the Beige reports this year.

There is some reason to celebrate. Since 2008, only Nevada has seen home sales grow faster, according to the National Association of Realtors. In 2008, the real estate bubble was rapidly deflating. Since then, sales are up 47 percent in Florida. That’s far ahead of most states, but well behind Nevada, where sales are up 62 percent.

Sales, though, remain depressed. They’re off 44 percent since Florida’s peak in 2006. Nationally, home values are off about 19 percent from their peak level in 2007, according to the Federal Housing Finance Agency.

Final pending sales report shows 7.3% surge

2012-01-02T14:33:00.000-08:00

WASHINGTON – Jan. 2, 2012 – Pending home sales continued to gain in November and reached its highest level in 19 months, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October. It’s also 5.9 percent above November 2010 when it stood at 94.5. ScottSorensonRealEstate.Com

The index hasn’t been this high since April 2010 when it reached 111.5 as buyers rushed to beat the deadline for the homebuyer tax credit. The data reflects contracts but not closings.

The gains might result partially from delayed transactions, according to Lawrence Yun, NAR chief economist. “Housing affordability conditions are at a record high, and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high. Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage.”

“November is doing reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead,” Yun says.

Pending home sales are not affected by NAR’s recently published rebenchmarking of existing-home sales because the index uses a different methodology based directly on contract signings, and it’s adjusted for seasonality.

The PHSI in the Northeast rose 8.1 percent to 77.1 in November but is 0.3 percent below November 2010. In the Midwest, the index increased 3.3 percent to 91.6 in November and is 9.5 percent above a year ago.

Pending home sales in the South rose 4.3 percent in November to an index of 103.8 and remain 8.7 percent above November 2010. In the West, the index surged 14.9 percent to 121.2 in November and is 2.9 percent higher than a year ago.

Leading U. S. economists: Fla.’s housing market bouncing back

2011-12-08T06:35:00.000-08:00

ORLANDO, Fla. – Dec. 7, 2011 – Despite national and global headwinds, Florida’s real estate market is entering 2012 on an upward trend, according to three leading U.S. economists. www.ScottSorensonRealEstate.com

“Our state is in a mini-recovery,” said Florida Realtors® Chief Economist Dr. John Tuccillo at the state association’s 2012 Real Estate and Economic Forecast Conference in Orlando. “Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets.”

In fact, Florida homes today may be undervalued, Tuccillo added. “That may seem like a drastic statement,” he said. “But a buyer who plans to own the home for five to seven years can get some great bargains today.”

Mark Vitner, senior economist at Wells Fargo in Charlotte, N.C., said the U.S. economy will continue to face significant challenges, particularly financial concerns related to the European debt crisis. But he expects the U.S. economic recovery will continue next year, making it easier for Midwesterners, for example, to buy Florida homes.

“Florida’s economy is recovering, with tourism and healthcare leading the way,” Vitner said. “International tourism has been particularly strong in Miami and Orlando.”

Looking around the state, Vitner said Jacksonville’s unemployment rate has dropped and home prices are stabilizing. In Orlando, prices have not yet reached bottom, he said, but the winter tourism season should help the regional economy. Tampa and Southwest Florida have seen solid job growth, with little new home construction.

South Florida’s economy is growing thanks to trade relationships with Latin America and the Caribbean, while in the Panhandle, Fort Walton Beach is outperforming Panama City and Pensacola, according to Vitner.

Dr. Lawrence Yun, chief economist for the National Association of Realtors®, said many Florida markets are showing sharp drops in inventories of homes for sale – a sign that demand is picking up and prices are stabilizing. “That’s a major change from just a year ago,” he said. “Buyers have stepped back into the Florida market.”

Noting the state’s powerful appeal to international buyers, Yun said he was particularly optimistic about the outlook for South Florida. “Don’t be surprised to see a gain in home prices in the Miami and Naples markets in the next 18 months,” he said. “From there, the recovery is likely to roll northward to Central Florida and then North Florida.”

Tuccillo noted that foreclosed and distressed properties will remain a significant part of the Florida market in 2012, but lenders are feeding these properties into the market at a gradual pace rather than pushing them out all at once.

The event also featured a panel of Florida real estate professionals, who discussed the 2012 outlook for several sectors of the state’s real estate market from a practitioner’s point of view. Panelists were Clark Toole, president and COO, Coldwell Banker Residential Real Estate Inc. in Florida, discussing residential real estate; Cynthia Shelton, 2009 president of Florida Realtors and a director at Colliers International in Orlando, discussing the commercial market; and Dean Saunders, accredited land consultant and broker-owner of Coldwell Banker Commercial Saunders Real Estate in Lakeland, covering the market for land and undeveloped property.

Florida Realtors real estate and economic summit was webcast to 32 local association or satellite sites around Florida. “Turnout was high for our statewide event,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “We hope to hold more of these forums on a regular basis – sharing knowledge of market trends is a powerful way for our Realtor members to connect with buyers and sellers.”

A PDF of PowerPoint slides used during the 2012 Real Estate and Economic Forecast Conference is available on the floridarealtors.org research page.

Today’s market once-in-lifetime opportunity

2011-11-30T16:43:00.000-08:00

WASHINGTON – Nov. 30, 2011 – The monthly cost of owning a home is more affordable now than in the past 15 years, and is less expensive than renting in numerous cities, according to The Wall Street Journal’s third-quarter survey. www.ScottSorensonRealEstate.Com

Low home prices mixed with low mortgage rates – hovering at 4 percent or lower – create an appealing buyer’s market, analysts say. For example, buyers today have a 77 percent increase in their borrowing power compared to 1991, according to Dan Green, a loan officer with Waterstone Mortgage in Cincinnati. He says that in 1991 a $1,700 mortgage payment allowed a borrower to take out a $200,000 mortgage; today, at current interest rates, the homebuyer can get a $350,000 loan for that same monthly mortgage payment.

In 12 our of 28 cities tracked by The Wall Street Journal, monthly mortgage payments on a median-priced home – including taxes and insurance – were lower than the average rent levels.

In Atlanta, owning was the most favorable compared to renting. The monthly rent on a median-priced home there was $539 during the third quarter (with a 20 percent downpayment) compared to the average asking rent, which averaged $840, according to data provided by Marcus & Millichap.

Nationwide, apartment rents are expected to rise by about 4 percent this year, which may make the owning vs. renting picture tilt even higher, according to some analysts.

Despite the appealing housing picture for homebuyers, some continue to stay on the sidelines, unable to sell their current home, qualify for a mortgage due to the tighter credit requirements or keep a steady job, housing experts say.

Source: “Stronger Lure for Prospective Home Buyers,” The Wall Street Journal (Nov. 26, 2011)

Pending home sales jump in October

2011-11-30T16:25:00.000-08:00

WASHINGTON – Nov. 30, 2011 – Pending home sales rose strongly in October and remain above year-ago levels, according to the National Association of Realtors® (NAR). www.ScottSorensonRealEstate.com

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, surged 10.4 percent to 93.3 in October from 84.5 in September and is 9.2 percent above October 2010 when it stood at 85.5. The data reflects contracts but not closings.

“Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows, and there is a pent-up demand from buyers who normally would have entered the market in recent years,” says Lawrence Yun, NAR chief economist. “We hope this is indicates more buyers are taking advantage of the excellent affordability conditions. Many consumers recognize that homebuyers in the past two years have had one of the lowest default rates in history. Moreover, continued inventory declines are another healthy sign for the housing market.”

The PHSI in the Northeast surged 17.7 percent to 71.3 in October and is 3.4 percent above October 2010. In the Midwest the index jumped 24.1 percent to 88.7 in October and remains 13.2 percent above a year ago. Pending home sales in the South rose 8.6 percent in October to an index of 99.5 and are 9.7 percent higher than October 2010. In the West, the index slipped 0.3 percent to 105.5 in October but is 8.1 percent above a year ago.

“Although contract signings are up, not all contracts lead to closings,” Yun says. “Many potential homebuyers inadvertently hurt their credit scores and chances of getting a mortgage through easily averted actions, such as cancelling an old credit line while taking on a new one. Such actions could unwittingly prevent buyers from obtaining a mortgage if their credit score is close the margins of qualifying – or they might get a loan but with less favorable terms.”

Fla.’s home, condo sales higher in Oct

2011-11-21T14:47:00.000-08:00

ORLANDO, Fla. – Nov. 21, 2011 – Florida’s existing home and existing condo sales continued to show gains in October, according to the latest housing data released by Florida Realtors®. Existing home sales increased 13 percent last month with a total of 13,755 homes sold statewide compared to 12,145 homes sold in October 2010, according to Florida Realtors.

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“Statewide, both sales and prices are above where they were this time last year,” noted Florida Realtors Chief Economist Dr. John Tuccillo. “The monthly median prices have ticked down slightly for the past few months, but the overall trend continues to show gains year-over-year.

“These numbers, combined with reports from Realtors throughout the state, indicate that we’re seeing strong interest in purchasing Florida real estate from smart investors who are taking advantage of the current favorable market conditions,” Tuccillo said. “These folks tend to have a long-term outlook and plan to hold onto their property purchases for a while.”

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in October; 12 MSAs had higher existing condo sales.

The statewide median sales price for existing homes last month was $131,200; a year ago, it was $136,600 for a decrease of 4 percent. According to analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in September 2011 was $165,600, down 3.9 percent from a year ago, according to NAR. In Massachusetts, the September statewide median resales price was $294,950; in California, it was $287,440; in Maryland, it was $228,879; and in New York, it was $217,600.

In Florida’s year-to-year comparison for condos, 6,132 units sold statewide in October, a 12 percent increase over the 5,473 units sold in October 2010. The statewide existing condo median sales price last month was $87,800; a year earlier, it was $80,500 for a 9 percent gain. The national median existing condo sales price in September was $163,800, according to NAR.

“The latest unemployment figures indicate that Florida’s jobs outlook is improving, mortgage rates remain at historical lows and buyers are able to consider a variety of housing options at affordable prices in communities across the state,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “This is a great time to consult a local Realtor® about homeownership opportunities in your local housing market.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.07 percent in October, down from the 4.23 percent average during the same month a year earlier. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

MEDIAN CLOSED PRICE UP 18 PERCENT

2011-11-18T16:47:00.000-08:00

Report Shows Pending and Closed Sales Increases

NAPLES, Fla.-November 18, 2011- Seasonal real estate sales are starting early according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

"The overall median closed price for properties over $300,000 is up 18 percent from last year and is now over $600,000," said John Steinwand, President of Naples Realty Services. The October 2011 median closed price for properties over $300,000 is $605,000 compared to $513,000 in October 2010.

Closed sales in the $2 million and over category for the 12 months ending October 2011, is driving the median closed price up as sales increased 10 percent with 223 sales compared to 203 sales for the 12 months ending October 2010.

"The condo market shows a robust increase in pending sales in the $1 million to $2 million market and in Naples Beach and North Naples specifically. The available inventory decreased in both of those areas compared to last year, which should drive prices up," said Kathy Zorn, Broker/Owner of Florida Home Realty.

For the 12 months ending October 2011, pending sales in the $1 million to $2 million price category increased 26 percent with 173 contracts compared to 137 contracts for the 12 months ending October 2010. The available inventory in the Naples Beach area decreased 16 percent and the inventory in North Naples decreased 24 percent in October 2011 compared to October 2010.

According to Dr. Lawrence Yun, National Association of Realtors Chief Economist, "The South Florida region should see a 10% increase in prices over the next 12 months because the market is overcorrected and homes are selling for less than the cost to build new."

The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

¨ Overall closed sales increased 7 percent with 509 sales in October 2011 compared to 476 sales in October 2010.

¨ Single-family home closed sales increased 12 percent in October 2011 with 280 sales compared to 249 sales in October 2010.

¨ Condo pending sales for the 12 months ending October 2011 increased 8 percent with 4,862 contracts compared to 4,505 contracts for the 12 months ending October 2010.

According to Wes Kunkle, President of Kunkle Realty, "The available inventory decreased 19 percent to 7,325 available properties in October 2011 compared to 9,044 available properties in October 2010."

"The months of inventory statistic is showing that properties are staying on the market for an average of 3 months less in October 2011 than they were in October 2010," said Jo Carter, President of Jo Carter & Associates.

To view the entire report, visit www.NaplesArea.com

The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered 1949) whose members have a positive and progressive impact on the Naples community. NABOR is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 4,000 plus member-customers. NABOR is a member of Florida REALTORS® and the National Association of REALTORS®, which is the largest trade association in the United States with more than 1.3 million members and over 1,400 local boards of REALTORS® nationwide. NABOR is structured to provide programs and services to its membership through various committees and the NABOR Board of Directors, all of whose members are non-paid volunteers

View the October 2011 Market Statistics
View the Report

Is the new-home market finally leveling off?

2011-10-31T12:41:00.000-07:00

WASHINGTON – Oct. 31, 2011 – The nation’s largest home builders say that buyer traffic has picked up, sales increased and prices are stabilizing, according to The Wall Street Journal. The Commerce Department reported that, for the first time in five months, new-home sales rose, increasing 5.7 percent in September. Builder confidence also rose, reaching its highest level in a year in October, according to an index of builder sentiment by the National Association of Home Builders.

Falling home prices and low mortgage rates have encouraged buyers, some builders report. Builders say they’re trimming some of the big losses plaguing them since the housing bubble burst; but they note they still have a long climb out of one of the worst years on record for new-home sales.

PulteGroup Inc., the second largest builder in the country, reported an 8 percent increase in revenue to $1.14 billion in the most recent quarter. The company also reported narrower losses in the most recent quarter: $139.3 million in losses this quarter compared to $995.1 million a year earlier, The Wall Street Journal notes.

Ryland Group Inc. also narrowed its losses: $21.3 million from $29.9 million the year prior. Its revenue also increased, rising 23 percent to $249 million, and its closings also rose 20 percent and orders climbed 30 percent.

“Hopefully, this is an indication that we reached a baseline of demand for new homes in this country and that better days are ahead,” Larry Nicholson, Ryland’s chief executive, said in a conference call with investors.

Source: “Builders May be Hitting a Bottom,” The Wall Street Journal (Oct. 27, 2011)
ScottSorensonRealEstate.Com

Bargains abound: What are buyers waiting for?

2011-10-28T16:09:00.000-07:00

NEW YORK – Oct. 28, 2011 – With low home prices and ultra-low interest rates, the housing market now offers “perhaps the best deals of a generation,” notes a recent article by Bloomberg Businessweek.

Since the housing boom of 2006, home prices have fallen about 31 percent. Also, mortgage rates have been hovering at record lows for the past few weeks – in the 4 percent range or even lower on 30-year fixed-rate mortgages, according to Freddie Mac’s mortgage market survey.

“It’s hard to see the possibility of losing on a home purchase right now, with these mortgage rates,” says economist Dean Baker. “Prices may go lower, but not by much.”

The article notes the following scenario: Buying a $300,000 home with a 4 percent mortgage rate and a 20 percent down payment would mean a $1,145 monthly payment. The Mortgage Bankers Association recently predicted that home prices may fall another 3.5 percent by mid-2012, but mortgage rates will increase by a half-point. Under that same loan scenario, a home would sell for $289,000 while the monthly mortgage bill would be $1,171 – only a $26 difference.

For those who can qualify for a mortgage, “playing the waiting game” won’t result in much gain, Nariman Behravesh, chief economist at IHS in Englewood, Colo., told Bloomberg Businessweek.

Source: “Crazy Home Deals Await the Creditworthy,” Bloomberg Businessweek (Oct. 24, 2011)

NCH will no longer transport patients between hospitals

2011-10-24T06:43:00.000-07:00

COLLIER COUNTY — NCH Healthcare Systems is getting out of the patient transportation business after a mishandled emergency call on Marco Island earlier this month ended with the death of an 80-year-old man.

NCH and Collier County EMS have been under fire since reports surfaced it took 54 minutes to get an ambulance to Paul Anderson, who had suffered a stroke and was at the NCH Marco Island Healthcare Center — an urgent care clinic.

There was confusion over whether NCH’s transport crew or a Collier EMS ambulance would transport Anderson to NCH Downtown Naples Hospital, reports said.

On Friday, NCH Healthcare Systems relinquished its certificate to transport patients, effective immediately, with a letter to Collier County Manager Leo Ochs. The letter was signed by Dr. Allen Weiss, NCH president and CEO.

“We have found that NCH having its own transportation service may have led to varying interpretations as to who is responsible for transport,” NCH said in a prepared statement.

More Details. http://www.naplesnews.com/news/2011/oct/21/nch-will-no-longer-transport-patients-between-hosp/?partner=newsletter_local

Florida’s existing home and condo sales up in September

2011-10-20T11:59:00.000-07:00

ORLANDO, Fla. – Oct. 20, 2011 – Florida’s existing home and existing condo sales continued their upswing in September, according to the latest housing data released by Florida Realtors®. Existing home sales increased 10 percent last month with a total of 15,036 homes sold statewide compared to 13,723 homes sold in September 2010, according to Florida Realtors.

“One of the most overlooked statistical trends in all of real estate is the growth in home sales, both single-family and condo, in the state of Florida,” said Florida Realtors Chief Economist Dr. John Tuccillo. “We’ve seen an upward trend in sales since January 2011, and September’s sales were a full 10 percent above September 2010. Even prices, which have been static over the past few months, are well above where they were in January 2011.

“One of the reasons for this is stabilization in the distressed property market. This is not a problem that’s going away, but there’s a degree of certainty that is helping the market.”

Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in September; 11 MSAs had higher existing condo sales.

The statewide median sales price for existing homes last month was $133,900; a year ago, it was $135,000 for only a 1 percent decrease. According to analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in August 2011 was $168,400, down 5.4 percent from a year ago, according to NAR. In California, the August statewide median resales price was $297,060; in Maryland, it was $241,564; and in New York, it was $220,000.

In Florida’s year-to-year comparison for condos, 6,666 units sold statewide in September, a 10 percent gain over the 6,035 units sold in September 2010. The statewide existing condo median sales price last month was $87,200; a year earlier, it was $81,800 for a 7 percent increase.

“Historically low mortgage rates and stabilizing home prices all across Florida’s local housing markets continue to attract potential buyers – housing affordability conditions are very favorable right now,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “However, financially qualified buyers are still being denied home loans because of overly restrictive lending requirements, and that’s a significant obstacle to the housing recovery.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.11 percent in September, down from the 4.35 percent average during the same month a year earlier. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

www.ScottSorensonRealestate.Com

THIRD QUARTER SALES ACTIVITY REMAINS STRONG

2011-10-14T07:26:00.000-07:00

NAPLES, Fla.-October 14, 2011- Real estate sales activity continues to increase with single-family home sales and the Naples Beach area is leading the way according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

"Single-family pending sales in the $500,000 to $1 million price category increased 30 percent in the third quarter, and the average days a property was on the market decreased 11 percent. The sales activity is shifting from the low end market to higher priced properties," said Coco Waldenmayer, Managing Broker of Engel & Voelkers. In the third quarter of 2011 there are currently only 592 available single-family properties in the $500,000 to $1 million price category.

For the 12 months ending September 2011, all Naples geographic areas showed an increase in pending sales compared to the same 12 months in 2010. Properties in the Naples Beach area remain in the highest demand with 1,776 contracts for the 12 months ending September 2011 compared to 1,471 contracts for the 12 months ending September 2010.

"Overall pending sales in the Naples Beach area increased 21 percent for the 12 months ending September 2011, as consumers take advantage of the good values," said Bill Poteet, President of Poteet Properties.

"Prices in the Naples Beach area may be under pressure, however, sales activity continues to remain strong," said Steve Barker, Supporting Broker with Amerivest Realty. The Naples Beach area consists of zip codes 34102, 34103 and 34108.

The third quarter report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

¨ For the 12 months ending September 2011 overall pending sales increased 11 percent with 10,036 contracts compared to 9,026 contracts for the 12 months ending September 2010.

¨ Condo sales increased 7 percent with 807 sales in the third quarter of 2011 compared to 752 sales in the third quarter of 2010.

¨ The available inventory decreased 20 percent to 7,069 available properties in the third quarter of 2011 down from 8,800 available properties in the third quarter of 2010.

"Traditional sales represent 60 percent of the sales activity in the Naples area. Foreclosure sales remain low and the number of short sale closings are increasing, this is a sign that banks are willing to work with homeowners," said Brenda Fioretti, NABOR President and Managing Broker of Prudential Florida Realty.

According to Kathy Zorn, Broker/Owner of Florida Home Realty, "Traditional sales continue an upward trend in our market as they have increased 26 percent from September 2011 to September 2010."

The report also provides a comparison of results for September 2011 to the same month, 2010, including single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

¨ Overall home sales in the $300,000 to $500,000 price category increased 27 percent with 70 sales in September 2011 compared to 55 sales in September 2010.

¨ Single-family pending sales in the Naples Beach area increased 15 percent for the 12 months ending September 2011 with 714 contracts compared to 621 contracts for the 12 months ending September 2010.

¨ Condo sales saw a 6 percent increase for the 12 months ending September 2011 with 4,192 sales compared to 3,966 sales for the 12 months ending September 2010.

The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered 1949) whose members have a positive and progressive impact on the Naples community. NABOR is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 4,000 plus member-customers. NABOR is a member of Florida REALTORS® and the National Association of REALTORS®, which is the largest trade association in the United States with more than 1.3 million members and over 1,400 local boards of REALTORS® nationwide. NABOR is structured to provide programs and services to its membership through various committees and the NABOR Board of Directors, all of whose members are non-paid volunteers

View the 3rd Quarter 2011 Market Statistics
View the September 2011 Market Statistics

ScottSorensonRealEstate.Com

Realtor confidence: Some hopeful signs?

2011-10-05T12:14:00.001-07:00

WASHINGTON – Oct. 5, 2011 – According to the latest Realtors® Confidence Index survey, Realtors today are somewhat more confident about the existing home market than they were at this time last year. While there seems to be a general view that the market grew weaker recently, the current level of confidence is a bit better than it has been during much of the past three years.

The Realtors Confidence Index, based on a random survey of National Association of Realtors® (NAR) members, measures the strength of the current housing market and expectations about the future. Participants answer questions about the current and expected demand for homes, price trends and economic conditions.

Responses are assigned weights of 0, 50 or 100. A response of “strong” gets 100 points, while “moderate” is given 50 points, and “weak” is assigned 0 points. The questions capture Realtors’ feelings about the current real estate market and the effects of existing economic conditions and trends on the real estate business.

“Reports in the media about the state of the existing-home sales markets sometimes should carry scare-lines, rather than headlines … What they often miss, of course, is the story behind the numbers,” says Jed Smith, NAR managing director, quantitative research. “That story is that all real estate is local: some housing markets are actually performing well, some are performing poorly, and many are in-between. (However), median home prices have been moving up and down in a relatively narrow range in many markets; that shows a stabilization trend.”

The Realtors Confidence Index for single-family home sales reported in the August report decreased to 30.9 from July’s 31.3. The index was higher compared to last year’s conditions, however, when the index registered at 23.3. The townhouse index also dropped slightly to 17.0 in August from July’s 17.2. The condo index remained essentially the same at 14.1 from July’s 14.0. Both of townhouse index and condo indexes registered higher values than last year’s levels of 12.3 and 10.4, respectively.

Realtors say that the existing-home market continues to be challenging, and many respondents express some degree of frustration with previous and current levels of distressed properties, pricing and sales. There is a general level of agreement that the future outlook will strongly depend on continued economic recovery and job creation.

Home listing prices rising in Florida

2011-10-01T14:46:00.000-07:00

ORLANDO, Fla. – Sept. 26, 2011 – Prices are rising in Florida.

Florida cities have had the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Based on August data of 2.2 million listings in 146 markets, Florida cities make up nine of the top 10 places for highest year-over-year list price spikes.

Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.

Here are the top 15 cities boasting the highest percentage of year-over-year increases in average list prices.

1. Miami
Average list price: $640,332
Year-over-year increase: 27.4%

2. Fort Myers-Cape Coral, Fla.
Average list price: $443,570
Year-over-year increase: 26.27%

3. Central-Fla. rural service area
Average list price: $405,809
Year-over-year increase: 19.41%

4. Punta Gorda, Fla.
Average list price: $267,066
Year-over-year increase: 16.37%

5. Macon, Ga.
Average list price: $193,520
Year-over-year increase: 15.98%

6. Sarasota-Bradenton, Fla.
Average list price: $466,785
Year-over-year increase: 15.86%

7. Naples, Fla.
Average list price: $713,087
Year-over-year increase: 15.13%
www.ScottSorensonRealEstate.com

8. West Palm Beach-Boca Raton, Fla.
Average list price: $591,895
Year-over-year increase: 14.68%

9. Ocala, Fla.
Average list price: $193,360
Year-over-year increase: 12.07%

10. Lakeland-Winter Haven, Fla.
Average list price: $181,409
Year-over-year increase: 11.48%

11. Orlando, Fla.
Average list price: $319,419
Year-over-year increase: 10.56%

12. Portland-Vancouver, Ore.-Wash.
Average list price: $314,537
Year-over-year increase: 10.52%

13. Boise City, Idaho
Average list price: $212,588
Year-over-year increase: 10.43%

14. Springfield, Illinois
Average list price: $174,537
Year-over-year increase: 9.12%

15. Shreveport-Bossier City, La.
Average list price: $211,414
Year-over-year increase: 8.34%

Source: Melissa Dittmann Tracey, Realtor® Magazine Daily News

Need proof that Fla. home sales are up?

2011-09-29T12:52:00.000-07:00

WASHINGTON – Sept. 28, 2011 – The value of home sales in Florida has gone up. For proof, look no further than doc stamp taxes, which are paid on all home sales. According to U.S. Census Bureau reports, doc stamp revenue rose 9.8% in the second quarter of 2011 compared to the same quarter in 2010.

Other state taxes also rose, the U.S. Census Bureau reported Tuesday as part of a national study that showed continued revenue gains nationwide.

Florida sales tax collections climbed 5.4 percent; Florida corporate income tax collections rose 5.4 percent year to year for the quarter ending June 30.

Nationally, corporate income tax collections shot up 20.4 percent while sales tax increases increased by 4.7 percent. Income tax collections were 16.3 percent higher in the quarter compared to 2010.

Stagnant property values continued to take a toll, however. Nationally, local governments collected $85.9 billion of total property tax revenue, a decrease of 1.0 percent from the same quarter in 2010.

www.ScottSorensonRealEstate.Com

Fla.’s home, condo sales and median prices higher in August

2011-09-21T19:56:00.001-07:00

ORLANDO, Fla. – Sept. 21, 2011 – Sales activity and median prices for Florida’s existing home and existing condo markets rose in August, according to the latest housing data released by Florida Realtors®. Existing home sales increased 15 percent last month with a total of 16,206 homes sold statewide compared to 14,131 homes sold in August 2010, according to Florida Realtors. The statewide median sales price for existing homes last month was $137,500, up 2 percent from the year-ago figure of $134,900. August’s statewide existing home median price was also slightly higher than it was in July.

“Over the past few months, it appears that home prices have been stabilizing in many local markets across the state,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “This is another positive sign that the housing recovery is gaining strength.”

According to analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in August 2011 was $168,400, down 5.4 percent from a year ago, according to NAR. In California, the August statewide median resales price was $297,060; in Maryland, it was $241,564.

Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in August; 15 MSAs also had higher existing condo sales.

In Florida’s year-to-year comparison for condos, 7,098 units sold statewide last month compared to 6,041 units in August 2010 for an increase of 17 percent. The statewide existing condo median sales price last month was $91,100; in August 2010 it was $81,500 for a 12 percent increase. According to NAR, the national median existing condo sales price was $167,500 in August 2011.

NAR’s latest industry outlook notes that despite high affordability conditions, sales activity is underperforming, partially as a result of overly restrictive lending standards.

“Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers,” said NAR Chief Economist Lawrence Yun. “Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could stimulate additional economic activity and create jobs.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.27 percent in August, down from the 4.43 percent average during the same month a year earlier. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Fewer real estate agents expect price drops

2011-09-19T15:30:00.000-07:00

EMERYVILLE, Calif. – Sept. 19, 2011 – Most real estate professionals and homeowners expect home values to decrease or stay the same through the end of the year, according to HomeGain’s third quarter survey. While the outlook remains dour, however, a higher percentage of real estate agents seem to think their market area has hit bottom and is rebounding.

In Florida, one in five (22 percent) real estate professionals surveyed expect prices to rise over the next six months, as did 22 percent of homeowners. That’s second only to Arizona, where 33 percent of agents anticipate a price increase and 29 percent of homeowners.

Nationally, 11 percent of real estate professionals expect home values to increase in the next six months, down one percent from last quarter; 12 percent of homeowners expect home values to increase, down 3 percent from last quarter.

According to the survey, 47 percent of agents and brokers and 45 percent of homeowners think that home values will decrease over the next six months. However, agents’ attitudes have become slightly less pessimistic since the second quarter (50 percent expected price declines) even though homeowners have become more pessimistic (30 percent expected price declines).

An almost equal number of agents and homeowners expect selling prices to remain roughly the same for the next six months, with 42 percent of agents expecting the status quo to continue compared to 43 percent of homeowners.

According to agents and brokers, 75 percent of homeowners believe their homes are worth more than the agent’s recommended listing price. In contrast, 68 percent of homebuyers believe homes are overpriced.

The five states with a rising outlook about home prices – Arizona, Florida, Texas, California and Ohio – were generally hit hard by the real estate crisis and now may be bouncing back. The five top states where agents expect prices to decline include New Jersey (77 percent of agents expect a six-month price drop), Pennsylvania (75 percent), North Carolina (68 percent), Georgia (62 percent) and Virginia (58 percent).

ScottSorensonRealEstate.Com Over 500 real estate agents and brokers and over 2,200 homeowners were surveyed.

Florida bouncing back, and recession not likely, report says

2011-09-17T15:12:00.000-07:00

MIAMI – Sept. 16, 2011 – Florida’s improving economy should avoid recession, even as the recovery fights significant headwinds from a devastated real estate industry. www.ScottSorensonRealEstate.Com

That’s the conclusion from the latest outlook for the Sunshine State by Wells Fargo, which sees South Florida and Tampa leading the rebound in hiring this year. Both markets have seen modest job growth in recent months, and payrolls are up about 1 percent in both regions during the last three months.

“Florida is slowly battling back from its worst recession in modern times,’’ the report reads. Wells Fargo expects economic growth to hit 2.2 percent next year in Florida, despite growing anxiety that the nation is heading for a second recession.

The Wells Fargo report credits a strong rebound in foreign tourism for Florida’s improving fortunes, with South Florida and Orlando enjoying outsized boosts from their popularity with travelers from Europe and Latin America.

Still, South Florida gets special mention in the report as a particularly troubled region. “South Florida’s recovery from the Great Recession has been painfully slow,” the report reads. Among the biggest problems Wells Fargo cites: nearly 40 percent of the region’s mortgages are either in foreclosure or at least 90 days overdue, compared to the national average of 11 percent.

Average Floridian getting younger

2011-08-20T07:53:00.001-07:00

WASHINGTON – Aug. 18, 2011 – The U.S. Census Bureau released new information from the 2010 Census, and it shows that the majority of Florida growth came from working-age adults, 18 to 64 years old, who settled in counties on the edge of major cities.

Two decades ago, Florida had the highest median age in the U.S.; 10 years ago, the state ranked No. 2. Based on the just-released numbers, it’s now No. 5.

The recent Census information has valuable data for real estate agents considering a farm area or choosing a message for advertising. It includes statistics about Florida’s residents sorted by area, age, sex, household type, family type, housing units, and race and origin groups.

The Census Bureau has already released some of the information. The latest data, however, adds more information and allows much of it to be manipulated to create a more robust analysis.

New topics include:

• single year of age by sex
• more detail on children, including adopted, stepchildren and grandchildren
• race and Hispanic origin of householder
• more detail on household relationships
• group quarters population by sex, age and group quarters type
• housing tenure (rented or owned) by age, household type, race and Hispanic origin of householder
• mortgage status of owned housing units

Accessing the information

Summary tables can be found on the Census Bureau’s American FactFinder website. A good place to start is the quick tables, noted as “QT” in the search results list, which show a summary of a topic for one geographic area at a time. The geographic comparison tables (noted as “GCT”) are a good place to start for a first look at a topic across geographies, such as all places within Florida.

A summary file version of the information is also available for users who want to download the set of detailed tables for all of the geographies within a state and run their own analysis and rankings.

Florida’s existing home, condo sales up in July

2011-08-20T07:49:00.000-07:00

ORLANDO, Fla. – Aug. 18, 2011 – Florida’s existing home and existing condo sales rose in July, according to the latest housing data released by Florida Realtors®. Existing home sales increased 12 percent last month with a total of 15,517 homes sold statewide compared to 13,874 homes sold in July 2010, according to Florida Realtors. Statewide sales of existing condos last month also rose 12 percent compared to the year-ago sales figure.

“Realtors in markets across the state are reporting increased activity from potential homebuyers who are ready to advantage of historically low mortgage rates and current availability of affordable housing options,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart.

Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in July; 13 MSAs had higher existing condo sales.

The statewide median sales price for existing homes last month was $136,500; a year ago, it was $137,700 for only a 1 percent decrease. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in June 2011 was $184,600, up 0.6 percent from a year ago, according to NAR. In Massachusetts, the statewide median resales price was $325,850 in June; in California, it was $295,300; in Maryland, it was $247,100; and in New York, it was $221,595 Read More of Store

NAPLES REAL ESTATE SHOWS STABILITY IN AN UNCERTAIN ECONOMY

2011-08-12T19:46:00.000-07:00

Report Shows Inventory Decreased 19 Percent

NAPLES, Fla.-August 12, 2011- Key indicators such as pending sales, inventory and the median closed price show signs of real estate stability during challenging economic times, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

Overall pending sales increased two percent with 776 contracts in July 2011 compared to 760 contracts in July 2010. The median closed price for properties over $300,000 increased two percent to $550,000 for the 12 months ending July 2011 compared to $540,000 for the 12 months ending July 2010.

“The fact that we are not seeing volatility in the residential real estate market is positive. Home prices and sales are level but seem to be trending upward, inventory is declining, the average days on the market are declining, all indicators of the stabilization process,” said Tom Bringardner, President/CEO of Premier Commercial, Inc.

“The decrease in the percentage of non-traditional sales, foreclosures and short sales, is contributing to the stabilization and is good news for the real estate industry,” said John Steinwand, President of Naples Realty Services.

In July 2011 the Naples area saw 87 foreclosed sales compared to 250 in July 2009.

According to Kathy Zorn, Broker/Owner of Florida Home Realty, “There were more closed sales recorded in the first seven months of 2011 (8,110) than there are available in our current inventory (7,010) which sends an encouraging message to consumers that our market is stabilizing.”

The July report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

 Overall pending sales for the 12 months ending July 2011 increased 3 percent with 10,030 contracts compared to 9,785 contracts for the 12 months ending July 2010.

 Single-family home pending sales increased 3 percent in July 2011 with 447 contracts compared to 432 contracts in July 2010.

 Condo sales for the 12 months ending July 2011 increased 3 percent with 4,108 sales compared to 3,995 sales for the 12 months ending July 2010.

According to Brenda Fioretti, NABOR President and Managing Broker of Prudential Florida Realty, “Inventory continues to drop at a rate of 19 percent for this period and we currently have less than 9 months of inventory, which is the lowest we have seen since tracking the available inventory in April 2007.”

The available inventory in July 2011 is 7,010 properties compared to 8,731 properties in July 2010.

“Since April 2007, inventory has declined by 5,000 units. Investors continue to purchase properties in the Naples area which is helping in the reduction of available inventory,” said Mike Hughes, Vice-President of Downing-Frye Realty.

“Naples has two of the most desirable natural assets in the world, the warm weather and the beach. The influx of capital and the increased sales activity in the beach area is due to the lifestyle opportunities that buyers see there,” said CoCo Waldenmayer, Managing Broker of Engel and Voelkers.

Pending sales in the Naples Beach area for the 12 months ending July 2011 increased 12 percent with 1,747 contracts compared to 1,553 for the 12 months ending July 2010.

To view the entire report, visit www.NaplesArea.com

Market Statistics

State forecasts property value increases

2011-08-04T17:05:00.000-07:00

TALLAHASSEE, Fla. – Aug. 4, 2011 – In a sign that Florida’s housing market may be on the road to recovery, the state’s top economist expects an increase in school property tax rolls next year of 1.3 percent.

Though that is actually a slight decrease from the original forecast of 2 percent, it is one of the most promising signs yet that Florida’s ailing and hard-hit housing market is on the mend after four years of plunging values.

Florida’s housing market was one of the hardest hit in the nation, the victim of an overwrought housing bubble, loose mortgage standards and a tourism-based economy.

The state’s housing woes have become fodder for national newspaper and magazine articles spotlighting the housing glut, examining over-developed South Florida subdivisions with plummeting home values.

But now Realtors, economists and property appraisers say they see signs of a housing market recovery.

“We turned the corner,” said state economist Amy Baker, though she cautioned the economic recovery is still fragile. Her forecast was part of a discussion Wednesday of adjusting estimated property tax revenue this year. More Details

Vacation homes: Why it might be time to buy

2011-08-02T13:48:00.001-07:00

WASHINGTON – Aug. 2, 2011 – Home price declines remain the norm in many areas, but experts say certain luxury markets are picking up steam and attracting affluent vacation-home buyers.

The median second-home price fell 11 percent to $150,000 in 2010 from the prior year, according to the National Association of Realtors® (NAR). And the price dropped 25 percent since 2006, compared to a 22 percent decrease for the overall housing market.

Experts say sales activity depends on geography, with buyers more interested in prime vacation spots. However, financing remains a challenge since banks remain skittish about writing jumbo mortgages.

For many second-home buyers, though, the investment value is not a big concern. NAR says more than 80 percent of second-home buyers made their purchases to simply enjoy the home – not as an investment – with the number of all-cash deals up to 36 percent in 2010 from 29 percent in 2009, enabling buyers to forego a complex mortgage process.

Prices have stabilized or started to rise in Santa Monica, Calif.; Aspen, Colo.; the Hamptons, N.Y.; and Hilton Head, S.C. Meanwhile, Martha’s Vineyard, Mass.; Vail, Colo.; and Miami and Palm Beach remain depressed but offer some bargains.

Source: Wall Street Journal (07/23/11) Silver-Greenberg, Jessica

Foreclosure activity down in most U.S. metro areas

2011-07-28T12:29:00.001-07:00

LOS ANGELES – July 28, 2011 – Most of the nation’s largest metropolitan areas are seeing a sharp drop in foreclosure activity as banks take longer to move against homeowners who are behind on their mortgage payments.

In the first half of this year, 84 percent of metropolitan areas with a population of at least 200,000 saw their foreclosure rate drop versus the same period last year, foreclosure listing firm RealtyTrac Inc. said Thursday.

The firm tracks notices for defaults, scheduled home auctions and home repossessions - warnings that can lead up to a home eventually being lost to foreclosure.

All told, foreclosure activity declined in 178 of the country’s 211 largest metropolitan areas during the first six months of the year.

The decline is due to delays in the foreclosure process as lenders work through foreclosure documentation problems that first surfaced last fall. Those problems prompted them to resubmit paperwork on many properties that had been slated for foreclosure and led to a slew of government investigations of the mortgage industry.

Mortgage banks also have put off taking action against newly delinquent borrowers in order to try loan modifications or other tactics aimed at avoiding foreclosure. Lackluster home sales this year also have provided little incentive for lenders to evict homeowners and chance having the property sit empty and unsold for months.

Some 1.7 million potential foreclosures are being held up, according to real estate firm CoreLogic.

The slowdown in foreclosure activity has been most pronounced in states where courts play a role in the foreclosure process and now have to wade through a logjam of cases.

The 20 metropolitan areas that saw the biggest annual declines in foreclosure activity are in New York, Maryland, Florida, New Jersey, Connecticut, Massachusetts and Illinois – all judicial foreclosure states, RealtyTrac said.

Syracuse, N.Y., led the decline, posting a 78 percent drop in its foreclosure rate versus the January-through-June period last year. The city had the third-lowest foreclosure rate among the 211 metropolitan areas in RealtyTrac’s report.

Despite the slowdown in the pace of foreclosures, many cities continue to have elevated foreclosure rates.

California, Nevada and Arizona, among the states most affected by the housing bust and ensuing foreclosure crisis, account for the 10 metropolitan areas with the highest foreclosure rate for the first six months of the year.

Las Vegas-Paradise, Nev., registered the highest foreclosure rate in the nation, with one in every 19 households receiving a foreclosure-related notice – nearly six times the national average. But the metropolitan area’s foreclosure activity fell 17.9 percent from the first six months of last year.

The Phoenix-Mesa-Scottsdale, Ariz., metropolitan area was second, with one in 28 households receiving a foreclosure warning, even as foreclosure activity fell nearly 17 percent from the same period in 2010.

California is home to seven of the metro areas that were among the top 10 metropolitan areas with the highest foreclosure rate in the first half of the year, led by Modesto with one in every 30 households receiving a foreclosure-related notice.

Bucking the trend, some metropolitan areas saw their foreclosure rates spike in the first six months of this year.

Among those, Seattle posted the sharpest increase, a 10 percent jump versus the same period last year, RealtyTrac said. One in every 98 households got a foreclosure-related notice.

Job loss, rather than time-bomb mortgages resetting to higher payments, has become the main driver behind rising foreclosures.

The Seattle metropolitan area’s unemployment rate stood at 9.2 at the beginning of the year, but it has eased of late, sliding to 8.5 percent in May.

Still, the metro area has seen the number of people who applied for unemployment benefits due to large-scale layoffs increase this year. In the first quarter, it was ranked 8th highest on the basis of initial unemployment claimants due to layoffs, up from 15th a year earlier.

“The lag time between job loss and foreclosure is a little longer than it is in a normal cycle,” said Rick Sharga, a senior vice president at RealtyTrac. “We could be seeing a fallout from job losses there over the last year or two.”

U.S. Consumers more upbeat in July - New York

2011-07-26T17:47:00.000-07:00

NEW YORK – July 26, 2011 – The Conference Board Consumer Confidence Index improved slightly in July after declining in June. The Index now stands at 59.5, up from 57.6 in June. The Present Situation Index decreased to 35.7 from 36.6. However, the Expectations Index, which gauges expectations for six months in the future, rose to 75.4 from 71.6 last month.

“Consumer confidence posted a modest gain in July, the result of an improvement in consumers’ short-term outlook,” says Lynn Franco, director of The Conference Board Consumer Research Center. “ Consumers’ appraisal of current business and employment conditions, however, was less favorable as concerns about the labor market continue to weigh on attitudes. Overall, consumers remain apprehensive about the future, but some of the concern expressed last month has abated.”

Consumers stating current business conditions are “good” decreased to 13.4 percent from 13.7 percent, while those claiming business conditions are “bad” increased to 39.0 percent from 38.4 percent. Consumers’ appraisal of the job market was also less favorable. Those claiming jobs are “hard to get” increased to 44.1 percent from 43.2 percent, while those stating jobs are “plentiful” remained unchanged at 5.1 percent.
Consumers’ short-term outlook improved moderately in July. The proportion of consumers expecting business conditions to improve over the next six months increased to 17.7 percent from 16.5 percent. However, those anticipating business conditions will worsen also increased to 15.2 percent from 14.9 percent.

Consumers were also mixed about the outlook for the labor market over the next six months. Those anticipating more jobs in the months ahead increased to 16.7 percent from 13.8 percent. However, those expecting fewer jobs also increased to 21.8 percent from 20.7 percent. The proportion of consumers anticipating an increase in their incomes rose to 15.7 percent from 14.1 percent.

The Nielsen Company conducts the monthly Consumer Confidence Survey for the Conference Board based on a probability-design random sample. The cutoff date for July’s preliminary results was July 14, 2011.

Florida Consumer Confidence up in July - University of Florida Study

2011-07-26T17:30:00.000-07:00

GAINESVILLE, Fla. – July 26, 2011 – Increased optimism about making major purchases played a significant role in consumer confidence, according to a new University of Florida survey. UF’s monthly index rose two points in July to 68.

Four of the five components that make up the index increased or remained unchanged. The biggest improvement was in confidence to purchase big-ticket items such as cars and appliances, which rose five points to 77.

“Some of this may have to do with declines in gas prices during the month of June and much of July,” says Chris McCarty, director of UF’s Survey Research Center in the Bureau of Economic and Business Research. “This leaves more money in people’s budgets for other purchases.”

The other index components that rose were perceptions of personal finances now compared with a year ago, which increased three points to 57, and expectations of personal finances a year from now, which climbed one point to 75. Expectations of U.S. economic conditions over the next five years remained at 72. The only component to decline was perceptions of U.S. economic conditions over the next year, which fell one point to 59.

Another reason for the increase was improved confidence among seniors, which rose five points to 66. A decline recorded last month, McCarty says, was due in large part to seniors’ uncertainty over potential cuts to Medicare and Social Security. Although the federal government has not yet released its budget plans, the delay in reducing those programs may have led to a slight improvement. Seniors may also have learned that proposed entitlement cuts might not affect those in or near retirement as much as previously thought.

State unemployment was unchanged in June at 10.6 percent, ending five consecutive months of decline (national unemployment was 9.2 percent as of July 8). Home sales in Florida were down in June, but the median price for a single-family home ($138,000) in Florida increased for the fourth consecutive month.

The research center, part of the Warrington College of Business Administration, conducts the Florida Consumer Attitude Survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for June was collected from 414 responses. The index is benchmarked to 1966, so a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2; the highest is 150.

Home building spikes in June after dismal spring

2011-07-20T08:19:00.000-07:00

WASHINGTON (AP) – July 19, 2011 – Builders broke ground on more single-family homes and apartments in June, as the home-building industry tried to shake off a historically bad spring.

The Commerce Department says builders began work on a seasonally adjusted 629,000 homes last month, a 14.6 percent increase from May. Still, that’s roughly half the 1.2 million homes per year that economists say must be built to sustain a healthy housing market.

Much of the increase came from a surge in apartment construction, a volatile part of the industry. That jumped 31.8 percent last month.

Single-family home construction rose a more modest 9.4 percent. Building permits, a gauge of future construction, increased 2.5 percent. June’s building pace was the best showing since January and single-family home construction saw the biggest monthly increase since June 2009, when the recession ended.

Though new homes represent just 20 percent of the overall home market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in taxes, according to the builders’ trade group.

Builders are nearly 31 percent ahead of the 477,000-per-year pace from April 2009, which was the lowest point on records dating back to 1959. Still, they are down roughly 73 percent from their peak of nearly 2.3 million homes in January 2006.

Cash-strapped builders are struggling to compete with deeply discounted foreclosures and short sales. A short sale is when lenders allow borrowers to sell their homes for less than what is owed on the mortgage.

New-home sales fell in May to a seasonally adjusted pace of 319,000 homes per year. That’s far below the 700,000 homes per year that economists consider healthy.

One reason is that previously occupied homes are a better deal than new homes. The median price of a new home is more than 30 percent higher than the median prices for a re-sale. That’s more than twice the markup in healthy housing markets.

Loans are also harder to get. Most private lenders are requiring 20 percent downpayments and higher credit scores for the best rates.

The weak housing industry is also holding back the U.S. economy. In past modern-day recessions, housing accounted for 15 to 20 percent of overall economic growth. This time around, between 2009 and 2010, housing contributed just 4 percent to the economy.

In the past month, President Barack Obama said the housing market has “been most stubborn to us trying to solve the problem.” And last week, Federal Reserve Chairman Ben Bernanke said the troubles facing home construction and sales were more persistent than previously thought.

The National Association of Home Builders said Monday that its survey of industry sentiment rose to 15 in June. That’s after a May in which builder outlook hit its lowest level in nine months. But the index is still just seven points above the lowest reading on record, in January 2009. And any reading below 50 indicates negative sentiment about the housing market. The index hasn’t reached 50 since April 2006, the peak of the housing boom.

Foreign buyers help housing market

2011-07-06T17:37:00.000-07:00

MIAMI – July 6, 2011 – Foreign buyers are helping to stoke home sales in U.S. vacation hot spots decimated by the real estate crash, especially in southern Florida.

For the 12 months ending in March, 31 percent of Florida’s home sales were to foreign buyers, up from 10 percent in 2007, according to a survey by the National Association of Realtors.

In Arizona, 6 percent of sales in the same period were to foreigners. That was down from 11 percent last year but still up from 5 percent in 2007, the data show.

Foreign buyers are being enticed by low U.S. home prices, down 30 percent nationwide since peaking in 2006, and the weakened dollar, which makes their money go further. Since the start of 2006, the Canadian dollar has soared 18 percent against the U.S. dollar, while the euro has gained 22 percent, says data tracker Oanda.

U.S. home prices, meanwhile, have fallen far more than the national average in some places, down 55 percent from their peaks in Miami-Fort Lauderdale and Phoenix, and 36 percent in Los Angeles, says Zillow.com. Those are three of the most popular areas for foreigners searching for real estate on Trulia’s website, that company says.

Sales are so brisk in the Miami region now that more houses and condominiums could sell this year than in 2005, the peak year, says Ronald Shuffield, president of Esslinger-Wooten-Maxwell Realtors in Coral Gables, Fla.

“International buyers have been the fuel for the Miami recovery,” Shuffield says.

About 40 percent of buyers are international vs. less than 35 percent before the bust, he estimates. Many buyers are South American investors snapping up condominiums to rent out, says Peter Zalewski of market researcher Condo Vultures.

In the Phoenix region, there are at least 20 percent more foreigners in the market now than usual, says Don Hammer, manager of Realty Executives in Paradise Valley, Ariz.

One of those shoppers is retired hedge fund manager Peter Duerr of Austria. He’s planning to buy a home in Scottsdale, having sold one there in 2005. “The U.S. is a great buy right now,” Duerr says.

The largest share of foreign buyers, 23 percent, come from Canada, the Realtors’ survey found. China followed at 9 percent. The survey includes foreigners living abroad, those in the U.S. with long-term visas and new immigrants.

SINGLE FAMILY HOME MEDIAN CLOSED PRICE JUMPS SIX PERCENT

2011-06-21T12:27:00.000-07:00

Report Shows Overall Inventory Declines 14 percent

NAPLES, Fla.-June 17 2011- Momentum is picking up and summer is emerging as a season of strong sales according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

The overall available inventory decreased to 7,705 properties in May 2011 down from 9,006 properties in May 2010. “The decrease in inventory is having a positive effect on overall prices and is driving the median closed price up,” said Steve Barker, REALTOR® with Amerivest Realty.

The median closed price for single-family homes for the 12 months ending May 2011 increased 6 percent to $210,000 compared to $199,000 for the 12 months ending May 2010. The overall median closed price for single-family homes increased 15 percent to $242,000 in May 2011 compared to $210,000 in May 2010.

“With its strong market and rising prices, Naples is the exception to the two-thirds of the country experiencing real estate challenges, just as predicted by Dr. Lawrence Yun, Chief Economist of the National Association of REALTORS®,” said Phil Wood, President of John R. Wood REALTORS.

The May report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

• Overall pending sales increased 8 percent in May 2011 with 955 contracts compared to 887 contracts in May 2010.

• Overall closed sales increased 4 percent in May 2011 with 838 sales compared to 803 sales in May 2010.

• Single-family home pending sales increased 8 percent in May 2011 with 515 contracts compared to 477 contracts in May 2010.

• Condo sales increased 9 percent with 450 sales in May 2011 compared to 412 sales in May 2010.

According to Brenda Fioretti, NABOR President, and Managing Broker of Prudential Florida Realty, “The increase in sales is found in the traditional market, not short sales or foreclosures which now make up less than 30 percent of the properties sold.”

“For the 12 months ending May 2011, condo sales increased 19 percent and the $1 million to $2 million category had an astounding increase of 164 percent, with 18 more units sold for the 12 months ending May 2011 than in the 12 months ending May 2010,” said John Steinwand, President of Naples Realty Services.

Florida’s existing home, condo sales rise in May 2011

2011-06-21T12:16:00.000-07:00

ORLANDO, Fla. – June 21, 2011 – Florida’s existing home and existing condo sales rose in May, according to the latest housing data released by Florida Realtors®. Existing home sales increased 3 percent last month with a total of 17,228 homes sold statewide compared to 16,790 homes sold in May 2010, according to Florida Realtors. Statewide sales of existing condos last month rose 17 percent compared to the year-ago sales figure.

Twelve of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in May; 14 MSAs also had higher condo sales. It’s the sixth consecutive month that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide.

“With low mortgage rates and a broad inventory of homes at affordable prices, qualified buyers are realizing that there may never be a better time to find the home they’ve been dreaming of in Florida,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Consult a local Realtor® about qualification criteria and to find out more about opportunities in your local housing market.”

Florida’s median sales price for existing homes last month was $135,500; a year ago, it was $142,900 for a 5 percent decrease. However, May’s statewide existing home median price was about 2.9 percent higher than it was in April. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in April 2011 was $163,200, down 5.4 percent from a year ago, according to NAR. In California, the statewide median resales price was $293,570 in April; in Massachusetts, it was $279,000; in Maryland, it was $226,370; and in New York, it was $200,000.

According to NAR’s latest industry outlook, tight credit is one of the reasons why the market is underperforming. “Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market along with a steady level of low appraisals that result in contract cancellations,” said NAR Chief Economist Lawrence Yun. “A robust economic and housing market recovery cannot occur as long as banks continue to hold onto huge cash reserves.”

In Florida’s year-to-year comparison for condos, 8,338 units sold statewide last month compared to 7,104 units in May 2010 for an increase of 17 percent. The statewide existing condo median sales price last month was $98,200; in May 2010 it was $96,400 for a 2 percent increase. May’s statewide existing condo median price was about 6.9 percent higher than it was in April. The national median existing condo sales price was $167,300 in April 2011, according to NAR.

The interest rate for a 30-year fixed-rate mortgage averaged 4.64 percent in May, a drop from the 4.89 percent averaged during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales

Florida leads nation in potential job growth

2011-04-15T17:51:00.000-07:00

MIAMI – April 15, 2011 – According to a Wells Fargo report released this week, Florida is No. 1 in potential job growth once the state shakes off lingering effects from the recession.

The study looked at regional competitiveness – the factors that might lead employers to create jobs locally. To compile results, Wells Fargo analyzed 20 years of employment data and growth trends. It then projected future growth. While an expected boost in tourism post-recession played a part in Florida’s ranking, Wells Fargo also cited an expanded diversity in the state’s job market, such as the Scripps Research facility in Palm Beach County.

“The influx of new medical research facilities will help reinvigorate … growth in Florida, helping further diversify the state’s economy,” according to the report.

The study found Florida competitive in 22 industries. Georgia – No. 2 on the list – had 21. Wells Fargo considered traditionally white-collar industries as Florida strengths, including professional services, insurance and finance.

Inventory Declines 8% and Median closed prices increase

2011-04-15T17:07:00.000-07:00

INVENTORY DECLINES EIGHT PERCENT
Report Shows Median Closed Price for Properties over $300,000 Increases

NAPLES, Fla.-April 15, 2011- Inventory continues on a downward trend according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

The available inventory declined to 8,762 available properties in the first quarter of 2011 down from 9,557 in the first quarter of 2010. “The decline in inventory is a result of the slowing pace of properties coming to the market and the current inventory selling more rapidly,” stated Phil Wood, President of John R. Wood REALTORS®.

“Over the past three years, the months of inventory in the Naples area has continued to decline. In March of 2008 we had just under 38 months of inventory on the market for sale, and today we are hovering in a much healthier range of 12 months of inventory,” said Tom Bringardner, President/CEO of Premier Commercial, Inc.

The median closed price for properties over $300,000 increased to $575,000 in the first quarter of 2010 up from $525,000 in the first quarter of 2010.
“For properties over $300,000, the median closed price jumped 10 percent from quarter to quarter and 5 percent for the 12 months ending March 2011. Pending sale statistics suggest the median closed price will continue to climb,” said John Steinwand, President of Naples Realty Services.

The first quarter report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

 Overall pending sales saw an 8 percent increase, with 3,630 contracts in the first quarter of 2011 compared to 3,346 contracts in the first quarter of 2010.

 Single-family pending sales increased 6 percent with 1,763 contracts in the first quarter of 2011 compared to 1,667 contracts in the first quarter of 2010.

 Condo sales increased 7 percent with 1,114 sales in the first quarter of 2011 compared to 1,042 sales in the first quarter of 2010.

According to Mike Hughes, Vice-President of Downing-Frye Realty, “We may be seeing a glimpse of the kind of year 2011 will be. The statistics are encouraging and the sales activity continues to remain high.”

The March report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

 Overall home sales increased 5 percent to 936 sales in March 2011 compared to 890 sales in March 2010.

 Overall single-family pending sales saw a 6 percent increase, with 732 in March 2011 compared to 689 in March 2010.

 Condo sales saw a 17 percent increase with 525 sales in March 2011 compared to 447 sales in March 2010. March and First Quarter Statistics.

Vacation- and investment-home shares hold even in 2010

2011-04-03T08:54:00.000-07:00

WASHINGTON – March 30, 2011 – The market share of vacation- and investment-home sales held steady in 2010, although the sales volume declined with the overall market, according to the National Association of Realtors® (NAR).

NAR’s 2011 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2010, shows vacation-home sales accounted for 10 percent of transactions last year while the portion of investment sales was 17 percent – both unchanged from 2009.

“Despite extraordinarily tight credit conditions for purchasing a second home, the market share for vacation and investment homes held steady,” says NAR Chief Economist Lawrence Yun. “A sizeable number of buyers made deals with all-cash offerings.”

All-cash purchases have become prevalent in the second-home market in recent years: 59 percent of investment buyers paid cash in 2010, as did 36 percent of vacation-home buyers.

With an overall decline in home sales during 2010, the volume of 543,000 vacation-home sales was down 1.8 percent from 553,000 in 2009. Investment purchases fell 7.8 percent to 867,000 in 2010 from 940,000 the previous year. Primary residence sales declined 5.6 percent to 3.81 million from 4.04 million in 2009.

Foreclosure or trustee sales accounted for 17 percent of investment purchases and 11 percent of vacation-home sales in 2010, compared with 5 percent of primary purchases.

“Second home buyers purchased more distressed homes at discount than did buyers of primary residences,” Yun says.

The median vacation-home price was $150,000 in 2010, down 11.2 percent from $169,000 in 2009, while the median investment-home price was $94,000, which is 10.5 percent below the $105,000 median in 2009. By contrast, the median primary residence price declined a relatively modest 4.5 percent to $176,700 last year from $185,000 in 2009.

The typical vacation-home buyer in 2010 was 49 years old, had a median household income of $99,500 and purchased a property that was a median distance of 375 miles from his or her primary residence; 31 percent of vacation homes were within 100 miles and 41 percent were more than 500 miles.

Investment-home buyers had a median age of 45, earned $87,600 and bought a home that was fairly close to their primary residence – a median distance of 19 miles.

“The fall in home prices has opened opportunities for more families to enter the second-home market – the median income of investment buyers today is lower than it’s been in recent years,” Yun says. While the median income of vacation-home buyers in 2010 is slightly above 2007 when it was $99,100, the median income of an investment-home buyer is 5.7 percent below $92,900 in 2007.

“Even if purchases are delayed due to economic circumstances, the underlying long-term demand – the desire for purchasing second homes – remains because people in their 30s and 40s will reach the prime age for buying and will drive the second-home market in coming decades as conditions permit,” Yun says.

Currently, 40.7 million people in the U.S. are ages 50-59 – a group that dominated sales in the first part of the past decade and established records for second-home sales. An additional 43.8 million people are now in the primary buying demographic of 40-49 years old, while another 40.4 million are 30-39.

Lifestyle factors continue to be the primary motivation for vacation-home buyers, with the desire for rental income driving investment purchases. Vacation homes were more likely to be located in a rural area, while investment homes were more likely to be in a suburban location.

“Vacation-home buyers want the property for their own personal use, with 84 percent saying the primary reason for buying was to use for vacations or as a family retreat,” Yun says. “Rental income generation was the primary motive for investment buyers. At the same time, nearly half indicated they sought to diversify their investments or saw a good investment opportunity.”

Thirty-four percent of vacation-home buyers said they plan to use the property as a primary residence in the future, as did 10 percent of investment buyers.

Twenty-one percent of investment buyers and 14 percent of vacation buyers purchased the property for a family member, friend or relative to use. “Some of these buyers purchase a home for their son or daughter to use while attending school,” Yun says.

Vacation-home buyers plan to keep their property for a median of 13 years while investment buyers plan to hold their property for a median of 10 years.

Thirty-six percent of vacation homes purchased in 2010 were in the South, 27 percent in the West, 19 percent in the Northeast and 15 percent in the Midwest; 3 percent were located outside the U.S.

The distribution of investment properties differed from vacation homes: 32 percent were in the South, 24 percent in the West, 21 percent in the Northeast and 20 percent in the Midwest; 3 percent were purchased outside the U.S.

NAR’s analysis of U.S. Census Bureau data shows there are 7.9 million vacation homes and 41.6 million investment units in the U.S., compared with 74.8 million owner-occupied homes.

NAR’s 2011 Investment and Vacation Home Buyers Survey, conducted in March 2011, includes answers from 1,895 usable responses about home purchases during 2010. The survey controlled for age and income, based on information from the larger 2010 NAR Profile of Home Buyers and Sellers, to limit any biases in the characteristics of respondents.

NAR sells the report for $19.95 to NAR members and $149.95 for non-members.
The 2011 Investment and Vacation Home Buyers Survey can be ordered by calling (800) 874-6500, or online at www.realtor.org/prodser.nsf/Research.

1 in 5 Canadians interested in buying U.S. property

2011-03-26T18:33:00.000-07:00

MONTREAL – March 25, 2011 – A new survey from BMO Bank of Montreal and conducted by Leger Marketing finds that one in five Canadians would now consider purchasing property in the United States. Lower home prices and a strong Canadian dollar have sparked their interest in purchasing U.S. property.

Overall housing prices in the United States have fallen by 30 percent over the past four years. However, prices in traditional Canadian snowbird destinations have dropped even more. For example, prices in Tampa are down 44 percent, Phoenix fell 54 percent, Las Vegas 57 percent, and Miami 49 percent.

“Now, with the American economy and employment gaining strength, home sales should pick up and put a floor under soft prices,” said Sal Guatieri, senior economist, BMO Bank of Montreal. “We expect prices to rise over time as the overhang of unsold homes eases.” He also expects the American dollar to strengthen, which would add to the investment potential for Canadians who jump into the real estate market now.

Other survey findings:

• Men are more likely to consider purchasing a U.S. home, 29 percent compared to 16 percent of women.

• Regionally, residents of Alberta (31 percent), British Columbia (28 percent), and the Prairie Provinces (27 percent) are most interested in buying U.S. property.

Naples Rises From Florida Housing Swamp as Wealthy Buyers Return to Market

2011-03-24T18:31:00.000-07:00

By Dan Levy - Mar 23, 2011 1:09 PM ET BLOOMBER NEWS

Joshua Bahoff bought a three- bedroom luxury condominium in Naples, Florida, in December for $235,000, about one-third of the price that the seller paid near the height of the U.S. housing boom.

“It was a great deal,” said Bahoff, 59, a Philadelphia dentist who plans to spend one week a month every winter in the 2,700-square-foot (250-square-meter) property in Fiddler’s Creek, a residential and golf development south of the city’s downtown historic district on the Gulf of Mexico. “We can’t see this market going down any lower.”

While much of Florida’s real estate market remains depressed by foreclosures, buyers seeking a second home in the state’s affluent vacation enclaves are “finally getting off the fence,” Karen Van Arsdale, an agent at Premier Sotheby’s International Realty in Naples, said in a telephone interview.

Sales in the Naples area last year rose 10 percent, the first annual increase in at least five years, while the median price for homes listed at $300,000 or more gained 4 percent to $544,000, according to data compiled by the Naples Area Board of Realtors. About half of the properties in the market are second homes, and discounts from 2006 peak prices average about 25 percent, said Brenda Fioretti, president of the group.

“Wealth determines housing, and the good places pick up first,” Karl Case, 64, a professor emeritus in economics at Wellesley College in Massachusetts who has been visiting Naples since a family vacation took him there when he was 13, said in a telephone interview. “For people with deep pockets, it’s generally a flight to quality.” "More Details"
Atlantic Coast

SINGLE FAMILY HOME SALE PRICES UP 10 PERCENT

2011-03-18T08:13:00.000-07:00

REPORT SHOWS INVENTORY DECLINING
NAPLES, Fla.-March 18, 2011- The median closed price for single-family homes continues to rise with February statistics showing a 10 percent year-over-year gain. According to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island), lower inventory is driving price increases and key indicators show the market firming up.
“February marks the eighth consecutive month that the overall single family home median closed price increased, with the $300,000 and under market leading the way,” said Phil Wood, President of John R. Wood REALTORS®. The median closed price of single-family homes increased 10 percent to $205,000 for the 12 months ending February 2011 up from $186,000 for the 12 months ending February 2010.
The overall inventory in the Naples area decreased five percent in February 2011 to 9,213 available properties compared to 9,682 in February 2010.

Americans confident of real estate recovery

2011-03-12T17:52:00.000-08:00

WASHINGTON – March 11, 2011 – The majority of America’s potential homebuyers and sellers – 68 percent – believe that the real estate market and property values will recover in the next year or two, according to a survey released by Prudential Real Estate and Relocation Services Inc. That’s up from the 47 percent in a similar survey conducted in April 2010, underscoring a more bullish outlook for the real estate market today.

In addition, 86 percent of Americans still believe real estate is a good investment, despite the recent market volatility.

Attitudes
The survey found that six in 10 respondents are more interested in buying real estate (58 percent); and 59 percent are optimistic about buying given the momentum of the economic recovery. And although the price of many Americans’ homes declined during the recession, 89 percent recognize they can now buy a house at a lower price.

The survey tried to determine why some buyers who want a home are not yet shopping. The top reason (77 percent) was a fear about selling an existing home, followed by concern about getting a fair price for the home (67 percent) and emotions (58 percent).

Sellers
For those who sold a home in the past year, 78 percent report satisfaction with the sale. Of these, 32 percent were very satisfied with the final price, and 46 percent were grateful they were able to sell given market conditions. A relatively small number (22 percent) were disappointed or resentful about the price they received for their home.

Buyers
Of the 45 percent of survey respondents looking to trade up, 64 percent want more space or property, 49 percent a nicer house and 41 percent a better neighborhood. Only 21 percent want to scale down, while 34 percent want a similar home.

The survey highlighted the importance of listing a home at the right price: 74 percent of buyers believe that many homes could meet their needs, making price a significant consideration; and 26 percent will pay top dollar for a home that specifically suits their needs. In setting the right price, however, sellers were split, with 53 percent wanting to price right at, or slightly below, market rate to attract more bids; but 47 percent wanting to price slightly higher than market and hoping some buyer will pay more.

Real estate agents
The majority of respondents highlighted the importance of real estate agents in the process of buying or selling their home. Seventy-five percent said that an agent is very important or essential, with only 24 percent saying agents are helpful but not imperative.

The Prudential Real Estate Outlook Survey of 1,253 Americans between the ages of 25-64 in the market for buying a home was conducted Jan. 20-27, 2011.

Survey: Economy to grow moderately through 2012

2011-02-28T12:30:00.000-08:00

NEW YORK (AP) – Feb. 28, 2011 – Industry economists say the U.S. economy will continue to expand at a moderate pace through next year, boosted by a rise in consumer and, especially, business spending – but joblessness is expected to remain high and the pace of the housing recovery will be sluggish.

A new survey from the National Association for Business Economics (NABE) found that economists are more optimistic about the pace of the recovery than they were in November.

The 47 economists polled in the survey expect the economy to grow 3.3 percent this year. That’s up from November’s prediction of 2.6 percent growth. It’s also higher than last year’s 2.9 percent growth rate. Pent-up demand from consumers ready to spend again, as well as strong growth in Asia, are contributing to the faster pace of growth, as is business spending on new equipment and software.

“Panelists do remain confident about the expansion’s durability, but are concerned about high levels of government deficits and debt, excessive unemployment, and rising commodity prices,” said Richard Wobbekind, associate dean of the Leeds School of Business at the University of Colorado and the president of NABE, in a statement.

For 2012, the panel expects the economy to grow 3.4 percent when compared with 2011. This is “consistent with the moderate pace of growth” that usually takes place during recoveries from severe financial crises such as the meltdown that led to the Great Recession, the report said.

Nearly 40 percent of the survey’s respondents think that the economy will continue to grow moderately, while one third were more optimistic. Only 11 percent – or about five of the respondents – described the growth as “subpar with severe wealth losses and onerous debt burdens inhibiting spending and lending.” That’s down sharply from the 40 percent who thought this in November.

The labor market is improving slowly, with the number of jobs employers add to their payrolls expected to average 178,300 this year, but rising throughout the year. The economists predict that 210,000 jobs will be added to payrolls in each of the last three months of 2011.

At the same time, unemployment will stay high, with the rate averaging 9.3 percent in the first quarter of this year and inching slightly lower to 9 percent in the fourth. By the last quarter of 2012, the joblessness rate will still be high – 8.2 percent.

The outlook for consumer spending has improved, and is now expected to grow 3.2 percent this year. That’s up from a 2.4 percent growth forecast in November. In 2012, spending is expected to rise by 2.9 percent, which is the same as the annual growth rate over the past 20 years.

The NABE panelists see business spending as a bright spot, with double-digit percentage growth in spending on equipment and software in both 2011 and 2012. But spending on structures remains weak, expected to grow just 1.4 percent in 2011. By next year, however, this is expected to grow by 4.8 percent.

The panel raised its outlook for the federal deficit. In 2011, the federal government deficit is now expected to reach $1.4 trillion, up from the earlier forecast of $1.1 trillion. The panelists see the federal debt as “their single greatest concern going forward, even exceeding worries about high unemployment, and far greater than concerns about either inflation or deflation,” the report said.

The housing market is expected to stay tepid, with most panelists expecting home prices to bump along “at a cyclical low,” the survey found.

Florida’s existing home, condo sales up in January

2011-02-24T20:08:00.000-08:00

ORLANDO, Fla. – Feb. 23, 2011 – Florida’s existing home and existing condo sales rose in January, according to the latest housing data released by Florida Realtors®. Existing home sales increased 14 percent last month with a total of 12,151 homes sold statewide compared to 10,702 homes sold in January 2010, according to Florida Realtors. January’s statewide sales of existing condos rose 36 percent compared to the previous year’s sales figure.

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in January; 16 MSAs had higher condo sales.

“Now is a great time for anyone thinking of buying a home in Florida to make that decision,” said 2011 Florida Realtors® President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Mortgage rates are historically low, although they are beginning to tick up slightly as the economy shows signs of strengthening. Conditions remain very favorable for buyers, with a range of housing inventory and attractive prices.

“Homebuyers soon will have the opportunity to visit a number of open houses in their preferred locales all in a single weekend, as part of the second annual Florida Open House Weekend, March 26-27, 2011! From the Keys to the Panhandle, Realtors across Florida are participating in this statewide open house event sponsored by Florida Realtors. Consult a local Realtor® about Florida Open House Weekend, and find out more about qualification criteria and opportunities in your local housing market.”

Florida’s median sales price for existing homes last month was $122,200; a year ago, it was $131,000 for a 7 percent decrease. Analysts with the National Association of Realtors (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in December 2010 was $169,300, down 0.2 percent from a year ago, according to NAR. In California, the statewide median resales price was $301,850 in December 2010; in Massachusetts, it was $285,950; in Maryland, it was $240,000; and in New York, it was $225,000.

NAPLES MARKET HEATS UP IN JANUARY

2011-02-18T08:20:00.000-08:00

Report Shows Strong Pending Sales

NAPLES, Fla.-February 18, 2011- 2011 is heating up to be a strong year, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
Overall pending sales increased 36 percent to 1,101 contracts in January 2011 compared to 810 contracts in January 2010.

According to Phil Wood, President of John R. Wood REALTORS®, “The strong number of pending sales in January is due to the renewed level of confidence in the economy, which did not exist last year. Property showings are up significantly in February, as potential buyers are ready to get off the fence and make a purchase.”

Dr. Shelton Weeks, Lucas Professor of Real Estate and Director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University agrees, “It looks like you are experiencing the wealth effect. Buyers are looking at their portfolios and feel wealthier than last year. They feel more confident which increases the probability that they will buy a home right now

Click here for all Statistics: http://nabor.com/zzdwnlds/news/Jan_2011_Statistics.pdf

Real estate is ‘as affordable as it gets’

2011-02-10T14:46:00.000-08:00

NEW YORK – Feb. 10, 2011 – Now is a good time to buy real estate, according to data from Moody’s Analytics. Home affordability has returned to pre-housing bubble levels or even fallen below the average in many U.S. markets.

In fact, housing affordability by the end of September had returned to or fallen below the average reached between 1989-2003 in 47 of the 74 housing markets that Moody Analytics tracked.

In September 2010, the ratio of home prices to annual household income had fallen to 1.6 – below the historical average of 1.9 between 1989 and 2003. The ratio peaked in 2005 at 2.3.

“Based on incomes, this is as affordable as it gets,” says Mark Zandi, chief economist at Moody’s Analytics. “If you can get a loan, these are pretty good times to buy.”

Some of the most undervalued markets include Cleveland, Detroit, Las Vegas, Atlanta, and Phoenix. But those cities also are facing high rates of foreclosures and more borrowers defaulting on their mortgages that could decrease values further in those cities before they start to improve, Zandi says.

In Phoenix, for example, “it’s become cheaper to buy than to rent,” Jon Mirmelli, a real estate investor in Scottsdale, Ariz., who rents out foreclosed homes, told The Wall Street Journal. “But the question is: can you qualify for a loan?”

Source: “Home affordability returns to pre-bubble levels,” The Wall Street Journal Online (Feb. 8, 2011)

Florida's existing condo sales up in 4Q 2010

2011-02-10T14:43:00.000-08:00

ORLANDO, Fla. – Feb. 10, 2011 – Sales of existing condominiums in Florida rose 6 percent in fourth quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 17,231 existing condos sold statewide in 4Q 2010; during the same period the year before, a total of 16,229 units changed hands.

Thirteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in the fourth quarter, according to Florida Realtors. The statewide existing-condo median sales price was $86,400 for the three-month period; in 4Q 2009 it was $105,600 for a decrease of 18 percent. The statewide existing-condo median price in the fourth quarter was nearly 2.9 percent higher than it was in 3Q 2010.

Looking at Florida’s housing sector in the fourth quarter, Dr. Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness, pointed out that the jobs outlook has a major impact. “Persistently high unemployment constrains demand and feeds into the ongoing foreclosure problem,” Snaith said. “Given the state of the labor market, a continuing decline of home and condo prices in the fourth quarter is not surprising or unexpected. However, it’s important to note the rate of price decline is decelerating.

“As the labor market recovery takes hold in 2011, it will help put a floor beneath price declines and ultimately will provide the basis of housing’s recovery.”

Meanwhile, in the year-to-year quarterly comparison for existing single-family home sales, 39,338 homes sold statewide for the quarter compared to 43,494 homes in 4Q 2009 for a 10 percent decrease. The statewide existing-home median sales price was $134,100 in 4Q 2010; a year earlier, it was $140,500 for a decrease of 5 percent. Sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes, according to the National Association of Realtors® (NAR). The median is a typical market price where half the homes sold for more, half for less.

Optimism has increased slowly but steadily in Florida real estate markets through the fourth quarter of 2010, according to the University of Florida’s Bergstrom Center for Real Estate Studies’ latest quarterly survey of real estate trends. The report surveys economists, industry executives, real estate scholars, researchers and other experts.

Center Director Timothy Becker noted improvement in several key categories, including the outlook for sales in new single-family homes and condominiums, office occupancy, retail occupancy, land investment and capital availability. Respondents’ expectations for occupancy and rent increased across every property type, while the investment outlook rose in a majority of the property types. The statewide outlook was the highest since the survey’s inception in 2006, he said.

“Overall, the market appears to be improving and will continue to improve at a slow pace over the next year,” Becker said.

Low mortgage rates continued to be available during the fourth quarter of the year. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.41 percent in 4Q 2010; one year earlier, it averaged 4.92 percent.

New home sales jump 17.5% in Dec.

2011-01-26T19:43:00.001-08:00

WASHINGTON – Jan. 26, 2011 – While 2010 was not a stellar year for new home sales, it ended on a positive note: December home sales rose 17.5 percent over November home sales on a seasonally adjusted basis, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

In December, there were 329,000 home sales on a seasonally adjusted basis, strongly surpassing economists’ predictions of 299,000 sales.

While a strong uptick in new home sales marked a positive end for 2010, however, the year ended up as the slowest one on record. The estimated total of new homes sold in 2010 was 14.4 percent below the 2009 level, according to the report.

Like the Nation, in December 2010 Existing-Home Sales Increased and Sales Activity Was Also Up!

2011-01-24T19:19:00.000-08:00

ORLANDO, Fla., Jan. 20, 2011 – Sales of existing homes and condominiums in Florida rose in December, a positive trend also reported at the close of 2010 as statewide sales activity posted gains over the previous year, according to the latest housing data released by Florida Realtors®.

The latest industry outlook from NAR offers positive predictions for 2011. "Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable," said NAR Chief Economist Lawrence Yun. "All the indicator trends are pointing to a gradual housing recovery."

A total of 15,550 existing single-family homes sold statewide in December, up 4 percent from the 14,923 homes sold in December 2009. The statewide existing home median sales price last month was $133,100; in December ’09 it was $139,800 for a 5 percent decrease, according to Florida Realtors’ data. However, December’s statewide existing home median price was higher than the $132,700 reported in November 2010. The national median existing single-family home price was $171,300 in November, according to the latest data available from the National Association of Realtors® (NAR). The median is the midpoint; half the homes sold for more, half for less.

In December, 12 of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales and 14 MSAs reported higher existing condos sales. In the year-to-year comparison for statewide existing condo sales, a total of 6,673 units changed hands last month, up 12 percent from the 5,955 condos sold in December 2009. The statewide existing condo median sales price in December was $88,100; in December ’09 it was $106,700 for a 17 percent decrease. The national median existing condo price was $165,300 in November, according to NAR.

Looking back on 2010, Florida’s existing home sales rose 5 percent for the year, with a total of 170,848 homes sold compared to 162,873 homes sold in 2009. Statewide existing home sales activity in 2010 also was 37.5 percent higher than 2008 statewide sales, records show.

"It’s encouraging to close out the year for Florida’s housing market with increased sales activity," said 2011 Florida Realtors President Patricia "Pat" S. Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound. "The homebuyer tax credits helped to fuel home and condo sales during the first half of 2010, while favorable affordability conditions and historically low mortgage rates continued to bring buyers into the market in the waning months of the year. "More Details"

2010 ends as 2nd worst year for home construction

2011-01-19T18:00:00.000-08:00

WASHINGTON (AP) – Jan. 19, 2011 – Builders began work last year on the second-fewest number of homes in more than half a century, as the weak economy kept Americans from buying houses.

Builders broke ground on a total of 587,600 homes in 2010, just barely better than the 554,000 started in 2009. Those are the two worst years on records dating back to 1959.

And the pace is getting worse. The Commerce Department reported Wednesday that builders started work at a seasonally adjusted annual rate of 529,000 new homes and apartments last month. That’s a drop of 4.3 percent from November and the slowest pace since October 2009.

In a healthy economy, builders start about one million units a year. They built twice as many in 2005, at the height of the housing boom. Since then the market has been in decline.

One positive sign is that builders appear to be planning more projects in 2011. Building permits, considered a good barometer for future activity, rose 16.7 percent in December to a seasonally adjusted annual rate of 635,000, the best pace since March.

But builders likely pulled more permits in California, New York and Pennsylvania ahead of code changes in 2011 — a factor that likely influenced the spike.

“Some builders went ahead in December with projects to beat the change,” said Jennifer Lee, an analyst at BMO Capital Markets. Lee points out that the biggest gains were in the Northeast, which was up 80.6 percent, and the West, up 43.9 percent.

People are buying fewer single-family homes, which represent nearly 80 percent of the market. Demand fell 9 percent to an annual rate of 417,000 units. Apartment building increased 17.9 percent to an annual rate of 112,000 units.

Housing construction fell in all parts of the U.S. in December except the West where activity surged 45.8 percent. Construction dropped 38.4 percent in the Midwest and was down 24.7 percent in the Northeast and 2.2 percent in the South. Severe winter weather likely affected activity in the Northeast and Midwest.

The collapse of the housing market helped push the country into a deep recession and more than a year after the recession, housing is still struggling.

Unemployment remains high. Record numbers of foreclosures have forced home prices down and tight credit has made mortgages tough to come by.

Report shows 2010 Closed Sales Up 10 Percent Over 2009

2011-01-14T08:17:00.000-08:00

2010 A TURNING POINT

Report shows 2010 Closed Sales Up 10 Percent Over 2009

NAPLES, Fla.-January 14, 2011- The year 2010 has shown healthy housing market gains in the Naples area according to the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island). The annual statistics compiled by NABOR show increases in overall pending and closed sales, inventory declining and an increase in the median closed price.

“2010 was a strong year despite the unprecedented challenges we faced. The news of the oil spill in the Gulf, the bank freeze on foreclosed homes and the end of the homebuyer tax credit left many sitting on the fence due to uncertainty. In the face of those challenges, the market showed great resilience,” said Mike Hughes, Vice-President of Downing-Frye Realty.

Overall closed sales increased 10 percent to 7,840 sales in 2010 compared to 7,126 sales in 2009. “Closed sales in 2010 showed double-digit increases over the 2009 figures in every price category above $300,000,” said Jo Carter, President of Jo Carter & Associates.

According to NABOR President and Managing Broker of Prudential Florida Realty, Brenda Fioretti, “The most improved segment of our market is the $1 million and above price category. In the $1 million to $2 million price segment, pending sales increased 29 percent and closed sales increased 33 percent.”

Fla. existing condo sales rise/ Inventory is down in November

2011-01-03T17:17:00.000-08:00

ORLANDO, Fla. – Jan. 3, 2011 – Sales of existing condominiums in Florida rose 11 percent in November, with a total of 5,411 condos sold statewide compared to 4,860 units sold in November 2009, according to the latest housing data released by Florida Realtors®.

The statewide existing condo median sales price was $88,200; in November 2009, it was $104,500 for a 16 percent decrease year to year. However, November’s statewide existing condo median price was, month-to-month, 7 percent higher than the statewide existing condo median of $82,400 in October.

Meanwhile, in the year-to-year comparison for existing home sales, a total of 11,900 single-family existing homes sold statewide in November compared to 13,961 homes sold in November 2009 for a decrease of 15 percent.

Florida’s median existing-home sales price in November was $132,700; a year earlier, it was $139,300 for a decrease of 5 percent. The median is the midpoint; half the homes sold for more, half for less.

In a separate report, the U.S. Commerce Dept. announced that sales of newly built, single-family homes increased 5.5 percent to a seasonally adjusted annual rate of 290,000 units in November. The gain represents a partial bounce-back from a near-record low, downwardly revised number of new-home sales in October.

The November improvement in new-home sales was driven by gains in two regions. The South, which is the nation’s largest housing market, posted a 5.8 percent gain, while the West showed a 37.3 percent rebound from the previous month. Meanwhile, declines of 26.7 percent and 13.2 percent were registered in the Northeast and Midwest, respectively.

The inventory of new homes for sale fell to 197,000 units in November, marking the first time in 42 years that this measure has fallen below the 200,000 level. This amounts to an 8.2-month supply at the current sales pace.

Rob Samouce: Condo and HOA members and employees have more privacy rights

2011-01-01T09:51:00.000-08:00

Some of the more overlooked changes to the laws affecting condominium and homeowners’ associations that were enacted by the 2010 legislature were the new privacy rights given to members and employees of associations.

For condominium associations, the following information about unit owners in the possession of the association are not accessible to unit owners: “Medical records of unit owners, Social Security numbers, driver’s license numbers, credit card numbers, e-mail addresses, telephone numbers, emergency contact information, any addresses of a unit owner other than as provided to fulfill the association’s notice requirements, and other personal identifying information of any person, excluding the person’s name, unit designation, mailing address, and property address.”

Similarly, for homeowners’ associations, the following information about its members or parcel owners in the possession of the association are not accessible to unit owners: “Medical records of parcel owners or community residents, Social Security numbers, driver’s license numbers, credit card numbers, electronic mailing addresses, telephone numbers, emergency contact information, any addresses for a parcel owner other than as provided for association notice requirements, and other personal identifying information of any person, excluding the person’s name, parcel designation, mailing address, and property address.” "More Details"

My sense of the market is it’s very, very strong,”

2010-12-29T20:35:00.000-08:00

As people grasp for signs of an economic recovery, a multi-million dollar beachfront property sale in Port Royal has people wondering if the local real estate market is regaining its heartbeat. The short answer: Yes.

“There is definitely a confidence in the air,” says Brenda Fioretti, president of the Naples Area Board of Realtors.

Fioretti says that the real estate market has improved over the past two years, but those improvements have been slow and difficult to quantify until now.

On the heels of last week’s sale of James Lennane’s beachfront home and property on Gordon Drive in Port Royal to a trust for $14.55 million, Fioretti says that home sales of over $10 million more than doubled in the past two years – going from three sales over $10 million in 2009 to 8 sales over $10 million in 2010.

“Investing in real estate is on its way back,” Fioretti says.

And as long as you’re realistic about the returns of those investments, Fioretti says you can be optimistic.

“We don’t expect the 20 percent appreciation any time soon,” Fioretti says. “But we do expect three percent in 2011.”

Jim Gorman, of Downing Frye Real Estate in Naples, handled the Port Royal property listing – 8,477 square foot, two-story, five-bedroom and six-bathroom home on a 1.29-acre lot, located at 4228 Gordon Drive in the Port Royal section of Naples.

Gorman says that while it’s not realistic to equate a beachfront, Port Royal property sale to countywide real estate trends, he does recognize that price-savvy buyers are out there and willing to invest.

“The beachfront property market is not, as a whole, indicative of the rest of the real estate market,” Gorman says. “But the buyers’ mentality and motivation is definitely indicative of buyers across the county.”

“Are people throwing money around? No,” he says. “People are out there looking for value. And they will buy, if they perceive it as a great value.”

Gorman says that he saw beachfront properties hit bottom last season, both in price and numbers. But he says this recent sale, along with the four other sales of beachfront properties in Naples in the last 12 months, shows that the beachfront market is coming up.

“Because of a lack of supply, is a great time to put beachfront properties on the market,” Gorman says. “I have at least there other buyers looking to buy on the beach in Naples, Florida.”

Phil McCabe, a Naples restaurateur and hotel owner who lives in Port Royal and owns several properties in Naples, says that just by looking around town, market improvement is obvious.

“My sense of the market is it’s very, very strong,” McCabe said.
"More Details"

Prices have already adjusted, and are probably undervalued in most cities

2010-12-29T06:43:00.000-08:00

NEW YORK (CNNMoney.com) - Home prices took a shockingly steep plunge on a monthly basis, an indication that the housing market could be on the verge of -- if it's not already in -- a double-dip slump.

Prices in 20 key cities fell 1.3% in October from a month earlier, an annualized decline of 15%, according to the S&P/Case-Shiller index released Tuesday. Prices were down 0.8% from 12 months earlier.

Month-over-month prices dropped in all 20 metro areas covered by the index. Six markets reached their lowest levels since the housing bust first began in 2006 and 2007. They were Atlanta, Charlotte, N.C., Miami, Portland, Ore., Seattle and Tampa, Fla.

"The double-dip is almost here," said David Blitzer, chairman of the Index Committee at Standard & Poor's. "There is no good news in October's report. Home prices across the country continue to fall."

The report was far more dire than anticipated by industry experts, who had forecast an almost flat market in October. It followed weak September numbers.

"It was a bit of a surprise," said real estate analyst Pat Newport of IHS Global Research. "I wasn't expecting it to lag so badly in all 20 cities."

He, along with many other experts, has been forecasting further price erosion over the next few months of 5% to 7%, but didn't expect the price drop to hit so fast and so hard. It's mostly attributable to the end of the tax credit for homebuyers, the effects of which started to vanish beginning in June.

"The trends we have seen over the past few months have not changed," said Blitzer. "The tax incentives are over and the national economy remained lackluster in October, the month covered by these data."

Sales volume continues to lag, off 25% even from last October, when markets could hardly be described as robust.

The inventory of homes on the market is up about 50% compared with last year at this time, and there are millions of potential homes for sale waiting on the sideline for markets to improve.

Much of that "shadow inventory" is held as repossessed properties by banks, who will eventually have to release them back on the market.

Prices in Atlanta, down 2.9%, and Detroit, off 2.5%, took a particular beating in October. Las Vegas and Washington came out of the month only slightly bruised, down just 0.2%.

The report ran counter to what have been generally positive signs of economic recovery, according to Richard DeKaser, an independent housing market analyst and founder of Woodley Park Research.

"The market is not showing much improvement after the summer slump," he said. "Housing is acting as a drag on recovery."

The coming of the second of the double dip is icing on the cake for homebuyers, who already have benefited from prices not seen in years in most markets.

"Prices have already adjusted, and are probably undervalued in most cities," said Newport. "This will make them even more undervalued."

Naples News Article - New homes are being built again

2010-12-18T18:47:00.000-08:00

NAPLES — A shortage in new home inventory and decreased impact fees are motivating developers to build in Collier County, according to business leaders.

Stock Development’s newly announced project, a neighborhood to be built in Lely Resort called Lakoya, is evidence of shifting trends.

“This is a green shoot, the first land development community project to be announced in Southwest Florida in several years,” said Ross McIntosh, a Naples real estate broker and housing expert.

The East Naples project is among the largest in Collier County after four years marked by a tanking economy, decreased residential construction and a foreclosure crisis.

“What we had been seeing is, obviously, people are taking advantage of the lower prices in the existing inventory of foreclosures and short sales,” said Mike Timmerman, a senior associate with the economic consulting firm Fishkind and Associates. “What’s ending up happening now that the impact fees have been reduced, we’re seeing builders look to build something new again.”

Florida, still tops the list of best places to retire

2010-12-16T20:59:00.000-08:00

Despite the hurricanes, heat and housing market, Florida, and particularly Southwest Florida, still tops the list of best places to retire.

Eight of the Top 10 places to retire are in Florida and three of the Top 5 are in Southwest Florida, according to a study released Thursday by Portfolio.com, a national business news Web site.

Naples landed in fifth place, right behind the Cape Coral-Fort Myers area. Bradenton-Sarasota was first out of 157 ranked cities, 13 of which were in Florida.

”I don’t know what the criteria was, but I think Naples is No. 1,” said Arlene Carozza, Realtor and president of the Naples Area Board of Realtors.

Naples City Councilman John Sorey said just being on the list is reason enough to be proud.

“I think that obviously we would like to be No. 1,” he said. “But, I think as long as we’re in the Top 5 or Top 10, that’s a pretty high level of competence, that’s pretty competitive.”

Portfolio.com used a six-part formula to rank the most popular retirement destinations. As part of the formula, it used raw data from the U.S. Census Bureau. It chose the 157 areas because of their senior population, setting the minimum at 40,000 senior citizens.

“The reason I think people retire to Naples — other than structurally since we have no state income tax — I think people retire to Naples for the same reason I retired to Naples,” Sorey said. “I traveled around the world and visited many locations to retire, but look at quality of life, climate, citizens that are here, the arts, and restaurants. It’s just a wonderful place to retire.”

Using Mediterra as an indicator, future is bright for luxury homes

2010-12-16T20:12:00.000-08:00

SPECIAL TO FLORIDA WEEKLY

The high-end home market in Naples has come back to life if 12-month sales at Mediterra can serve as a barometer.

Recently named Community of the Year with homes priced above $2 million by the Collier Building Industry Association, Mediterra in North Naples has posted more the $97 million in sales since its members purchased the club assets and London Bay Homes assumed sales and marketing in December 2009. Since that time, the community has recorded 64 sales of singlefamily homes, villas, coach homes and individual home sites. In 2009, 33 sales totaled $47,007,873.

“This demonstrates that high-end communities have not lost their appeal with affluent homeowners who still see Naples as a premier primary or second home destination,” London Bay President Mark Wilson says about the recent numbers.

From December 2009 to December 2010, the sale of 54 homes and home sites at Mediterra totaled $86,774,833. There are also 10 pending sales in the community that total $10,850,300. Of note, 21 of the 64 sales, representing more than $39 million, were sales of builder models or newly contracted construction.

Mediterra includes two Tom Fazio-designed golf courses, a 25,000-square-foot clubhouse, private beach club, sports center with tennis and fitness facilities, three community parks and eight miles of walking and bike trails.

“Sales center traffic continues to improve, with a high percentage of the visitors in a decision-making frame of mind,” Mr. Wilson adds. Through October, he adds, the sale of homes priced over $1 million is up 40 percent in Collier County. “That, too, is a positive trend as we move into season.”

Real estate analyst Michael Timmerman of Fishkind & Associates agrees. “I think many of the buyers who are looking at the higher end of the market are also rebuilding their portfolios,” he says “As their confidence increases, so will their appetite for higher end homes, leading to a nice rebound in this sector.”

Federal Reserve keeps interest rates steady

2010-12-15T12:55:00.000-08:00

WASHINGTON – Dec. 15, 2010 – At the conclusion of its regularly scheduled meeting yesterday, the Federal Open Market Committee confirmed that the economic recovery is continuing, though at a rate insufficient to bring down unemployment. Household spending is increasing at a moderate pace, and business spending on equipment and software is rising, though less rapidly than earlier in the year. Investment in nonresidential structures continues to be weak.

“The unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run,” the Committee said in its statement. As a result, interest rates were unchanged at the target range for the federal funds rate at 0 to 1/4 percent.

The Committee called progress toward its economic objectives “disappointingly slow.”

The Committee will maintain its existing policy of reinvesting principal payments from its securities holdings. In addition, the Committee intends to purchase $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month.

The Committee also suggested that it would not raise interest rates in the near future, saying it “continues to anticipate that economic conditions – including low rates of resource utilization, subdued inflation trends, and stable inflation expectations – are likely to warrant exceptionally low levels for the federal funds rate for an extended period.”

Commercial Real Estate show signs of Recovery

2010-11-23T06:09:00.000-08:00

Dividends start to rise at commercial REITs

NEW YORK – Nov. 22, 2010 – Some of the country’s biggest real estate investment trusts, ranging from Simon Property Group Inc. to Kimco Realty Corp. to Nationwide Health Properties Inc., raised their quarterly dividends this month.

More commercial property companies are expected to follow suit in the weeks and months to come. The higher quarterly payouts reflect the better occupancy levels and higher rents, which are boosting the income pool for dividends.

That is a stark contrast from the last few years, when REITs were busy slashing or suspending dividends to preserve cash and ride out the recession. Since the first of this year, dozens of REITs have reversed course.

Brad Case, vice president of research and information at the National Association of Real Estate Investment Trusts, confirms, “The operating fundamentals in commercial real estate seem to be getting better in the major markets in general.” This week, he will make his bullish case about real-estate stocks at the REIT World conference in New York.

While conditions are indeed improving, dividends still are not as lucrative as they were at the height of the market in 2005 and 2006. Mike Kirby, director of research for Green Street Advisors, reasons that most REITs are trying to be conservative.

Naples - PENDING SALES UP, INVENTORY DOWN

2010-11-20T07:05:00.000-08:00

Report Shows Median Closed Price Stabilizing
NAPLES, Fla.-November 19, 2010- Real estate activity in the Naples area is trending upward according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

“We saw how the third quarter sales were impacted by the end of the homebuyer tax credit and the news of the oil spill, but we are now seeing a resurgence in the marketplace,” stated Michele Harrison, REALTOR with John R. Wood REALTORS®. “The pending sales activity that was missing during the summer is back.”

"The overall pending sales trend when compared year over year shows the market is moving back up,” said John Steinwand, President of Naples Realty Services. Overall pending sales for the 12 months ending October 2010 increased 11 percent when compared to the 12 months ending October 2009. Overall pending sales increased to 9,400 compared to 8,437.

Phil Wood, President of John R. Wood REALTORS® agrees, “In the $1 million and over price segment, pending sales are up over 40% this year.”
The number of available properties decreased 3 percent to 9,044 down from 9,347.

“The bank freeze on foreclosed homes has not scared buyers away, they are still buying properties,” said Steve Barker, Managing Broker of Amerivest Realty.

The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis: Overall closed sales for the 12 months ending October 2010 increased 19 percent with 7,912 sales compared to 6,645 sales for the 12 months ending October 2009.

Single-family pending sales increased 20 percent with 436 contracts in October 2010 compared to 363 contracts in October 2009. Single-family pending sales in the $1 to $2 million category increased 54 percent for the 12 months ending October 2010 with 263 contracts compared to 171 contracts for the 12 months ending October 2009.

Condo pending sales increased 6 percent in October 2010 with 345 contracts compared to 326 contracts in October 2009. Condo closed sales increased 31 percent with 3,897 contracts for the 12 months ending October 2010 compared to 2,964 contracts for the same 12 months last year.

The overall Median Closed Price for the 12 months ending October 2010 showed no change from one year ago, remaining at $180,000. However, there was a 3% overall increase in the median for properties in the price segments above $300,000. “The median closed price continues to stabilize.

For properties under $300,000 the median closed price increased 2 percent and single-family homes median closed price increased 12 percent for the 12 months ending October 2010,” said Jo Carter, President of Jo Carter and Associates. Charts/Statistics

Florida economy is recovering - Moody's Report

2010-11-15T12:28:00.000-08:00

Moody’s hopeful on recovery, notes pent-up Fla. demand

PHOENIX – Nov. 15, 2010 – The pace of the national recovery is moderating and the lift spurred by nearly $800 billion in federal stimulus spending is fading, but there are several promising signs that growth will continue, including in Florida, a leading national fiscal analyst told reporters Friday morning.

Moody’s Analytics economist Chris Lafakis said the Federal Reserve will remain aggressive, with a quantitative easing plan that he equated to “basically flooding the global monetary system.” Lafakis predicted the strategy would lift asset prices, reduce corporate borrowing costs, and increase the willingness of consumers to spend.

Lafakis predicted substantial growth in Florida’s economy, mentioning that the Miami, Orlando and Tampa areas are expected to recover “quite significantly” due to a rebound in population growth and an increased willingness of people to travel to Florida for vacations. “The story of pent-up demand is true in no place more so than Florida,” he said.

Nationally, corporate balance sheets are strong and business profits have “fully recovered from the recession,” he said, adding that businesses are in a position to hire more employees, though their level of willingness varies.

“It’s truly the case that profit growth leads job growth,” Lafakis told state government reporters gathered for the annual conference of the Association of Capitol Reporters and Editors. "More Details"

Global investors poised for activity

2010-11-09T16:26:00.000-08:00

SEATTLE – Nov. 9, 2010 – The United States’ investment sales market has the potential for increased fluidity in the year ahead, based on findings from Colliers International’s Q3 2010 Global Investor Sentiment Survey.

More than six out of 10 U.S. real estate investors responding to the survey indicated that they are considering selling property over the next year, up considerably from the 23 percent reported in the Q1 response. Meanwhile, 85 percent of U.S. investors expressed a desire to buy assets domestically during that time, with a focus on primary markets nationwide. The combined forces may position a significantly increased number of U.S. assets to trade over the next 12 months. In particular, U.S. investors noted markets in California, Texas, New York/New Jersey and Florida, as well as Washington, D.C., Boston, Atlanta, Chicago, Denver and Seattle as key targets.

Further, 60 percent of U.S. real estate investor respondents expect to expand their portfolios in the coming year. An additional three out of 10 expect to maintain the size of their portfolios, with some of those expressing an interest in rebalancing their portfolios among different asset classes "More Details"

States’ probe of foreclosures could force reforms

2010-10-14T17:09:00.000-07:00

WASHINGTON – Oct. 14, 2010 – A joint investigation by every state and the District of Columbia could force mortgage companies to settle allegations that they used flawed documents to foreclose on hundreds of thousands of homeowners.

It could take months, at least, for any settlement to be reached. But legal experts say lenders could be forced to accept an independent monitor to ensure they follow state foreclosure laws. The banks could also be subject to financial penalties and be forced to pay some people whose foreclosures were improperly handled.

For banks, “the most efficient way for them to get out from under this is to settle across the board,” said Kathleen Engel, a law professor at Suffolk University in Boston.

Employees of several major lenders have acknowledged in depositions that they signed thousands of foreclosure documents without reading them as required by state laws.

“This is not simply about a glitch in paperwork,” Iowa Attorney General Tom Miller, who’s leading the probe announced Wednesday, said in a statement. “It’s also about some companies violating the law and many people losing their homes.”

At a news conference, Miller said the states might be open to alternatives to financial penalties for the banks. They might, for example, agree instead to have lenders step up their efforts to help people reduce their loan payments so they can avoid foreclosure.

The document problems could prolong the housing downturn if many homebuyers become unwilling to purchase foreclosed homes. But for a few months anyway, the problems could help prop up prices, because fewer low-priced foreclosed homes will be for sale.

Analysts don’t expect many people who lost homes to foreclosure to recover them.

Lenders seized more U.S. homes this summer than in any three-month stretch since the housing market began to bust in 2006, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service. But many of the foreclosures may be challenged in court because of the allegations of flawed documents.

Banks have seized more than 816,000 homes through the first nine months of the year. They had been on pace to seize 1.2 million by the end of 2010. But fewer are expected now that several major lenders have begun to respond to pressure from state and federal officials. They have done so by suspending some foreclosures and sales of repossessed homes until they can sort out the foreclosure-documents mess.

JPMorgan Chase & Co. said Wednesday it would extend its review of its foreclosure cases to 41 states - doubling the number of its cases under review to 115,000. JPMorgan had previously said it was halting foreclosures in the 23 states where foreclosures must be approved by a judge.

This week, GMAC Mortgage, a unit of Ally Financial Inc., said it had hired legal and accounting firms to review its foreclosure procedures in all 50 states. GMAC has halted some foreclosures in 23 states. Bank of America has done so in all 50.

And Wells Fargo & Co. has said it would review pending foreclosures for potential defects. Wells says it’s discovered no problems.

In their announcement Wednesday, the state officials said they would review evidence that documents were signed by mortgage company employees who didn’t verify the information in them. They also said many documents appeared to have been signed without a notary public witnessing that signature – a violation of state law.

Attorneys general have taken the lead in responding to the revelations. State officials, not the federal government, enforce foreclosure laws, which vary by state.

Not all attorneys general have identical powers to investigate. Without clear evidence of a crime, they usually file lawsuits to force businesses to stop actions or to pay damages to wronged consumers.

The filing of false documents in court can be prosecuted as perjury. Any lawyers involved in improper foreclosures could suffer sanctions or lose their law licenses for unethical activity.

As part of their probe, state officials will be able to issue subpoenas to extract potentially incriminating documents from the industry. Such evidence could be used in lawsuits or to force settlements with lenders.

A key question is whether state investigators can persuade bank employees to divulge some of the industry’s secrets, said Ray Brescia, an Albany Law School professor who has tracked the mortgage crisis. Some mortgage company workers could have a powerful incentive to do so rather than face criminal charges, he noted.

“It’s quite possible that there will be insiders who come forward to reveal the inner workings of these “boiler room” foreclosure mills, which likely won’t be good for the banks,” Brescia said.

A lawsuit that Ohio Attorney General Richard Cordray filed this month against GMAC Mortgage and Ally Financial could preview things to come around the country.

Cordray’s lawsuit seeks to halt potentially illegal foreclosure practices. It also asks that a judge stop sales of any foreclosed homes involving paperwork filed by a GMAC employee who signed hundreds of faulty documents. And it aims to toss out foreclosure judgments on homes that haven’t yet sold.

The Ohio lawsuit also seeks damages for consumers and civil penalties of $25,000 for each separate violation. If similar cases were brought in all 50 states, it could total billions of dollars in damages and fines for lenders and others involved in foreclosures.

The allegations raise the possibility that foreclosure proceedings nationwide could be subject to legal challenge. More than 2.5 million homes have been lost to foreclosure since the recession started in December 2007, according to RealtyTrac Inc.

Kendall Coffey, a former U.S. attorney in Miami, said that fixing faulty or fraudulent mortgage paperwork can be relatively easy if a case is ongoing. But it’s far more complex if a foreclosure has been completed and the home already sold.

There also are limits to what officials in some states can do.

For example, in Florida, an epicenter for foreclosure cases, Attorney General Bill McCollum suffered a setback last week in a probe into practices by four law firms that handled foreclosures. A judge ruled that McCollum had no authority to subpoena records from one firm. It said the state’s bar association was the proper forum to decide whether to sanction the firm.

A different Florida firm involved in that investigation, the Law Offices of David J. Stern, is seeking a similar ruling. Government-controlled mortgage buyers Fannie Mae and Freddie Mac have stopped referring foreclosures to Stern’s firm while they review the firm’s filings.

Also Wednesday, federal regulators said all mortgage companies that work with Fannie and Freddie will have to review foreclosure documents and refile them if they spot problems. That will affect most of the industry, because Fannie and Freddie own or guarantee about half the nation’s home loans.

In cases where no problems turn up, foreclosures “should proceed without delay,” the Federal Housing Finance Agency, the agency that regulates Fannie and Freddie, said.

AFFORDABLE SALES LEAD THE WAY

2010-09-23T17:09:00.000-07:00

AFFORDABLE SALES LEAD THE WAY
Report Shows Strong Summer Sales

NAPLES, Fla.-September 17, 2010- Home sales under $300,000 continue to be very active in the Naples area according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

"Pending sales in the $300,000 and under price range increased 11 percent in August and lead the market in sales, as buyers seek value,” said Michele Harrison, REALTOR® with John R. Wood REALTORS®. Pending sales for properties under $300,000 increased 11 percent with 548 contracts in August 2010 compared to 494 in August 2009.

“Despite the fact that the first time homebuyer tax credit ended, pending sales in the $300,000 and under price range remain strong,” stated Steve Barker, Managing Broker of Amerivest Realty. Pending sales for properties under $300,000 increased 19 percent in a comparison of the 12 months ending August 2010 and the 12 months ending August 2009.

The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

• Overall pending sales for the 12 months ending August 2010 increased 22 percent with 9,607 contracts compared to 7,881 contracts for the 12 months ending August 2009.

• Overall closed sales for the 12 months ending August 2010 increased 30 percent with 8,094 sales compared to 6,232 sales for the 12 months ending August 2009.

• Single-family pending sales increased 14 percent with 436 contracts in August 2010 compared to 383 contracts in August 2009.

• The available inventory declined 4 percent to 8,745 in August 2010 compared to 9,140 in August 2009.

The overall median closed price decreased 6 percent to $160,000 in August 2010 from $170,000 in August 2009. “While the overall median closed price dropped 6 percentage points, it actually increased for closings in the price ranges between $300,000 and 2 million. This is good news for many sellers, in spite of the fact that properties selling at $300,000 and under continue to lead the market in sheer number of closings,” said John Steinwand, President of Naples Realty Services.

Condo closed sales declined 2 percent with 244 sales in August 2010 compared to 248 sales in August 2009. Condo closed sales for the 12 months ending August 2010 increased 45 percent to 3,980 sales compared to 2,749 sales for the 12 months ending August 2009 “Foreclosure closings were very active in August which resulted in a lower median price for condo sales,” said Phil Wood, President of John R. Wood REALTORS®. The median price for condos decreased 17 percent in August 2010 compared to the same month last year.

To view the report, go to www.Naplesarea.com To See Statistics showing increase in acivity of $300,000+ sales and a reduction of inventory go to statistics for August 2010.

Florida’s existing home, condo sales up in August

2010-09-23T17:02:00.000-07:00

ORLANDO, Fla. – Sept. 23, 2010 – Sales of existing homes in Florida rose 1 percent in August, with a total of 13,997 homes sold statewide compared to 13,908 homes sold in August 2009, according to the latest housing data released by Florida Realtors®. Statewide existing home sales in August increased 3 percent over statewide sales activity in July.

Ten of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales last month, while 13 MSAs posted increased existing condo sales. Florida’s median sales price for existing homes last month was $134,000; a year ago, it was $146,500 for a decrease of 9 percent. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in July 2010 was $183,400, up 0.9 percent from a year earlier, according to the National Association of Realtors® (NAR). In Massachusetts, the statewide median resales price was $333,000 in May; in California, it was $314,850; in Maryland, it was $267,489; and in New York, it was $227,000. "More Details"

Florida sees increase in international buyers

2010-09-21T11:28:00.000-07:00

ORLANDO, Fla. – Sept. 21, 2010 – A number of factors contributed to the decline in home sales nationally and in Florida specifically, but the growing importance of foreign homebuyers has offset some of the damage. Roughly two out of every three Realtors in the state had at least one international transaction within the past year.

While U.S. buyers continue to struggle, foreign buyers generally see U.S. real estate as a desirable, profitable and secure investment. In addition, a weak U.S. dollar has made Florida real estate even more attractive recently.

The National Association of Realtors®, in cooperation with Florida Realtors, conducted a survey of Florida members, asking them about their experience working with international clients. The survey was conducted in July-August 2010. A total of 936 responses were received.

Report highlights

• 65 percent of survey participants – members of Florida Realtors – worked with an international client in the past 12 months. One in five worked with two international clients, and 18 percent working with three or more.

• Half of the respondents said that international clients accounted for 25 percent or less of their business; 15 percent reported that international homebuyers accounted for more than half of their business. "More Details"

Pending home sales rise

2010-09-02T17:10:00.000-07:00

WASHINGTON – Sept. 2, 2010 – Following a sharp drop in the months immediately after expiration of the homebuyer tax credit, pending home sales have modestly risen, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June; it’s 19.1 percent below July 2009 when it was 98.1. Pending sales data reflects contracts and not closings, which normally occur with a lag time of one or two months.

“Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” says Lawrence Yun, NAR chief economist. “But the recovery looks to be a long process. Homebuyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.” Market Details

BEACH SALES STRONG JULY

2010-08-26T08:45:00.000-07:00

BEACH SALES STRONG
Report Shows 17 Percent Increase in Median Closed Price

NAPLES, Fla.-August 13, 2010- The Naples Beach area leads the way to the market recovery with strong summer sales according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

Overall pending sales in the Naples Beach area increased 13 percent with 112 contracts in July 2010 compared to 99 contracts in July 2009. "Despite the concerns that we had last month regarding the extent of the oil spill, sales on the beach remained strong," said Tom Bringardner, President of Premier Properties.

“The median closed price for single-family homes in the Naples Beach area increased 123 percent,” stated Kathy Zorn, Broker/Owner of Florida Home Realty of Collier County. The Naples Beach median closed price for single-family homes increased to $1,117,000 in July 2010 up from $500,000 in July 2009.

The available inventory declined 7 percent to 8,731 in July 2010 compared to 9,359 in the same month last year.

“The fact that the month’s supply continues to go down and the median price is slowly increasing, indicates the Collier Real Estate market is continuing to recover,” said Michael J. Timmerman, Senior Associate, Fishkind & Associates, Inc.

The overall median closed price for properties over $300,000 increased in July 2010 compared to the same month last year. According to Mike Hughes, NABOR Media Relations Director, and Vice-President of Downing-Frye Realty, “The median closed price for properties over $300,000 is up significantly. It increased 21 percent to $592,000 up from $489,000 a year ago. More Details

WWW.VanderbiltBeachRealEstate.Net With show you our new software designed to show Naples current real estate Market Trends in the area you want to follow. Just enter your zip code area you want to follow, price range, bedrooms, sq ft and you will see all closed sales information updated daily. You will also see current listings and charts showing trends, days on the market and other information. This information was just approved in July to be used by everyone not just realtors.

BEACH SALES STRONG

2010-08-14T20:09:00.000-07:00

Report Shows 17 Percent Increase in Median Closed Price

NAPLES, Fla.-August 13, 2010- The Naples Beach area leads the way to the market recovery with strong summer sales according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

Overall pending sales in the Naples Beach area increased 13 percent with 112 contracts in July 2010 compared to 99 contracts in July 2009. "Despite the concerns that we had last month regarding the extent of the oil spill, sales on the beach remained strong," said Tom Bringardner, President of Premier Properties.

“The median closed price for single-family homes in the Naples Beach area increased 123 percent,” stated Kathy Zorn, Broker/Owner of Florida Home Realty of Collier County. The Naples Beach median closed price for single-family homes increased to $1,117,000 in July 2010 up from $500,000 in July 2009.

The available inventory declined 7 percent to 8,731 in July 2010 compared to 9,359 in the same month last year.

“The fact that the month’s supply continues to go down and the median price is slowly increasing, indicates the Collier Real Estate market is continuing to recover,” said Michael J. Timmerman, Senior Associate, Fishkind & Associates, Inc.

The overall median closed price for properties over $300,000 increased in July 2010 compared to the same month last year. According to Mike Hughes, NABOR Media Relations Director, and Vice-President of Downing-Frye Realty, “The median closed price for properties over $300,000 is up significantly. It increased 21 percent to $592,000 up from $489,000 a year ago.” "More Details"