ScottSorensonRealEstate.Com
WASHINGTON – April 29, 2013 – Pending home sales increased in March and remain above year-ago levels, but contract activity in recent months shows only modest movement, according to the National Association of Realtors® (NAR).
NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 1.5 percent to 105.7 in March from a downwardly revised 104.1 in February, and is 7 percent above March 2012 when it was 98.8.
Pending sales have been above year-ago levels for the past 23 months; the data reflect contracts but not closings.
“Contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply,” says Lawrence Yun, NAR chief economist. “Little movement is expected in near-term sales closings, but they should edge up modestly as the year progresses. Job additions and rising household wealth will continue to support housing demand.”
The pending index in the Northeast was unchanged at 82.8 in March and is 6.3 percent higher than March 2012. In the Midwest, the index increased 0.3 percent to 103.8 in March and is 13.7 percent above a year ago.
Pending home sales in the South rose 2.7 percent to an index of 120 in March and are 10.4 percent higher than March 2012. In the West, the index increased 1.5 percent in March to 102.9 but is 4.3 percent below a year ago.
NAR predicts that total existing-home sales in 2013 will increase 6.5 to 7 percent over 2012 to nearly 5 million sales this year, while the national median existing-home price is forecast to rise about 7.5 percent.
Monday, April 29, 2013
While Wronged Homeowners Got $300 Apiece in Foreclosure Settlement, Consultants Who Helped Protect Banks Got $2 Billion
ScottSorensonRealEstate/.Com
The obscene greed-and-arrogance stories emanating from Wall Street are piling up so fast, it's getting hard to keep up. This one is from last week, but I missed it – it's about the foreclosure/robo-signing settlement that was concluded earlier this year.
The upshot of this story is that in advance of that notorious settlement, the government ordered banks to hire "independent" consultants to examine their loan files to see just exactly how corrupt they were.
Now it comes out that not only were these consultants not so independent, not only did they very likely skew the numbers seriously in favor of the banks, and not only were these few consultants paid over $2 billion (over 20 percent of the entire settlement amount) while the average homeowner only received $300 in the deal – in addition to all of that, it appears that federal regulators will not turn over the evidence of impropriety they discovered during these reviews to homeowners who may want to sue the banks.
In other words, the government not only ordered the banks to hire consultants who may have gamed the foreclosure settlement in favor of the banks, but the regulators themselves are hiding the information from the public in order to shield the banks from further lawsuits.
Secrets and Lies of the Bailout
To recap: in the foreclosure deal, 13 banks agreed to pay a total of $9.3 billion to settle their liability in a number of areas, including robo-signing, which is just a euphemism for mass-perjury – robo-signing is the practice of having low-level bank employees sign documents attesting to full knowledge of case files in court foreclosure actions, when in fact they were signing hundreds of files per day, often having no idea whether the paperwork was correct or not.
It was done across the industry and turned housing cases across America into nightmares of jumbled and/or forged paperwork, in which even people who did not deserve to be thrown out of their homes were uprooted thanks to systematic errors by faceless bureaucrats who cut legal corners purely to save money.
All the major banks were guilty on a mass scale, but they worked with federal regulators like the Fed and the Office of the Comptroller of the Currency to secure this wide-ranging, industry-saving settlement, which not only covered the robosigning epidemic but a host of other bad or illegal practices, like the wrongful denial of modifications and the improper levying of (often hidden) fees.
Minus this crucial settlement, banks would have faced enormous uncertainty about their legal liability going forward, and getting a deal that not only gave these companies some legal closure but allowed them to pay pennies on the dollar for their illegal activity was a massive coup for the whole finance sector.
Only $3.6 billion was earmarked for cash payments to the nearly 4 million homeowners covered in the settlement. Most of the remainder of the deal was in other forms of non-cash relief, i.e. modifications or principal reductions.
Now, at the time of the deal, press releases by the Fed and the OCC stated that part of the reason they'd fixed on that particular settlement amount was that regulators had uncovered that banks had made errors or committed illegal acts in about 6.5 percent of the mortgage files reviewed. In other words, the error rate was an important component of this calculation.
But it turned out that this error rate had been calculated with the help of several consultant firms regulators had ordered the banks to hire. Regulators had mandated the hiring of these "independent" consultants back in 2011, and the list of companies included Promontory Financial Group, PricewaterhouseCoopers, Ernst & Young, and Deloitte & Touche. These private firms were hired to review the banks' loan files in search of errors, and collectively were paid by the banks over $2 billion, a staggering sum which ultimately worked out to over $20,000 per file.
Read more: http://www.rollingstone.com/politics/blogs/taibblog/while-wronged-homeowners-got-300-apiece-in-foreclosure-settlement-consultants-who-helped-protect-banks-got-2-billion-20130426#ixzz2RsO90Esi
Follow us: @rollingstone on Twitter | RollingStone on Facebook
The obscene greed-and-arrogance stories emanating from Wall Street are piling up so fast, it's getting hard to keep up. This one is from last week, but I missed it – it's about the foreclosure/robo-signing settlement that was concluded earlier this year.
The upshot of this story is that in advance of that notorious settlement, the government ordered banks to hire "independent" consultants to examine their loan files to see just exactly how corrupt they were.
Now it comes out that not only were these consultants not so independent, not only did they very likely skew the numbers seriously in favor of the banks, and not only were these few consultants paid over $2 billion (over 20 percent of the entire settlement amount) while the average homeowner only received $300 in the deal – in addition to all of that, it appears that federal regulators will not turn over the evidence of impropriety they discovered during these reviews to homeowners who may want to sue the banks.
In other words, the government not only ordered the banks to hire consultants who may have gamed the foreclosure settlement in favor of the banks, but the regulators themselves are hiding the information from the public in order to shield the banks from further lawsuits.
Secrets and Lies of the Bailout
To recap: in the foreclosure deal, 13 banks agreed to pay a total of $9.3 billion to settle their liability in a number of areas, including robo-signing, which is just a euphemism for mass-perjury – robo-signing is the practice of having low-level bank employees sign documents attesting to full knowledge of case files in court foreclosure actions, when in fact they were signing hundreds of files per day, often having no idea whether the paperwork was correct or not.
It was done across the industry and turned housing cases across America into nightmares of jumbled and/or forged paperwork, in which even people who did not deserve to be thrown out of their homes were uprooted thanks to systematic errors by faceless bureaucrats who cut legal corners purely to save money.
All the major banks were guilty on a mass scale, but they worked with federal regulators like the Fed and the Office of the Comptroller of the Currency to secure this wide-ranging, industry-saving settlement, which not only covered the robosigning epidemic but a host of other bad or illegal practices, like the wrongful denial of modifications and the improper levying of (often hidden) fees.
Minus this crucial settlement, banks would have faced enormous uncertainty about their legal liability going forward, and getting a deal that not only gave these companies some legal closure but allowed them to pay pennies on the dollar for their illegal activity was a massive coup for the whole finance sector.
Only $3.6 billion was earmarked for cash payments to the nearly 4 million homeowners covered in the settlement. Most of the remainder of the deal was in other forms of non-cash relief, i.e. modifications or principal reductions.
Now, at the time of the deal, press releases by the Fed and the OCC stated that part of the reason they'd fixed on that particular settlement amount was that regulators had uncovered that banks had made errors or committed illegal acts in about 6.5 percent of the mortgage files reviewed. In other words, the error rate was an important component of this calculation.
But it turned out that this error rate had been calculated with the help of several consultant firms regulators had ordered the banks to hire. Regulators had mandated the hiring of these "independent" consultants back in 2011, and the list of companies included Promontory Financial Group, PricewaterhouseCoopers, Ernst & Young, and Deloitte & Touche. These private firms were hired to review the banks' loan files in search of errors, and collectively were paid by the banks over $2 billion, a staggering sum which ultimately worked out to over $20,000 per file.
Read more: http://www.rollingstone.com/politics/blogs/taibblog/while-wronged-homeowners-got-300-apiece-in-foreclosure-settlement-consultants-who-helped-protect-banks-got-2-billion-20130426#ixzz2RsO90Esi
Follow us: @rollingstone on Twitter | RollingStone on Facebook
Monday, April 22, 2013
Florida’s housing market on upswing in March
ScottSorensonRealEstate.ComORLANDO, Fla. – April 22, 2013 – In March, Florida’s housing market reported increased closed sales, more pending sales, higher median prices and a reduced inventory of homes for sale, according to the latest housing data released by Florida Realtors®.
“Florida’s housing market continues to demonstrate its recovery – March marks the 15th consecutive month that the statewide median sales prices for both single-family homes and for townhouse-condo properties rose year-over-year, according to Florida Realtors’ data,” said 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “The median price is up more than 15 percent for both single-family homes and for townhouse-condos.
“Meanwhile, buyer demand is increasing, but supply continues to be constrained in many areas. In March, the median days on market (the midpoint of the number of days it took for a property to sell that month) was 57 days for single-family homes and 61 days for townhouses and condos. That means 50 percent of homes on the market in Florida sell in two months or less.”
Statewide closed sales of existing single-family homes totaled 19,631 in March, up 9 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 23.4 percent over the previous March. The statewide median sales price for single-family existing homes last month was $160,000, up 15.2 percent from the previous year.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in February 2013 was $173,800, up 11.3 percent from the previous year. In California, the statewide median sales price for single-family existing homes in February was $333,880; in Massachusetts, it was $278,000; in Maryland, it was $224,048; and in New York, it was $220,000.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 9,957 units sold statewide last month, up 1.1 percent compared to March 2012. Meanwhile, pending sales for townhouse-condos last month increased 10.6 percent compared to the year-ago figure. The statewide median for townhouse-condo properties was $120,000, up 15.9 percent over the previous year. NAR reported that the national median existing condo price in February 2013 was $172,500.
The inventory for single-family homes stood at a 5.3-months’ supply in March; inventory for townhouse-condos was at a 5.8-months’ supply, according to Florida Realtors.
“We continue to be encouraged by the depth and breadth of the housing recovery,” said Florida Realtors Chief Economist Dr. John Tuccillo. “State numbers are up in virtually all important categories and down where they should be down. Even with the difficulty of access to financing for households, we still see the growth in the market continuing for at least the next 18 months.
“Inventory remains an issue, but this is fast becoming a sellers’ market and as sellers realize this, we expect inventories to rise as we approach the last quarter of 2103. Over the long term, we need to correct the imbalance between investors and owner-occupier households that has developed because of financing issues if the market is to prosper for a long time.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.57 percent in March 2013, down from the 3.95 percent average during the same month a year earlier.
To see the full statewide housing activity report, go to Florida Realtors website and click on the Research page; then look under Latest Housing Data, Statewide Residential Activity and get the March reports. Or go to Florida Realtors Media Center and download the March 2013 data report PDFs under Market Data.
“Florida’s housing market continues to demonstrate its recovery – March marks the 15th consecutive month that the statewide median sales prices for both single-family homes and for townhouse-condo properties rose year-over-year, according to Florida Realtors’ data,” said 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “The median price is up more than 15 percent for both single-family homes and for townhouse-condos.
“Meanwhile, buyer demand is increasing, but supply continues to be constrained in many areas. In March, the median days on market (the midpoint of the number of days it took for a property to sell that month) was 57 days for single-family homes and 61 days for townhouses and condos. That means 50 percent of homes on the market in Florida sell in two months or less.”
Statewide closed sales of existing single-family homes totaled 19,631 in March, up 9 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 23.4 percent over the previous March. The statewide median sales price for single-family existing homes last month was $160,000, up 15.2 percent from the previous year.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in February 2013 was $173,800, up 11.3 percent from the previous year. In California, the statewide median sales price for single-family existing homes in February was $333,880; in Massachusetts, it was $278,000; in Maryland, it was $224,048; and in New York, it was $220,000.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 9,957 units sold statewide last month, up 1.1 percent compared to March 2012. Meanwhile, pending sales for townhouse-condos last month increased 10.6 percent compared to the year-ago figure. The statewide median for townhouse-condo properties was $120,000, up 15.9 percent over the previous year. NAR reported that the national median existing condo price in February 2013 was $172,500.
The inventory for single-family homes stood at a 5.3-months’ supply in March; inventory for townhouse-condos was at a 5.8-months’ supply, according to Florida Realtors.
“We continue to be encouraged by the depth and breadth of the housing recovery,” said Florida Realtors Chief Economist Dr. John Tuccillo. “State numbers are up in virtually all important categories and down where they should be down. Even with the difficulty of access to financing for households, we still see the growth in the market continuing for at least the next 18 months.
“Inventory remains an issue, but this is fast becoming a sellers’ market and as sellers realize this, we expect inventories to rise as we approach the last quarter of 2103. Over the long term, we need to correct the imbalance between investors and owner-occupier households that has developed because of financing issues if the market is to prosper for a long time.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.57 percent in March 2013, down from the 3.95 percent average during the same month a year earlier.
To see the full statewide housing activity report, go to Florida Realtors website and click on the Research page; then look under Latest Housing Data, Statewide Residential Activity and get the March reports. Or go to Florida Realtors Media Center and download the March 2013 data report PDFs under Market Data.
Saturday, April 13, 2013
Naples Median home price increased 17% last year
ScottSorensonRealEstate.com
NAPLES — The median home price in the Naples area increased 17 percent from March 2012 to last month, the Naples Area Board of Realtors announced Friday..
“It has been four years since we’ve seen the median closed price at this level,” said Mike Hughes, vice president and general manager of Downing-Frye Realty, in a statement. “So we continue to remain positive about the real estate market and its support of the local economy.”.
The median price increased from $184,000 in March 2012 to $215,000 for the 12-month period ending last month, according to a prepared statement from NABOR..
The median is the price at which half the homes sell for more and half for less..
Overall, the total number of closed sales dropped in March compared to a year ago. However, overall pending sales increased 4 percent from 10,204 units to 10,633 units for the 12-month period ending in March 2013. Overall pending sales rose in all price categories in March compared to the 12-month period ending in March 2012, except in the under $300,000 category..
The Realtors’ report said the average number of days on the market decreased by 8 percent, from 171 days on the market in March 2012 to 157 days on the market last month. Overall inventory dropped by 14 percent, from 7,599 in March 2012 to 6,565 last month, according to the NABOR statement..
NABOR also released its first quarter 2013 report on Friday..
The quarterly report said the overall median closed price increased 24 percent, from $190,000 in the first quarter of 2012 to $235,000 in the first quarter of 2013. In the $300,000 and under category, the median closed price increased 18 percent, from $135,000 in the first quarter of 2012 to $159,000 in the first quarter of 2013. .
Overall closed sales decreased 2 percent, from 2,220 residences in the first quarter of 2012 to 2,167 in the first quarter of 2013. Overall closed sales increased 13 percent in the $300,000 to $500,000 category, from 309 residences to 350, and increased 15 percent in the $1 million to $2 million category, from 99 residences in the first quarter of 2012 to 114 in the first quarter of 2013, according to the report..
The Realtors’ report said the average number of days on the market decreased 4 percent overall, from 169 days in the first quarter of 2012 to 162 days in the first quarter of 2013..
The monthly and quarterly reports track Realtor sales made through the Sunshine Multiple Listing Service (MLS) in Collier County, excluding Marco Island..
View the March 2013 Market Statistics View the First Quarter 2013 Market Statistics.
NABOR REPORT
“It has been four years since we’ve seen the median closed price at this level,” said Mike Hughes, vice president and general manager of Downing-Frye Realty, in a statement. “So we continue to remain positive about the real estate market and its support of the local economy.”.
The median price increased from $184,000 in March 2012 to $215,000 for the 12-month period ending last month, according to a prepared statement from NABOR..
The median is the price at which half the homes sell for more and half for less..
Overall, the total number of closed sales dropped in March compared to a year ago. However, overall pending sales increased 4 percent from 10,204 units to 10,633 units for the 12-month period ending in March 2013. Overall pending sales rose in all price categories in March compared to the 12-month period ending in March 2012, except in the under $300,000 category..
The Realtors’ report said the average number of days on the market decreased by 8 percent, from 171 days on the market in March 2012 to 157 days on the market last month. Overall inventory dropped by 14 percent, from 7,599 in March 2012 to 6,565 last month, according to the NABOR statement..
NABOR also released its first quarter 2013 report on Friday..
The quarterly report said the overall median closed price increased 24 percent, from $190,000 in the first quarter of 2012 to $235,000 in the first quarter of 2013. In the $300,000 and under category, the median closed price increased 18 percent, from $135,000 in the first quarter of 2012 to $159,000 in the first quarter of 2013. .
Overall closed sales decreased 2 percent, from 2,220 residences in the first quarter of 2012 to 2,167 in the first quarter of 2013. Overall closed sales increased 13 percent in the $300,000 to $500,000 category, from 309 residences to 350, and increased 15 percent in the $1 million to $2 million category, from 99 residences in the first quarter of 2012 to 114 in the first quarter of 2013, according to the report..
The Realtors’ report said the average number of days on the market decreased 4 percent overall, from 169 days in the first quarter of 2012 to 162 days in the first quarter of 2013..
The monthly and quarterly reports track Realtor sales made through the Sunshine Multiple Listing Service (MLS) in Collier County, excluding Marco Island..
View the March 2013 Market Statistics View the First Quarter 2013 Market Statistics.
NABOR REPORT
Sunday, March 17, 2013
LOWER INVENTORY MAY IMPACT HOUSING MARKET
www.ScottSorensonRealEstate.com
Contacts: Wes Kunkle, NABOR President & Media Relations Committee Chairman, (239) 216-2839
Marcia Albert, NABOR Director of Marketing, (239) 597-1666.
Naples, FL (March 15, 2013) - The Naples Area housing market remains strong with increases in overall pending sales, overall closed sales, and overall median closed price for the 12-months ending February 2013. In addition, inventory decreased by 13 percent 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). .
Local real estate experts note that sales may slow due to the low level of inventory. .
"Changes in inventory at some point may become an issue," stated Dr. Shelton Weeks, Department Chair of Economics & Finance at FGCU. "Continued declines in inventory will produce some upward pressure on prices. However, as prices rise we should expect builders to bring more new units to the market which may slow the advance in prices.".
"The market has consistently improved since 2008 and is now very healthy. However, we would not be surprised to see sales slow a little over the next six months due to a lack of inventory," stated Phil Wood, President & CEO of John R. Wood Realtors. .
Mike Hughes, Vice President and General Manager of Downing-Frye Realty remarked, "Buyers right now should feel a sense of urgency. If a buyer finds a property that they like, they should not hesitate in their decision as reasonably priced properties are moving fast." .
The NABOR® February report provides annual comparisons of single-family home and condominium sales (via the SunshineMLS), price ranges, and geographic segmentation and includes an Overall Market summary. The NABOR® February sales statistics are presented in chart format, with these overall (single-family and condominium units) specifics:.
- The overall median closed price increased 17 percent from $180,000 at the end of February 2012 to $211,000 for the 12-month period ending February 2013..
- Overall pending sales increased 5 percent from 10,160 units to 10,629 units for the 12-month period ending February 2013. Overall pending sales increased 20 percent in the $300,000 to $500,000 category from 1,397 units to 1,677 units; 17 percent in the $500,000 to $1 million category, from 1,023 units to 1,193 units; increased 26 percent in the $1 million to $2 million category, from 422 units to 532 units; and increased 23 percent in the $2 million plus category, from 257 units to 315 units, respectively for the 12-month period ending February 2013..
- The average DOM (Days on the Market) increased overall from 162 days in February 2012 to 168 days in February 2013. .
- Inventory decreased 13 percent from 7,888 units in February 2012 to 6,843 units in February 2013. .
- Overall pending sales in the Naples coastal area increased 15 percent from 1,839 units to 2,119 units, and closed sales increased 16 percent, from 1,650 units to 1,906 units, for the 12-month period ending February 2013. .
"Condos are another bright spot in the February real estate market," said John Steinwand, President of Naples Realty Services. "The statistics show that pending and closed condo sales are up with an increase in the median closed price. In fact, pending sales in the over $300,000 market have increased an average of 32 percent.".
The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 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 members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board 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..
The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics. .
View the February 2013 Market Statistics .
To view the entire report, visit www.NaplesArea.com
Naples, FL (March 15, 2013) - The Naples Area housing market remains strong with increases in overall pending sales, overall closed sales, and overall median closed price for the 12-months ending February 2013. In addition, inventory decreased by 13 percent 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). .
Local real estate experts note that sales may slow due to the low level of inventory. .
"Changes in inventory at some point may become an issue," stated Dr. Shelton Weeks, Department Chair of Economics & Finance at FGCU. "Continued declines in inventory will produce some upward pressure on prices. However, as prices rise we should expect builders to bring more new units to the market which may slow the advance in prices.".
"The market has consistently improved since 2008 and is now very healthy. However, we would not be surprised to see sales slow a little over the next six months due to a lack of inventory," stated Phil Wood, President & CEO of John R. Wood Realtors. .
Mike Hughes, Vice President and General Manager of Downing-Frye Realty remarked, "Buyers right now should feel a sense of urgency. If a buyer finds a property that they like, they should not hesitate in their decision as reasonably priced properties are moving fast." .
The NABOR® February report provides annual comparisons of single-family home and condominium sales (via the SunshineMLS), price ranges, and geographic segmentation and includes an Overall Market summary. The NABOR® February sales statistics are presented in chart format, with these overall (single-family and condominium units) specifics:.
- The overall median closed price increased 17 percent from $180,000 at the end of February 2012 to $211,000 for the 12-month period ending February 2013..
- Overall pending sales increased 5 percent from 10,160 units to 10,629 units for the 12-month period ending February 2013. Overall pending sales increased 20 percent in the $300,000 to $500,000 category from 1,397 units to 1,677 units; 17 percent in the $500,000 to $1 million category, from 1,023 units to 1,193 units; increased 26 percent in the $1 million to $2 million category, from 422 units to 532 units; and increased 23 percent in the $2 million plus category, from 257 units to 315 units, respectively for the 12-month period ending February 2013..
- The average DOM (Days on the Market) increased overall from 162 days in February 2012 to 168 days in February 2013. .
- Inventory decreased 13 percent from 7,888 units in February 2012 to 6,843 units in February 2013. .
- Overall pending sales in the Naples coastal area increased 15 percent from 1,839 units to 2,119 units, and closed sales increased 16 percent, from 1,650 units to 1,906 units, for the 12-month period ending February 2013. .
"Condos are another bright spot in the February real estate market," said John Steinwand, President of Naples Realty Services. "The statistics show that pending and closed condo sales are up with an increase in the median closed price. In fact, pending sales in the over $300,000 market have increased an average of 32 percent.".
The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 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 members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board 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..
The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics. .
View the February 2013 Market Statistics .
To view the entire report, visit www.NaplesArea.com
Thursday, January 31, 2013
Outside remodeling has biggest return on investment
ScottSorensonRealEstate.Com
WASHINGTON – Jan. 30, 2013 – Homeowners looking for the most return on their investment when remodeling should consider exterior replacement projects. According to the 2013 Remodeling Cost vs. Value Report, Realtors® rated exterior projects among the most valuable home improvement projects.
“Realtors know that curb appeal projects offer great bang for your buck, because a home’s exterior is the first thing potential buyers see,” says National Association of Realtors (NAR) President Gary Thomas. “Projects such as siding, window and door replacements can recoup more than 70 percent of their cost at resale.”
According to the Cost vs. Value Report, Realtors judged a steel entry door replacement as the project expected to return the most money, with an estimated 85.6 percent of costs recouped upon resale. A steel entry door replacement is also the least expensive project in the report, costing little more than $1,100 on average.
A majority of the top 10 cost-effective projects nationally are exterior replacement projects; all are estimated to recoup more than 71 percent of costs.
Three different siding replacement projects landed in the top 10, including fiber cement siding (expected to return 79.3 percent of costs), vinyl siding (72.9 percent) and foam backed vinyl (71.8 percent). Two additional door replacements were also among the top exterior replacement projects. A midrange and upscale garage door replacement were both expected to return more than 75 percent of costs.
According to the report, two interior remodeling projects, however, could also recoup substantial value at resale. A minor kitchen remodel is ranked fifth and expected to return 75.4 percent of costs. Nationally, the project’s average cost is just under $19,000.
The second interior remodeling project in the top 10 is the attic bedroom, with 72.9 percent of costs recouped. With an average national cost of just under $48,000, the attic project adds a bedroom and bathroom within a home’s existing footprint.
On the other side of the value spectrum, the least effective home improvement project is a home office, which would recoup less than 44 percent of the installation cost.
To read the full project descriptions and access national and regional project data, visit www.costvsvalue.com.
WASHINGTON – Jan. 30, 2013 – Homeowners looking for the most return on their investment when remodeling should consider exterior replacement projects. According to the 2013 Remodeling Cost vs. Value Report, Realtors® rated exterior projects among the most valuable home improvement projects.
“Realtors know that curb appeal projects offer great bang for your buck, because a home’s exterior is the first thing potential buyers see,” says National Association of Realtors (NAR) President Gary Thomas. “Projects such as siding, window and door replacements can recoup more than 70 percent of their cost at resale.”
According to the Cost vs. Value Report, Realtors judged a steel entry door replacement as the project expected to return the most money, with an estimated 85.6 percent of costs recouped upon resale. A steel entry door replacement is also the least expensive project in the report, costing little more than $1,100 on average.
A majority of the top 10 cost-effective projects nationally are exterior replacement projects; all are estimated to recoup more than 71 percent of costs.
Three different siding replacement projects landed in the top 10, including fiber cement siding (expected to return 79.3 percent of costs), vinyl siding (72.9 percent) and foam backed vinyl (71.8 percent). Two additional door replacements were also among the top exterior replacement projects. A midrange and upscale garage door replacement were both expected to return more than 75 percent of costs.
According to the report, two interior remodeling projects, however, could also recoup substantial value at resale. A minor kitchen remodel is ranked fifth and expected to return 75.4 percent of costs. Nationally, the project’s average cost is just under $19,000.
The second interior remodeling project in the top 10 is the attic bedroom, with 72.9 percent of costs recouped. With an average national cost of just under $48,000, the attic project adds a bedroom and bathroom within a home’s existing footprint.
On the other side of the value spectrum, the least effective home improvement project is a home office, which would recoup less than 44 percent of the installation cost.
To read the full project descriptions and access national and regional project data, visit www.costvsvalue.com.
Wednesday, January 30, 2013
What’s behind falling housing inventories?
ScottSorensonRealEstate.Com
NEW YORK – Jan. 29, 2013 – Home prices are increasing across the country as the number of homes for-sale continues to fall. But at a time when buyer demand is picking up, why is inventory still so low?
Inventories fell to 1.82 million at the end of last year, a 21.6 percent drop from one year earlier, the National Association of Realtors® reports.
The Wall Street Journal recently highlighted several reasons behind the dropping inventories, including:
• Sellers hesitant to sell: About 22 percent of homeowners with a mortgage remain underwater, owing more than their home is currently worth. These homeowners don’t tend to sell unless a life-changing event occurs because they don’t want to take a loss on the sale. CoreLogic data finds constrained inventories in areas with the highest number of underwater borrowers.
• Not enough equity to trade up: Homeowners often rely on equity from their current home to make a downpayment on the next home. With fewer homeowners seeing equity, they may not have enough money to move into a pricier home – a constraint on the would-be “trade up” buyer.
• Investors continue to snatch up properties: Investors still snap up properties, but they’ve changed their strategy, which also constrains inventories. Now they’re holding onto properties and turning them into rentals instead of rehabbing and flipping them for profit. The result: fewer homes on the market.
• Banks slowing down foreclosures: Banks have new rules to meet with the foreclosure process, and it’s causing them to move at a slower pace. Banks also are showing a preference for short sales and loan modifications, which curbs the number of foreclosed homes on the market.
• Builders doing less building: Housing starts were at record lows from 2009 through 2011, so there’s less inventory added to the market. A rebound in the new-home market has only recently started to occur.
Source: “Six Reasons Housing Inventory Keeps Declining,” The Wall Street Journal (Jan. 22, 2013)
NEW YORK – Jan. 29, 2013 – Home prices are increasing across the country as the number of homes for-sale continues to fall. But at a time when buyer demand is picking up, why is inventory still so low?
Inventories fell to 1.82 million at the end of last year, a 21.6 percent drop from one year earlier, the National Association of Realtors® reports.
The Wall Street Journal recently highlighted several reasons behind the dropping inventories, including:
• Sellers hesitant to sell: About 22 percent of homeowners with a mortgage remain underwater, owing more than their home is currently worth. These homeowners don’t tend to sell unless a life-changing event occurs because they don’t want to take a loss on the sale. CoreLogic data finds constrained inventories in areas with the highest number of underwater borrowers.
• Not enough equity to trade up: Homeowners often rely on equity from their current home to make a downpayment on the next home. With fewer homeowners seeing equity, they may not have enough money to move into a pricier home – a constraint on the would-be “trade up” buyer.
• Investors continue to snatch up properties: Investors still snap up properties, but they’ve changed their strategy, which also constrains inventories. Now they’re holding onto properties and turning them into rentals instead of rehabbing and flipping them for profit. The result: fewer homes on the market.
• Banks slowing down foreclosures: Banks have new rules to meet with the foreclosure process, and it’s causing them to move at a slower pace. Banks also are showing a preference for short sales and loan modifications, which curbs the number of foreclosed homes on the market.
• Builders doing less building: Housing starts were at record lows from 2009 through 2011, so there’s less inventory added to the market. A rebound in the new-home market has only recently started to occur.
Source: “Six Reasons Housing Inventory Keeps Declining,” The Wall Street Journal (Jan. 22, 2013)
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