The continuing price declines for existing-home sales in Metro Orlando are similar to declines elsewhere in the state, according to a monthly report released Wednesday by the Florida Association of Realtors. Prices in the four-county metro area fell by 34 percent in April from a year earlier, compared with a statewide decrease of 31 percent. Not only did local resale prices continue their year-long decline, dropping to $141,800 in April from $215,700 a year earlier, they also slid further from March, when the median price was $151,500. Those historically low prices helped drive the area's continuing uptick in sales, with a 38 percent increase last month compared with April 2008.
The Orlando-area condominium market continued to be one of the hardest hit in the state this spring, with resale prices down 56 percent from April 2008, compared with a statewide price decline of 40 percent. The median condo price in Metro Orlando was $52,700 last month -- less than half the statewide median of $106,900. In comparison, a year ago, condo prices in the Orlando area were $120,800, or about two-thirds the statewide average at the time. complete story
Source: OrlandoSentinel.com - Mary Shanklin
Thursday, May 28, 2009
Wednesday, May 27, 2009
Is Orlando Real Estate finding a Bottom?
Housing Hitting Bottom Means Fewest Starts Since 1945
May 26 (Bloomberg) -- The slump in the U.S. housing market that caused the median value of homes to decline 24 percent since 2006 may bottom next month without any prospect of a rebound for another year, according to estimates from chief economists at Fannie Mae and Freddie Mac, the Mortgage Bankers Association and national realtors and homebuilder groups.
Existing home sales probably won’t reach pre-boom levels until the third quarter of 2010 and housing starts won’t surpass 1 million until 2011, a barrier last broken six decades ago, the economists said. “There are very few V-shaped recoveries in the history of real estate, and this one is likely to be even slower because of the size of the bubble,” said Robert Shiller, the Yale University professor who, with economist Karl Case, created home price indexes in the 1980s now used by Standard & Poor’s.
The rebound will be so anemic that 2009 building starts will total about 496,000 homes, the lowest since the end of World War II in 1945, according to the economists’ forecasts. Foreclosures on pay option adjustable-rate mortgages and a backlog of bank-owned properties will slow any revival and keep housing from playing its traditional role of boosting economic recovery.
Residential construction and home sales led the way out of the previous seven recessions, with housing starts improving an average seven months and resales gaining strength about four months before the economy picked up.
‘Green Shoots’
The world’s largest economy probably will grow 1.9 percent next year, according to the average estimate of 56 analysts surveyed by Bloomberg. After each of the last seven contractions, it expanded more than 3 percent on average in the first year of recovery.
Federal Reserve Bank of Dallas President Richard Fisher said earlier this month that the U.S. is on the verge of rebounding with “healthy signs -- the stirrings of what I call green shoots.” So did former Fed Chairman Alan Greenspan, who cited “seeds of a bottoming” in housing during a May 12 speech at a National Association of Realtors conference in Washington.
“If you are looking at prices relative to income and rents, you could argue that we are at the bottom, and I’m cautiously optimistic that we may be,” said Thomas Lawler, a former Fannie Mae economist in Leesburg, Virginia. “It’s possible, however, that we could have a second wave of foreclosures and the very small amount of support the economy might have gotten will turn into the reverse.”
Prices Fall
Data released today showed foreclosures are still weighing on the housing market. Home prices in 20 major metropolitan areas fell 18.7 percent in March from a year earlier as foreclosures rose, according to the S&P/Case-Shiller index. Economists forecast the index would drop 18.3 percent.
The recession started after U.S. banks and Wall Street firms securitized mortgage loans made to the riskiest borrowers to earn fees only to see homeowners default, prices fall and the value of the bonds dwindle.
Three of the biggest investment banks were brought down by home loan-related investments. The U.S. government committed $29 billion to engineer the takeover of Bear Stearns Cos. in March 2008 by New York-based JPMorgan Chase & Co. Six months later, Lehman Brothers Holdings Inc. filed the largest bankruptcy in U.S. history after becoming the biggest underwriter of mortgage- backed securities as real estate prices peaked. complete story
Source: Bloomberg.com - Kathleen M. Howley
Sunday, May 17, 2009
New Website of Interest - Florida Short Sale Agents .com
Florida Short Sale Short Sales in Miami, Fort Lauderdale & Palm Beach
Florida Short Sale Agents: A Florida short sale offers homeowners a way to avoid foreclosure and help save their credit. They have a team of licensed Florida Realtors and loss mitigation experts who specialize in pre-foreclosures and the short sales of all kinds of property. They have you covered in all the South Florida tri county (Broward, Miami-Dade, & Palm Beach) metro areas like Miami short sale - Fort Lauderdale short sale & Palm Beach Short Sale.
Wednesday, May 13, 2009
New website of interest - FL Realty Agents .com
FLRealtyAgents.com is one of the leading team of agents in South Florida engaged in real estate, foreclosure homes & property dealing, short sales. Contact us today if you are interested in Miami, Fort Lauderdale or Palm Beach area properties. We cover all of Broward, Miami-Dade & Palm Beach County.
Monday, May 11, 2009
Orlando, Where Florida Dreams Become Reality
Orlando is where your dreams become reality when you work side by side with the professional real estate team that makes your home purchases or sale a pleasant and adventurous experience. In Orlando, you can experience the family fun of the local theme parks, the weekends that are packed full of fun and excitement, as well as the warm weather and easy-to-get-to sunny beaches. However, these are not the only wonderful things you will experience when you become a resident of Orlando, Florida. You can become a part of the fast-growing real estate market that offers an endless amount of beautiful homes at wonderful prices. Whether you are purchasing a foreclosed home, a home in short sale, or a newly listed home, you can be sure that when you work with the Orlando real estate team that knows real estate you will be purchasing a lifelong investment.
Enjoy having the latest homes in the housing market offered to you through the expert service you will be offered with Orlando’s top real estate professionals. Never miss out on the home of your dreams again when you rely on the trusted service of a real estate agent who makes finding the home of your dreams their top priority. There is an endless amount of real estate investments available in the fast growing Orlando area whether you are looking for the home of your dreams or a secure financial investment for your family. Either way you are sure to find exactly what you desire beachside or in the heart of the action that surrounds Orlando. Perhaps you wish to live in the peaceful part of Orlando but have the action and the beaches only a short drive away. Well, when you rely on the services of professional Orlando real estate agents, your desires become reality.
Enjoy Orlando and all it has to offer by working with the knowledgeable services offered to you by professional real estate consultants. Even in the event of selling your Orlando home or finding yourself a victim of the struggling economy, you can find comfort and peace in the fact that your Orlando real estate agent is not only experienced but watching out for your best interests. Listing your home has never been easier than when you trust the sale of your home to a real estate agent that will make sure you get the most money for your home. Find the exact value of the home and the suggestions of lenders as well as home inspectors, and attorney’s when you take the advice of your professional Orlando real estate agent.
Subscribe to:
Posts (Atom)