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INSPIRATION FOR TODAY:

"Lose this day loitering - 'twill be the same story
To-morrow - and the next more dilatory;
Each indecision brings its own delays,
And days are lost lamenting o'er lost days.
Are you in earnest? seize this very minute -
Boldness has genius, power and magic in it.
Only engage, and then the mind grows heated -
Begin it, and then the work will be completed!"

- Johann Wolfgang von Goethe

ENGAGE IT!

Ever driven a car? Of course you have, but what makes it move?

You enter a car with a standard transmission, place it in neutral, and start the engine. It idles - waiting for what? The engine is running, but you are going nowhere. What must be done to get to your destination?

Your vehicle is like your mind and body. Goethe says, "Are you in earnest? . . . Boldness has genius, power and magic in it." He questions whether you are in earnest . . . calls attention to the fact that there is genius, power and magic in boldness. It's like your vehicle idling in neutral. It has the power to take you wherever you want to go . . . yet is goes nowhere - until what happens?

"Only engage," urges Goethe. The only thing keeping you from moving is your willingness to engage. Place the transmission in first gear, and what happens? You begin moving - slowly at first. Moving the gearshift into 2nd, your movement speeds up. As it does, you are soon in 3rd, and well on the way to your destination.

Goethe speaks of achieving your objectives in life: "Only engage, and then the mind grows heated . . . ." In other words, put your life in gear - get started - get moving! When you do . . . when your "mind grows heated" . . . that which you desire to achieve will be attracted to you.

So - what do you say? Are you in earnest?

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Wealth depends chiefly on two words, industry and frugality; that is, waste neither time nor money, but make the best use of both."

Benjamin Franklin

Inventory of Homes for Sale Shrinks in South Florida

WEST PALM BEACH, Fla. – Aug. 17, 2010 – The number of homes and condominiums for sale across South Florida has steadily declined over the past two years, an encouraging sign for the region’s battered housing market.

Still, industry observers worry about a sizable “shadow inventory” of foreclosed homes that could complicate any real estate recovery.

Broward County had 19,869 properties on the market in July, down 35 percent from July 2008, according to a multiple listing service report compiled by the Keyes Co.

Palm Beach County’s inventory of homes and condos slid 31 percent to 23,947 during the same period.

The supply of new homes being built in the two counties also has decreased sharply in the past two years, said Brad Hunter of the Metro study research firm in Palm Beach Gardens.

In 2005, sellers rushed to list their homes, hoping to fetch record prices during the housing boom. But the frenzy led to a collapse and prices plummeted.

Thousands of foreclosures and short sales have clogged the market ever since, giving buyers plenty of choices and little reason to pay top dollar.

“You won’t get price appreciation until you get the inventory in balance,” said Mike Pappas, president of Keyes. “We’re making great strides.”

Declines in homes for sale already have helped stabilize prices recently.

The median price in Broward rose 7 percent during April, May and June to $209,800 from a year ago, the Florida Realtors said Wednesday. Palm Beach County’s median increased at the beginning of the year but dipped 2 percent in the second quarter to $235,500.

Pappas said his firm is handling fewer transactions involving foreclosed homes, and he thinks that’s an indication the foreclosure market has peaked.

But some analysts disagree, pointing to a recent surge in homes repossessed by lenders that is pushing inventory levels higher in recent months.

Banks are on pace to take back nearly 50,000 properties in Palm Beach, Broward and Miami-Dade counties this year, according to CondoVultures.com, a real estate consulting firm. Many lenders are careful to hold off listing those properties for sale all at once to prevent widespread price declines.

Sean Snaith, an economist at the University of Central Florida, expects more foreclosures to result from homeowners losing their jobs. And he said the sagging labor market likely will discourage potential homebuyers.

“You have to have a healthy labor market as a foundation for a healthy housing market,” Snaith said.

Another concern is the expiration of the federal homebuyer tax credits.

Buyers who signed contracts by April 30 and close by the end of September are eligible for the $8,000 and $6,500 tax rebates. But people who put homes under contract after April 30 don’t qualify.

While pending sales still are robust, demand for homes is expected to wane in the second half of the year. Fewer sales would keep the supply of homes elevated and ultimately hurt pricing, said Chris Lafakis, an economist covering Florida for Moody’s Economy.com in West Chester, Pa.

“Our forecast is that … demand won’t be strong enough to work off the excess inventory fast enough to stave off future price declines,” Lafakis said. “But by this time next year, the worst of the declines will be over.”

Copyright © 2010 Sun Sentinel, Fort Lauderdale, Fla., Paul Owners. Distributed by McClatchy-Tribune Information Services.

Posted by vmsmith under Clearwater Beach Real Estate

http://vmsmith.wordpress.com/2010/08/17/inventory-of-homes-for-sale-shrinks-in-south-florida

"It never occurs to me that there are things I can't do."
Actress, Whoopi Goldberg

 Your action for today is to attempt to do something regardless of whether you think you can do it or not.

Miami-Dade Pending Home Sales Increase 40.5 Percent from a Year Ago

Total pending home sales – including single-family and condominiums - in Miami-Dade County increased 40.5 percent in July 2010 compared to July 2009, from 7,197 to 10,113, and decreased less than 2.4 percent, from 10,366 to 10,113, compared to the previous month according to the MIAMI REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).

Total pending home sales – including single-family and condominiums - in Miami-Dade County increased 40.5 percent in July 2010 compared to July 2009, from 7,197 to 10,113, and decreased less than 2.4 percent, from 10,366 to 10,113, compared to the previous month according to the MIAMI REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).

Despite the expiration of the tax credit, which helped boost the state of the South Florida residential real estate industry, the local market continues to strengthen.

“We are encouraged by the statistics for pending home sales in the South Florida real estate market even after the expiration of the homebuyer tax credit,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI REALTORS. “While the number of pending sales has dropped slightly month-over-month, they are still significantly higher than they were a year ago. Furthermore, we continue to observe the strengthening of the local market in a neighborhood-specific manner, as evidenced by multiple bids on non-distressed properties in some areas.”

Pending sales of condominiums in Miami-Dade County continue to perform better than that of single-family homes. In July, condominium pending sales increased 59 percent compared to the previous year, from 3,598 to 5,720 and dropped only 2.7 percent, from 5,876, from the previous month. Pending sales of single-family homes in July increased 22 percent from the previous year, from 3,599 to 4,393, and decreased 2.2 percent from previous month, from 4,490.

Broward County Pending Sales
In Broward County pending home sales rose 25.4 percent from the previous year, from 6,242 to 7,830, and decreased 2.5 percent from the previous month, from 8,031.

Pending condominium sales in Broward also fared better than that of single-family homes. Broward County condominium sales in July increased 39.4 percent, from 3,101 to 4,323, compared to July 2009 and fell 2.4 percent, from 4,429, compared to the previous month.

Compared to July 2009, Broward pending sales of single-family homes rose 11.7 percent, from 3,141 to 3,507, and decreased 2.6 percent, from 3,602, compared to the previous month.

Strengthening Market
Home sales in South Florida have increased dramatically since August 2008, and home prices continue to stabilize. South Florida, where an estimated 60 percent of sales involve a foreign buyer, continues to be the top area in the nation for international buying activity.

“While pending sales have substantially dropped in many U.S. markets following the end of the homebuyer tax credit, South Florida sales continue to reflect demand for local real estate,” said Oliver Ruiz, 2010 Residential President of the MIAMI REALTORS. “Miami and South Florida and the lifestyle that comes along with living here, are major attractions for international, vacation, second home, and U.S. buyers. We expect the local real estate market to continue to strengthen, as consumers take advantage of the many benefits South Florida has to offer.”

A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Increased pending sales are an indication of increased future sales.

About the Association
The MIAMI Association is the merged association for RAMB and RAMDC and retains the charter received from the National Association of Realtors in 1920 and is celebrating its 90th year of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents 23,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide

First posted by : Lynda Fernandez, Teresa King Kinney

http://www.prweb.com/releases/MIAMI-REALTORS/Miami-Dade_home-sales/prweb4348194.htm

HUD recently announced the availability of $79 million in grants for a broad range of housing counseling programs to help families find and preserve housing. This represents an increase of $21 million, or 27 percent, over last year’s funding.

According to HUD, these grants will be awarded competitively to approximately 550 HUD-approved counseling agencies and state housing finance agencies across the nation that offer a variety of services, including how to avoid foreclosure, how to avoid mortgage scams,how to purchase or rent a home, how to improve credit scores, and how to qualify for a reverse mortgage.

HUD said this year’s housing counseling grant program will provide approximately $55 million for comprehensive counseling, $9.5 million for reverse mortgage counseling, and $14.5 million for supplemental funding for mortgage modification and mortgage scam assistance. In addition, the department said there will be a heightened focus on providing services in languages other than English.

“The counseling programs this funding will support are crucial in helping thousands of families avoid foreclosure and remain in their homes,” said HUD Secretary Shaun Donovan. “Every day, our HUD-approved counseling organizations help families to make more informed choices about buying or renting.”

According to HUD, national and regional agencies will distribute much of the grant funding to HUD-approved community-based housing counseling organizations that provide advice and guidance to low- and moderate-income families seeking to improve their housing conditions. HUD said these larger organizations help improve the quality of housing counseling services and enhance coordination among their counseling providers.

By: Brittany Dunn

http://www.dsnews.com/articles/hud-to-award-79-million-in-grants-housing-counselors-nationwide-2010-07-30

The percentage of loans 90 or more days past due held by the nation’s largest mortgage company has declined for three months in a row.

According to a new monthly summary report released by Fannie Mae on Friday, the GSE’s single-family serious delinquency rate dropped 15 basis points to 5.15 percent in May. That follows a decline of 17 basis points in April and 12 basis points in March.

As DSNews.com previously reported, the March reading was the first time Fannie’s delinquency rate had dropped since March 2007, when it was a mere 0.62 percent. Since that time, the GSE’s past due loans have been steadily rising, with the pace picking up considerable over the last two years – that is until now.

Fannie’s fellow government-backed mortgage financier, Freddie Mac is also enjoying a drop in delinquencies. Last week, Freddie reported that its serious delinquency rate dropped below the 4 percent threshold, to 3.96 percent as of the end of June. Freddie, too, saw its first delinquency decline in three years in March of this year.

Fannie Mae’s latest monthly report also showed that the GSE’s mortgage portfolio grew at a compound annual growth rate of 6.3 percent in June to $817.8 billion, with the addition of $19 billion in 120-plus day delinquent loans that the company bought back from mortgage-backed securities (MBS) investors.

While Fannie Mae’s repurchases of these older, souring MBS loans may represent an area of credit-loss containment for the GSE, the company’s president and CEO, Michael Williams, says new loans picked up by Fannie have been borne out of tighter underwriting standards and are expected to perform much better.

Fannie Mae has “begun to build a new book of business with some of the highest-quality loans we have ever seen,” Williams told a group of industry professionals earlier this week.

The GSE issued $40.2 billion in new MBS in June, up 11 percent from May, and added $27.6 billion in new loan purchases to its portfolio during the month.

Fannie Mae’s total book of business shrank by an annualized rate of 10.9 percent to $3.22 trillion in June.

By: Carrie Bay

http://www.dsnews.com/articles/fannie-maes-serious-delinquency-rate-falls-for-third-straight-month-2010-07-30

 Real estate data provider Altos Research is taking a very bearish outlook on the housing market.

The California-based company says that ominous shadow inventory of distressed properties hanging over the

industry will lock home prices into a downward trajectory for the remainder of this year, with property values starting out 2011 even lower than they were in 2009.

Market trends charted by Altos show that inventory levels are indeed moving higher and the influx of shadow inventory is beginning to show in the market. The company’s VP of data analytics, Scott Sambucci, described a noticeable shift in housing supply dynamics in a Webinar earlier this week, in what he called “a sign of market weakness.”

Data provided by Altos as recently as January pointed to a steady decline in housing inventories over the previous 16 months, at both the national and local market levels. But Sambucci says that quickly changed after the first month of this year.

Since January, and particularly post-tax credit stimulus, Altos has tracked a rapid divergence in inventory numbers vs. listings sold and absorbed. This, Sambucci explained, means more inventory is coming onto the market, with less inventory leaving.

As a result, he says, we’re going to see an extreme inventory overhang going into 2011. Add to that the fact that the pool of viable buyers out there is shrinking – thanks to tight credit, a declining homeownership rate, and more and more consumers being locked out of the market after a foreclosure – and you’ve got an equation that’s right in line with Altos’ bearish outlook.

Following the rudimentary rules of supply and demand, more inventory with fewer takers equals lower prices.

Altos Research provided its assessment of the most stable housing markets…and the markets that it considers to be on shaky ground.

The San Francisco metro area topped the stable list, along with Las Vegas and Washington, D.C.

Unstable metros included Minneapolis, Denver, Chicago, and Phoenix.