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Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit but remains comfortably above a year ago, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 16.0 percent to 96.0 from an upwardly revised 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.

Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”

Let’s take a look at the Miami real estate sales statistics for December compared to December 2008 to see how the market is looking in South Florida: 

Single Family Homes Sales in Miami

The Miami market is representative of the South Florida market as a whole when comparing December 2009 to December 2008. 

The number of single family homes sold in 2009 decreased by 4.3 percent compared to 2008. The number of new homes on the market decreased by 30.2 percent. The average sales price declined by 3.9 percent to $235,041, while the year-to-date average sales price declined 29.7 percent to $211,707. 

Condo/Coop/Townhouse/Villa Sales in Miami

December 2009 market statistics for condo/townhouses etc. in Miami showed an increase in sales with sold listings up by 48.7 percent compared to 2008. New listings decreased by 7.8 percent. The average sales price decreased by 5.3 percent to $176,281 and the year-to-date sales price dropped 32.7 percent to $175.041.

If you want to learn more about South Florida real estate, please contact us at 754-204-0069 or visit www.SouthFloridaHomeSolutions.com

To begin searching for South Florida homes, please use our complimentary MLS  search. www.SearchBrowardMLS.net  

Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed.

 Today, foreclosure is an overwhelming reality for millions of homeowners. However, more than 70% of homeowners proceed without seeking assistance and without getting the facts.

At http://www.ForeclosureRecoveryTeam.com I’ve prepared a free report to lay out the first steps you should take when upside-down on a mortgage and unsure of what to do next! You will learn the advantages and disadvantages to all your options, while putting together an efficient outline of how to take advantage of whichever one you choose.

I sincerely hope you will take advantage of this information and feel free to pass it along to anyone you know in need. Getting the right information is the key to getting back on track.

Please, contact me any time with your questions or concerns. I’m here to assist you.

Michael Peron

Foreclosure Recovery Team

754-204-0069

CNN/Money Reports:

 "It's going to be harder to get a government-backed mortgage from now on. Looking to shore up its weakening finances, the Federal Housing Administration has announced stricter standards. The agency, which insured nearly a third of new mortgages in 2009, will increase the premium it charges for its mortgage insurance and require those with weaker credit scores to come up with larger down payments. The FHA will also reduce the amount of money a seller can provide a homebuyer for closing costs, as well as tighten its enforcement of lenders."

 Now some borrowers will have to make a 10% down payment and there are some in Congress considering forcing FHA to increase all down payments to 5.0%.  These moves come after FHA has tightened guidelines with regard to financing those who have had short-sales, appraisal requirements, FHA streamline refinances, condominium financing and more. 

There is no doubt about the fact that FHA is THE program in this market. FHA is rapidly approaching a 40% market share and remains the one hot program in a market in which most other programs have tightened requirements significantly or been eliminated from the menu. Well, this equation is rapidly changing with new requirements being issued it seems every week. These new guidelines include:

• Waiver of property flipping rule
• New appraisal guidelines delayed until February 15 
• Deregulation of the 1.0% Origination Fee
• Proposal to eliminate broker approval requirement.

749 NW 5th Street
Hallandale Beach, FL 33009
4 bedroom, 2 bathroom, CBS. central AC; Needs: roof work and interior updating
Price: $49,900

1125 NW 2nd Street
Fort Lauderdale, FL 33311
Quadplex - All 4 units are 2 Bedroom, 1 Bathroom, CBS. Needs interior updating. Would make a great section-8 rental at around $1,000 or better per unit.
Price: $89,000

932 NW 3rd Avenue
Fort Lauderdale, FL 33311
Duplex, 1/1 on each side. Most of the rehab has already been completed. Windows already replaced and fixed, however boarded for protection. Tile floors throughout, updated bathrooms, most electrical work and plumbing done.
Price: $55,000

3770 NE 16th Avenue
Pompano Beach, FL 33064
3 bedroom, 2 bathroom, 1 car garage. CBS, 1388 sq ft, tile throughout Needs: kitchen and general updating.
Price: $79,000

1861 Wilmington Street
Opa Locka, FL 33054
Lake view. 3 bedroom, 2 bathroom, CBS. Tile throughout, central a/c. Clean property, great rental
Price: $55,000

5820 Wilson Street
Hollywood, FL 33021
3 bedroom, 1 bathroom, CBS. Nice area, needs general updating.
Price: $ 59,900

2946 NW 191st Lane
Opa Locka, FL 33058
3 bedroom, 1 bathroom, CBS. central a/c, tile throughout. Kitchen and bathroom are in great shape. Property needs very little work. Rent ready
Price: $49,900

3901 36th Ct unit 212c
West Palm Beach FL 33407
Price: $16,000

1129 Lake Victoria Dr #43L
West Palm Beach, FL 33411
Rent ready
Price: $18,000

This story gave me some great food for thought!

 There was once a stone cutter who was dissatisfied with himself and with his position in life.  One day he passed a wealthy merchant’s house.  Through the open gateway, he saw many fine possessions and important visitors.  “How powerful that merchant must be!” thought the stone cutter.  He became very envious and wished that he could be like the merchant.

To his great surprise, he suddenly, miraculously, became the merchant, enjoying more luxuries and power than he had ever imagined, but envied and detested by those less wealthy than himself.  Soon a high official passed by, carried in a sedan chair, accompanied by attendants and escorted by soldiers beating gongs.  Everyone, no matter how wealthy, had to bow low before the procession.  “How powerful that official is!” he thought.  “I wish that I could be a high official!”

Then he became the high official, carried everywhere in his embroidered sedan chair, feared and hated by the people all around.  It was a hot summer day, so the official felt very uncomfortable in the heavy sedan chair.  He looked up at the sun.  It shone proudly in the sky, unaffected by his presence.  “How powerful the sun is!” he thought.  “I wish that I could be the sun!”

Then he became the sun, shining fiercely down on everyone, scorching the fields, cursed by the farmers and laborers.  But a huge black cloud moved between him and the earth, so that his light could no longer shine on everything below.  “How powerful that storm cloud is!” he thought.  “I wish that I could be a cloud!”

Then he became the cloud, flooding the fields and villages, despised by everyone.  But soon he found that he was being pushed away by some great force, and realized that it was the wind.  “How powerful it is!” he thought.  “I wish that I could be the wind!”

Then he became the wind, blowing tiles off the roofs of houses, uprooting trees, feared by all below him.  But after awhile, he ran up against something that would not move, no matter how forcefully he blew against it – a huge, towering rock.  “How powerful that rock is!” he thought.  “I wish that I could be a rock!”

Then he became the rock, more powerful than anything else on earth.  But as he stood there, he heard the sound of a hammer pounding a chisel into his hard surface, and felt himself being changed.  “What could be more powerful than I, the rock?” he thought.

He looked down and far below him saw – a stone cutter.

The Commerce Department reported that the combined construction of new single-family homes and apartments in November rose 8.9% to a seasonally adjusted annual rate of 574,000 units. Applications for new building permits, seen as an indicator of future activity, rose 6%, the highest level since November 2008.

The producer price index, which tracks wholesale prices, rose 1.8% in November, following a 0.3% increase in October. Economists had expected a gain of 0.8%.

Industrial production at the nation’s factories, mines and utilities rose 0.8% in November, following a revised 0.1% increase in October. The overall factory-operating rate rose to 71.3% of capacity in November from 70.6% in October.

 The National Association of Home Builders/Wells Fargo housing market index fell one point in December to 16. An index reading below 50 indicates negative sentiment about the housing market.

The Labor Department reported consumer prices rose 0.4% in November. In a positive sign, the core index for inflation, which excludes the volatile categories of food and energy costs, remained unchanged after 10 consecutive monthly increases.

 Initial claims for unemployment benefits rose by 7,000 to 480,000 in the week ending December 12. Continuing claims for the week ending December 5 rose by 5,000 to 5.186 million.

 The index of leading economic indicators designed to forecast economic activity in the next three to six months rose a better-than-expected 0.9% in November after a 0.3% gain in October. It was the eighth straight monthly increase.

 Upcoming on the economic calendar are reports on existing home sales on December 22, new home sales on December 23 and durable goods orders on December 24.

82 FLORIDA TOWNHOMES FOR SALE IN THE FLORIDA PANHANDLE. PLEASE REVIEW THE INFORMATION BELOW AS WELL AS THE PORTFOLIO. THIS PACKAGE IS BEAUTIFUL AND WILL CERTAINLY SELL QUICKLY. PLEASE PRESENT AN OFFER WITH A LOI & POF. SELLER LOOKING FOR AN IMMEDIATE CLOSING.  THE UPB IS APPROXIMATELY $33M.  ALL OFFERS MUST INCLUDE A REFUNDABLE ESCROW DEPOSIT. SELLER LOOKING FOR CASH OFFERS ONLY. THIS PACKAGE IS NOT A PUBLIC OFFERING. THESE RESIDENCES ARE TOP OF THE LINE PROPERTIES LOCATED ON THE WATER. EXTREMELY HIGH END LIVING.

 Amenities
[1] 24-hour Fitness Center
[1] Business Center
[1] Full Clubhouse
[1] Heated Resort Style Swimming Pool and Recreation Deck
 Individual Garages Available
[1] Lake-front views available
[1] Medical Center
[1] Reserve Parking
[1] Separate Poolside men's and Woman's Dressing Rooms

Existing home sales rose 10.1% in October to a seasonally adjusted annual rate of 6.1 million units from 5.54 million units in September. The increase was largely due to the tax incentive for first-time homebuyers. The inventory of unsold homes on the market fell 3.7% to 3.57 million, a 7-month supply at the current sales pace, and the lowest level since February 2007.

The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 2.8% in the third quarter of 2009, rather than the 3.5% increase initially reported last month.

The Standard & Poor’s / Case-Shiller 20-city housing price index rose 0.27% in September. It was the fourth consecutive monthly gain and follows a 1.13% increase in August.

The Conference Board reported that its consumer confidence index rose to 49.5 in November from a revised 48.7 in October. Economists had expected a reading of 47.3. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.

The Commerce Department reported new home sales rose 6.2% in October to a seasonally adjusted annual rate of 430,000 from an upwardly revised rate of 405,000 in September. It was the highest level since September 2008. Economists had expected a pace of 410,000.

Orders for durable goods — items expected to last three or more years — fell 0.6% in October after a revised 2% gain in September. The drop was largely due to an 18.4% decrease in orders for defense-related goods.

The Commerce Department reported that consumer spending rose 0.7% in October, higher than economists had anticipated. Personal income increased 0.2%.

Initial claims for unemployment benefits fell by 35,000 to 466,000 in the week ending November 21. Continuing claims for the week ending November 14 fell by 190,000 to 5.42 million, the lowest level since the week ending February 28.

The U.S. Senate’s chief Democrat, Majority Leader Harry Reid (Nevada), said Wednesday that his party has reached a consensus to extend the first-time home buyer tax credit, which is set to expire November 30.

Senate Banking Committee Chairman Christopher Dodd (D-Connecticut) has voiced the same sentiment to the media today, as well.

But the party support isn’t one-sided. Reuters reported that the chamber’s foremost Republican, Sen. Mitch McConnell (Kentucky), acknowledged that most senators support the measure, quoted by the news agency as saying he shares Reid’s view.

Reid summed it up on the Senate floor when he said, “There has been general agreement by a significant number of senators, Democrats and Republicans, to get this done.”

As DSNews.com reported Tuesday, the proposal gaining the most favor among Senators was an amendment offered up by Reid and Senate Finance Committee Chairman Max

Baucus (D-Montana), which would extend the tax incentive until the end of 2010, but reduce the credit amount with each quarter.

Take two: The tax break measure has gotten yet another makeover. The latest version reduces the credit to 10 percent of the sale price, with a cap of $7,290 – as opposed to the $8,000 maximum currently in place. The benefit could be applied to home sales signed – not closed – by April 30, 2010, allowing 60 days beyond that date for closing.

It would also be opened up to buyers who have lived in their current residence for at least five years, so-called step-up buyers. The income limits for first-time home buyers would stay the same – $75,000 for individuals, $150,000 for couples – but increase for step-up buyers to $125,000 for individuals and $250,000 for couples.

Andrew Parmentier, a managing partner at Height Analytics, a research firm in Washington, told Bloomberg Newsthat the demand for new homes and condominiums may more than double with step-up buyers as part of the equation. “You just opened up a whole new pool of people who can buy into those empty homes and empty condos that were built out,” Parmentier said – a move that would aid the existing-home market as well, as overall inventory levels are reduced.

A Senate vote on the credit extension was expected to come last night, but reportedly got entangled in legislative procedural issues. The tax credit amendment did not get attached to an insurance benefit bill, which did pass Tuesday night, as intended. Despite the red-tape roadblock, senators say a decision will be made sometime this week.

10/28/2009 BY: CARRIE BAY     http://www.dsnews.com/articles/senators-say-homebuyer-tax-credit-is-in-bag-update-2009-10-28