FHA financing Is Helping South Florida Sales
The Federal Housing Administration is a primary source of mortgage financing for millions of America's families and plays a key role in helping bring stability to the housing market. This is the message that the National Association of Realtors® delivered to the Senate Appropriations Subcommittee today.
"Without FHA financing, families would be unable to purchase homes and communities would suffer from continued foreclosures and blight," said Lennox Scott, a member of NAR's Real Estate Advisory Board and CEO of John L. Scott Real Estate in Bellevue, Washington. In his testimony, Scott shared NAR's belief in the importance of FHA and concern for the safety and soundness of its programs due to its dramatic growth over a short period of time.
"We believe that FHA has done a good job stepping up to today's market challenges. However, along with the dramatic growth in market share comes greater responsibility and the need for increased infrastructure and staff," Scott said. Over the past 18 months, FHA has handled an increase in volume four times greater than 2007 levels, increasing its market share to over 30 percent.
Let’s take a look at the Miami Beach real estate sales statistics for February compared to February 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 March 2009 to March 2008. The number of single family homes sold in 2009 increased by 87.9 percent compared to 2008. The number of new homes on the market decreased by 33.2 percent.
The average sales price declined by 35.1 percent to $228,020, while the year-to-date average sales price declined 36.7 percent to $216,616.
|
Date |
New |
Sold |
Average |
Y-to-D |
|
March 2009 |
1,229 |
434 |
$228,020 |
$216,616 |
|
March 2008 |
1,841 |
231 |
$351,349 |
$342,259 |
Condo/Coop/Townhouse/Villa Sales in Miami
March 2008 market statistics for condo/townhouses etc. in Miami showed an increase in sales with sold listings up by 63.8 percent compared to 2008. New listings decreased by 31.5 percent. The average sales price dropped 50.9 percent to $177,683 and the year-to-date sales price dropped 45.9 percent to $176,990.
|
Date |
New |
Sold |
Average |
Y-to-D |
|
March 2009 |
1,176 |
303 |
$177,683 |
$176,990 |
|
March 2008 |
1,718 |
185 |
$361,575 |
$326,931 |
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 www.SearchBrowardMls.net .
Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed.
We will be going over the steps to home ownership, the $8,000 tax credit, the FANTASTIC grant programs currently available through Broward & Palm Beach County & various cities, some offering up to $100,000 and you don’t have to be a first time home buyer to qualify.
Check out: www.crafla.com for more information and read the attached link from a story that ran on April 13, 2009 in the Sun Sentinel:
http://www.sun-sentinel.com/news/local/broward/sfl-grants-foreclosed-homes-b040sbapr09,0,6330758.story
