Site blog for forclosures, Broward county properties for sale, and All south florida property listings.

Real Estate: It’s a great time to buy

Aided by the federal home buyer tax credit, which expired at the end of April, southeastern Wisconsin’s housing market showed some signs of improvement in the first half of the year.

However, it will probably take years for the market to return to its 2007 peak, and it remains to be seen how the market will perform in the second half of the year without the tax credit.

Home sales in the four-county (Milwaukee, Waukesha, Ozaukee and Washington) metro Milwaukee area were up 14.4 percent during the first half of 2010, compared with the first half of 2009, according to the Greater Milwaukee Association of Realtors (GMAR).

Sales in the metro area declined 2 percent in June, compared to June of 2009, a reflection that the expiration of the tax credit has slowed sales.

First-time home buyers received an $8,000 tax credit and repeat home buyers received a $6,500 tax credit for home purchases if a binding sales contract was signed by April 30.

Another major sign of good news for the region’s housing market: the average sale price of a home sold in the 8-county southeastern Wisconsin area increased to $181,824 during the first half of 2010, compared to $171,927 in all of 2009, according to MLS data provided by GMAR.

Milwaukee County led the region in home sale price growth, with an average sale price of $145,908 in the first half of 2010, up 12.7 percent compared to the first half of 2009.

However, the region’s average home sale price is still well below the 2007 peak of $227,165. Still, the uptick in the first half of the year could be an indicator that the area’s housing market has bottomed.

“I think we’ve hit bottom,” said John Horning, executive vice president of Brookfield-based Shorewest Realtors. “I think things have stabilized.”

Milwaukee area residential Realtors say the second and third tiers of the housing market, priced between $250,000 and $500,000 are the best performing segments right now.

The June data demonstrates that trend. Sales in Milwaukee County, which mostly has lower priced homes, were down 4.7 percent in June. Areas with more $250,000 to $500,000 homes performed better in June. Sales in Waukesha County were up 5.0 percent in June and sales in Ozaukee County were up 10 percent in June.

However, the strength of the second and third tier markets skews the data and provides a false impression that home values in the area are increasing. For the most part they still are not, said Ted Dentice, vice president and general sales manager for Shorewest Realtors.

Values of homes are not rising yet because, “there is still a tremendous amount of inventory in the market,” Dentice said.

The value of homes in the Milwaukee area will plateau for a while, Horning said. High unemployment plus a high number of short sales and bank-owned homes for sale are all major factors that will stagnate area housing values for awhile, he said.

The starter home market has cooled considerably since the tax credit expired in April, and the high-end market remains slow.

“July is typically a very busy and active market (for high end lake homes),” said Kristin Prange, owner of Premiere Properties Ltd., which specializes in the Waukesha County Lake Country area. “It’s still very quiet. I still think the upper tier is slow.”

Realtors say most sellers have become more realistic and have realized that housing values are not going to rise significantly anytime soon.

“You have to price appropriately for the market,” Dentice said.

Buyers, on the other hand, are taking their time, Realtors say. Most buyers have little sense of urgency because they know that it is still a buyer’s market and they have plenty of homes to choose from and little competition. That is a major shift from three years ago when the market was at its peak and buyers had to bid aggressively for a home they wanted to buy.

When the housing market collapsed and the economy sank into the Great Recession the number of homes for sale dropped dramatically as many homeowners decided to wait for the market to improve before selling. Realtors say some of those homeowners have gotten tired of waiting and the number of homes for sale has increase lately, even though prices have shown little improvement.

“I think people are just tired of all of the negativity and they just want to move forward,” said Kathy Domagalski of Coldwell Banker Residential Brokerage. “People have accepted the reality that (the market) is not going to change.”

Another sign that the housing market is improving in southeastern Wisconsin is that more homes began construction during the first half of the year, compared to the first half of 2009, although housing starts are still much lower than the 2004 peak.

For the first half of the year there were 479 single family and duplex housing starts in the metro Milwaukee area, up from 380 in the first half of 2009 but way below the 1,552 housing starts from the first half of 2004.

In Racine and Kenosha counties there were 137 housing starts in the first half of 2010, up from 119 in the first half of 2009, but well behind the peak of 780 during the first half of 2004.

The tax credit also provided a boost to home construction.

“We’ve definitely noticed the tax credit had an impact,” said Richard Hodges, executive director of the Metropolitan Builders Association.

One developer is planning a major housing development in Walworth County. Geneva, Ill.-based Sho-Deen Inc. wants to build 623 homes, priced between $180,000 and $300,000, on 221 acres southeast of County Highway F and Mound Road, in the Town of Delavan.

Residential real estate professionals expect the region’s housing market to show gradual improvement in the second half of the year. Although the economic recovery remains weak, Realtors are hopeful that buyers will take advantage of low interest rates (at about 4.5 percent at press time), low prices and attractive inventory.

“I think we are slowly coming out of it and into recovery,” said Tammy Maddente, executive vice president of First Weber Group. “There has never been a better time to buy. People are resilient. At some point they will say, ‘Screw it, I’m moving forward with my life.’ I think we will see recovery in the second half.”

“I’m looking forward to things picking up in the second half of the year,” said Bob Larson, general manager of First Weber Group.

Buyers can also take advantage of competition between homebuilders that are eager for work, Hodges said.

“There will never be a better time to build,” he said.

By Andrew Weiland , of BizTimes

Published July 23, 2010

http://www.biztimes.com/news/2010/7/23/real-estate-its-a-great-time-to-buy

Whether you are meandering down Fort Lauderdale’s Riverwalk after an amazing afternoon at the Museum of Discovery and Science, rollerblading through Hollywood Beach’s famed boardwalk on the beach or on a narrated tram tour at the Flamingo Gardens wildlife sanctuary, there is something about Broward County that is obvious. You will never be bored in Broward County!

Greater Fort Lauderdale centrally located between Miami and Palm Beach is by far the largest urban area in the county (the seventh largest in Florida), with an area including 31 municipalities and 1.9 million people. Anywhere you look, Broward County real estate is situated in a remarkable place because it is embraced by the Atlantic Ocean, New River and a myriad of scenic inland waterways, Fort Lauderdale truly lives up to its designation as the "Venice of America." With the rise of several industries, including high technology, avionics/aerospace, and film and television production, Broward County real estate offers an outstanding quality of life, highlighted by a semi-tropical climate, rich natural beauty and an array of cultural, entertainment and educational amenities.

Another Broward County real estate venture, Coconut Creek, is widely recognized as a well-planned community with a unique environmental consciousness touting an abundance of trees, waterways, attractive landscaped roads, beautiful parks, and butterfly gardens throughout our neighborhoods.  This is due to the City’s progressive planning approach to creating a unique lifestyle for residents and businesses.

Coral Springs was founded in 1963 and is one of the most successful planned communities ever built. The City is known for its quality schools and parks and recreation facilities.

No matter where you go in Broward County – progress and beauty are side by side.

February 8, 2010  |  Posted by denilou  

http://southfloridahomesforsale.net/broward-county-real-estate

Crunching the numbers Statistics show foreclosures likely to surpass 2009 levels

Repossessions climbed 38 percent in the first six months of 2010 compared to 2009 and were up five percent from the first quarter, foreclosure listing service RealtyTrac recently announced.

In all, lenders repossessed nearly 528,000 homes in the first six months of the year. If that rate continues through the end of the year, repossessions will likely top 1 million in 2010, up 100,000 from 2009.

Historically, about 100,000 homes per year in total are repossessed, according to Rick Sharga, senior vice president for RealtyTrac.

More than 7.3 million home loans are in the foreclosure process, with one in 78 U.S. homes receiving a foreclosure warning in June.

On average, it takes home owners 15 months to actually lose their property after they receive the initial warning, reports Lender Processing Services Inc.

Associated Press, Alex Veiga (07/15/2010)

Friday, July 23, 2010

The Ridgewood News

http://www.northjersey.com/community/announcements/99080749_Statistics_show_foreclosures_likely_to_surpass_2009_levels.html

We just had another scam hit our area.

This one is where an out of the country buyer tries to ratify a contract and "snail" mail a deposit to our escrow company.

Next they cancel the contract (based on HOA docs) and try to get the escrow company to wire deposit back...

(all before his original bad check clears)

With the ease of the Internet and the ability to write a contract with a client anywhere in the world. Throw in digital signatures where we can get it ratified within hours, we as agents and brokers have to be on our guard for such scams

ORLANDO, FL -- According to the Orlando Regional Realtor Association (ORRA), strong homebuyer demand continued in June, elevating the level of home sales and increasing the area's month-over-month median sales price for the sixth consecutive month. Completed sales on 2,834 homes in June, which is a 27.66 percent increase over the June 2009 mark of 2,220.

The number of new contracts filed in June 2010 (3,736) represents an increase of 1.36 percent more than were filed in June 2009 (3,686). The area's pending sales statistic -- also an indicator of future sales activity - is likewise remaining at a record high with 33.13 percent more homes (9,625) under contract and awaiting closing in June of this year than in June of last year (7,230).

And finally, the median price of all existing homes combined sold in June 2010 increased 0.87 percent to $116,000 from the $115,000 recorded in May 2010. June 2010's median price is, however, a decrease of 11.57 percent compared to June 2009's median of $131,175.

"Sales in June got a boost from the homebuyer tax credit, as buyers raced to close by the original deadline. The extended deadline of September 30, 2010 for closing tax credit eligible transactions will continue to increase sales in the next few months," explains ORRA Chairman of the Board Kathleen Gallagher McIver, RE/MAX Town & Country Realty. "Even with the expiration of the homebuyer tax credit, buying conditions remain favorable. Affordability, historically low interest rates, and a great selection of homes make this an excellent time to buy a home in Orlando."

June's $116,000 median price encompasses all types of sales situations and home types. The median price for "normal" sales is $175,000 (up 9.38 percent from last month's $160,000). The median price for bank-owned sales is $77,500 (down 4.32 percent from last month's $81,000), and the median price for short sales is $115,526 (up 4.78 percent from last month's $110,000).

Of the 2,834 sales in June, 911 "normal" sales accounted for 32.15 percent of all sales, while 1,211 bank-owned and 712 short sales made up 67.85 percent.

The Orlando affordability index decreased to 226.29 percent in June. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $53,105 can qualify to purchase one of 12,178 homes in Orange and Seminole counties currently listed in the local multiple listing service for $262,496 or less.

First-time homebuyer affordability in June decreased to 160.92 percent. First-time buyers who earn the reported median income of $36,111 can qualify to purchase one of 8,204 homes in Orange and Seminole counties currently listed in the local multiple listing service for $158,664 or less.

Homes of all types spent an average of 85 days on the market before coming under contract in June 2010, and the average home sold for 95.33 percent of its listing price. In June 2009 those numbers were 104 and 93.83 percent, respectively. The area's average interest rate decreased in June to 4.84 percent.
 
Inventory

There are currently 16,304 homes available for purchase through the MLS. Inventory increased by 341 homes from May 2010, which means that 341 more homes entered the market than left the market. The June 2010 inventory level is 8.56 percent lower than it was in June 2009 (17,831). The current pace of sales translates into 5.75 months of supply; June 2009 recorded 8.03 months of supply.

There are 12,353 single-family homes currently listed in the MLS, a number that is 509 (3.96 percent) less than in June of last year. Condos currently make up 2,568 offerings in the MLS, while duplexes/town homes/villas make up the remaining 1,383.
 
Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area increased by 48.54 percent in June when compared to June of 2009 and decreased by 4.99 percent compared to May of this year. To date, condo sales are up 85.20 percent (3,328 condos sold to date in 2010, compared to 1,797 by this time in 2009).

The most (326) condos in a single price category that changed hands in June were yet again in the $1 - $50,000 price range, which accounted for 53.53 percent of all condo sales.

Orlando homebuyers purchased 291 duplexes, town homes, and villas in June 2010, which is a 59.02 percent increase from June 2009 when 183 of these alternative housing types were purchased. Fifty duplexes, town homes, and villas sold in June 2010 fell into the $100,000 - $120,000 price categories.
 
MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in June were up by 20.85 percent when compared to June of 2009. Throughout the MSA, 3,495 homes were sold in June 2010 compared with 2,892 in June 2009.

To date, sales throughout the MSA are 38.33 percent above this time in 2009 with 17,957 homes exchanging hands compared to 12,981. Each individual county's year-to-date sales comparisons are as follows:
 

• Lake: 23.47 percent above 2009 (2,283 homes sold to date in 2010 compared to 1,849 in 2009);
• Orange: 41.33 percent above 2009 (9,701 homes sold to date in 2010 compared to 6,864 in 2009);
• Osceola: 24.56 percent above 2009 (3,079 homes sold to date in 2010 compared to 2,472 in 2009); and
• Seminole: 61.14 percent above 2009 (2,894 sold to date in 2010 compared to 1,796 in 2009).

Posted by Michael Gerrity 07/14/10 4:11 PM EST  http://www.realestatechannel.com/us-markets/residential-real-estate-1/real-estate-news-orlando-homes-for-sale-orlando-condo-for-sale-orlando-regional-realtor-association-orra-home-buyer-tax-credit-remax-orlando-home-sales-2845.php

Thirty-one percent of all residential properties sold in the first quarter of 2010 were foreclosure properties, according to data released Tuesday by Foreclosure Deals, an online resource of foreclosure listings from across the country.

Experts at the Miami-based company believe the statistic shows that people are continuing to turn to the foreclosure market as a plentiful source of low cost homes.

With 232,950 foreclosure homes sold during the first quarter of this year, that total is down slightly from the final quarter of 2009, and 33 percent below the total foreclosure homes sold in the first quarter of 2009, Foreclosure Deals reported.

The decline in total sales could be an indication of a shrinking market, but falling prices over the same period show that foreclosure homes can still be purchased at prices far below the national average.

According to Foreclosure Deals, the price of a foreclosure during the first quarter was 27 percent below the average sale price of a traditional home sale. That’s up from an average discount of 21 percent in 2006.

“Buyers are attracted to foreclosures because they offer tremendous discounts,” said James Foxx, a business analyst with Foreclosure Deals. “The numbers show that each year, the total number of foreclosures sold has increased, and that’s not just a reflection of supply. They’re very popular, and for good reason, there’s no better investment value in real estate currently out there.”

According to industry statistics provided by Foreclosure Deals, foreclosure home sales did increase by 25 percent from 2008 to 2009, and over 320 percent since 2007.

During the first quarter of this year, the company found that foreclosures accounted for more than 50 percent of home sales in California, Nevada, and Arizona. Foreclosure homes accounted for at least 33 percent of all sales in Michigan, Massachusetts, Florida, Georgia, and Illinois.

Foreclosure Deals says REO properties accounted for 19 percent of all residential sales during Q1, with an average market value discount of 34 percent. Pre-foreclosure or short sales accounted for 12 percent.

Ohio had the highest average discount on a foreclosed home in the first quarter, at 39.5 percent below market value. Close behind were Kentucky and Illinois at 39 percent, and California and Tennessee at 37 percent.

“The statistics show that buyers and investors are getting some great deals,” Foxx said. “And you don’t have to buy in the really tough markets, like Las Vegas, Nevada or Phoenix, Arizona to find them.”

Carrie Bay    http://www.dsnews.com/articles/report-31-of-home-sales-in-q1-were-foreclosures-2010-07-14

The combination of a down economy and high levels of housing inventory has put sellers at a disadvantage as home prices have continued to drop throughout the summer.

According to a report released Wednesday by Trulia, 24 percent of listings on the market as of July 1, 2010 experienced at least one price reduction, a 9 percent increase from the previous month. The total dollar amount slashed came in at $27.3 billion, and the average discount for price-reduced homes continued to hold steady at 10 percent off of the original listing price.

“Sellers are feeling the heat this summer as the economic recovery simmers down and home inventory levels climb,” says Pete Flint, co-founder and CEO of San Francisco-based Trulia. “We’re seeing more and more sellers reduce their home listing prices to attract potential buyers, who definitely have the upper hand in negotiations this season. The slow start to the summer season is a major concern that we are heading towards a double-dip in the second half of this year.”

Trulia said many of the largest U.S. cities saw significant increases in price reduction levels, as 22 of the top 50 cities across the nation experienced price reduction levels at 30 percent or more, compared to just 10 cities the month prior.

Minneapolis once again led the way with 40 percent of its home listings experiencing at least one price cut. Trulia said this marked the third straight month that Minneapolis has held the top spot, and the company noted that no other city has reached the 40 percent mark since it began tracing home price reductions in April 2009. With an average discount for price-reduced homes at 9 percent, the city’s total dollar amount cut from home prices was $30.1 million.

On a regional basis, the West led the nation with price reduction increases. While cities in the Western region experienced a decrease in price cuts during the first half of this year, things were different this month, as these same cities experienced some of the largest upticks in price reductions compared to the previous month.

According to Trulia, price reductions in Oakland surged 38 percent from the month prior, and San Diego saw price cuts soar by 25 percent. Additionally, Honolulu experienced a 21 percent increase from one month to the next, and price reductions in Las Vegas jumped 20 percent.

Regardless of location, Trulia found that the luxury market was hit the hardest, as price reduction levels for homes listed at $2 million and above continued to provide large discounts. Trulia said an average of 14 percent was slashed off of the original listing price of these homes, compared to the average discount of 9 percent for homes priced less than $2 million.

http://www.dsnews.com/articles/home-price-reductions-surge-9-giving-buyers-negotiation-power-trulia-2010-07-14

Brittany Dunn

The Fort Lauderdale real estate market is rather unique. It has been the center of attention nationwide over the past few years. In talks on the boom and crash, it can be near impossible not to hear Florida mentioned inside exact same sentence with California, Arizona and Nevada. These markets seem to bring so much interest on a national level, mainly due to their severe cost appreciations and depreciations. These markets are areas exactly where large profits and losses take spot by investors.
In between the many years 2001 to 2005, just like quite a few other markets, Fort Lauderdale experienced record appreciation and costs sky rocketed.  In 2006 and later, price ranges began to free of charge fall down. Inside middle of 2009, some stability at the bottom happened from the low end housing market. While the supply of foreclosures hitting the market is still high, rates leveled off in the bottom. Properties now make so much investment sense, that there's a high demand for these homes.<br />
Florida and additional specifically, Fort Lauderdale, is really different from other markets as a consequence of the following:
·   Limited provide of land- While using ocean towards the east and the everglades to the west, Fort Lauderdale has a restricted offer of land, which limits the amount of homes that may be constructed the following. This really is why we specialize in investment houses and have strayed away from the investment condo market where by an endless deliver can and continues to be built. From North Dade County, throughout all of Broward County and into Southern Palm Beach County, there may be no far more buildable land. Other boom markets for example the ones previously discussed have unlimited supply of land for builders to construct homes when the markets are great.
·   More people coming than going- With our beautiful beaches and tropical weather, Fort Lauderdale has been and will carry on to possess much more folks coming in than going out. People from up north have often seemed to have a soft spot for Florida and that trend is continuing now a lot more than ever with the baby boomer generation entering retirement.  With Miami becoming increasingly more of an international capital city, there's a good deal of foreign migration towards the Fort Lauderdale area. All of these men and women need somewhere to call residence.
·   A powerful rental market- Even though you'll find a great deal of condos and apartments to rent the following, there's a restricted deliver of homes. With a growing population and a large portion of persons wanting to live in the single household property, this makes for a competitive rental market. Rental price ranges for single household homes have remained powerful and will continue to do so as a result of this.
·   A market hit extraordinarily hard by the real estate crash- Fort Lauderdale has generally been a spot of excess. In the course of the real estate boom prices rose right here just like practically everywhere else, but to more of an severe. This was due to creative financing that was pushed a lot more in Fort Lauderdale along with the lack of knowledge in the buyer's side. What goes up, should come down plus the market right here is no different. Now inside the aftermath from the real estate crash, we are left with deals that are once in a life time. Even though inside the peak on the market, investors had been purchasing rental properties that were $600 a month negative money flow, now they're $600 a month positive money flow. 

  </p>
<br><br> <b>Author Resource:-></b>  <br><br><b>Article From</b> <a href='http://www.ubscure.com/'>Ubscure</a><br></body></html>