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Realtors and home builders are pleased Congress recognizes the need to stimulate the overall housing market, not just help borrowers facing foreclosure. The House included a tax credit for first-time home buyers in the housing measures that passed May 8. The tax credit would induce many Americans who don't own a home "to at least take a look at what's out there," said Jerry Giovaniello, senior vice president and chief lobbyist for the National Association of Realtors. Once they look, many will buy, he said, since interest rates are low and housing inventory is good. | Home buyer tax credit | | What: Temporary tax break designed to stimulate housing demand | | Who's eligible: First-time home buyers | | Amount of credit: Up to $7,500; amount would phase out for individuals with incomes of $70,000 or more ($140,000 for married couples) | | Catch: Taxpayers would have to repay the credit, without interest, over 15 years | | Expiration date: Break would expire one year after bill's enactment | | Status: Part of housing package passed by House May 8; must pass Senate and be signed into law by president before going into effect | | Source:National Association of Home Builders |
NAR Chief Economist Lawrence Yun predicts the tax credit would boost sales of new and existing houses by 1 million homes over a year. "That is huge," Yun said. It would bring annualized home sales to 6.5 million, compared with their current pace of 5.5 million. That's still well below the "frenzy level" of 8.3 million in 2005, he said. "It is just a restoration of home sales to the pre-boom years," he said. The National Association of Home Builders is more conservative in its estimate of the tax credit's impact. NAHB expects the credit, as currently written, to boost sales by nearly 100,000 homes. The indirect impact would be bigger, since many owners of homes sold to first-time buyers would then buy new homes themselves, said Jerry Howard, the association's CEO. An increase in housing activity would help millions of existing homeowners as well as those who depend on building and selling homes for a living, tax credit supporters contend. "Without bold action to spur housing market activity, inventories across the country may continue to grow, placing downward pressure on home prices and wiping out equity that so many Americans have worked so hard to build," said Rep. Bill Pascrell Jr., D-N.J. "It's vitally important that this gets done," Howard said. Under the bill, first-time home buyers would be eligible for a tax credit of up to $7,500 to use as a down payment for a house. The amount of the credit would phase out for higher-income taxpayers. It would have to be used within a year of the bill's enactment. Taxpayers would have to repay the amount of the credit to the government over 15 years -- essentially making it an interest-free loan from the government. Some doubt tax credit's impact Critics of the tax credit contend it would have only a minimal impact on home sales. "The vast majority of this tax credit would likely subsidize taxpayers who would have purchased homes anyway," the White House's Office of Management and Budget contended in a May 6 statement opposing the bill. Plus, the "unprecedented" provision requiring users of the credit to pay back the government "would be complex and burdensome," both for taxpayers and the Internal Revenue Service, the OMB statement contended. The president's senior advisers would recommend a veto of the House's housing package in its current form, the statement said. The White House particularly opposes a provision that would allow the Federal Housing Administration to insure up to $300 billion of refinanced mortgages for borrowers who can't meet their payments on their current loans. "It would force FHA and taxpayers to take on excessive risk and jeopardize FHA's financial solvency," the statement said. House Republicans shared similar concerns about the FHA provision. Many also doubted whether the tax credit would lead to many purchases by first-time home buyers. "This no-interest loan is structured so low, $7,500, it won't allow them to buy a home," said Rep. Kevin Brady, R-Texas. The fact that home buyers would have to pay the credit back to the government makes it "rather useless in trying to stimulate the housing market," said Rep. Lee Terry, R-Neb. "This is really a faux or phantom tax credit." Credit could be strengthened NAHB's Howard hopes the tax credit will be strengthened when the Senate takes up the housing package. For example, Congress could forgive some of the credit for buyers who stay in their houses a certain number of years. Or Congress could enact a larger tax credit for a shorter period of time, which could have an even greater stimulative effect, Howard said. In any case, the tax credit concept is "gaining momentum," he said. Several thousand Realtors visited Capitol Hill the week of May 12 to keep that momentum going. Besides the tax credit, the housing industry also is pushing to make FHA-backed mortgages more available. It also wants Fannie Mae and Freddie Mac, government-sponsored enterprises that buy mortgages, to play a bigger role in the market. Howard is confident a housing compromise can be worked out that will be acceptable to President Bush. "We're pretty optimistic this thing is going to get done before the Fourth of July," Howard said. Homes for Sale Tampa Fl
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"Dual-income customers should definitely buy a home now," says George Kaiser, vice president of banking operations for Northbrook Bank and Trust and West America Mortgage Co., its sister company. "People with assets in reserve and a credit score of at least 680 should buy as well. Anyone with a credit score less than that will have to verify their income." Renters who have stable jobs might find this a good time to try homeownership because of the lower prices, says Scott Rose of Coldwell Banker in Deerfield, Ill. William Chu, senior mortgage loan consultant, American Chartered Bank, suggests it's a particularly good time to look at the higher end properties if you can afford them because with the pool of buyers shrinking, upper market sellers are lowering their prices to attract a larger pool. "So if you qualify, you could purchase a more expensive home at a much lower price than you could a few years ago," he says. However, as always, consumers need to shop intelligently, avoid risk and buy what they can afford. Kaiser warns that potential homebuyers must not get in over their heads. They should feel comfortable with their mortgages and be confident they can handle the payments along with taxes and insurance. Those with lower credit scores will find it a little tougher. "If you have some credit challenges or less than 20 percent down, be prepared for higher interest rates due to risk-based lending," says Rose. Tampa Fl Real Estate
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Homeowners reluctant to sell because prices have fallen should do the math and realize that the market downturn could work in their favor, say real estate practitioners in hard-hit, but still pricey Boston.
Their reasoning may work in many other parts of the country as well.
“People are finding houses at prices they thought they’d never see again,” says David W. O’Neil of Century 21 Spindler & O’Neil Associates in suburban Boston.
O’Neil points out to potential sellers that if the house a buyer covets used to be $500,000 but its price has fallen 20 percent to $400,000, it is a deal, even if the buyer’s own home also has lost 20 percent of its value.
In general, the toughest sell is people who bought about four years ago at the height of the market, says Zur Attias of The Attias Group at Barrett & Co. in Concord, Mass. But even for these homeowners, selling now may make sense as long as they can at least break even.
He argues that almost everyone forgoes something, and probably several things, that he or she wanted when buying a house. For instance, the home may be in the right school district but on a busy street. Or it may in a great neighborhood, but it’s a Cape, not a Colonial. These are things Attias calls “unchangeables.”
He says it’s a good time to sell if a seller can get rid of the most negative unchangeables in his current home and replace them with better unchangeables in a new home. Once the market really turns around, the growth will be bigger in the better house, he predicts. tampa Fl Real estate
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LOS ANGELES – April 8, 2008 – Canadians, especially those who live in U.S. border areas, are snapping up vacation homes in the U.S. as the Canadian dollar gains value against the declining American dollar.
Developers in the finger lake areas of Washington State say more than 80 percent of buyers are Canadian. “The Canadians are just running out of space, and affordable space at that, so it’s driving them across the border,” says Chris Branch, city planner for Oroville, Wash.
The largest number of Canadians seeking U.S. property head to Florida. California was second in popularity, according to a survey by the National Association of Realtors® (NAR).
How can you capitalize on Canadian buyers? Greg Moesser, estates director at Prudential California Realty in Beverly Hills, says a strong Internet presence with an international flair is crucial because Canadians frequently familiarize themselves with U.S. housing markets online before they search for a specific property in person. Visit us online for the best deals on Tampa Fl Real Estate
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Sales of single-family homes in Lee County soared in February as buyers were spurred into action by a sharp drop in prices. The median price of a home sold with the assistance of a Realtor was $211,900, off 9 percent from January's $234,000. Sales were up 32 percent from 338 to 445, according to a report Monday by the Florida Association of Realtors. Prices have been falling steadily for about two years in Lee County, although last month's sales were exactly the same as a year ago. Lee sales of single-family homes in February held steady at 445 while the median price plunged 17 percent from $254,200 a year earlier. Meanwhile, in a separate report Monday, the National Association of Realtors issued a report saying that after falling for six straight months, sales of existing homes posted an unexpected increase in February that may have reflected more aggressive price-cutting by sellers in Florida and California. The most dramatic evidence of that locally was at the Coral Lakes subdivision in Cape Coral, where Fort Myers-based businessman O.J. Buigas last week purchased 116 completed but never-lived-in residences in the project for $13.5 million from Engle Homes. Engle's parent company, Tousa Inc., is seeking to reorganize under federal bankruptcy protection. Buigas immediately reduced the prices at Coral Lakes by about 40 percent. "We're only at 29 homes available out of 116," said Fort Myers-based real estate broker Denny Grimes of Denny Grimes & Co., who's handling the sales. "There were some investors but I'd say it's at 75 percent end users or people who want to rent out for awhile before living there. People didn't come in and buy a baker's dozen." The people buying are putting down non-refundable 5 percent deposits and often already have financing when they sign, he said. One of the buyers was Mary Grace Munoz, 57, of Cape Coral, who with her husband Walter bought two single-family homes for $133,000 each. "These were super, super values and possibly one day in the future I'll want to move to a smaller house, maybe downsizing when we're in our 70s," said Munoz, who said she was especially impressed with the community's amenities such as a clubhouse, pool, basketball courts and softball field. Her son and daughter each bought a house, she added. Real estate agent Brett Ellis of RE/MAX Realty Group in Fort Myers attributed the pickup in sales to the rising number of foreclosures. A total of 1,674 foreclosure actions were filed in circuit court in February, down from a record 1,833 in January but up sharply from 624 in February 2007. "There are more foreclosures in the lower range because that's where foreclosures are concentrated, and that's what skews the price down," he said. Buyers are snapping up the foreclosure sales, which generally are priced to move, he said. The Coral Lakes sales show that lower prices stimulate purchases, Ellis said, but they'll also likely cause some who bought there for the old, higher prices to walk away from their mortgages and go into foreclosure. One banker said, however, that the trend toward foreclosures may abate as lenders work with clients to keep them in their homes. Richard Purdy, senior vice president of asset preservation at Coral Gables-based BankUnited Financial Corp., said, "Where there are more people working with banks on their current situations, if that puts fewer homes in foreclosure, that should be having a stabilizing impact on the market itself." BankUnited is working with people to help them keep their houses, he said. "If it's someone who's lost his job and just needs a little breathing room, we can accept something other than the note payments for a fixed period of time." Statistics aren't available for Collier County, but in Charlotte County the median price fell 25 percent from $201,100 in February 2007 to $151,300 while the number of sales fell 7 percent from 216 to 201. Statewide, the median price fell 16 percent to $198,900 from $237,000 while the number of sales fell 25 percent from 11,132 to 8,310 from a year earlier. The National Association of Realtors said that nationwide sales of existing homes rose by 2.9 percent in February to a seasonally adjusted annual rate of 5.03 million units. It was the biggest increase in a year and caught economists by surprise. They had been expecting a small decline. The trade group reported that the median existing sales price in February fell to $195,900. That was the largest year-over-year drop in records that go back to 1999. Tampa Fl Real Estate
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ORLANDO, Fla. — Nov. 28, 2007 – Disruptions in the mortgage market and tightening credit continued to impact Florida’s housing sector in October. Statewide, sales of existing single-family homes totaled 9,165 last month while 12,846 homes sold in October 2006 for a decrease of 29 percent in the year-to-year comparison, according to the Florida Association of Realtors® (FAR).
While the latest market outlook from the National Association of Realtors’® (NAR) expects conditions for the mortgage industry to improve in the coming months, it predicts that the impact of the credit crunch will continue to be felt through the end of this year, leaving home sales fairly flat. Keeping the current housing market in perspective, 2007 will be the fifth highest year on record for existing-home sales, according to NAR Senior Economist Lawrence Yun. “It appears raw inventories are stabilizing, but the housing supply is a bit inflated now because the sales pace does not reflect underlying market conditions – sales were dampened by the mortgage cancellations,” he says.
Florida’s median sales price for existing single-family homes last month was $222,100; a year ago, it was $242,700 for an 8 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In October 2002, the statewide median sales price for single-family homes was $140,900, for an increase of 57.6 percent over the five-year-period, according to FAR records.
The national median sales price for existing single-family homes in September 2007 was $210,200, down 4.9 percent from a year ago, according to NAR. In California, the statewide median resales price was $530,830 in September; in Massachusetts, it was $340,000; in Maryland, it was $295,121; and in New York, it was $213,600.
Sales of existing condominiums in Florida also decreased last month, with a total of 2,819 condos sold statewide compared to 3,508 in October 2006 for a 20 percent decline, according to FAR. The statewide median sales price for condos last month was $192,400, down 8 percent from October’s 2006’s condo median price of $209,500. NAR reported the national median existing condo price was $221,700 in September 2007.
Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.38 percent, according to Freddie Mac, just slightly higher than the average rate of 6.36 percent in October 2006. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s larger markets, the Daytona Beach Metropolitan Statistical Area (MSA) reported 497 existing homes sold last month compared to 665 homes sold a year ago for a 25 percent decrease. The market's median sales price for homes was $184,600; it was $215,800 in October 2006 for a 14 percent decrease. A total of 61 existing condos changed hands in the MSA last month, down 25 percent from the 81 condos sold the previous year. The existing condo median sales price in October was $218,800; a year ago, it was $236,500 for a 7 percent decrease.
“This is a beautiful place to live, with great beaches and a convenient location,” says Jalene Stockhausen, president of the West Volusia Association of Realtors and a salesperson with Bill Mancinik Realtor. “And this is a great time to buy a home. It’s one of the best investments you can make for your future and the future of your family. From a buyer’s perspective, now there’s an opportunity to choose from a variety of housing options, plus mortgage rates remain low.”
Among the state’s smaller markets, the Gainesville MSA reported a total of 175 homes sold in October compared to 208 homes a year ago for a 16 percent decrease. The existing home median sales price was $198,200; a year ago, it was $225,600 for a 12 percent decrease. A total of 38 existing condos sold in the MSA last month compared to 40 condos the previous October for a 5 percent decrease. The market’s existing condo median price was $156,000; a year ago, it was $162,500 for a decrease of 4 percent.
J. Parrish, vice president of the Gainesville Alachua County Association of Realtors and president of Coldwell Banker MM Parrish Realtors, points out that the area’s friendly, laid-back lifestyle and college-town amenities attract new residents. “The Gainesville area has a strong and stable underlying economic foundation,” he says. “The University of Florida and other governmental entities really drive the local economy and offer great job opportunities.”
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Where will real estate bounce back fastest? Prices have hit bottom in some cities and are heading back up, but recovery rates vary. Here are the places with the best prospects. READ FULL STORY - Forbes.com 
§ Forbes.com slide show: Most resilient U.S. markets When it comes to real estate, the questions on everyone's lips are: How low is low, and when's the perfect time to buy back in? That moment has passed in Seattle and in Charlotte, N.C. Both metro areas hit bottom in the first quarter of 2006 and have since posted price gains of 12.3% and 6.3%, respectively, according to National Association of Realtors (NAR) data. Ripe for investment? Philadelphia and New Orleans. Based on housing inventory and local economic conditions, both should hit price troughs by year's end and bounce back with moderate gains of around 4% in 2008. In markets expected to recover more slowly, such as Boston and Denver, low buyer confidence coupled with a surplus of housing stock has lengthened the slump. NAR chief economist Lawrence Yun points out that buyers are looking for clear signs of a market bottom and are content to wait on the sidelines until then. It's easy to see why. Most of the country's real-estate markets are feeling the effects of overproduction. A strong market hovers near a 1.5% vacancy rate, but the national average currently stands at 2.8%, and in cities such as Miami, Atlanta and Denver, figures hang around 3.5%. In addition, every nugget of good news (like the May Commerce Department report that said new-home sales are at a 14-year high) comes with bad news (median price growth is at a 10-year low). Tampa, Fla. Market trough: First quarter, 2008
Annual price growth following trough: 10.6%
For more information on Homes for Sale Tampa Fl Lutz FL Real Estate Mark Zabilowicz - Weichert Westshore Real Estate * Servicing Tampa, Lutz, and Wesley Chapel*
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Daily Real Estate News | June 25, 2007 Existing-home sales eased slightly in May, as potential buyers hold out until they see more signs of stability in the housing market, according to the NATIONAL ASSOCIATION OF REALTORS®.
“I think psychological factors are currently the biggest drag on the housing market, in addition to a disruption from tighter credit for subprime borrowers,” says Lawrence Yun, NAR senior economist.
Total existing-home sales — including single-family, townhomes, condominiums, and co-ops — eased by 0.3 percent to a seasonally adjusted annual rate of 5.99 million units from an upwardly revised pace of 6.01 million in April. Last month’s sales were 10.3 percent below the 6.68 million-unit level recorded a year earlier.
Household formation has slowed dramatically since late 2006, implying that many people are adding roommates or moving in with parents, Yun says.
The national median existing-home price for all housing types was $223,700 in May, a 2.1 percent drop from May 2006 when the median was $228,500. The median is a typical market price where half of the homes sold for more and half sold for less, but there is a temporary downward distortion in the current national comparison because sales have shifted away from many high-cost markets in the past year.
“The market is underperforming when you consider positive fundamentals such as the strength in job creation, economic growth, favorable mortgage interest rates and flat home prices,” Yun says.
Buyers Have Negotiating Power
Higher inventories are helping to offset an affordability impact from higher mortgage interest rates, says NAR President Pat V. Combs.
Total housing inventory rose 5.0 percent at the end of May to 4.43 million existing homes available for sale, which represents an 8.9-month supply at the current sales pace, up from an 8.4-month supply in April.
Meanwhile, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.26 percent in May, up from 6.18 percent in April, according to Freddie Mac. That compares with a rate of 6.60 percent in May 2006.
“Although mortgage interest rates are trending up, they are historically favorable,” Combs said. “The good news is buyers have more negotiating power with a fairly large supply of homes available in much of the country. Buyers who’ve been on the sidelines may want to take a closer look at current conditions in their area —if they wait for sales to rise, their choices and negotiating position won’t be as good as they are now.”
In Detail: Sales, Prices by Home Type and Region
Single-family homes: Sales slipped 0.8 percent to a seasonally adjusted annual rate of 5.20 million in May from an upwardly revised 5.24 million in April, and are 10.8 percent lower than a 5.83 million-unit pace a year ago. Prices: The median existing single-family home price was $223,000 in May, which is 2.4 percent lower than May 2006.
Condos and co-ops: Existing condominium and co-op sales rose 2.6 percent to a seasonally adjusted annual rate of 790,000 units in May from 770,000 in April, but are 6.7 percent below the 847,000-unit level in May 2006. Prices: The median existing condo price was $228,200 in May, down 0.4 percent from a year ago.
Northeast Region: Existing-home sales in the Northeast rose 5.8 percent to a level of 1.10 million in May, but are 3.5 percent lower than May 2006. Prices: The median existing-home price in the Northeast was $282,700, which is 0.5 percent higher than a year ago.
Midwest: Existing-home sales in the Midwest rose 0.7 percent in May to a level of 1.41 million, but are 6.6 percent below a year ago. Prices: The median price in the Midwest was $168,800, which is 1.7 percent below May 2006.
West: Existing-home sales in the West slipped 0.8 percent in May to an annual pace of 1.18 million, and are 16.3 percent below May 2006. Prices: The median price in the West was $341,900, which is 0.5 percent lower than a year ago.
South: Existing-home sales in the South fell 3.4 percent to an annual sales rate of 2.30 million in May, and are 11.9 percent below a year ago. Prices: The median price in the South was $184,000, down 3.8 percent from May 2006.
—REALTOR® Magazine Online Mark Zabilowicz - Weichert Westshore Real Estate * Servicing Tampa, Lutz, and Wesley Chapel* For more information on
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ORLANDO, Fla. – June 1, 2007 – The worst of the housing slowdown is over, but the nation’s economy still faces challenges including rising unemployment and uncertainty over gas prices, University of Central Florida economics professor Sean Snaith said today.
Snaith, director of UCF’s Institute of Economic Competitiveness, said in his second quarter U.S. forecast that housing starts will decline in the third quarter and then begin a “slow upward climb through 2009.”
Mortgage rates will “creep to 6.9 percent in 2009” and excess supply of homes in many markets will continue to put downward pressure on prices through 2007 and into early 2008.
The nation’s unemployment rate will end a three-year decline, the forecast predicts, and begin to rise slightly this year but will remain below 5 percent before falling back to 4.7 percent in 2009. U.S. payroll job growth also will slow to 1 percent in 2008 before recovering to 1.5 percent in 2009.
Inflation also should remain relatively tame, and even dip in 2008 and 2009, though energy prices “threaten to reignite inflation.” Homes for Sale Tampa Fl. Lutz FL Real Estate and Wesley Chapel FL Real Estate
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ORLANDO, Fla. – May 31, 2007 – A top Florida economist has declared the housing slump a done deal. “It will take another 18 months or so before closing volumes reach more normal levels, but the worst is behind us,” says Hank Fishkind.
Fishkind says the turn-around is important to everyone, attributing housing troubles to the recent 75 percent drop in GDP (gross domestic product). The current 1.3 percent rate is down from the historic 4 percent pace, but Fishkind says that dropoff would go away completely when housing simply returns to normal levels.
“With (the number of home) starts below (the number of) closings, the inventory of new but unsold homes is slowly being absorbed,” says Fishkind. “Sales of existing homes are the best leading indicator for national housing markets. April sales were off sharply, falling below 6 million at an annual rate. At these levels it will take 8.4 months to sell all the homes that are for sale. However, prices remain stable. And the sales levels, while down this month, were up sharply earlier in the year.
“What all of this means, is that we have seen the worst for housing markets,” Fishkind says Homes for Sale Tampa Fl, Lutz FL Real Estate, Wesley Chapel FL Real Estate
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ORLANDO, Fla. – May 25, 2007 – Florida’s existing home sales remained soft in April though the inventory of homes continued to ease in many markets across the state, according to the Florida Association of Realtors® (FAR). Statewide, sales of single-family existing homes totaled 12,016 last month compared to 16,283 homes sold in April 2006 for a 26 percent decrease.
Florida’s median sales price for existing single-family homes in April was $237,800; a year ago, it was $245,900 for a 3 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In April 2002, the statewide median sales price for single-family homes was $133,700, for an increase of 77.9 percent over the five-year-period, according to FAR records. In March 2007, the national median sales price for existing single-family homes was $215,300, down 0.9 percent from the previous year, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $580,090 in March; in Massachusetts, it was $344,000; in Maryland, it was $302,750; and in New York, it was $248,000. Housing industry analysts anticipate that a decline in subprime mortgage loans, coupled with stricter lending standards, could impact housing activity in the coming months. According to NAR Senior Economist Lawrence Yun, one benefit for the market is the disappearance of speculative behavior, which contributed to abnormal price growth. “Homebuyers today are purchasing for the long-term, generally with a realistic expectation of modest gains over time,” Yun said in NAR’s latest market outlook. “It’s good that we’re getting beyond the tendency of some buyers to view housing as a temporary asset to accumulate short-term wealth, which is not to be expected in a normal market.” NAR predicts that existing home sales will increase gradually in the second half of 2007, with prices recovering a bit later. Sales of existing condominiums in Florida also decreased last month, with a total of 4,321 condos sold statewide compared to 5,344 in April 2006 for a 19 percent decline, according to FAR. The statewide median sales price for condos last month was $215,500, up 3 percent from April 2006’s condo median price of $210,000. NAR reported the national median existing condo price was $228,200 in March 2007. Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.18 percent, according to Freddie Mac, a significant drop from the average rate of 6.51 percent in April 2006. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written. Among the state’s larger markets, the Sarasota-Bradenton Metropolitan Statistical Area (MSA) reported 796 existing homes sold last month compared to 685 homes sold a year ago for a 16 percent increase. The market's median sales price for homes was $294,800; it was $302,100 in April 2006 for a 2 percent decrease. A total of 333 existing condos changed hands in the MSA last month, up 11 percent from the 299 condos sold the previous year. The existing condo median sales price in April was $241,300; a year ago, it was $259,000 for a 7 percent decrease. People in the Sarasota area are getting the message that now is a great time to buy a home, says Joe Hembree, president of the Sarasota Association of Realtors and broker-owner of Hembree & Associates Inc. He points to the association’s promotional campaign “Time2Buy” as a positive medium for spreading the word to consumers. “Low interest rates, a great inventory of homes available and stabilizing prices are positive influences on our market,” he says. “The Sarasota area offers so many benefits for residents: beautiful beaches, a friendly community and great social atmosphere, world-class arts and entertainment. It’s a wonderful place to live and play.” Among the state’s smaller markets, the Gainesville MSA reported a total of 225 homes sold in April compared to 258 homes a year ago for a 13 percent decrease. The existing home median sales price was $214,200; a year ago, it was $204,200 for a 5 percent increase. A total of 74 existing condos sold in the MSA last month compared to 90 condos the previous April for a decrease of 18 percent. The market’s existing condo median price was $160,000; a year ago, it was $154,000 for a 4 percent increase. Sherry Patrick, president of the Gainesville Alachua County Association of Realtors and broker-associate with Coldwell Banker MM Parrish, says that the area’s stable economy provides a solid foundation for the housing market. “Having the University of Florida is a big plus for our economy,” she says. “The Gainesville area has a strong labor force and employment outlook, as well as a college-town atmosphere, educational opportunities and cultural activities to attract residents.” Homes for Sale Tampa Fl, Lutz FL Real Estate and Wesley Chapel FL Real Estate Mark Zabilowicz - Weichert Westshore Real Estate * Servicing Tampa, Lutz, and Wesley Chapel*
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RISMEDIA, Feb. 27, 2007-What's in store for the real estate market in 2007? Will this year be a good time to buy? As one of the nation's largest privately-held real estate companies, Weichert, Realtors keeps its fingers on the market's pulse-and its latest assessment gives the 2007 market a big thumbs up. The company, in fact, sees current conditions as "virtually ideal" for buying now. James M. Weichert, president, said, "Right now, the housing market offers buyers a real window of opportunity. Not only have prices stabilized at attractive levels, but there's generally a wider selection of well-priced homes to choose from. In addition, there is an unprecedented array of low-rate mortgages available to finance a home purchase, including loan programs that require no down payment. The market climate for finding and affording that dream home may never again be this favorable." Disproving last year's forecasts of rising interest rates, mortgage rates have remained historically low. So far this year, the benchmark 30-year, fixed rate loan has hovered in the very affordable six-percent range. According to Weichert Financial Services, an affiliate of Weichert, Realtors, current rates are in sharp contrast to prevailing rates in the double digits in the mid-1990s and nearly 18% back in the early
1980s. Driving affordability, too, is the virtual explosion of new mortgage products that have spiked the rate of homeownership to record levels over the past decade. From adjustable rate mortgages that offer rock-bottom interest rates for the initial years of the loan to interest-only mortgages and no-money-down loan programs, for qualified buyers there seemingly is a mortgage for virtually any financial need. Weichert Financial Services, for example, offers more than 360 mortgage products and provides free mortgage counseling to help prospective buyers decide which loan product best meets their needs and financial goals. As for overall trends impacting home sales, the outlook could hardly be more encouraging. A healthy U.S. economy continues to grow jobs, and consumer confidence is on the rise. The nation's growing household wealth should continue to spur home sales, as increasingly affluent homeowners are more likely to trade up and buy second homes.
Demographics are playing a key role as well. Especially striking is the upsurge in home purchases by single people overall and by singles in their twenties and thirties who wisely recognize the long-term investment value of real estate and no longer wait until marriage to buy their first home. Immigration is also bolstering homeownership, with U.S. Census data showing that a high percentage of people who emigrate to the U.S. eventually purchase homes. Noting that real estate activity picked up in recent months, the Weichert president expects the pace of home sales to quicken even more as the traditionally busy spring market gains steam. Given this uptick in activity, he said, making a home purchase "sooner in 2007 rather than later" may well prove the savviest financial move. For more information and homes available in the Tampa area please visit www.Homes4UinTampa.com
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TOKYO (AP) – March 1, 2007 – Former U.S. Federal Reserve Chairman Alan Greenspan told a Tokyo seminar on Thursday that he does not think an economic slowdown in his country is “probable,” toning down his earlier warning over a recession later this year.
“It is possible we can get a U.S. recession toward the end of this year, but I don’t think it’s probable,” Dow Jones Newswires quoted Greenspan as saying in his speech at a Tokyo forum organized by international brokerage CLSA.
On Monday, Greenspan said a recession was possible, though it’s difficult to predict the timing, a comment blamed in part for the global market decline this week.
A plunge in Chinese share prices Tuesday and weaker-than-expected U.S. durable goods orders for January were also seen as contributing to the world share market slump.
Speaking via satellite to investors at CLSA’s Japan Forum, Greenspan on Thursday appeared to want to hedge his bets on his prediction of the U.S. economy.
“Things look reasonably good in the short run for the U.S. and the world,” he said. But “we can’t just assume that this extraordinary period of recovery can extend indefinitely.”
Greenspan also said Thursday that the U.S. has “gone through the major part of adjustment” in housing prices and “the worst is over,” though the housing market is expected to remain weak, Dow Jones reported, citing information provided by CLSA.
He said the weak U.S. housing market has had only limited impact on consumer spending because consumers have been encouraged by the fall in gasoline prices.
Greenspan reiterated that it’s in China’s interest to allow the yuan’s exchange rate to be set by the market. But he said a decision to allow the market to set the yuan’s exchange rate is up to China.
That, however, would do little to improve U.S. trade balance because a decrease in Chinese imports would likely be replaced by those from other developing nations.
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Sales of existing homes rose in January, reaching the highest level in seven months, according to the NATIONAL ASSOCIATION OF REALTORS ®.Total existing-home sales — including single family, townhomes, condominiums, and co-ops — increased 3 percent to a seasonally adjusted annual rate of 6.46 million units in January from an upwardly revised pace of 6.27 million in December. Sales were 4.3 percent below the 6.75 million-unit level in January 2006.David Lereah, NAR’s chief economist, says observers shouldn’t overreact to the sales gain or to other short-term effects. “Although we’re expecting existing-home sales to gradually rise this year, and buyers are responding to the price correction, some unusually warm weather helped boost sales in January,” he says. “On the flip side, the winter storms that disrupted so much of the country in February could negatively impact the housing market.“Although the data is seasonally adjusted, these weather events are unusually large — many transaction closings were postponed in February, and home shopping was essentially shut down for about a week in many areas,” he says. “We shouldn’t be surprised to see a near-term sales dip, but that will be followed by a continuing recovery in home sales.”Inventories DropTotal housing inventory levels rose 2.9 percent at the end of January to 3.55 million existing homes available for sale, which represents a 6.6-month supply at the current sales pace — unchanged from the revised December level. Supplies peaked at 7.4 months in October 2006.“Inventories are looking better, but price softness should continue until spring when the market is expected to become more balanced,” Lereah says.What Happened RegionallyHere’s a breakdown of home sales by region:- West Coast: Existing-home sales in the West rose 5.6 percent to an annual pace of 1.32 million in January but were 9.6 percent lower than a year ago. The median price in the West was $321,300, down 4.6 percent from January 2006.
- Midwest: Existing-home sales increased 4.8 percent in January to a level of 1.53 million, and were 0.6 percent lower than January 2006. The median price in the Midwest was $162,600, which is 3.5 percent below a year ago.
- South: Existing-home sales in the South rose 2 percent to an annual sales rate of 2.54 million in January, but were 7.3 percent below a year ago. The median price in the South was $174,600, which is 1.7 percent below January 2006.
- Northeast: Existing-home sales in the Northeast were at a level of 1.07 million in January, unchanged from December, and were 5.9 percent higher than January 2006. The median existing-home price in the Northeast was $260,700, down 1.2 percent from a year earlier.
National Single-family and Condo Home SalesSingle-family home sales rose 3.5 percent to a seasonally adjusted annual rate of 5.69 million in January from an upwardly revised 5.50 million in December. But that still accounts for 4.2 percent below the 5.94 million-unit level in January 2006. The median existing single-family home price was $209,200 in January, down 3.5 percent from a year earlier.Existing condominium and cooperative housing sales slipped 0.1 percent to a seasonally adjusted annual rate of 767,000 units in January from a downwardly revised pace of 768,000 in December. Last month’s sales activity was 5.7 percent below the 813,000-unit pace in January 2006.The median existing condo price was $222,200 in January, up 0.5 percent from a year ago.NAR President: Market is StabilizingThe national median existing-home price for all housing types was $210,600 in January, down 3.1 percent from January 2006 when the median was $217,400. The median is a typical market price where half of the homes sold for more and half sold for less.NAR President Pat Vredevoogd Combs, from Grand Rapids, Mich., says a broader view shows the housing market stabilizing. “The market is trending up from its low last fall, and that is important in restoring confidence to buyers who’ve been on the sidelines,” Combs says. “Since buyers can find more favorable terms, and they are looking for a place to call home for some years to come, getting into the market now makes sense. It’s a choice many didn’t have during the boom period of bidding wars in much of the country.”— REALTOR® Magazine OnlineTo search the database of homes for salin in Tampa please visit www.Homes4UinTampa.com. This is a FREE Service!
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Top 10 cities: Where to buy now
The real estate slump could get worse before it gets better. Business 2.0 Magazine, in its November 2006 issue, identifies 10 markets that offer great opportunities for those who have the patience to buy and hold. | Back to feature |
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4. Lakeland, FL | 59% | Projected gain in home prices (5-year)* |  | Median home price
2006: $178,000
2011: $282,000 |  | Population
2006: 551,000
2011: 599,000 |  | Per capita income
2006: $30,200
2011: $39,100 | | *Metro region statistics |
Aside from the panhandle and Vero Beach, few places in Florida scream out "buy now" like Lakeland. A house goes for a fifth less than the national median of $227,500, and Lakeland is just 30 minutes from Tampa, a juggernaut of 2.7 million people that's projected to add almost 210,000 more residents over the next five years. Lakeland is the Greenfield - actually, orange and yellow, because of the surrounding citrus groves - that developers are divvying up to house many of those newcomers. Meritage Homes, one of the fastest-growing U.S. builders, plans to build more than 1,300 homes in the area by 2008. "All the big national and regional builders have moved into town," says Larry Comegys, Meritage regional president. "Lakeland has become major." It also sits along I-4, where the density of development is beginning to mirror the Dulles corridor in Virginia. CAUTION: Prices tend to top out more quickly in areas like Lakeland that are largely populated by semiskilled service workers. For more information and to view Homes for sale in Lakeland and the vicinity please visit
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