Market Conditions in Tampa

Tax credit toward closing costs....

Mark Zabilowicz — Thu, 04 Jun 2009 15:29:00 GMT

HUD: Tax Credit Can Be Used on Closing Costs
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Tampa FL Homes and real estate

Wesley Chapel Home Market and Real Estate Trends

Mark Zabilowicz — Sat, 07 Mar 2009 15:21:00 GMT

Wesley Chapel Home Market Profile March 6, 2009

Median List Price	$ 195,000
Average List Price	$ 241,753
Least Expensive Listing	$ 79,900
Most Expensive Listing	$ 1,350,000
Asking Price per Square Foot	$ 96
Average Days on Market	157
Total Inventory	740
Absorbed This Week*	52
Percent of Properties with Price Decrease	41 %
Percent Relisted (reset DOM)	3 %
Percent Flip (price increased)	2 %
Median House Size (sq ft)	2,065
Median Lot Size	6,501 - 8,000 sq ft
Median Number of Bedrooms	4.0
Median Number of Bathrooms	2.0
Median Age	6


Upward Trend	Downward Trend	No Clear Trend

Wesley Chapel Real Estate Market
Action Index

Market Action index	Buyer's	14

Altos Research calculates the Market Action Index which measures available supplyrelative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.

*Metric "Absorbed this Week" covers properties sold and those taken off the market for other reasons. Since sales sometimes take months to close, it is impossible to discern in real-time exactly which properties sold.

Wesley Chapel Home Trends

The Median single family home price in WESLEY CHAPEL this week is $199,900. The 746 homes have been on the market for an average of 160 days.
Inventory has been lightening lately and the Market Action Index has been trending up. Though days- on-market is increasing, these are mildly positive indications for the market.
The Wesley Chapel Market is currently quite strongly in the Buyer's Market zone(below 30). The 90-day Market Action Index stands at 14. With several months of inventory available at the current sales rate, buyers should find ample choice. Home sales have been exceeding new inventory for several weeks. However because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a Buyer’s market to a Seller’s market.

Wesley Chapel FL Real Estate Market News, Inventory and Analysis

Wesley Chapel Median Home Price	Price This week prices in this zip code bumped up a bit but the trend of recent weeks is generally downward. A pickup in demand will be reflected in the Market Action Index, so watch that chart to try to identify a trough in the market.
Wesley Chapel Inventory	Inventory Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.
Wesley Chapel Median Price Per Square ft	Price and Value Despite recently falling prices, the price per square foot has stayed reasonably flat. This implies that there’s a portion of the market being priced at a premium. You can investigate this condition in the quartile details
; Wesley Chapel Average Days on Market	Active Days on Market The properties have been on the market for an average of 160 days. Half of the listings have come newly on the market in the past 126 or so days.

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Good news for first time buyers!

Mark Zabilowicz — Tue, 17 Feb 2009 22:58:00 GMT

HR 1, the American Recovery and Reinvestment Act of 2009, increases the $7,500 limit on an existing tax credit for first-time homebuyers to $8,000, extends its sunset from July 1 to Dec. 1, and eliminates a requirement to repay the credit. A first-time buyer is defined as someone who hasn't owned a principal residence in the last three years.

Tampa FL Homes

Bill Aims to Stabilize Housing, Stem Foreclosures

Mark Zabilowicz — Mon, 12 Jan 2009 20:28:00 GMT

A bill that embraces the need for righting the housing market—the first big step toward economic recovery—was introduced Friday in the U.S. House of Representatives.

H.R. 384, The TARP Reform and Accountability Act, was offered by Rep. Barney Frank (D-Mass.), chair of the House Financial Services Committee. The bill would require the Treasury Department to develop a program, outside the Troubled Asset Relief Program, to stimulate demand for home purchases and lower property inventories, by making affordable mortgages available for qualified buyers through interest rate buydowns, a priority of the NATIONAL ASSOCIATION OF REALTORS®.

The measure would amend the TARP provisions of the Emergency Economic Stabilization Act of 2008 to make significant steps to reduce foreclosures, strengthen accountability and close loopholes. The Treasury could consider the impact of areas with the highest inventories of foreclosed properties.

NAR President Charles McMillan was heartened by the legislation that would move the housing market forward.

“The bill proposed by Chairman Frank is an important first step toward launching a real estate recovery. Housing has always led this country out of economic downturns, and this bill recognizes that the key to bolstering the overall economy is creating stability in the real estate markets. With foreclosure relief, improving the Hope for Homeowners Plan, and expanding TARP to support commercial real estate loans and commercial mortgage-backed securities, this legislation will help create housing stability.”

“By directing the Treasury Department to increase the availability of affordable mortgages rates for qualified home buyers and to offer reduced rate loans designed to stimulate demand for home purchases and clear inventory of properties, Chairman Frank has responded to the most critical issues facing potential homeowners," McMillan said.

Foreclosure relief, using the second half of the $700 billion previously authorized by Congress, would be conditioned on stipulation that $50 billion be used for foreclosure mitigation and calls for a plan to be put into action by March 15. That would allow the Treasury to begin committing the remaining TARP funds for the plan no later than April 1.

The plan would require that foreclosure assistance must apply only to owner-occupied residences. Further, the bill would provide liability protection for loan servicers who engage in loan modifications. Such servicers would have to report regularly to the Treasury.

In addition, the Treasury would be authorized to provide support for commercial real estate loans and commercial mortgage-backed securities, an NAR priority.

NAR has been urging the incoming Obama administration, as well as Congress, to address critical housing needs.

“This legislation is a great beginning, but more needs to be done. We must continue to bring potential homebuyers into the market by ensuring low mortgage interest rates, making the higher 2008 conforming loan limits permanent, and applying the $7,500 tax credit to all homebuyers and making it non-repayable,” McMillan said.

Tampa Foreclosures

Pending home sales surged 7.4% in August

Mark Zabilowicz — Wed, 08 Oct 2008 20:57:00 GMT

WASHINGTON – Oct. 8, 2008 – Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.

Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability.

“What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” Yun says. “It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”

The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.

Yun notes the unusual timing of contract activity in August. “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he says. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”

He cautioned that the sampling size for pending home sales is smaller than the track on existing-home sales, so there is more volatility in the forward-looking series. “We need to see just how much of this gain holds up,” Yun says.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., says despite all the turmoil in world financial markets, home mortgages are available. “Mortgages have been harder to find, and availability and terms vary depending on credit score and location, but Realtors can help buyers find reputable lenders while helping them navigate the transaction process,” he says. “The recently enacted economic stimulus package should help housing by gradually freeing the flow of credit.”

Yun now expects growth in the U.S. gross domestic product (GDP) to contract for two consecutive quarters, in the fourth quarter of this year and the first quarter of 2009, before expanding in latter part of 2009 as the housing market begins a steady improvement.

Looking at middle-ground assumptions, existing-home sales are forecast at 5.04 million this year and 5.41 million in 2009. Following national declines of 5 to 8 percent in 2008, home prices are projected to increase 2 to 3 percent next year.

New-home sales should total around 503,000 this year and 471,000 in 2009. Housing starts, including multifamily units, are likely to fall 28.2 percent to 973,000 units this year, and come in around 843,000 in 2009 as builders continue to clear the accumulation in inventory.

The 30-year fixed-rate mortgage will probably average 6.1 percent in the fourth quarter and rise gradually to 6.6 percent by the end of 2009. NAR’s housing affordability index is expected to average 18 percentage points higher this year than in 2007.

The unemployment rate is projected to average 6.4 percent in the fourth quarter and then average 6.6 percent in 2009. Inflation, as measured by the Consumer Price Index, is estimated at 4.0 percent for 2008 and 2.0 percent next year. Inflation-adjusted disposable personal income is forecast to grow 1.7 percent this year and 1.0 percent in 2009.

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Housing industry: Tax credit would boost sales

Mark Zabilowicz — Mon, 09 Jun 2008 15:58:00 GMT

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

Who Should Buy Now?

Mark Zabilowicz — Fri, 18 Apr 2008 15:41:00 GMT

"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

Moving Up May be the Ticket!

Mark Zabilowicz — Thu, 17 Apr 2008 20:31:00 GMT

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

Canadians seek U.S. vacation-home deals

Mark Zabilowicz — Tue, 08 Apr 2008 18:59:00 GMT

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.

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Prices Drop, Deals Abound

Mark Zabilowicz — Tue, 25 Mar 2008 16:23:00 GMT

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

Florida’s home sales slower in October

Mark Zabilowicz — Thu, 06 Dec 2007 20:11:00 GMT

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.”

Where will real estate bounce back fastest?

Mark Zabilowicz — Mon, 24 Sep 2007 12:48:00 GMT

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%

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Existing-Home Sales Ease Slightly in May

Mark Zabilowicz — Tue, 26 Jun 2007 16:05:00 GMT

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*

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Report: Worst of national housing slowdown is over

Mark Zabilowicz — Fri, 01 Jun 2007 19:21:00 GMT

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.”

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Florida economist predicts housing ready to recover

Mark Zabilowicz — Thu, 31 May 2007 20:04:00 GMT

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

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