In what is an unprecedented move, Florida is pulling out of the housing downturn first, according to a new report by Housing Predictor.
(EMAILWIRE.COM, April 21, 2009 ) Destin, Florida -- In an unprecedented turn of events Florida is pulling out of the housing downturn first, according to a new report by Housing Predictor.
In previous real estate depressions California has been the first state in the nation to signal a turn around in the housing market. But higher home and condo sales in Florida that have lasted for more than a half year and increasing buyer inquiries signal the Sunshine State is making a turn for the better in real estate.
Record population growth in Florida may contribute to the more promising market after nearly a four year slow down in home sales, which started after the state was battered by a series of hurricanes and the financial crisis. As a result home sales turned sluggish in Florida before any where else in the country.
However, nearly two-thirds of all sales are foreclosures and short sale properties, many of which are not counted by real estate agents since they are sold at auction or by banks directly to home buyers. The new trend demonstrates better times are on the horizon for housing markets troubled by the credit crisis.
More banks in many Florida housing markets are beginning to make mortgages, especially locally based lenders, and nearly a fifth of all sales are owner financed.
Housing Predictor forecasts more than 250 local housing markets in all 50 states, and regularly tracks markets from coast to coast. Search foreclosures, check your market forecast and other real estate news at http://www.housingpredictor.com
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