WASHINGTON – April 30, 2009 – The Atlantic hurricane season starts June 1 – 30 days from now. Since flood insurance takes 30 days to become effective after a homeowner applies, today marks Floridians last chance to get flood insurance by the June 1 debut.
“Past hurricane seasons have shown that storms can form as early as the beginning of June, so property owners can’t afford to wait to buy flood insurance,” says Ed Connor, acting federal insurance administrator and acting assistant administrator, FEMA Mitigation Directorate.
Many homeowners still wrongly believe that their property insurance policy will cover all damage from a hurricane.
“Homeowners insurance doesn’t cover flood damage and, without flood insurance, property owners may have to absorb the financial losses on their own,” says Connor. “Just a few inches of water can cost thousands of dollars in repairs and, in this economy, few can afford that potential drain on their savings.”
Flood insurance is available through about 85 insurance companies in approximately 20,600 participating communities nationwide. National flood insurance is available to renters, business owners and homeowners, even if it is not required by the terms of a mortgage. While the average flood insurance policy costs about $540 a year, homeowners can protect their properties in moderate-to low-risk areas with lower cost Preferred Risk Policies (PRPs) that start at just $119 a year.
Individuals can learn how to prepare for floods, how to purchase a flood insurance policy and the benefits of protecting their properties against flooding by visiting Floodsmart.gov (http://www.floodsmart.gov) or calling (800) 427-2419.
© 2009 FLORIDA ASSOCIATION OF REALTORS®
Thursday, April 30, 2009
iPhone app maps nearby home values based on user’s location
SEATTLE – April 30, 2009 – A new iPhone application will allow users to stand in front of a house and see a local map that includes homes’ details and Zillow.com estimates of each home’s estimated value. Thanks to GPS technology, the map will follow the user as he drives or walks.
The Zillow iPhone App allows iPhone users to view the company’s 88 million U.S. homes. Zillow offers an estimated value for 95 percent of the homes in the U.S., though the company calls them “Zestimates,” perhaps because the accuracy of a specific home’s value cannot be considered valid without a more thorough comparative market analysis.
Zillow says the application will include details, photos and contact info for 3.4 million for-sale listings – for sale by agent and also for sale by owner listings. Users can also download data on recently sold homes. Zillow has also added “Make Me Move” listings, which potential sellers can use if they’re willing to move but only if the price is right – and generally higher than comparable market prices.
In addition to using the app when traveling neighborhoods, iPhone users can also search for homes by address, neighborhood, ZIP code or city, even if they’re not nearby. The Zillow iPhone App is free to download, and now available for both the iPhone and iPod touch in Apple’s App Store starting today.
To see a demonstration of the iPhone App, go to: http://www.zillow.com/iphone
© 2009 FLORIDA ASSOCIATION OF REALTORS®
The Zillow iPhone App allows iPhone users to view the company’s 88 million U.S. homes. Zillow offers an estimated value for 95 percent of the homes in the U.S., though the company calls them “Zestimates,” perhaps because the accuracy of a specific home’s value cannot be considered valid without a more thorough comparative market analysis.
Zillow says the application will include details, photos and contact info for 3.4 million for-sale listings – for sale by agent and also for sale by owner listings. Users can also download data on recently sold homes. Zillow has also added “Make Me Move” listings, which potential sellers can use if they’re willing to move but only if the price is right – and generally higher than comparable market prices.
In addition to using the app when traveling neighborhoods, iPhone users can also search for homes by address, neighborhood, ZIP code or city, even if they’re not nearby. The Zillow iPhone App is free to download, and now available for both the iPhone and iPod touch in Apple’s App Store starting today.
To see a demonstration of the iPhone App, go to: http://www.zillow.com/iphone
© 2009 FLORIDA ASSOCIATION OF REALTORS®
Wednesday, April 29, 2009
Home prices don’t decline as much
WASHINGTON – April 29, 2009 – Prices of single-family homes in 20 U.S. metropolitan areas in February were down 18.6 percent from a year earlier, yet the fact that the rate of decline slowed signaled some hope for the housing market, a report said Tuesday.
In 15 markets, annual declines were in excess of 10 percent and average home prices nationwide hit 2003 levels, according to the Standard & Poor’s/Case-Shiller index.
Yet the drop in the 20-city index was less than the 19 percent year-over-year decline in January. Also, it was the first time in 16 months that annual declines didn’t set records. “We ... need a few more months of data before we can determine if home prices are finally turning around,” says David Blitzer of S&P’s index committee.
The National Association of Realtors said last week that home prices rose more than normal from February to March and that the market may be stabilizing. Still, price drops remain brutal, especially in areas where they rose fast. The Case-Shiller index shows the hardest-hit cities in February were Phoenix, Las Vegas and San Francisco.
Prices continue to fall amid a glut of unsold homes, including foreclosed ones, says Lawrence Yun, NAR chief economist. He says prices will keep falling in regions with many foreclosures and strengthen where there are few.
On that front, the Obama administration Tuesday unveiled a plan that it says may reduce payments for up to 1.5 million at-risk homeowners.
Under the plan, the government would tap a $50 billion housing fund to entice mortgage servicers to modify second mortgages and cut monthly payments for borrowers.
Half the troubled mortgages have second loans, given by lenders to help buyers avoid mortgage insurance and reduce their down payments. The second loans make it harder to modify first loans, because more parties are involved, and the home may still be unaffordable even if a first loan is changed, the administration says.
The plan would pay mortgage servicers $500 to modify second loans at 1 percent or 2 percent for five years, if first loans are modified. Servicers would also get $250 a year for three years if borrowers don’t default. Borrowers could get $1,000 over five years to pay down principal.
The plan may encourage modifications because second loans would likely be worthless in a foreclosure, says Ellen Harnick of the Center for Responsible Lending. It could have a significant impact on prices if foreclosures are curbed, she says.
2009 © USA Today. All rights reserved.
In 15 markets, annual declines were in excess of 10 percent and average home prices nationwide hit 2003 levels, according to the Standard & Poor’s/Case-Shiller index.
Yet the drop in the 20-city index was less than the 19 percent year-over-year decline in January. Also, it was the first time in 16 months that annual declines didn’t set records. “We ... need a few more months of data before we can determine if home prices are finally turning around,” says David Blitzer of S&P’s index committee.
The National Association of Realtors said last week that home prices rose more than normal from February to March and that the market may be stabilizing. Still, price drops remain brutal, especially in areas where they rose fast. The Case-Shiller index shows the hardest-hit cities in February were Phoenix, Las Vegas and San Francisco.
Prices continue to fall amid a glut of unsold homes, including foreclosed ones, says Lawrence Yun, NAR chief economist. He says prices will keep falling in regions with many foreclosures and strengthen where there are few.
On that front, the Obama administration Tuesday unveiled a plan that it says may reduce payments for up to 1.5 million at-risk homeowners.
Under the plan, the government would tap a $50 billion housing fund to entice mortgage servicers to modify second mortgages and cut monthly payments for borrowers.
Half the troubled mortgages have second loans, given by lenders to help buyers avoid mortgage insurance and reduce their down payments. The second loans make it harder to modify first loans, because more parties are involved, and the home may still be unaffordable even if a first loan is changed, the administration says.
The plan would pay mortgage servicers $500 to modify second loans at 1 percent or 2 percent for five years, if first loans are modified. Servicers would also get $250 a year for three years if borrowers don’t default. Borrowers could get $1,000 over five years to pay down principal.
The plan may encourage modifications because second loans would likely be worthless in a foreclosure, says Ellen Harnick of the Center for Responsible Lending. It could have a significant impact on prices if foreclosures are curbed, she says.
2009 © USA Today. All rights reserved.
Tuesday, April 28, 2009
Bank of America rebrands mortgage operations
NEW YORK (AP) – April 28, 2009 – Bank of America Corp. has officially dropped the Countrywide Home Loans name as part of its integration of the mortgage lender, which was acquired last year.
Charlotte, N.C.-based Bank of America on Monday renamed its mortgage and home equity lending operations Bank of America Home Loans. The division incorporates Bank of America’s previous lending businesses with those of Countrywide.
The rebranding is being completed Monday to coincide with the beginning of what is traditionally the busiest season for home buying and follows other back-office integration between the lending units, said Barbara Desoer, president of Bank of America Home Loans.
At the height of the housing market, Countrywide was the nation’s largest lender and was heavily involved in subprime lending – loans given to customers with poor credit history. The housing market began to unravel in 2007 as subprime mortgage borrowers increasingly started to default, helping to spawn the credit crisis.
Loan losses have piled up for the company and lending volume is slowing, similar to what many lenders are facing during the ongoing recession and housing market downturn.
During the first quarter, the combined Bank of America and Countrywide mortgage operations funded $89 billion in mortgages and home equity loans. The pair combined to originate $315.33 billion in 2008 and $598.33 billion in 2007.
The new Bank of America Home Loans division will be based in Calabasas, Calif., which was home to Countrywide Financial Corp.
Bank of America agreed to acquire Countrywide in January 2008 in an all-stock deal worth about $4 billion at that time. The deal was valued at about $2.5 billion when the deal closed July 1 because of a drop in Bank of America’s share price.
Copyright © 2009 The Associated Press
Charlotte, N.C.-based Bank of America on Monday renamed its mortgage and home equity lending operations Bank of America Home Loans. The division incorporates Bank of America’s previous lending businesses with those of Countrywide.
The rebranding is being completed Monday to coincide with the beginning of what is traditionally the busiest season for home buying and follows other back-office integration between the lending units, said Barbara Desoer, president of Bank of America Home Loans.
At the height of the housing market, Countrywide was the nation’s largest lender and was heavily involved in subprime lending – loans given to customers with poor credit history. The housing market began to unravel in 2007 as subprime mortgage borrowers increasingly started to default, helping to spawn the credit crisis.
Loan losses have piled up for the company and lending volume is slowing, similar to what many lenders are facing during the ongoing recession and housing market downturn.
During the first quarter, the combined Bank of America and Countrywide mortgage operations funded $89 billion in mortgages and home equity loans. The pair combined to originate $315.33 billion in 2008 and $598.33 billion in 2007.
The new Bank of America Home Loans division will be based in Calabasas, Calif., which was home to Countrywide Financial Corp.
Bank of America agreed to acquire Countrywide in January 2008 in an all-stock deal worth about $4 billion at that time. The deal was valued at about $2.5 billion when the deal closed July 1 because of a drop in Bank of America’s share price.
Copyright © 2009 The Associated Press
Who Owns My Mortgage? by Ralph Roberts
When trying to contact your lender to work out a payment plan or some other deal, knowing who owns your mortgage can be very helpful. Unfortunately finding out is not as easy as it sounds. You should be able to call the phone number on your last mortgage statement or the number in your payment coupon book and connect directly with your lender. More often than not, this merely puts you in touch with the servicer – the business that collects and processes your payments. In some cases, the servicer is prohibited from divulging the true identity of your lender. In other cases, the person you're dealing with has no idea who your lender is.
Mortgages are often sliced and diced and repackaged into mortgage backed securities (MBS's) that are sold and traded on Wall Street. Many investors subscribe to an automated system called MERS (Mortgage Electronic Registration System) that keeps track of who owns the mortgage and note as it changes hands among investors, as well as who services it for that investor. MERS can provide another level of anonymity to the process. On many mortgages, the Mortgagee (the party that was granted the mortgage) is listed only as MOM (MERS as Original Mortgagee). No, that doesn't mean you can call your mom to find out who owns your mortgage note. It means you have to try to look it up in the MERS registry. Customers trying to look up the investor on the MERS registry will not find it. MERS makes the name and contact information of the servicer available, but not the name and contact of the investor. That information is for the servicer or investor to disclose, not MERS.
To add to the confusion, the mortgage meltdown sank many banks and other lending institutions which were taken over by other banks or regulators.
So, what should you do if you're trying to track down your lender? Take the following approach:
1. Call the phone number on your most recent mortgage statement or your payment coupon book. This will put you in touch with the servicer who may also be the lender who owns your mortgage or at least be able to tell you the name of your lender. (Remember, the person may not know or may not be permitted to tell you.)
2. If you have an FHA loan, contact FHA's National Servicing Center to determine who owns your mortgage:
(800) CALL- FHA / (800) 225- 5342
Email hsg-lossmit@hud.gov
Department of Housing and Urban Development National Servicing Center 301 NW 6th Street, Suite 200 Oklahoma City, OK 73102
3. You can try to contact Fannie Mae. If they own the note, they may provide the identity of the investor: 1-800-7FANNIE (1-800-732-6643).
4. If the mortgage is listed as MOM or has a MIN (Mortgage Identification Number) assigned to it, you can search the MERS database by mortgage identification number (MIN), your name and social security number, or the property's address. Dial the toll-free MERS Servicer Identification System at 888-679-6377 (an automated touch-tone system) or search online.
5. If you know the name of the bank or other lending institution that owns your mortgage but have no contact information for them, check out Hope Now .
One of the most important steps to saving your home from foreclosure is to get in touch with your lender immediately. Better yet, hire a qualified attorney with experience in foreclosures and loan modifications to contact your lender on your behalf, so you have legal representation on your side. I can guarantee that your lender has an attorney reviewing the paperwork. You should have one to watch your back, too.
Published: April 27, 2009
Ralph R. Roberts, CRS, GRI is an award-winning and internationally recognized real estate agent, author, coach, and speaker.
Mortgages are often sliced and diced and repackaged into mortgage backed securities (MBS's) that are sold and traded on Wall Street. Many investors subscribe to an automated system called MERS (Mortgage Electronic Registration System) that keeps track of who owns the mortgage and note as it changes hands among investors, as well as who services it for that investor. MERS can provide another level of anonymity to the process. On many mortgages, the Mortgagee (the party that was granted the mortgage) is listed only as MOM (MERS as Original Mortgagee). No, that doesn't mean you can call your mom to find out who owns your mortgage note. It means you have to try to look it up in the MERS registry. Customers trying to look up the investor on the MERS registry will not find it. MERS makes the name and contact information of the servicer available, but not the name and contact of the investor. That information is for the servicer or investor to disclose, not MERS.
To add to the confusion, the mortgage meltdown sank many banks and other lending institutions which were taken over by other banks or regulators.
So, what should you do if you're trying to track down your lender? Take the following approach:
1. Call the phone number on your most recent mortgage statement or your payment coupon book. This will put you in touch with the servicer who may also be the lender who owns your mortgage or at least be able to tell you the name of your lender. (Remember, the person may not know or may not be permitted to tell you.)
2. If you have an FHA loan, contact FHA's National Servicing Center to determine who owns your mortgage:
(800) CALL- FHA / (800) 225- 5342
Email hsg-lossmit@hud.gov
Department of Housing and Urban Development National Servicing Center 301 NW 6th Street, Suite 200 Oklahoma City, OK 73102
3. You can try to contact Fannie Mae. If they own the note, they may provide the identity of the investor: 1-800-7FANNIE (1-800-732-6643).
4. If the mortgage is listed as MOM or has a MIN (Mortgage Identification Number) assigned to it, you can search the MERS database by mortgage identification number (MIN), your name and social security number, or the property's address. Dial the toll-free MERS Servicer Identification System at 888-679-6377 (an automated touch-tone system) or search online.
5. If you know the name of the bank or other lending institution that owns your mortgage but have no contact information for them, check out Hope Now .
One of the most important steps to saving your home from foreclosure is to get in touch with your lender immediately. Better yet, hire a qualified attorney with experience in foreclosures and loan modifications to contact your lender on your behalf, so you have legal representation on your side. I can guarantee that your lender has an attorney reviewing the paperwork. You should have one to watch your back, too.
Published: April 27, 2009
Ralph R. Roberts, CRS, GRI is an award-winning and internationally recognized real estate agent, author, coach, and speaker.
Monday, April 27, 2009
Auction adventure: Home sale brings out buyers
TAMPA, Fla. – April 27, 2009 – Not many people buy the same house twice – with two different women.
Robert Feltner almost did.
Feltner, 33, of Lutz, went with his fiancée to an auction of foreclosed homes last week at the Tampa Convention Center, hoping to find a deal.
He had his sights set on the three-bedroom, three-bath Spring Hill home he previously owned with his ex-wife.
The auction, hosted by Real Estate Disposition Corp., a California-based company, featured 105 houses up for auction, with properties stretching along the Gulf coast from Weeki Wachee to Sarasota.
In all, 75 were sold for $7.1 million, said company spokesman Rick Weinberg. Attendance was estimated at 1,150 people.
Respective bidders ranged from families looking for their first home to older couples looking for an investment property. Some people traveled from across the state, having participated in auctions earlier in the week. Others watched it live on the Internet, placing bids online.
Some of them walked away with a steal, snapping up homes and condominiums – many of which had been vacated by owners who no longer could afford the payments – for nearly half their listed value.
If anyone felt as if they were profiting off someone else’s misfortune, it wasn’t readily apparent.
“It’s all business,” said Diana Alebord of Sarasota. “It’s not personal.”
Feltner sat in the front row of the packed convention hall with his fiancée, Cheryl Robinson, He showed his driver’s license, which still had the Spring Hill property’s address listed as his own.
“We’re kind of buying it for an investment,” he said when asked whether it would be weird to live in the same house with a different woman. “It would be up to her.”
“I don’t think it would be that weird,” 30-year-old Robinson said. “Even if we walk away with nothing, it was exciting to come down here and try.”
The company had 700 properties across the state for sale this week at six auctions from Pensacola to Miami.
Last year, the company auctioned 32,799 homes for a total of $3.4 billion. So far this year, it has auctioned more than 7,650 homes for $750 million.
One reason is that foreclosures have accelerated.
In March, Florida had the fourth-highest foreclosure rate in the nation, according to RealtyTrac Inc.
“We’re very pleased with the results from the Tampa auction,” company Chief Executive Officer Jeff Frieden said in a statement. “Many people walked away with some incredible bargains.”
The rules were strict. Anyone wanting to place a bid had to have $2,500 cash or a cashier’s check. Officials from several lending institutions, including Countrywide and Wells Fargo, waited behind a curtained-off area to meet with winning bidders.
Nathan Ayala and his wife, Paula, drove from Sarasota, their hearts set on a Bradenton property they hoped would be their first home.
Nathan Ayala said he attended an auction three weeks ago and was the high bidder on a property for $35,000. The bank, however, rejected the offer.
This time he brought cash, hoping $70,000 would secure their dream.
It wasn’t to be. The house sold for $82,500. The Ayalas said they aren’t discouraged.
“I know there’s enough homes out there to find what we’re looking for,” he said in an interview the next day.
Many people came to the auction after having visited properties. Alebord, 45, said she inspected three homes, hoping one of them would replace the condominium where she lives. All three were sold before the auction.
Alebord said she felt the presence of the previous owners when she went in person to see her choices.
“You can tell people abandoned it. They left,” she said. “Even though it was in good condition, you could feel the sense of loss.”
Once the auction began, the air inside the large concrete hall became charged with energy. The auctioneer barely breathed as he whipsawed through the listings, increasing the total sale price with each bid. Early sales set the tone: A $265,000 Wesley Chapel home sold for $135,000. A $375,000 New Port Richey house sold for $110,000.
Weinberg said the highest winning bid of the night came on a 1,112-square-foot one-bedroom condominium on Kennedy Boulevard. It was purchased for $141,750, despite having been valued at $340,000.
The lowest winning bid was $22,500 for a three-bedroom, two-bath house on North 16th Street, not far from Ybor City. The home had been valued at $114,600.
Feltner arrived at the auction well before its stated start time of 6:30 p.m. He and Robinson both came ready to buy, for the right price. They each set a personal limit of about $100,000.
“We might buy multiple if we can,” he said. “You can’t pass up a condo for five grand.”
The property he wanted was one of the last to be sold. Hours after arriving, he got his shot and let it go.
The house he previously owned, once valued at $185,500, was sold to someone else for $102,500. The starting bid was $5,000.
“I just didn’t continue to bid on it,” Feltner said in an interview the next day. “We could have bid $105,000 but didn’t want to.”
Copyright © 2009, Tampa Tribune, Fla
Robert Feltner almost did.
Feltner, 33, of Lutz, went with his fiancée to an auction of foreclosed homes last week at the Tampa Convention Center, hoping to find a deal.
He had his sights set on the three-bedroom, three-bath Spring Hill home he previously owned with his ex-wife.
The auction, hosted by Real Estate Disposition Corp., a California-based company, featured 105 houses up for auction, with properties stretching along the Gulf coast from Weeki Wachee to Sarasota.
In all, 75 were sold for $7.1 million, said company spokesman Rick Weinberg. Attendance was estimated at 1,150 people.
Respective bidders ranged from families looking for their first home to older couples looking for an investment property. Some people traveled from across the state, having participated in auctions earlier in the week. Others watched it live on the Internet, placing bids online.
Some of them walked away with a steal, snapping up homes and condominiums – many of which had been vacated by owners who no longer could afford the payments – for nearly half their listed value.
If anyone felt as if they were profiting off someone else’s misfortune, it wasn’t readily apparent.
“It’s all business,” said Diana Alebord of Sarasota. “It’s not personal.”
Feltner sat in the front row of the packed convention hall with his fiancée, Cheryl Robinson, He showed his driver’s license, which still had the Spring Hill property’s address listed as his own.
“We’re kind of buying it for an investment,” he said when asked whether it would be weird to live in the same house with a different woman. “It would be up to her.”
“I don’t think it would be that weird,” 30-year-old Robinson said. “Even if we walk away with nothing, it was exciting to come down here and try.”
The company had 700 properties across the state for sale this week at six auctions from Pensacola to Miami.
Last year, the company auctioned 32,799 homes for a total of $3.4 billion. So far this year, it has auctioned more than 7,650 homes for $750 million.
One reason is that foreclosures have accelerated.
In March, Florida had the fourth-highest foreclosure rate in the nation, according to RealtyTrac Inc.
“We’re very pleased with the results from the Tampa auction,” company Chief Executive Officer Jeff Frieden said in a statement. “Many people walked away with some incredible bargains.”
The rules were strict. Anyone wanting to place a bid had to have $2,500 cash or a cashier’s check. Officials from several lending institutions, including Countrywide and Wells Fargo, waited behind a curtained-off area to meet with winning bidders.
Nathan Ayala and his wife, Paula, drove from Sarasota, their hearts set on a Bradenton property they hoped would be their first home.
Nathan Ayala said he attended an auction three weeks ago and was the high bidder on a property for $35,000. The bank, however, rejected the offer.
This time he brought cash, hoping $70,000 would secure their dream.
It wasn’t to be. The house sold for $82,500. The Ayalas said they aren’t discouraged.
“I know there’s enough homes out there to find what we’re looking for,” he said in an interview the next day.
Many people came to the auction after having visited properties. Alebord, 45, said she inspected three homes, hoping one of them would replace the condominium where she lives. All three were sold before the auction.
Alebord said she felt the presence of the previous owners when she went in person to see her choices.
“You can tell people abandoned it. They left,” she said. “Even though it was in good condition, you could feel the sense of loss.”
Once the auction began, the air inside the large concrete hall became charged with energy. The auctioneer barely breathed as he whipsawed through the listings, increasing the total sale price with each bid. Early sales set the tone: A $265,000 Wesley Chapel home sold for $135,000. A $375,000 New Port Richey house sold for $110,000.
Weinberg said the highest winning bid of the night came on a 1,112-square-foot one-bedroom condominium on Kennedy Boulevard. It was purchased for $141,750, despite having been valued at $340,000.
The lowest winning bid was $22,500 for a three-bedroom, two-bath house on North 16th Street, not far from Ybor City. The home had been valued at $114,600.
Feltner arrived at the auction well before its stated start time of 6:30 p.m. He and Robinson both came ready to buy, for the right price. They each set a personal limit of about $100,000.
“We might buy multiple if we can,” he said. “You can’t pass up a condo for five grand.”
The property he wanted was one of the last to be sold. Hours after arriving, he got his shot and let it go.
The house he previously owned, once valued at $185,500, was sold to someone else for $102,500. The starting bid was $5,000.
“I just didn’t continue to bid on it,” Feltner said in an interview the next day. “We could have bid $105,000 but didn’t want to.”
Copyright © 2009, Tampa Tribune, Fla
Thursday, April 23, 2009
Florida’s existing home, condo sales rise in March 2009
ORLANDO, Fla. – April 23, 2009 – Florida’s existing home sales increased in March, making it the seventh month in a row that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). March’s statewide sales also increased over the previous month’s sales level in both the existing home and existing condo markets.
Existing home sales rose 30 percent last month with a total of 13,085 homes sold statewide compared to 10,080 homes sold in March 2008, according to FAR. Statewide existing home sales in March were 32.7 percent higher than February’s statewide sales.
Florida Realtors also reported a 25 percent rise in statewide sales of existing condominiums in March, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 37.2 percent over the total units sold in February.
Fifteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in March and 13 MSAs also showed gains in condo sales. It marks the ninth consecutive month that a majority of markets have reported increased sales.
Florida’s median sales price for existing homes last month was $141,300; a year ago, it was $201,700 for a 30 percent decrease. Industry analysts with the National Association of Realtors® (NAR) report there is a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in February 2009 was $164,600, down 15 percent from a year earlier, according to NAR. In California, the statewide median resales price was $247,590 in February; in Massachusetts, it was $252,500; in Maryland, it was $253,200; and in New York, it was $210,000.
NAR’s latest housing industry outlook reported that entry-level buyers are seeking bargains, which resulted in sales of distressed properties accounting for 40 to 45 percent of February’s transactions. “Given the downward distortion in price comparisons due to distressed sales, it’s important for owners to keep in mind that this doesn’t equate to a similar loss of value for traditional homes in good condition,” said NAR Chief Economist Lawrence Yun.
In Florida’s year-to-year comparison for condos, 4,388 units sold statewide compared to 3,503 units in March 2008 for a 25 percent increase. The statewide existing condo median sales price last month was $108,700; in March 2008 it was $172,300 for a 37 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $172,200 in February 2009.
Interest rates for a 30-year fixed-rate mortgage averaged 5 percent last month, down significantly from the average rate of 5.97 percent in March 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s large to medium-size markets, the Melbourne-Titusville-Palm Bay MSA reported a total of 539 homes sold in March compared to 445 homes a year ago for a 21 percent increase. The existing home median sales price was $123,700; a year ago, it was $159,000 for a 22 percent decrease. In the year-to-year comparison for the existing condo market, a total of 113 units sold in the MSA last month, up 24 percent compared to 91 condos sold the previous March. The market’s existing condo median price was $123,100; a year ago, it was $164,300 for a 25 percent decrease.
2009 © FLORIDA ASSOCIATION OF REALTORS
Existing home sales rose 30 percent last month with a total of 13,085 homes sold statewide compared to 10,080 homes sold in March 2008, according to FAR. Statewide existing home sales in March were 32.7 percent higher than February’s statewide sales.
Florida Realtors also reported a 25 percent rise in statewide sales of existing condominiums in March, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 37.2 percent over the total units sold in February.
Fifteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in March and 13 MSAs also showed gains in condo sales. It marks the ninth consecutive month that a majority of markets have reported increased sales.
Florida’s median sales price for existing homes last month was $141,300; a year ago, it was $201,700 for a 30 percent decrease. Industry analysts with the National Association of Realtors® (NAR) report there is a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in February 2009 was $164,600, down 15 percent from a year earlier, according to NAR. In California, the statewide median resales price was $247,590 in February; in Massachusetts, it was $252,500; in Maryland, it was $253,200; and in New York, it was $210,000.
NAR’s latest housing industry outlook reported that entry-level buyers are seeking bargains, which resulted in sales of distressed properties accounting for 40 to 45 percent of February’s transactions. “Given the downward distortion in price comparisons due to distressed sales, it’s important for owners to keep in mind that this doesn’t equate to a similar loss of value for traditional homes in good condition,” said NAR Chief Economist Lawrence Yun.
In Florida’s year-to-year comparison for condos, 4,388 units sold statewide compared to 3,503 units in March 2008 for a 25 percent increase. The statewide existing condo median sales price last month was $108,700; in March 2008 it was $172,300 for a 37 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $172,200 in February 2009.
Interest rates for a 30-year fixed-rate mortgage averaged 5 percent last month, down significantly from the average rate of 5.97 percent in March 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s large to medium-size markets, the Melbourne-Titusville-Palm Bay MSA reported a total of 539 homes sold in March compared to 445 homes a year ago for a 21 percent increase. The existing home median sales price was $123,700; a year ago, it was $159,000 for a 22 percent decrease. In the year-to-year comparison for the existing condo market, a total of 113 units sold in the MSA last month, up 24 percent compared to 91 condos sold the previous March. The market’s existing condo median price was $123,100; a year ago, it was $164,300 for a 25 percent decrease.
2009 © FLORIDA ASSOCIATION OF REALTORS
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