Prices Going Up In Florida in April Reports!

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Fla.’s housing market: Prices, listings rise in April

NAR: April existing-home sales show modest improvement, inventory gains

ORLANDO, Fla. – May 22, 2014 – Florida's housing market reported higher median prices, more new listings and a slight rise in inventory in April, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 21,385 last month, up 4.1 percent over the April 2013 figure.

"Florida's strengthening economy and increased jobs outlook are positive signs for continued growth in the state's housing market," said 2014 Florida Realtors®President Sherri Meadows, CEO and team leader, Keller Williams, with market centers in Gainesville, Ocala and The Villages. "Statewide, new listings for single-family homes in April rose 9.2 percent year-over-year, while new townhouse-condo listings rose 1.4 percent. This increase in listings shows many Florida homeowners are continuing to regain equity in their homes. Potential sellers who were on the sidelines now believe the time is right to put their residences on the market.

"And, for the 29th month in row, median sales prices rose year-over-year for both single-family homes and townhome-condo properties."

The statewide median sales price for single-family existing homes last month was $175,000, up 6.1 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis (IDA) department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in April was $140,500, up 9.8 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors (NAR), thenational median sales price for existing single-family homes in March 2014 was $198,200, up 7.4 percent from the previous yearthenational median existing condo price was $200,800.In California, the statewide median sales price for single-family existing homes in March was $435,470; in Massachusetts, it was $314,063; in Maryland, it was $245,891; and in New York, it was$217,500.

Looking at Florida's townhome-condo market, statewide closed sales totaled 10,766 last month, down 5.1 percent compared to April 2013. The closed sales data reflected fewer short sales last month compared to the previous year: Short sales for condo-townhome properties declined 57.9 percent while short sales for single-family homes dropped 51.5 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.

"We continue to see the development of a sustainable market here in Florida," said Florida Realtors Chief Economist Dr. John Tuccillo. "The numbers all suggest a balanced market, and the slight uptick in inventory is a correction for the historically low levels we've seen over the past two or three years.

"If there's anything that jumps out of these numbers, it is the rapidly disappearing short sale market. The decline in short sales – a characteristic seen all over the country – is a function of rising prices reducing the number of candidate properties for short sales. We expect this will continue as the market continues to improve."

Inventory was at a 5.7-months' supply last month for single-family homes and at a 6-months' supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.34 percent in April 2014, up from the 3.45 percent average recorded during the same month a year earlier.

Home Ownership

Homeownership isn't a retirement plan, but it can help you get there fasterOnce upon a time (i.e., 2006), the real estate market got so hot that it was common to hear people chatting about buying homes left and right. It became equally common for this excess of home equity to create a false sense of financial security, resulting in many homeowners saving less than they might have otherwise. Relying on home equity for retirement requires that you sell the place at some point, cashing out and moving somewhere cheaper (and potentially less desirable). But, there are a number of other ways your home can help you five, ten, even twenty years in advance of your planned retirement. Here are six strategies for using your home to help you retire—without having to sell the place and move to Timbuktu.

Mortgage Market Makeover

Agency plans home mortgage market makeover

WASHINGTON – July 9, 2012 – The Consumer Financial Protection Bureau says it’s planning for some major changes to the home mortgage market in the next six months. Its main goal: to improve the fairness and clarity for borrowers applying for home mortgages.

The newly created agency has made the mortgage market its top agenda item.

“It’s the market where consumers have the most at risk, and they have the most at stake,” Richard Cordray, the bureau’s director, told The New York Times. “I expect that the mortgage market in the fairly near term will look different in the sense that, first of all, it will be a clearer and more straightforward place for consumers; and second, it will be a more reliable market.”

As a first step, the agency says it will propose new lender rules later this summer for revising “good faith estimate” forms, the forms which homebuyers receive before closing that lists borrowers’ costs. The agency wants the forms to clearly state the interest rate on the loan that borrowers will pay, how this rate potentially could change over the term of the loan, and exactly how much cash they’ll need at closing.

The agency says the changes will help make often-confusing forms more understandable and complete for buyers.

The agency also has plans to overhaul how mortgage servicers provide services to borrowers facing foreclosure, requiring clearer information and improved service options.

“If we do all of those things from beginning to end, I think the mortgage process will work better,” Cordray said. “And that’s good for the economy.”

Source: “New Agency Plans to Make Over Mortgage Market,” The New York Times (July 5, 2012)

Extra-Low Mortgage Rates

3 Reasons Not to Refinance at Extra-Low Rates

Be on guard against those low, low mortgage rates - you may end up spending more by refinancing than if you had stuck with your current mortgage, even if your new interest rate would be under 3 or 4 percent financial planners warn.
Here are 3 warning signs for not refinancing your home at a lower rate:
-You're one of the many homeowners who owe more than what the home is worth. Lenders may ask you to pay a higher rate of interest, perhaps a quarter or half percent more than the average national home loan interest rate, mortgage brokers say. Even worse, a prospective lender may ask you to pay property mortgage insurance, which will add thousands of dollars to the cost of your loan, says Deerfield Beach, Fla., financial planner Blair Shein.
-There's a chance you might move to take a new job. If you don't stay in your home for at least two years then you may actually lose money on refinancing, says Plantation, Fla., financial planner Matt Saneholtz, who is president of the Financial Planning Association of Greater Fort Lauderdale. That's because you won't have time to recoup the closing costs, he said.
-You will end up paying more. If you have less than five years to pay, then you will generally pay more if you take out a longer loan, even if it offers a much lower interest rate, Shein said. That's because the longer loan length means more interest costs although your monthly payment will be smaller, he says. You only come out ahead if you continue making your existing loan's bigger payments on the new loan. That will ensure you will pay less interest - and pay off the loan even quicker, he said. "But the reality is that most people don't that," Shein says.
Homeowners should examine all the costs before signing up for a new loan. "Do the math," financial planner Saneholtz says. And beware of the hidden closing costs: You may not have to pay any when you sign for the mortgage, but those costs will be added to your new loan - often involving thousands of dollars, he says.

©2012 Sun Sentinel (Fort Lauderdale, Fla.) Distributed by MCT Information Services and RISMedia

Beautiful Summer Days In Sandestin, Florida. This is the newly remodeled pool deck at the Beach Club in Sandestin.

Mortgage Rates Continue To Drop!

Mortgage Rates for a 30 year loan are down from 4.64% average in May 2011 to 3.8% average this last May 2012. With rates going even lower it is a good time to buy or refinance.

Starting June 15, Fannie and Freddie-backed lenders must respond within 30 calendar days to a buyer's short sale offer.

Existing-Home Sales Decline in March but Inventory Down, Prices Stabilizing

Existing-home sales were down in March but continue to outpace year-ago levels, while inventory tightened and home prices are showing further signs of stabilizing, according to the National Realtors Association.

Wonderful Events on the Emerald Coast for May and June!  Click on this link to see all that this area offers. Something for everyone!!!

Events on the Emerald Coast in May!

Sandestin Inventory Dips Below 300 On April 9th, inventory within the gates of Sandestin Golf and Beach Resort reached a number we haven't seen in some time -298 listings. This compares with 439 listings in April 2011.Henderson Real Estate Group can help you find a wonderful property before prices start going higher!

U.S. home buying finally signals a recovery

Many would-be buyers appear emboldened by reduced prices, record-low mortgage rates, higher rents and more jobs.

Confidence in consummer's views of their own Finances is Stablizing! Fannie Mae says an   increasing number of Americans now expect home rental costs and home purchase prices to increase over the next year.

Sandestin Gumbo Festival!

February 17th and 18th!

Retired Moving To Florida In Large Numbers!

A recent US Census Report indicates that US residents from Northern Climates are once again heading to Florida for retirement. The dates between April 2010 and July 2011, Florida welcomed 560 new residents to Florida EACH DAY!

Loan Mortgage Rates Tie Record Low!

The average rate on the 30 year fixed mortgage rate has dropped to 3.94%. These low rates offer historic opportunity for home ownership. The average rate on the fifteen year mortgage rate fell to 3.21%, also a record low.

REO Sales

When will REO sales finally reach the peak?

NEW YORK – Oct. 19, 2011 – Properties repossessed through foreclosure may not peak until 2013, HousingWire reports, quoting several analysts and recent reports.

Foreclosure sales are expected to reach 1.48 million properties in 2013, according to analysts from Bank of America Merrill Lynch.

However, with the surge, “we do not expect to see anywhere near the downward pressure on home prices that we had back in 2008, since the expected percent changes in liquidation volumes are so much smaller,” the analysts said.

The increase in foreclosures is expected to mostly change from private banks’ portfolios – which nearly half are from now – to the government’s backlog of properties, with an increase in foreclosures forecasted from Fannie Mae, Freddie Mac, and the Department of Housing and Urban Development’s portfolios. Overall, they are expected to liquidate about 595,000 properties in 2013.

To handle the expected surge, the government continues to consider ideas, including proposals of turning some of the foreclosures into rentals, and a plan from the Federal Housing Finance Agency to refinance more underwater borrowers so they’ll be less likely to walk away from their property.

But some analysts are skeptical that a surge in foreclosures will come without an intervention from the government.

“Do they really think that the government under any administration would let 500,000 homes hit the mark and crash prices all over again, six years after the first crash?” Scott Sambucci, chief analyst at Altos Research, told HousingWire.

Source: “REO Sales May Not Peak Until 2013,” HousingWire (Oct. 17, 2011)

Homes for sale declining across South Florida

FORT LAUDERDALE, Fla. – Oct. 5, 2011 – The number of homes and condominiums for sale has steadily declined across South Florida in 2011, frustrating buyers and leading to bidding wars in some cases, real estate agents say.

An October update from Chip Rowand of the Keyes Co. in Weston shows that Broward County has 13,480 single-family homes and condos for sale. In Palm Beach County, there are 15,782 homes and condos on the market.

Those figures are less than half of what they were a few years ago, Rowand said.

“We’re seeing multiple showings and multiple offers if the homes are priced right,” he said. “We need more inventory.”

Analysts expect that’ll happen soon enough as a new wave of foreclosures hits the market.

The foreclosure pipeline slowed considerably last year as banks investigated possible paperwork errors as part of the “robo-signer” controversy. Now lenders are starting to process foreclosures more quickly.

Last week, research firm CoreLogic reported that the so-called shadow inventory of homes for sale declined to 1.6 million in July from 1.9 million a year ago.

Shadow inventory is a hidden supply of homes that are likely to come on the market as a result of foreclosures.

“The steady improvement in the shadow inventory is a positive development for the housing market,” Mark Fleming, chief economist for CoreLogic, said in a statement. “However, continued price declines, high levels of (underwater mortgages) and a sluggish labor market will keep the shadow supply elevated for an extended period of time.”

© 2011 Sun Sentinel (Fort Lauderdale, Fla.), Paul Owers. Distributed by MCT Information Services

Housing Inventory Dropping

Shadow Inventory Drops: ‘Positive Sign for Housing’

DAILY REAL ESTATE NEWS | WEDNESDAY, SEPTEMBER 28, 2011

Residential shadow inventory is on the decline, falling in July to 1.6 million units and representing a supply of five months, a new report from CoreLogic shows. 

One year ago, nationwide shadow inventory stood at 1.9 million units, marking a six-month supply. Shadow inventory is 22 percent lower than the peak reached in January 2010 of 2 million units -- or 8.4 months of supply.

CoreLogic calculates shadow inventory by taking into account the number of distressed properties not yet listed on the multiple listing services that are more than 90 days delinquent, in foreclosure, and real estate owned by lenders. 

"The steady improvement in the shadow inventory is a positive development for the housing market," says Mark Fleming, chief economist for CoreLogic. "However, continued price declines, high levels of negative equity, and a sluggish labor market will keep the shadow supply elevated for an extended period of time."

Source: “Shadow Inventory Declines to 5-Month Supply: CoreLogic,” HousingWire (Sept. 27, 2011)

Coldwell Banker United Destin Cares

CBU Cares: From dream homes to children in need, CBU Realtors strive to provide

September 17, 2011 1:20 PM

Katy Houghton

As well as helping homebuyers and sellers with their real estate quests, the agents of Coldwell Banker United are passionate about supporting local charities and children in need.

“Last year, a group of agents got together and created the idea of an internal organization to raise money for charities in the community that they’re passionate about,” said Jamie Huggins, CBU sales manager and broker.

That dream of an informal organization quickly grew into a formal foundation known as CBU Cares. After each sale, each of the 59 agents pledge to make a donation of a certain percentage of their sales commission.

Volunteer CBU Realtors, known as the Vision Council, recently went through agent-submitted applications and decided that Children in Crisis was exactly what they were looking for in their first act of charity as a foundation. 

At Wednesday’s sales meeting, CBU Realtors presented Ken Hair, the president and CEO of Children in Crisis, a check for $2,500.

CIC is a nonprofit charity in Fort Walton Beach that provides homes for neglected, abused and abandoned children of the community. Hair said they were very happy and thankful to be selected as CBU Cares’ signature charity.

“The money will go to feed, clothe and care for these children,” Hair said. “It’s because of donations from places like Coldwell Banker that we are able to keep our doors open.”

CBU Cares is an agent-driven foundation with the dream of contributing time and money to local organizations and charities. Coldwell Banker United also supports Habitat for Humanity and breast cancer research through the American Cancer Society.

“One of our five core values is supporting and being a part of the community,” Huggins said, adding that CBU Cares will make an annual donation to Children in Crisis. “That is my dream for this office.”

Foreclosure Wave Has Crested!

Foreclosure Wave Looks As Though It Has Crested According to USA Today News. 

Fewer US homes are going delinquent and problem loans have hit 3 year lows, possibly signaling that a 5 year wave of foreclosures is starting to recede. 

Almost 4 million homes have been repossessed by lenders since 2006.