Click on the title to see the full article.
This article is a very good summary of what is happening in the US national market. You can use it to help prepare your 2010 plans.
Thursday, December 24, 2009
Florida Population Grows Even Though Domestic Migration was Negative
Click on the title to see the original article.
For real estate investors, Florida's population growth trend is one of the most important annual statistcs. Earlier this year the University of Florida reported that the population actually shrank. Now the US Census Bureau says the population grew due international migrations and natural growth. The following excerpt summarizes the situation:
"In the year ending July 1, 2009, Florida became an out-bound state, with 32,000 more domestic residents leaving the state than moving here.
"But the Census Bureau report also revealed something less obvious: Florida's overall population growth is still among the biggest in the country.
"Boosted by an influx of 87,381 international immigrants and a natural increase of 58,169 as births over deaths, Florida's overall population rose by 114,091.
"That ranked Florida fifth nationally behind Texas, California, North Carolina and Georgia.
"Overall, Florida ranks as the fourth most populous state, with 18.5 million residents.
"Yet there was no discounting the impact of the Great Recession. From 1998 to 2006, Florida's annual growth rate was between 2 and 2.6 percent. Last year, it was around 0.6 percent."
For real estate investors, Florida's population growth trend is one of the most important annual statistcs. Earlier this year the University of Florida reported that the population actually shrank. Now the US Census Bureau says the population grew due international migrations and natural growth. The following excerpt summarizes the situation:
"In the year ending July 1, 2009, Florida became an out-bound state, with 32,000 more domestic residents leaving the state than moving here.
"But the Census Bureau report also revealed something less obvious: Florida's overall population growth is still among the biggest in the country.
"Boosted by an influx of 87,381 international immigrants and a natural increase of 58,169 as births over deaths, Florida's overall population rose by 114,091.
"That ranked Florida fifth nationally behind Texas, California, North Carolina and Georgia.
"Overall, Florida ranks as the fourth most populous state, with 18.5 million residents.
"Yet there was no discounting the impact of the Great Recession. From 1998 to 2006, Florida's annual growth rate was between 2 and 2.6 percent. Last year, it was around 0.6 percent."
Wednesday, December 23, 2009
Against Jobs
Click on title to see the full article.
Jobs are extremely important to the housing market. The article explains who and why there are huge vested interests against job creation in the USA.
Jobs are extremely important to the housing market. The article explains who and why there are huge vested interests against job creation in the USA.
Tuesday, December 22, 2009
Mortgage Rates Headed Up in 2010 Says CNBC
Click on the title to see the original article.
"If you told me by the end of 2010 a 30-year rate was at 6 percent, that sounds about right," says Mark Zandi, chief economist at Moody's. "I don't think there's any question rates are headed up.
"Rates are still historically low heading into the new year. The average fixed rate on a 30-year mortgage was 4.94 percent the third week of December. But that's higher from the record low of 4.71 percent the week of Dec. 3.
So far, it's turned out to be a case of nowhere to go but up, says Lawrence Yun, Chief economist at National Association of Realtors.
"Rates weren’t going to stay that low forever," says Yun. "But I don't see anything too alarming. Rates will still be considered attractive."
"If you told me by the end of 2010 a 30-year rate was at 6 percent, that sounds about right," says Mark Zandi, chief economist at Moody's. "I don't think there's any question rates are headed up.
"Rates are still historically low heading into the new year. The average fixed rate on a 30-year mortgage was 4.94 percent the third week of December. But that's higher from the record low of 4.71 percent the week of Dec. 3.
So far, it's turned out to be a case of nowhere to go but up, says Lawrence Yun, Chief economist at National Association of Realtors.
"Rates weren’t going to stay that low forever," says Yun. "But I don't see anything too alarming. Rates will still be considered attractive."
Monday, December 21, 2009
Jack McCabe Explains Why Florida's foreclosures will continue for years longer
Click on the title to see the original article.
Jack MaCabe explains why foreclosures will be a big part of real eastate sales for years in Florida. That said, the way banks are trickling out inventory, these foreclosures will only be a small part of the total number of transactions.
Jack MaCabe explains why foreclosures will be a big part of real eastate sales for years in Florida. That said, the way banks are trickling out inventory, these foreclosures will only be a small part of the total number of transactions.
Sunday, December 20, 2009
Sarasota's Housing Inventory Status
There are 6,997 houses and condos for sale in Sarasota County today of which 3,925 are priced under $300,000. The under $300K units are selling well and there are 7.4 months of inventory, down from over 30 months this time last year.
For units between $300,000 and $700,000, there are 1,850 for sale and 14.2 months of inventory.
For units over $700,000, those needing jumbo loans, there are 1,232 units for sale and 28.7 months of inventory. This part of the market is taking much longer to heal.
For bank owned foreclosures ( REO'S ), there are 226 for sale and 2.0 months of inventory. The number of REO's for sale has climbed up from the summer bottoms of 115 units for sale but is still way below the 600 for sale at the end of last year. Desirable REO'S are getting multiple offers and selling in a couple of weeks.
Short sales are still confusing the statistics because there are so many classified as pending. Today there are 1,124 active listings, 1,451 pending listings, and there have been only 286 sales in the last 60 days. The average sale that is not a short sale closes within 45 days. Short sales are taking over 150 days to close.
With the recovery of the market for units priced under $300,000, the builders are starting to wake up. 49 building permits were issued in October, up from an average of 30/month in the months through September.
Given that snowbird season will be in full swing in January, It's possible that we will see some upward pricing pressure on the most desirable units priced under $300,000.
For units between $300,000 and $700,000, there are 1,850 for sale and 14.2 months of inventory.
For units over $700,000, those needing jumbo loans, there are 1,232 units for sale and 28.7 months of inventory. This part of the market is taking much longer to heal.
For bank owned foreclosures ( REO'S ), there are 226 for sale and 2.0 months of inventory. The number of REO's for sale has climbed up from the summer bottoms of 115 units for sale but is still way below the 600 for sale at the end of last year. Desirable REO'S are getting multiple offers and selling in a couple of weeks.
Short sales are still confusing the statistics because there are so many classified as pending. Today there are 1,124 active listings, 1,451 pending listings, and there have been only 286 sales in the last 60 days. The average sale that is not a short sale closes within 45 days. Short sales are taking over 150 days to close.
With the recovery of the market for units priced under $300,000, the builders are starting to wake up. 49 building permits were issued in October, up from an average of 30/month in the months through September.
Given that snowbird season will be in full swing in January, It's possible that we will see some upward pricing pressure on the most desirable units priced under $300,000.
Thursday, December 17, 2009
Sarasota Builder Times the Land Market Just Right
Click on the title to see the full article.
Medallion Homes played the land market in Sarasota just right. The owner is still looking for more land.
Medallion Homes played the land market in Sarasota just right. The owner is still looking for more land.
Fewer Consumers Willing to Consider Foreclosures
Click on the title to see the full article.
This will possibly be a problem in Sarasota and Charlotte Counties if the banks aggressively pursue foreclosure strategies. Right now there are more buyers than sellers of foreclosures in this area.
This will possibly be a problem in Sarasota and Charlotte Counties if the banks aggressively pursue foreclosure strategies. Right now there are more buyers than sellers of foreclosures in this area.
Tuesday, December 15, 2009
Port Charlotte's El Jobean Area to Get Luxury RV Resort
Click on the title to see the original article.
Here's a land use that gets you thinking "Why didn't I think of that?". The investors behind this are to be congratulated.
Here's a land use that gets you thinking "Why didn't I think of that?". The investors behind this are to be congratulated.
Monday, December 14, 2009
Sarasota Detailed Sales Statisticcs for November, 2009
Click on the title to see the report.
The Sarasota Association of Realtors releases a detailed report of sales each month. Sarasota continues to be hot.
The Sarasota Association of Realtors releases a detailed report of sales each month. Sarasota continues to be hot.
Wednesday, December 9, 2009
Florida's Commercial Market-A Detailed Report
Click on the title to see the report.
As you can imagine, the commercial market is under a lot of stress. This new report details the stress in 6 major Florida markets.
As you can imagine, the commercial market is under a lot of stress. This new report details the stress in 6 major Florida markets.
Tuesday, December 8, 2009
The FHA Has new, Tighter Rules for Condo Loans
Click on the title to see the original article.
The rules mostly affect newer construction. In areas like Longboat Key and Siesta Key, where most buildings were constructed over 10 years ago, the new rules should have little impact.
The rules mostly affect newer construction. In areas like Longboat Key and Siesta Key, where most buildings were constructed over 10 years ago, the new rules should have little impact.
The Times of London Thinks its a Great Time to Visit the USA
Click on the title to see the article.
This article has an interesting section on visiting Florida.
The English are one of the best sources of foreign buyers for real estate in Sarasota and Charlotte Counties. They like Sarasota, the beaches and the Rotonda area.
This article has an interesting section on visiting Florida.
The English are one of the best sources of foreign buyers for real estate in Sarasota and Charlotte Counties. They like Sarasota, the beaches and the Rotonda area.
Monday, December 7, 2009
Treasury Issues New Short Sale Guidelines
Short sales have been a disaster for all involved. The US Treasury has just issued some guidelines that should make the process smoother and fairer for both buyers and sellers.
Click on the title to see a summary of the new rules.
Click on the title to see a summary of the new rules.
Sunday, December 6, 2009
Gulf of Mexico Access Waterfront Lot sales Since Oct 1, 2009
Click on the the title to see the detail of all 41 sales in Sarasota and Charlotte Counties. Sales are in order by zip code.
Most of the sales are in South Gulf Cove, zip 33981. There were a couple big $$$ sales on Longboat Key and Siesta Key.
Most of the sales are in South Gulf Cove, zip 33981. There were a couple big $$$ sales on Longboat Key and Siesta Key.
Saturday, December 5, 2009
Sarasota County Unit Sales Down in November Compared to October But Up 36% Compared to Nov 2008
Unit sales of houses and condos in Sarasota County were 634 in November, 2009 compared to 671 in October, 2009 and 465 in November, 2008.
For single family residences ( SFR ), sales in November, 2009 were 419 units at an average price of $244,000. In November, 2008 sales were 348 units at an average price of $262,800. In October, 2009 average prices were $227,500 while unit sales were 443 units. For SFR's it appears that volumes are stabilizing and prices are firming up.
For condos, townhouses and villas ( condos ), there were 205 unit sales in November, 2009 at an average price of $238,700 compared to 106 units at an average price of $256,100 in November, 2008. Sales were almost double and prices were down only 7 percent.
For bank owned foreclosures ( REO's ), November, 2009 sales were 88 units compared to 154 units in November, 2009. Sales prices declined by 2% in 2009 compared to 2008. The banks continue to hoard REO inventories.
For single family residences ( SFR ), sales in November, 2009 were 419 units at an average price of $244,000. In November, 2008 sales were 348 units at an average price of $262,800. In October, 2009 average prices were $227,500 while unit sales were 443 units. For SFR's it appears that volumes are stabilizing and prices are firming up.
For condos, townhouses and villas ( condos ), there were 205 unit sales in November, 2009 at an average price of $238,700 compared to 106 units at an average price of $256,100 in November, 2008. Sales were almost double and prices were down only 7 percent.
For bank owned foreclosures ( REO's ), November, 2009 sales were 88 units compared to 154 units in November, 2009. Sales prices declined by 2% in 2009 compared to 2008. The banks continue to hoard REO inventories.
Thursday, December 3, 2009
A Good Article on the Mystery of What Happened to All the Foreclosures
We have an ongoing mystery about what has happened to all the houses that are in the foreclosure process but never show up in active listings or sales figures. Click on the title to see an article that tries to unravel this mystery.
Tuesday, December 1, 2009
30-year mortgage rates sink, match record low
McLEAN, Va. – Nov. 30, 2009 – Average rates for 30-year fixed mortgages fell last week, matching a record low set last spring and more than a full percentage point below what they were a year ago, Freddie Mac said Wednesday.
Rates for 30-year mortgages averaged 4.78 percent last week, down from 4.83 percent the previous week and equaling the record low reached the week of April 30.
Last year at this time, the 30-year fixed rate mortgage averaged 5.97 percent.
Interest rates began dropping last November, when the Federal Reserve began spending $1.25 trillion to buy up mortgage-backed securities in an effort to lower rates, loosen credit availability and bolster the long-suffering housing market.
Since April, rates have hovered near 5 percent, spurring refinance activity. However, credit standards remain stringent, so the best rates usually are available only to borrowers with solid credit and a 20 percent down payment.
Rates for 30-year fixed mortgages are now 0.8 percentage points below this year’s peak set in mid-June. The average rate on a 15-year fixed-rate mortgage fell to 4.29 percent, down from 4.32 percent the previous week, according to Freddie Mac. The 15-year rate hasn’t been this low since Freddie Mac started tracking it in 1991.
Rates for 30-year mortgages averaged 4.78 percent last week, down from 4.83 percent the previous week and equaling the record low reached the week of April 30.
Last year at this time, the 30-year fixed rate mortgage averaged 5.97 percent.
Interest rates began dropping last November, when the Federal Reserve began spending $1.25 trillion to buy up mortgage-backed securities in an effort to lower rates, loosen credit availability and bolster the long-suffering housing market.
Since April, rates have hovered near 5 percent, spurring refinance activity. However, credit standards remain stringent, so the best rates usually are available only to borrowers with solid credit and a 20 percent down payment.
Rates for 30-year fixed mortgages are now 0.8 percentage points below this year’s peak set in mid-June. The average rate on a 15-year fixed-rate mortgage fell to 4.29 percent, down from 4.32 percent the previous week, according to Freddie Mac. The 15-year rate hasn’t been this low since Freddie Mac started tracking it in 1991.
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