Angie Shull's Blog

Price Reduced on 138 S Beach St in Melrose

Angie Shull — Tue, 16 Mar 2010 00:41:00 GMT

Melrose, Ormond Beach - Announcing a price reduction on 138 S Beach St, a 2,858 sq. ft., 3 bath, 4 bdrm single story. Now $795,000 - Intracoastal Riverfront.

Property information

Home equity loans available again

Angie Shull — Tue, 16 Mar 2010 00:19:00 GMT

NEW YORK – March 15, 2010 – Banks are again offering home equity loans.

Lenders are expected to make about $36 billion in new home equity loans over the next year, according to Moody’s Economy.com. That’s actually more than the $34 billion in home equity loans made in 2008.

The difference will be the way the money is spent, says Frank Nothaft, chief economist at Freddie Mac. Most of it will go for necessary home improvements.

“Consumers are better at managing their own personal balance sheet as a result of the difficult recession we went through,” Nothaft says.

Source: Bloomberg, Kathleen M. Howley, Prashant Gopal, John Gittelsohn (03/11/2010)

© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688

NAR offers tools to relieve short sale stress

Angie Shull — Wed, 24 Feb 2010 16:18:00 GMT

WASHINGTON – Feb. 22, 2010 – According to the January Realtors® Confidence Index, buyers continue to be discouraged with short sales, resulting in foreclosures that could have been prevented.

“Our members report that short sales are often riddled with delays and red tape,” says National Association of Realtors® (NAR) President Vicki Cox Golder. In response, NAR has created tools to help Realtors understand new laws created to simplify short sales.

The new laws, effective April 5, 2010, implement the U.S. government’s Home Affordable Foreclosure Alternatives Program (HAFA), designed to help people who cannot be helped under the existing Home Affordable Modification Program (HAMP) by simplifying and streamlining the use of short sales and deeds-in-lieu of foreclosures. To participate, homeowners must meet certain requirements; if so, both homeowners and servicers qualify for incentive payments.

To help Realtors® understand HAFA and its guidelines, NAR released a brochure about the program and it offers additional resources online, including government forms and guidelines, a video explaining the guidelines and a list of frequently asked questions.

“The new guidelines and incentives as part of HAFA are a crucial step towards reducing problems with the short sale process, and Realtors are ready to help make this new program a success,” says Golder.

In addition to its resources on HAFA, NAR launched a Short Sales and Foreclosures Certification Program in August 2009. The SFR program is offered by the Real Estate Buyer’s Agent Council of NAR and includes training on how to manage short sale, foreclosure and real estate owned transactions.

The NAR short sale information is available on its website at:

© 2010 Florida Realtors®

Read the fine print in a short sale

Angie Shull — Wed, 24 Feb 2010 16:12:00 GMT

TAMPA, Fla. – Feb. 23, 2010 – With so many distressed homeowners owing more than their homes are worth, short sales have become lifelines.

These types of sales make up more than half of the homes on the market in the Tampa Bay area. Generally, this means the mortgage lender has agreed to allow the home to sell for market value. The lender writes off the rest of the debt, and the homeowner walks away.

But is it really this simple?

Lenders are increasingly adding language to the approval package, reserving the right to pursue the deficiency later – that is, the difference between what you owed on the house and what it sold for.

Some homeowners, so anxious to get out of a pending foreclosure, skip right over that part of the letter. Some understand but opt to take their chances, betting they won’t hear from the lender again.

For some lucky buyers, this has been the case – so far. They’ve sold their home as a short sale, moved on, and haven’t had any problems. But other lenders require the seller to agree upfront to pay back a set amount.

‘It seems fair’

Realtor Paul De La Torre, of Keller Williams, said lenders almost always ask his clients to agree to pay at least some of the debt back. Lenders’ requests, he said, range from 15 percent of the balance to agreeing to a payment plan – such as $80 a month for 15 years.

“It’s seems fair,” De La Torre said. “Some of these people are walking away from a huge amount. More folks need to consider it could be much worse if the lender comes back for the full deficiency later.”

Lenders don’t always go after short sale homeowners. But in Florida, lenders can wait up to five years to file for a court judgment to make the borrower pay. After the judgment is granted, the lender has 20 years to collect the cash.

This is particularly frightening because lenders could wait until the debtor is back on their feet to act. The homeowner could recover financially only to discover years later that they owe the bank tens of thousands of dollars.

Insurance companies

De La Torre said homeowners are even more likely to be required to pay a deficiency if they have mortgage insurance. (Borrowers who have less than 20 percent equity in their homes typically are required by their lenders to cover this insurance in case they default.)

Mortgage insurance companies “are getting pretty strict about short sales,” he said. “They have to sign off on the short sale, too, and many are not only asking for promissory notes but are ordering their own appraisals.”

Deficiency judgments aren’t only a problem in short sale cases. They can happen following a foreclosure, too.

A lender can take back the home, sell it and then come back after the borrower for the difference between that amount and the balance on the old mortgage. This is allowed in Florida and most other states.

So what can a homeowner do?

Not much, in the case of a foreclosure. But when negotiating a short sale, the homeowner must sign off on the paperwork, too, said Jim Davis, a real estate agent with Century 21 A&M Realty.

Borrowers can ask to be released from the debt, and sometimes that works. In the past three to six months, though, Davis said he’s seen many lenders require some form of payment.

That’s where negotiation can kick in.

Some lenders detail how much money they might come after later. Others don’t specify, and that may mean the full amount. Davis recommends anyone signing a short sale agreement insist the lenders be specific about deficiency plans. Read the fine print, he said, and ask lots of questions.

If they don’t, it may haunt them later.

Rates on 30-year mortgages average under 5%

Angie Shull — Wed, 17 Feb 2010 15:08:00 GMT

McLEAN, Va. – Feb. 12, 2010 – Rates on 30-year fixed mortgages fell slightly this week, dipping below 5 percent,

the mortgage financier Freddie Mac said Thursday.

The average rate on a 30-year fixed mortgage was 4.97 percent this week, down from an average of 5.01 percent last week.

Last year at this time, the rate for a 30-year fixed mortgage averaged 5.16 percent, Freddie Mac said.

Rates fell to a record low of 4.71 percent in early December. They have held around 5 percent thanks to a Federal Reserve

program to pump $1.25 trillion into mortgage-backed securities to try to keep rates low and make home buying more affordable.

That program is set to end March 31.

Low rates also can spur refinancing activity. More than two out of three mortgage applications were for refinance transactions

over the first six weeks of this year, according to the Mortgage Bankers Association.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country.

Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds.

The average rate on 15-year fixed-rate mortgages fell to 4.34 percent from 4.40 percent last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.19 percent, down from 4.27 percent a week earlier.

Rates on one-year, adjustable-rate mortgages rose to 4.33 percent from 4.22 percent.

The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac’s survey

averaged 0.7 point for 30-year mortgages. It averaged 0.6 point for 15-year, five-year and one-year loans.

Copyright © 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

4 reasons to sell now

Angie Shull — Thu, 11 Feb 2010 15:07:00 GMT

ORLANDO, Fla. – Feb. 9, 2010 – Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign:

• Sell low and buy low. Because all property values are down, the loss on the property a homeowner sells is really only a paper loss because the next property he buys also will be a bargain.

If he buys smartly, when prices come back up in a few years, he’ll be in better shape.

• Downpayment help is widely available. While nothing-down loans have disappeared, it’s easy to find downpayment assistance for lower-income and first-time homebuyers.

Programs vary all over the country, but one good way to find them is to search online for “downpayment assistance programs” and the name of your region.

• Your Uncle Sam has money to share. Besides the $8,000 first-time homebuyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.

• Good help is available. Really talented real estate practitioners, contractors and designers are available and eager for business.

Source: McClatchy Tribune, Kate Forgach (02/07/2010)

© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688

FHA relaxes anti-flipping rule

Angie Shull — Tue, 02 Feb 2010 19:49:00 GMT

WASHINGTON – Feb. 2, 2010 – Effective yesterday, the Federal Housing Administration (FHA) started providing mortgage insurance for some home purchases in which the seller bought the property and held it for less than 90 days.

The agency changed what is known as the “anti-flipping rule” to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, says FHA Commissioner David H. Stevens. Waiving the 90-day rule encourages private investors to buy vacant properties, fix them up, and quickly sell them to buyers who are eligible to buy them using FHA financing.

FHA’s change “is going to be absolutely terrific” for first-time homebuyers hoping to take advantage of the tax credit, says Bobby Taylor, an associate with Coldwell Banker Mountain West Real Estate in Salem, Ore.

The waiver is limited to sales that meet the following general conditions:

• All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

• In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.

• The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

• Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf.

Source: Washington Post (01/30/2010)

Loan modifications: Streamlined application process to begin June1

Angie Shull — Tue, 02 Feb 2010 15:36:00 GMT

Treasury officials said Thursday that starting June 1, borrowers will be able to submit a streamlined package of documents,

including two pay stubs, to qualify for the Obama administration Making Home Affordable loan modifications.

If borrowers make their initial trial payments ontime, they will be give a permanent loan modification.

"This is not about not getting documents back and forth and the servers losing it," said Phyllis Caldwell, chief of Treasury's Homeownership Preservation Office.

The focus of the revised rules, she said, is to help move the almost 1 million borrowers nationwide in trial loan modifications into permanent new deals.

Streamlining the process is good for borrowers and banks were having trouble with the paperwork as well.

JPMorgan Chase CEO Jamie Dimon was in Miami last week to announce big expansion plans for the bank. He said the pace of loan modifications

"is getting better," but he also alluded to the paperwork problems that lenders and loan servicers face. The biggest problem, he said, was verifying income.

I've been told by some lenders that if an employee gets overtime pay, for example, that borrower has to get a letter from his employer saying the intention is to

continue paying for overtime. That's a lot to ask. Even so, Dimon said the Obama loan modification system is not a failure and that the number of loans receiving

permanent modifications will improve over time.

At present, 25 percent of all mortgage loans that are behind have received any sort of offer of a modification. Within that group, only 14 percent have become a

permanent modification. That's for all lenders.

Loan modifications are supposed to be one way to head off foreclosure.

More than 441,000 Florida mortgages in foreclosure and payments are late on more than 422,000 Florida loans,

according to figures from the Mortgage Bankers Association.

Florida’s existing home, condo sales up in December 2009

Angie Shull — Wed, 27 Jan 2010 15:43:00 GMT

ORLANDO, Fla. – Jan. 25, 2010 – Florida’s existing home sales rose in December, marking 16 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.

Existing home sales rose 33 percent last month with a total of 14,630 homes sold statewide compared to 11,013 homes sold in December 2008, according to Florida Realtors. Statewide existing home sales last month increased 4.3 percent over statewide sales activity in November.

Florida Realtors also reported a 91 percent increase in statewide sales of existing condos in December compared to the previous year’s sales figure; statewide existing condo sales last month rose 22 percent over the total units sold in November.

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in December. A majority of the state’s MSAs have reported increased sales for 18 consecutive months.

Florida’s median sales price for existing homes last month was $140,400; a year ago, it was $155,300 for a 10 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. 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 November 2009 was $171,900, down 4.4 percent from a year earlier, according to NAR. In California, the statewide median resales price was $304,520 in November; in Massachusetts, it was $285,000; in Maryland, it was $245,569; and in New York, it was $210,000.

According to NAR’s latest outlook, home sales are seeing a boost from the federal homebuyer tax credit. “There are many more potential buyers who can enter the market in the months ahead,” said NAR Chief Economist Lawrence Yun. “Activity should ramp up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. In all, 4.4 million households are expected to claim the tax credit before it expires, and balance should be restored to the housing sector with inventories continuing to decline.”

In Florida’s year-to-year comparison for condos, 5,968 units sold statewide last month compared to 3,132 units in December 2008 for an increase of 91 percent. The statewide existing condo median sales price last month was $107,000; in December 2008 it was $130,300 for an 18 percent decrease. The national median existing condo price was $178,000 in November 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 4.93 percent last month, significantly lower than the average rate of 5.29 percent in December 2008, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s larger markets, the West Palm Beach-Boca Raton MSA reported a total of 849 homes sold in December compared to 638 homes a year earlier for a 33 percent increase. The market’s existing home median sales price last month was $247,900; a year ago it was $246,000 for an increase of 1 percent. A total of 763 condos sold in the MSA in December, up 45 percent over the 527 units sold in December 2008. The existing condo median price last month was $111,400; a year earlier, it was $112,900 for a decrease of 1 percent.

Related: Dec. existing-home sales down, prices rise; 2009 sales up, says NAR

Area home sales buck downward trend

Angie Shull — Wed, 27 Jan 2010 15:35:00 GMT

By BOB KOSLOW
Business Writer/Daytona Beach News Journal

DAYTONA BEACH -- House prices in Volusia and Flagler counties continue to fall and sales continue to rise.

"I think since the market has begun to stabilize, the people that were on the fence are realizing that we are through the bottom, or at least at the bottom. And if they were waiting to buy, now is probably the time," said Scott Nieminen with Realty Executives in Palm Coast and the new head of the Flagler County Association of Realtors.

Local buyers in December seemed to agree, contradicting a national slowdown over the holidays.

Realtors in December sold 807 existing single-family houses in the two-county area, according to the Florida Association of Realtors report released Monday. That is 57 percent higher than the 513 houses sold in December 2008.

It's also the highest monthly total for 2009. The summer of 2006 was the last time the 800 mark was broken.

The median sales price -- where half sell for more and half for less -- for houses that sold in December was $124,400, down 12 percent from $141,300 a year ago.

It also is the lowest median sales price for the year. The last time it was lower was February 2003 when the price was $114,500.

There were 160 sales of existing condominiums in December. That is up 240 percent from the 47 that sold a year ago. The median sales price of a previously occupied condo rose 2 percent to $158,000 from $155,000 in December 2008.

Statewide, sales increased 33 percent to 14,630 in December from 11,013 in December 2008. The median sales price fell 10 percent from a year ago to $140,400 from $155,300.

Condo sales statewide for December totaled 5,968, up 91 percent from a year ago. The median sales price of $107,000 was down 18 percent from $130,300 of a year ago.

Nieminen sees the local area leading a recovery.

"When you look at the housing slowdown, in the Flagler and Volusia areas, we were impacted early on. We were among the first to feel it," he said. "So, in a recovery stage, those areas that got hit first tend to come out of it first. We have such home affordability right now."

For the year, Realtors sold 7,934 single-family houses in 2009, up 30 percent from 6,087 in 2008 and up 18 percent from 6,737 in 2007. However, it's 12 percent below the 9,032 that sold in 2006 and 44 percent below the 14,142 houses that sold in 2005.

The median sales price of a house in 2009 fell 21 percent to $130,500 from $165,700 in 2008.

Yearly condo sales rose 51 percent to 1,482 from 981 in 2008. The median sales price declined 21 percent to $169,800 from $214,400.

Statewide for the year, house sales increased 31 percent to 163,148. The median sales price fell 24 percent to $142,600. Condo sales increased 47 percent to 55,985. The median sales price decreased 21 percent to $169,800.

Nationally house sales went the opposite way from the local trend, falling 16.7 percent in December from November, the largest monthly drop in 40 years.

The federal tax credit extension to April and expansion to include existing homeowners was to blame for depressed December sales, said officials at the National Association of Realtors.

Despite the decline, many national figures point to a recovering housing market.

Sales in 2009 totaled 5.16 million homes, up 5 percent from 2008 and the first year-to-year increase since 2005. Inventory is down to a more manageable 7.2 months at the current sales rate, according to the national Realtors group.

The median sales price in 2009 fell 12 percent to $173,500, the sharpest annual drop since the Great Depression.

Some real estate experts fear a softening of the market again after efforts to hold down mortgage interest rates ends in March and federal tax credits expire in April.

A continued housing recovery depends on creating more jobs during the second half of this year, said Lawrence Yun, chief economist for the National Association of Realtors.

bob.koslow@news-jrnl.com

By the Numbers

Sales of existing houses in Volusia and Flagler counties have been on the rise for the past year. Here are the latest numbers:

DECEMBER: 807

NOVEMBER: 773

DECEMBER 2008: 513

SOURCE: Florida Association of Realtors

House Prices

The following are the annual median sales price for existing houses sold by Realtors in Volusia and Flagler counties. The median price for December was $124,400, compared to $141,300 in December 2008.

2009 $130,500

2008 $165,700

2007 $197,200

2006 $219,900

2005 204,400

2004 157,800

2003 131,300

2002 109,768

2001 96,770

2000 88,300

1999 84,500

SOURCE: Florida Association of Realtors

Oceanfront Condo for Sale in Gemini, Ormond-by-the-Sea

Angie Shull — Thu, 07 Jan 2010 04:30:00 GMT

Remodeled

• 1,853 sq. ft., 2 bath, 3 bdrm single story - MLS® $295,000 - Panoramic views

Gemini, Ormond-by-the-Sea - ABSOLUTELY GORGEOUS, REMODELED 3BED/2.5 BATH CONDO W/PANORAMIC VIEWS FROM EVERY ROOM! PRIVATE ENTRANCE TO EACH UNIT IS RARE. LARGE ROOMS THROUGHOUT. OPEN FLOOR PLAN WITH FORMAL DINING ROOM AND SPACIOUS KITCHEN WITH NEWER APPLIANCES, TILE FLOOR, GRANITE COUNTERTOPS. WET BAR AND WINE RACK. BEAUTIFUL PARQUE WOOD FLOORS. **ALSO HAS INSIDE LAUNDRY ROOM!!** A FABULOUS MASTER SUITE W/ WALK-IN CLOSET & PRIVATE BALCONY, DYNAMIC BATH W/JACUZZI TUB PLUS SHOWER! PARKING IN GARAGE. DESIRABLE BUILDING LOADED WITH AMENITIES, ACROSS FROM ORMOND MALL WHICH IS BEING COMPLETELY REMODELED. HAS FIRE SPRINCKLE SYSTEM. NEW BALCONIES AND CONCRETE RESTORATIONS IN PROGESS. ASSESSMENT ALREADY PAID! OCEANS VIEWS FROM EVERY ROOM! DON'T MISS IT!

Property information

Ormond Lakes Home for Sale

Angie Shull — Thu, 07 Jan 2010 04:15:00 GMT

Johnson Group Builders

• 2,056 sq. ft., 2 bath, 3 bdrm single story - MLS® $215,000 - Ormond Lakes Community

Ormond Lakes, Ormond Beach - As soon as you walk into this lovely home you will feel IT! This Johnson Group built home has a wonderful open plan with vaulted ceilings. It exudes comfort and class! 20” tile floors throughout for ease of maintenance. A split floor plan, display niches and indirect lighting are just a few special features. French doors lead to a screened back patio with a concrete stamped floor. The patio overlooks a lovely manicured yard that backs up to
the Tomoka State Park. Landscape curbing added to flower beds. The Master suite features double doors and high ceilings. Double sinks, separate shower and jetted tub complete the Master bath. 2 walk in closets for him & her. One closet is the SafeRoom. The kitchen features raised panel cabinets, GE Profile appliances and breakfast bar. The 2 car garage is oversized by 6 ft on one side. This allows wonderful space for a workbench/workshop in the garage. The attic access in the garage leads to ample storage space with flooring and no attic beams overhead. Ormond Lakes features a community pool, clubhouse and lovely trees. Conveniently located only 2 minutes to I-95, 10 minutes to Tomoka State Park, and 15 minutes to the BEACH!

Property information

New Year Resolutions for Your Home

Angie Shull — Wed, 30 Dec 2009 00:19:00 GMT

It's time to check out your home’s physical fitness and put it on an ‘energy diet.’ Even new homes can be modified to help you save on your utility bills. By cutting wasteful energy use, an energy-efficient home is a strong defense against winter winds, rain, sleet, snow, and chill, while reducing air pollution and greenhouse gas emissions and increasing national security.

Uncle Sam is offering an incentive for energy-efficient modifications: a 30% tax credit—a dollar-for-dollar reduction in your income taxes owed—of up to $1,500 during the remainder of 2009 and throughout 2010 for specific energy efficiency home improvements. Details on qualifying products, including insulation and sealing products, highly efficient furnaces, heat pumps, and windows, are available at www.ase.org/taxcredits.

From the Alliance to Save Energy, here are some tips to cut your energy bills.

1. Plug air leaks to stop heat and cool air going out your windows, doors, and outlets. Seal all those air leaks with sealant or caulking and weather stripping.
2. Insulate for your climate based on R-values. Start with the attic, then exterior and basement walls, floors, and crawl spaces. Insulate and seal attic air ducts. These first two steps will increase your comfort, make your home quieter, and reduce your heating and cooling costs by up to 20%.
3. Find ENERGY STAR windows and see if you can afford to replace at least some of your windows. They can cut heating costs by as much as 30% compared to single-pane windows, while increasing indoor comfort and lessening fading of home furnishings.
4. Maintain your HVAC system at least yearly, preferably twice a year, to improve efficiency and comfort. If it needs replacing, be sure and compare ENERGY STAR equipment.
5. Keep your furnace filters clean. Check the filter monthly, especially in the winter, and change it if it looks dirty - a minimum of every 3 months. A dirty filter will slow down air flow and make the system work harder to keep you warm–wasting energy. A clean filter will also prevent dust and dirt from building up in the system, which could require expensive maintenance and/or cause early system failure.
6. Seal your heating and cooling ducts to increase efficiency and lower energy costs. In a typical home with forced air, 20% of the air moving through the duct system is lost through leaks, holes, and poor connections. Insulate ducts in unheated areas such as attics, crawlspaces, and garages with duct insulation that carries an R-value of 6 or higher. A well-designed and sealed duct system may make it possible to downsize to a smaller, less costly heating and cooling system that will provide better dehumidification.
7. Install a programmable thermostat which will lower the heat or AC while you are away or overnight. This can reduce heating costs by 10%.
8. On your west and south-facing windows, open curtains and blinds to let the sun in (when it's shining), allowing natural heating. Be sure and close again after dark.
9. If you replace any products/appliances this coming year, be sure and shop ENERGY STAR. You can save up to 30% off your energy bills on some 50 product categories, including appliances, electronics, windows, lighting, and home office equipment.
10. Think about caring for your home's "energy fitness." Heating accounts for 31% of the typical home’s energy costs. Sealing and insulating your home, as well as the other energy efficiency measures, will lower your heating bills, increase your comfort, and decrease your carbon footprint.

(resource: RisMedia)

Florida Home & Condo Sales Up in November

Angie Shull — Wed, 23 Dec 2009 04:05:00 GMT

Florida's existing home sales rose in November, marking 15 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors.

Existing home sales rose 61 percent last month with a total of 14,026 homes sold statewide compared to 8,694 homes sold in November 2008, according to Florida Realtors. Statewide sales of existing condos increased 111 percent last month compared to November 2008's sales figure.

For the second month in a row, all of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in November. A majority of the state's MSAs have reported increased sales for 17 consecutive months.

Florida's median sales price for existing homes last month was $139,000; a year ago, it was $158,200 for a 12 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

In Florida's year-to-year comparison for condos, 4,889 units sold statewide last month compared to 2,320 units in November 2008 for an increase of 111 percent. The statewide existing condo median sales price last month was $104,400; in November 2008 it was $131,400 for a 21 percent decrease. The national median existing condo price was $172,900 in October 2009, according to NAR.

According to NAR's latest industry outlook, home sales are experiencing a pendulum upswing. "Keep in mind that housing had been underperforming over most of the past year," said NAR Chief Economist Lawrence Yun. "The tax credit is helping unleash pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future. In the second half of 2010, if home values show consistent stabilization or even a modest increase, then home sales could register normal healthy levels."

For Daytona Beach MSA, single family resales, there were 773 realtor sales in November, compared to 420 last year, with a median price of $130,500 vs. $146,200 last year.

For Daytona Beach MSA, condo resales, there were 137 realtor sales in November, compared to 66 last year, with a median price of $171,300 vs. $174,300 last year.

(resource: REChannel)

New Survey Results from Trulia and Realty Trac

Angie Shull — Wed, 16 Dec 2009 01:16:00 GMT

Fewer homebuyers are likely to consider purchasing a foreclosed property in the future, according to a survey conducted by the online real estate companies Trulia.com and RealtyTrac. Conducted in early November, the survey reported 43% of US adults indicate they are at least somewhat likely to consider purchasing a foreclosed home, a drop from 55% in the same survey conducted in May.

According to the survey, 23% of adults are at least somewhat likely to purchase a second home or an investment property. Of those, 92% are interested in the foreclosure market. Those looking to “trade up” make up 24% of homeowners and of those 88% are looking at foreclosures.

Renters show the strongest interest in buying foreclosed properties as 57% are somewhat likely to make a purchase in the future. Of younger renters, aged 18-34, 61% are interested in foreclosures, and 65% of renters between the ages of 35-44 showed interest as well.

The survey showed that consumers expect a good return on their investment in foreclosed homes. Almost two-thirds, 65%, of adults expect a discount of 30% or more when buying a foreclosure. In the Northeast, 43% of respondents expect a 50% discount or higher.

But as 95% of adults are willing to invest money in a foreclosed property, many cited hidden costs as the worst aspect of buying one. Of those surveyed, 81% saw a negative stigma with foreclosure purchases, a jump from 69% when the survey was conducted in May.

Executives at Trulia and RealtyTrac differ in their projections for the future. Pete Flint, Trulia.com’s CEO and co-founder, said in a conference call Tuesday that housing prices will continue to fall another 5-to-10% as sales volumes flatten out. In 2010, he anticipates a double-dip in the economy and another downturn in 2010 as government incentives disappear, the shadow inventory of foreclosures hits the market and interest rates start to reach 6%.

Rick Sharga, senior vice president of RealtyTrac, said that a broader recovery is in store as the shadow inventory will be a very “gradual, measured” trickle into the market. He expects that the amount of homes receiving a foreclosure notice will reach 3.2m and possibly 4m in 2010.

(resource: NewsGeni.us)