Tuesday, January 31, 2012
Thursday, January 26, 2012
Pinellas County Real Estate Stats for Dec 2011 are out!
Pinellas County Real Estate Statistics for December 2011
The same story keeps repeating itself in the local real estate market. Listings are down for both the condo and single family market. There does appear to be more strength in the single family market versus the condo market. For all of 2011 the median sales price for condo’s dropped by $13,000 even while listings have been at five year lows and sales have increased by 7.4% from December 2010 to December 2011. In the single family market the median sales price has managed to see some support at a floor of $125,000 from December 2010 to December 2011 while listings decreased by almost 62%.
Overall the residential market sales, as well as the median sales price were relatively flat year over year. Active inventory is at a 6 year low (6.4 months supply of inventory) with just over 24% of the 7,964 active listings being distressed. Of the 1,927 distressed listings, 1,596 are short sales and 331 are foreclosures.
Condo sales from December 2010 to December 2011 are up 7.5%. The median sales price for condos dropped by $14,000 and condo listings decreased from 5,205 to 4,010 or 23% for the same time period.
Single family listings are down from 6,327 to 3,954, or 38% from December 2011 to December 2010. The median sales as noted previously remained stagnate year over year. Single family sales decreased by 4.4% for the same time period.
Pending sales for the residential market are up almost 14% from December 2010 to December 2011. However 74% of those pending sales are either short sales or foreclosures and 26% are non-distressed properties. When you look at the pending sales that actually close you will see that 65% of the closed sales in December were non-distressed and 35% are distressed. This may be due to more short sales being listed as pending from December 2010 to December 2011.
Days on market also continues increase on all property types. Non-distressed properties days on market increased almost 33%, short sale nearly doubled and bank owned properties increased almost 40% from December 2010 to December 2011
Stats provided by Pinellas Realtor Organization 1/25/12
www.yourhomeinstpete.com
Monday, January 23, 2012
For Sale: 2BR/2BA Condo in Gulfport, FL, $129,900
For Sale: 2BR/2BA Condo in Gulfport, FL, $129,900
Come and see this beautifully remodeled 2 bed/2 bath waterfront condo in Town Shores of Gulfport. Both bathrooms have been recently updated. Master bedroom has newly installed beautiful laminated floors with French doors to the sunroom. New carpet throughout with upgraded padding. Kitchen has all new appliances (Gas stove), new sink, new countertops and backsplash. New ceiling fans and light fixtures throughout. Sunroom was re-tiled and has southern facing water views. Mutlilple community pools, tennis courts, shuffleboard courts, and access to boat slip. Move in ready. Don't miss out on this great opportunity
Come and see this beautifully remodeled 2 bed/2 bath waterfront condo in Town Shores of Gulfport. Both bathrooms have been recently updated. Master bedroom has newly installed beautiful laminated floors with French doors to the sunroom. New carpet throughout with upgraded padding. Kitchen has all new appliances (Gas stove), new sink, new countertops and backsplash. New ceiling fans and light fixtures throughout. Sunroom was re-tiled and has southern facing water views. Mutlilple community pools, tennis courts, shuffleboard courts, and access to boat slip. Move in ready. Don't miss out on this great opportunity
Wednesday, December 7, 2011
Florida Realtors see mini-recovery in the Sunshine State
Heading into 2012, Florida Realtors say the Sunshine State is already in a mini-recovery with sales trending up and inventories starting to fall.
The association of state real estate agents concluded during its 2012 Real Estate Economic Forecast Conference Tuesday in Orlando that Midwesterners wanting homes in Florida will be able to find deals throughout next year.
Florida Realtors Chief Economist Dr. John Tuccillo said real estate agents are starting to see multiple offers on Florida homes.
Mark Vitner, senior economist at Wells Fargo, who spoke at the event, said the European debt crisis remains a concern, but he anticipates the U.S. economic recovery will continue in 2012.
"Florida’s economy is recovering, with tourism and health care leading the way," Vitner said. "On a national level, we expect the U.S. will not fall into recession next year, although Europe faces serious problems."
Lawrence Yun with the National Association of Realtors, who also spoke at the event, said local Florida markets are starting to see their inventory levels drop. "That's a major change from just a year ago," Yun said. "Buyers have stepped back into the Florida market."
Yun is predicting a poignant turnaround in South Florida and expects to see home price gains in Miami and Naples in the coming 18 months.
From: http://www.housingwire.com/tag/2012-real-estate-economic-forecast
Mortgage delinquencies to drop in 2012?
Lets hope that this is the case!
Barring another blow to the U.S. economy, the number of people who are behind on their mortgage or credit card payments is expected to drop over the next year, according to annual forecasts released by credit-reporting agency TransUnion.
Mortgage loan delinquencies will see the sharpest overall decline in 2012, TransUnion projects, with the U.S. mortgage delinquency rate (the ratio of borrowers who are 60 days or more behind on payments) dropping to as low as 5% by the end of the year.
A slight increase -- to about 6% -- is expected through the first quarter of the year, however. The delinquency rate peaked at 6.9% at the end of 2009.
Because mortgage delinquency is generally considered to be a precursor to foreclosure, the TransUnion forecasts mean 2012 should see a decline in foreclosure rates as well.
"Although house prices and unemployment will likely face continued pressure next year, this forecast calls for gradual improvements in the second half of 2012 to other key variables, like improving credit quality of new originations, consumer confidence and GDP, that will positively influence homeowners' ability and willingness to pay their mortgages," said Tim Martin, a group vice president in TransUnion's financial services business unit. "If things go as expected … mortgage delinquencies could fall as much as 16% in 2012 compared to 2011."
The drop, though significant, will keep rates well above their pre-recession norm of 1.5% to 2%, according to The Associated Press.
Homes prices still declining
On Tuesday, CoreLogic released its October Home Price Index, which showed prices had fallen 1.3% since September, and 3.9% since October 2010. The downward trend is fueled by a glut of unsold homes on the market due to foreclosures and overbuilding, according to Total Mortgage Services.
The number of vacant American homes grew by more than 50% in the first decade of this century, to 10.3 million, according to a report released Tuesday by the Government Accountability Office, The Huffington Post reported. And most real-estate and financial analysts predict that number will increase,
Estimates on the number of homes at risk of foreclosure vary widely, but last month analysts estimated that as few as 1.6 million and as many as 10.3 million mortgages might be in trouble, according to The Wall Street Journal's Developments blog. The variation was largely caused by whether researchers counted loans that were 90, 60 or only 30 days delinquent.
With millions of people still underwater on their mortgages, the advocacy group Center for Responsible Lending says the foreclosure crisis is less than halfway over, CBS News reports.
In her 2012 outlook, Bank of America analyst Michelle Meyer also stated that the crisis is far from over, predicting that home prices will decline another 7% and that 2013 will be the worst year for foreclosures, Business Insider reported. "All told, we expect 14 million foreclosures or a quarter of all homeowners with a mortgage," Meyers predicts.
Credit card delinquencies down
Credit card delinquency rates, which reflect the number of cardholders behind on payments by 90 days or more, reached 0.6% -- their lowest level in 17 years -- in the second quarter of 2011. As with mortgage delinquency rates, TransUnion forecasts a small uptick in early 2012, but then another drop to end the year at about 0.7%.
The historically low credit card delinquency rates reflect, in part, tighter lending policies, which prevent those with less-than-stellar credit from obtaining new cards.
"Lenders are willing to lend, but are still pursuing the best customers," said Steven Chaouki, a TransUnion group vice president, according to MarketWatch.
What's fueling the mortgage delinquency drop?
Banks are still working through a backlog of foreclosures, but will likely get those off their books by the end of 2011, Chaouki told Dow Jones Newswires. The backlog caused a temporary increase in the mortgage delinquency rate. The slow improvement of the job market and continued stabilization of the housing market are also expected to contribute to the drop, Chaouki said.
A factor that has impacted both the mortgage and credit card delinquency rates was a shift in consumer priorities. Historically, financially strapped borrowers have paid the mortgage first to protect their primary investment, and because of the "emotional attachment involved in owning a home," Chaouki said. Because the recession left so many borrowers underwater on their mortgages, making credit card payments first has been a more practical choice.
"In today's uncertain economy, consumers have found that credit cards are among their most valued assets due to the flexibility they provide," Chaouki said. "As a result, consumers have made a concerted effort to make on-time payments and maintain relatively low balances."
From:
money.msn.com/saving-money-tips/post.aspx?post=7612bf3c-0046-4aea-a998-f2e36d44faeb
Barring another blow to the U.S. economy, the number of people who are behind on their mortgage or credit card payments is expected to drop over the next year, according to annual forecasts released by credit-reporting agency TransUnion.
Mortgage loan delinquencies will see the sharpest overall decline in 2012, TransUnion projects, with the U.S. mortgage delinquency rate (the ratio of borrowers who are 60 days or more behind on payments) dropping to as low as 5% by the end of the year.
A slight increase -- to about 6% -- is expected through the first quarter of the year, however. The delinquency rate peaked at 6.9% at the end of 2009.
Because mortgage delinquency is generally considered to be a precursor to foreclosure, the TransUnion forecasts mean 2012 should see a decline in foreclosure rates as well.
"Although house prices and unemployment will likely face continued pressure next year, this forecast calls for gradual improvements in the second half of 2012 to other key variables, like improving credit quality of new originations, consumer confidence and GDP, that will positively influence homeowners' ability and willingness to pay their mortgages," said Tim Martin, a group vice president in TransUnion's financial services business unit. "If things go as expected … mortgage delinquencies could fall as much as 16% in 2012 compared to 2011."
The drop, though significant, will keep rates well above their pre-recession norm of 1.5% to 2%, according to The Associated Press.
Homes prices still declining
On Tuesday, CoreLogic released its October Home Price Index, which showed prices had fallen 1.3% since September, and 3.9% since October 2010. The downward trend is fueled by a glut of unsold homes on the market due to foreclosures and overbuilding, according to Total Mortgage Services.
The number of vacant American homes grew by more than 50% in the first decade of this century, to 10.3 million, according to a report released Tuesday by the Government Accountability Office, The Huffington Post reported. And most real-estate and financial analysts predict that number will increase,
Estimates on the number of homes at risk of foreclosure vary widely, but last month analysts estimated that as few as 1.6 million and as many as 10.3 million mortgages might be in trouble, according to The Wall Street Journal's Developments blog. The variation was largely caused by whether researchers counted loans that were 90, 60 or only 30 days delinquent.
With millions of people still underwater on their mortgages, the advocacy group Center for Responsible Lending says the foreclosure crisis is less than halfway over, CBS News reports.
In her 2012 outlook, Bank of America analyst Michelle Meyer also stated that the crisis is far from over, predicting that home prices will decline another 7% and that 2013 will be the worst year for foreclosures, Business Insider reported. "All told, we expect 14 million foreclosures or a quarter of all homeowners with a mortgage," Meyers predicts.
Credit card delinquencies down
Credit card delinquency rates, which reflect the number of cardholders behind on payments by 90 days or more, reached 0.6% -- their lowest level in 17 years -- in the second quarter of 2011. As with mortgage delinquency rates, TransUnion forecasts a small uptick in early 2012, but then another drop to end the year at about 0.7%.
The historically low credit card delinquency rates reflect, in part, tighter lending policies, which prevent those with less-than-stellar credit from obtaining new cards.
"Lenders are willing to lend, but are still pursuing the best customers," said Steven Chaouki, a TransUnion group vice president, according to MarketWatch.
What's fueling the mortgage delinquency drop?
Banks are still working through a backlog of foreclosures, but will likely get those off their books by the end of 2011, Chaouki told Dow Jones Newswires. The backlog caused a temporary increase in the mortgage delinquency rate. The slow improvement of the job market and continued stabilization of the housing market are also expected to contribute to the drop, Chaouki said.
A factor that has impacted both the mortgage and credit card delinquency rates was a shift in consumer priorities. Historically, financially strapped borrowers have paid the mortgage first to protect their primary investment, and because of the "emotional attachment involved in owning a home," Chaouki said. Because the recession left so many borrowers underwater on their mortgages, making credit card payments first has been a more practical choice.
"In today's uncertain economy, consumers have found that credit cards are among their most valued assets due to the flexibility they provide," Chaouki said. "As a result, consumers have made a concerted effort to make on-time payments and maintain relatively low balances."
From:
money.msn.com/saving-money-tips/post.aspx?post=7612bf3c-0046-4aea-a998-f2e36d44faeb
Thursday, November 17, 2011
Pinells County Real Estate Stats for Oct 2011 are out!
Pinellas County Real Estate Statistics for October 2011
As the holiday season approaches, we are seeing the usual end of year slowdown in sales. The same trends we have seen for the last few months are continuing in October. Overall, listings are continuing to drop. In the single family market there was a small month to month increase in median price. The median sales price for condos fell to its lowest point so far this year, something that happened at this time last year also. More than 37% of condo sales were at $50,000 or less and of that number nearly 11% were sold for less than $30,000.
Overall residential unit sales increased from 890 to 1079, or 21% from October 2010 to October 2011. The median sales price dropped 18% from $131,000 to $107,000 compared to 2010, but is up $18,000 year to date. Active listings continued to slide by 32% from October 2010 to October 2011, for 10 straight months of reduction in inventory.
Condo sales from October 2010 to October 2011 are up nearly 16%. The median sales price for condos had a significant drop from $104,000 to $75,000 and condo listings decreased from 5,484 to 4,127, or down 25% year over year.
Single family listings are down from 6,666 to 4,129, or 38%. The median sales price is down from $156,000 to $127,000 year over year. Single family sales increased from 528 to 659, or a 25% increase from October 2010 to October 2011.
The biggest news for the month is the drop off in year over year unit sales for single family properties under $100,000. In October 2010 these homes accounted for 40% of the single family market. In October 2011 they accounted for 31% of single family sales. Compare that to an 11% decrease in overall residential unit sales from 47.1% to 36.6%. The decreases are most likely due to a steeper decline in inventory of properties less than $100,000 when compared to $100,000 and above.
Also in the single family market, you will notice a steep decline in median price from October 2010 to October 2011. Median sales price went from $156,000 to $127,000. You shouldn’t lose much sleep over this non-trend October 2010 was a single month aberration. Prices tend to build up the first three quarters of the year and then give back some of their gains during the late fall.
Foreclosure actions in Pinellas did see modest increases in October, but they are still well below what they were a year ago. Compared to the rest of the state Pinellas County has 1 in 442 homes with foreclosure actions versus the state with 1 in 268.
WWW.PINELLASREALTOR.ORG
As the holiday season approaches, we are seeing the usual end of year slowdown in sales. The same trends we have seen for the last few months are continuing in October. Overall, listings are continuing to drop. In the single family market there was a small month to month increase in median price. The median sales price for condos fell to its lowest point so far this year, something that happened at this time last year also. More than 37% of condo sales were at $50,000 or less and of that number nearly 11% were sold for less than $30,000.
Overall residential unit sales increased from 890 to 1079, or 21% from October 2010 to October 2011. The median sales price dropped 18% from $131,000 to $107,000 compared to 2010, but is up $18,000 year to date. Active listings continued to slide by 32% from October 2010 to October 2011, for 10 straight months of reduction in inventory.
Condo sales from October 2010 to October 2011 are up nearly 16%. The median sales price for condos had a significant drop from $104,000 to $75,000 and condo listings decreased from 5,484 to 4,127, or down 25% year over year.
Single family listings are down from 6,666 to 4,129, or 38%. The median sales price is down from $156,000 to $127,000 year over year. Single family sales increased from 528 to 659, or a 25% increase from October 2010 to October 2011.
The biggest news for the month is the drop off in year over year unit sales for single family properties under $100,000. In October 2010 these homes accounted for 40% of the single family market. In October 2011 they accounted for 31% of single family sales. Compare that to an 11% decrease in overall residential unit sales from 47.1% to 36.6%. The decreases are most likely due to a steeper decline in inventory of properties less than $100,000 when compared to $100,000 and above.
Also in the single family market, you will notice a steep decline in median price from October 2010 to October 2011. Median sales price went from $156,000 to $127,000. You shouldn’t lose much sleep over this non-trend October 2010 was a single month aberration. Prices tend to build up the first three quarters of the year and then give back some of their gains during the late fall.
Foreclosure actions in Pinellas did see modest increases in October, but they are still well below what they were a year ago. Compared to the rest of the state Pinellas County has 1 in 442 homes with foreclosure actions versus the state with 1 in 268.
WWW.PINELLASREALTOR.ORG
Tuesday, November 8, 2011
September Pinellas County Statistics are out
Pinellas County Real Estate Statistics for September 2011
Published by PROView No Comments
Posted on: October 12, 2011 The real estate market for Pinellas County was rather measured. Listings continue to drop, however the year over year sales figures are still up. From month to month sales are down slightly, but that is to be expected as the summer buying seasons winds down. The threat of increased foreclosures from banks also continues to hang over the market, though there were no significant increases in lis pendens filings. Contact me for a copy of the statistics.
Pete McGahan
pete@yourhomeinstpete.com
727-215-7394
pete@yourhomeinstpete.com
So what does this mean? Its a good time to list your home. With limited choices for buyers, your home could stand out and get you a good price.
Published by PROView No Comments
Posted on: October 12, 2011 The real estate market for Pinellas County was rather measured. Listings continue to drop, however the year over year sales figures are still up. From month to month sales are down slightly, but that is to be expected as the summer buying seasons winds down. The threat of increased foreclosures from banks also continues to hang over the market, though there were no significant increases in lis pendens filings. Contact me for a copy of the statistics.
Pete McGahan
pete@yourhomeinstpete.com
727-215-7394
pete@yourhomeinstpete.com
So what does this mean? Its a good time to list your home. With limited choices for buyers, your home could stand out and get you a good price.
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