South Florida On The Market

As 2013 draws to a close, it’s fairly clear that the real estate market has gained strength: home sales are up, prices have firmed, foreclosures are down and mortgage rates remain close to record lows. Figures from the National Association of Realtors® (NAR) show that September home values on average were 11.7 percent higher than a year earlier, the 10th consecutive month of double-digit, year-over-year, increases. NAR also reports that in the third quarter home prices increased in 144 out of 163 metropolitan statistical areas. Fifty-four areas had double-digit increases, and only 19 had price declines. “What we have seen during the past year are signs of a broad national recovery,” says Ray Brousseau, executive vice president with Carrington Mortgage Services. “Pent-up demand and a growing population are two factors that have contributed to generally increased home prices.” Interest rates Interest rates also make ownership more attractive. According to Standard & Poors, the 30-yea

According to RealtyTrac's recently released Year-End 2012 U.S. Foreclosure Market Report, a total of 2,304,941 foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 1,836,634 U.S. properties in 2012, down 3 percent from 2011 and down 36 percent from the peak of 2.9 million properties with foreclosure filings in 2010. The report also shows that 1.39 percent of U.S. housing units (one in every 72) had at least one foreclosure filing during the year, down from 1.45 percent of housing units in 2011 and down from 2.23 percent of housing units in 2010. "2012 was the year of the judicial foreclosure, with foreclosure activity increasing from 2011 in 20 of the 26 states that primarily use the judicial process, and a judicial state -- Florida -- posting the nation's highest state foreclosure rate for the first time since the housing crisis began," said Daren Blomquist, vice president at RealtyTrac. "Meanwhile foreclosure ac

Many South Florida home and business owners do not know they are over paying for their property taxes. Every property owner has a four week window to challange the amount they are paying. The deadline for Miami Dade and Broward is September 18. 1. Property is in poor condition 2. The assessed value is increasing drastically year over year 3. The area has a high foreclosure rate 4. Income property has a high vacancy 5. Property has no homestead or lost the homestead 6. The property is an over improvement for the area

A controversial move to sell 699 Fannie Mae- and Freddie Mac-owned homes in bulk to an investor was closed last week, according to the Federal Housing Finance Agency (FHFA). Pacifica Companies LLC purchased the homes as part of a real estate owned (REO) pilot initiative. Pacifica has not released details on how it will oversee the properties. Based in San Diego, the company’s website claims it has an office in Tampa, as well as Austin, Texas; Riverside, Calif.; and four cities in India. Pacifica paid $12.3 million upfront in a joint venture agreement. It will pay an additional $49.3 million by sending Fannie Mae 90 percent of future proceeds. After that, Pacifica will collect a 20 percent management fee and pay Fannie Mae 50 percent of future proceeds. FHFA projects the total value of all payments to be $78.1 million. The total price paid by Pacifica doesn’t represent a significant discount; however, the relatively low downpayment and profit-split deal would make it attractive to mo

10. Montana 1 yr home price change: +5.6% Median home price: $151,300 Unemployment rate: 6.4% (15th lowest) Montana shares characteristics with several of the Plains States. It never suffered from high unemployment during the recession; as a matter for fact, the jobless rate has been extraordinarily low. The agriculture and oil industries did well, and commodity prices were high. The cost of living in these states was, and still is, relatively low compared to the national average, and so are home prices. The benefits of being a homeowner in Montana should continue. Corelogic predicts that the appreciation in home prices in the state will be the 14th best among all states from the first quarter of 2013 to the first quarter of 2014, and the 12th best among all states from the first quarter of this year through the first quarter of 2017. 9. Hawaii 1 yr home price change: +5.7% Median home price: $522,000 Unemployment rate: 6.4% (14th lowest) Hawaii has the highest median home

National median list prices have been on the rise since the beginning of the year and now stand at $195,000, up 2.68 percent on a year-over-year basis, according to the June REALTOR.com® Trend Data released recently. Of 146 markets covered by REALTOR.com® , while list prices increased in 101 markets, held steady in 26 markets, and declined in just 19 markets. Sustained, record low inventories have been driving improving prices. The national median age of the inventory dropped to 84 days in June, down -9.67 percent on an annual basis and the size of REALTOR.com®'s inventory of homes for sale was 19.35 percent below a year ago. In June 2011, median list prices were down 1 percent or more on an annual basis in 79 of the 146 markets covered by REALTOR.com®. The nationwide median list price in June rose to $195,000. While list prices remained relatively constant throughout the 2011 home buying season, they have been rising steadily for the past five months, suggesting a growing opti

The Miami real estate market continues to outperform the nation following a record sales year in 2011. Limited supply and heightened demand have fueled robust price appreciation in Miami-Dade County during the fi rst quarter of 2012, despite short sales and REOs (bankowned properties) continuing to account for a signifi cant percentage of closed home sales. Median and Average Sales Prices The median sales price for single-family homes in Miami- Dade County rose 14 percent to $174,799 in the fi rst quarter of 2012 compared to the same time last year, according to the 25,000- member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. The median sales price for condominiums was $129,500, a 38 percent increase year-over-year. The average sales prices for single-family homes and condominiums increased 26 percent to $335,072 and 29 percent to $257,346, respectively, compared to last year. Singl