Archive for the 'What If Realty News' Category
Florida’s existing home sales stay flat year on year
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hiORLANDO, Fla. – Aug. 25, 2008 – Single-family existing home sales rose in Florida for the first time in more than two years: While only six more homes sold in July 2008 than in July 2007, it could indicate stabilization in Florida’s housing sector, according to the latest housing statistics released by the Florida Association of Realtors® (FAR).
A total of 11,498 existing homes sold statewide last month while 11,492 homes sold in July 2007, maintaining the same level of sales activity in the year-to-year comparison, according to FAR. The last time statewide sales of existing homes outpaced the previous year’s sales figure was in the year-end 2005 report, according to FAR records, when sales were up 2 percent over year-end 2004.
Florida’s median sales price for existing homes last month was $193,600; a year ago, it was $238,900 for a 19 percent decrease. But, looking back to July 2003, the statewide median sales price for single-family homes has increased 18 percent over the five-year-period, according to FAR records – at that time, the statewide existing-home median price was $164,000. The median is the midpoint; half the homes sold for more, half for less.
Industry analysts predict that the housing stimulus bill recently passed by Congress should help boost the housing sector’s recovery. Existing home sales nationwide are expected to show some modest improvement in the coming months, according to the latest housing outlook from the National Association of Realtors® (NAR). With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009
More than half of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in July; seven MSAs also showed gains in condo sales. Realtors around the state reported increased business activity, including more telephone calls, more home showings and a rise in pending sales.
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FOREIGNERS COME TO AMERICA TO BUY HOMES !
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hiWASHINGTON, August 07, 2008
International real estate purchases in the U.S. continue to be a significant share of business for many Realtors, according to the 2008 National Association of Realtors® Profile of International Home Buying Activity.
This new research indicates that international buying activity in the U.S. is widespread. NAR estimates that between 150,000 and 190,000 homes were sold to foreign nationals from May 2007 to May 2008. Recent foreign buyers purchased properties in every state and the District of Columbia. The most popular states where international buyers purchased homes are Florida, California and Texas. Arizona, New York, Washington and Nevada were also popular.
The typical international buyer purchased a single-family vacation home costing $297,400. Four in 10 paid for their U.S. property with cash, compared with 7 percent for all domestic buyers. The typical international owner stayed at his or her U.S. property for 2.6 months during the year, according to the NAR findings.
Foreign exchange rates have helped make U.S. homes more affordable for international buyers. The euro, for example, has strengthened 24 percent versus the U.S. dollar over the past two years. Home prices are also now more affordable in places such as Florida and Arizona, contributing to those states’ popularity among foreign buyers.
International buyers are distinct from domestic buyers. International buyers tend to purchase more expensive properties, which cost an average of 36 percent more than the typical domestic buyer’s home purchase. In fact, more than 14 percent of properties sold to international buyers sold in excess of $750,000. Foreign buyers also show a greater preference for condos and townhouses compared to domestic buyers.
People from North America, Europe and Asia accounted for more than 85 percent of recent foreign home buying transactions. The top six countries of origin for foreign home buyers, in rank order, were Canada, the United Kingdom, Mexico, China, India and Germany. This year, Canada replaced Mexico as the country with the largest share of foreign buyers in the U.S. The percentage of Canadian buyers doubled from last year, from 11 percent to 23.5 percent. Florida Real Estate is a prime target for the forein investor, retiree or vacation home hunter.
The full report is available from NAR’s Research Division or at www.realtor.org/research/research/reportsintl.
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NEED TO MAKE A CLAIM BECAUSE OF FAY?
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hiThere are two Web sites you may want to bookmark in case Tropical Storm Fay - or any other storm for that matter - damages your home or business. The Florida Office of Insurance Regulation Web site includes a database of all insurers: http://www.floir.com/CompanySearch . Similarly, Citizens Property Insurance Corp., the state’s insurer of last resort, has its own Web site (https://www.citizensfla.com) that offers all kinds of helpful information. If you need to report a claim on your Citizens policy, the company asks that you call (866) 411-2742.
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Florida settles insurance dispute with Allstate
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hiTALLAHASSEE, Fla. (AP) – Aug. 18, 2008 – Homeowners insured by Allstate Corp. in Florida will get an additional 5.6 percent rate cut through a settlement state regulators announced Friday.
The Northbrook, Ill.-based company also agreed to insure 100,000 more Florida homeowners against hurricanes and other perils, forgive a $175 million loan to its Florida subsidiaries and pay a $5 million fine, said Insurance Commissioner Kevin McCarty.
The latest reduction will bring total rate cuts to 19.8 percent since June 1, 2007. That’s when a 14.2 percent cut went into effect to comply with a new law designed to reduce windstorm insurance premiums. They had skyrocketed following a series of hurricanes in 2004 and 2005.
The agreement resolves McCarty’s complaints that Allstate failed to provide rate-related documents regulators had demanded, falsely claimed the material contained trade secrets and falsely certified a request to raise rates by more than 40 percent.
“It’s unfortunate that Allstate’s disregard for Florida’s laws required the office to take such drastic actions, however, I’m glad that we’ve reached this agreement,” McCarty said. “We’re looking forward to restoring the confidence of Allstate insurance companies.” This will help the Florida real estate market.
Allstate has 10 Florida companies that will be affected by the agreement. They operate under the names Allstate and Encompass.
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Economists say Housing declines to remain small
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hiWASHINGTON – Aug. 5, 2008 – A team of economists who created a variety of forecasting models concludes that predictions of further large housing price declines are greatly overblown.
They point to the house price index of the Office of Federal Housing Enterprise as most reflective of reality. Its data reveals that only four states — Arizona, California, Florida, and Nevada — have had declines of more than 4 percent in home prices over the past year.
These economists, including professors from Columbia University and from the Center for Real Estate at Wichita State University in Kansas, discount more drastic figures from the Standard & Poor’s/Case-Shiller housing price index. They say this index is faulty because it doesn’t include data from 13 states and offers only partial coverage of 29 others, making its results an inaccurate reflection of middle-market homeownership.
Using a model constructed from the OFHEO price index, foreclosures, home sales, permits and employment, the economic team concluded that declines in house prices are highly likely to remain small.
“Our analysis reveals, unsurprisingly, that foreclosures and home prices have negative effects on each other over time, but this does not imply a vicious cycle of collapsing prices. Our models predict that as foreclosures continue to climb in many states, house prices will remain flat or decline in those states — but will not collapse.
“One reason for this is that the effect of foreclosure shocks on house prices is small. Furthermore, other fundamental factors (such as employment growth and a slowing of the growth of the housing supply over the past year and a half) will cushion the impact of foreclosures,” the economic team said.
Source: The Washington Post, Charles W. Calomiris, Stanley D. Longhofer and William Miles (08/04/08)
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