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  • Condo Groups In Financial Pain

    2:32 pm on January 5, 2010 | Comments:0
    Tags: , , , , , market emotion, , ,   Filed under: Bradenton, Buyer Info, Condominiums, Sarasota, Seller Info, The Housing Market

    By MICHAEL BRAGA, The Herald Tribune – January 3, 2010

    The continuing foreclosure flood is creating severe financial problems for condominium associations across Florida, and members are complaining that banks and mortgage companies are doing nothing to help.

    Rich DiBello is the sales and rental director for Villagio Condominiums in Sarasota. Condo associations are facing financial difficulties, and many say lenders aren't doing enough to help.

    In fact, condo owners say that many lenders are delaying foreclosures to avoid paying association dues. That is requiring associations to slash costs and cut amenities, and forcing owners to fork over more cash to keep complexes humming.

    In something of a Catch-22, the financial problems at condo complexes also are prompting banks to tighten restrictions on lending.

    Banks will not lend in complexes that have not set aside 10 percent of their budgets for reserves. They will not lend when more than 50 percent of the units are rented. They also will not lend where a few owners control too many of the units or where too many owners are in default on their mortgages and dues.

    Those restrictions only make the crisis worse by driving condo values down and prompting more people to bail on their units, said Perry Corneau, a Sarasota real estate agent who specializes in condos. (More …)

     
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  • Home Price Reduction Levels Drop to 2009 Low

    3:13 pm on December 11, 2009 | Comments:0
    Tags: , , , market emotion, ,   Filed under: Buyer Info, Statistics, The Housing Market

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    RISMEDIA, December 11, 2009—Trulia, Inc., a real estate search site, has announced that 22% of homes currently on the market in the United States as of December 1, 2009 have experienced at least one price cut, the lowest level since Trulia started tracking price reductions in April 2009. The total amount slashed from home prices also dropped from $28.1 billion in November to $24.7 billion in December, representing a 12% decrease. The average discount for price-reduced homes slightly increased to 11% off of the original listing price compared to 10% in the previous four months. The number of listings on Trulia also decreased by 9% from the previous month.

    South Reports Least Amount of Homes Reduced
    The South has the lowest levels of price reductions, with 19% of current listings experiencing at least one price cut, a 21% decrease from the previous month. Kentucky, Louisiana, Arkansas Oklahoma and Mississippi are all seeing less than 15% of listings with price reductions. (Regions according to the U.S. Census Bureau)

    -South – 19% of listings with price reductions
    -West – 20% of listings with price reductions
    -Midwest – 22% of listings with price reductions
    -Northeast – 25% of listings with price reductions

    (More …)

     
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  • First-Time Home Buyers Setting Records

    2:44 pm on November 19, 2009 | Comments:0
    Tags: 2009 Realtors Conference & Expo, , , , , , , market emotion, , ,   Filed under: Buyer Info, Seller Info, The Housing Market

    NAR Survey Shows First-Time Home Buyers Set Record in Past Year

    sign check(1)Source, National Association of Realtors®

    First-time home buyers reached the highest market share on record during the past year, according to the latest consumer survey of home buyers and sellers. The study was released here today at the 2009 REALTORS® Conference & Expo.

    The 2009 National Association of Realtors® Profile of Home Buyers and Sellers is the latest in a series of large national NAR surveys evaluating demographics, preferences, marketing and experiences of recent home buyers and sellers. Among national surveys, NAR’s Profile of Home Buyers and Sellers is unprecedented in size and scope.

    Paul Bishop, NAR vice president of research, said several factors have been at play. “Tax incentives, record high affordability conditions and a pent-up demand brought a record share of first-time home buyers into the market,” he said. “These buyers are critical to housing and a general economic recovery because the market always heals from the bottom up – they absorb inventory, free existing owners to make a trade and stimulate related goods and services.”

    For more information, contact:
    Walter Molony 202/383-1177 wmolony@realtors.org

    (More …)

     
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  • Tax Credit May Offer Foreclosure Buffer

    10:57 am on November 10, 2009 | Comments:0
    Tags: , , , , , market emotion, , , , ,   Filed under: Bradenton, Buyer Info, Sarasota, Seller Info

    By Tom Bayles, Tuesday, November 10, 2009

    Stan Humpfries, Zillow.com chief economist

    Stan Humpfries, Zillow.com Chief Economist

    Home values are still falling in the Sarasota-Bradenton market, but the trend is showing signs of slowing — and might slow further with the recent passage of an extended home buyers tax credit, Zillow.com’s chief economist said Monday.

    Stan Humphries, who last month predicted through an analysis of the regional market for the Herald-Tribune that a new wave of foreclosures would further depress prices in Manatee and Sarasota counties, said Congress’ move to extend the tax credit both in length and breadth could ameliorate some of the potential drop in Southwest Florida.

    “We could see a bump in demand that could partially offset the increased supply of foreclosed homes on the market,” said Humphries, chief economist for the online home valuation service. “The credits are likely to bring continued stabilization in prices over this period versus the price declines that we almost certainly would see otherwise.“  Zillow released an analysis on Monday that showed home values in Sarasota-Bradenton fell 14 percent in the third quarter compared with the same period in 2008. Prices in the Charlotte County market dropped 10 percent during the same time frame. But prices in the region were near what is considered statistically flat from the second quarter to the third, which ended in September.

    Meanwhile, another set of data from housing tracker Metrostudy also found some signs of life in new home construction in Southwest Florida.

    Builders in the region started more homes in the third quarter than in the previous two quarters combined, and the boost was not limited to the lower price ranges, which has been where the builders who have remained busy during the downturn have focused.

    There were 155 new homes started in the region at a price below $200,000 during the most recent quarter, a 9.9 percent increase from the second quarter. In the $200,000 to $350,000 range, there were 131 starts, up 4 percent. Forty-three homes priced above $350,000 were started in the third quarter, nearly double the second quarter tally, Metrostudy reported.

    The company also uses finished vacant inventory as a fundamental indicator to monitor the health of housing markets. That inventory in this region dropped 30 percent in all price ranges, though the total still remains above a level of equilibrium, Metrostudy said.

    HOME FACTS

    The Zillow Home Value Index measures the value of all homes, not just those those that were on the market and sold. The online home valuation service released this data Monday on Southwest Florida’s real estate market.

    SARASOTA-BRADENTON

    Nearly 50 percent of single-family homes with mortgages were underwater at the end of September.

    Homes that sold for a loss numbered 47.2 percent of all homes sold in September.

    Home values dropped an average 14.3 percent in September compared with the same month in 2008 to $155,300. But in the short-term, home values were nearly statistically flat with a drop of 1.1 percent from the second quarter to the third.

    CHARLOTTE COUNTY-NORTH PORT

    About 40 percent of single-family homes with mortgages were underwater at the end of September.

    Homes that sold for a loss numbered about 41 percent of all homes sold in September.

    Home values dropped by 10.6 percent in September compared with the same month in 2008 to $122,400. But similar to Sarasota-Bradenton, the drop was nearly statistically flat with an increase of 1.1 percent from the second quarter to the third.

    SOURCE: Zillow.com

     
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  • President Signs Homebuyer Tax Credit Extension

    8:56 am on November 10, 2009 | Comments:0
    Tags: , , , market emotion, , , , , , ,   Filed under: Buyer Info, Communities, Sarasota, Seller Info, The Housing Market

    government_affairs_tax_credit_ext_chart_110409Tax Credit Extension

    President Obama signed H.R. 3548 Friday morning, enacting into law an extension, and adjustment, of the $8,000 tax credit for first-time buyers. Among other things, the extension adds money for certain move-up buyers; creates one deadline for signing a contract and a later deadline for closing; changes income requirements; and limits a purchased home’s cost to $800,000.

    Extending the homebuyer tax credit and expanding it to reach more homebuyers is the right thing to do,” says 2009 Florida Realtors® President Cynthia Shelton. “It is critical to maintaining the positive momentum we’ve been experiencing in the housing market and in the overall economy. Florida Realtors applaud congressional leaders for taking action to extend the homebuyer tax credit into 2010, which will help Florida families realize their dream of homeownership, improve our communities and strengthen our economy.”

    Adds John Sebree, Florida Realtors vice president of public policy, “Florida residents enjoy two additional advantages. The Florida Homebuyer Opportunity Program (FHOP), created by the Florida Legislature earlier this year, still has approximately $28 million that first-time homebuyers can access and use toward their downpayment. And move-up buyers now have the ability to ‘port’ their current property tax savings to a new home.”

    To view the entire article, click here.

     
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  • Will Smith - Words of Wisdom

    9:34 am on October 20, 2009 | Comments:0
    Tags: , market emotion   Filed under: Motivation

    Monday Morning Mojo: Will Smith’s Wisdom on Life

    “Funny, I would not think of Will Smith as being an inspiring leader, would you?  When you watch him on the TV or the movie screen he just appears to be this talented actor who got lucky.  Wow, after I watched this, I have a totally new appreciation for him and who he is.

    Grab a cup of coffee and watch this 10 minute video as Will Smith shares his wisdom on life. Then after that on a scale of 1 to 10 rate yourself on the list of things he discusses below. Are you doing them? Do you believe them? Are you willing to die for them? Then start with the ones you ranked yourself lowest on and get to work on changing it.”

    -Tom Tognoli, Intero Real Estate Services

    To view the YouTube link, click here.

     
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  • The Death of the Newspaper

    11:45 am on September 28, 2009 | Comments:0
    Tags: market emotion, newspapers   Filed under: Charts, Newspaper Industry, Web

    Click image to view full size in printable form.

    Death of the Newspaper

     
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  • The Clock is Ticking

    11:27 am on September 25, 2009 | Comments:1
    Tags: , , , market emotion, ,   Filed under: Buyer Info, Communities, Seller Info, The Housing Market

    An invaluable resource is now available for you to promote the First-Time Homebuyers Tax Credit. Please follow the link to download the PDF, which you can distribute to your contacts. Time is of the essence — the deadline to apply for the tax credit is November 30th.

    For more information see Sunday’s Sarasota Herald-Tribune article, “Two Minute Warning” or click here to read it now: The Two-Minute Warning

    Click image to view full size in printable form.

    FirstTimeHomeBuyersTaxCredit


     
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  • Sarasota-Bradenton home sales post double-digit increase

    2:41 pm on September 24, 2009 | Comments:0
    Tags: , , , , , market emotion, , , , ,   Filed under: Buyer Info, Communities, Seller Info, The Housing Market

    Home sales post double-digit increase

    Homes sales in the Sarasota-Bradenton market put in another double-digit increase during August, with 23 percent more homes changing hands compared with this time last year.

    Prices, however, gave some ground, dropping 8.5 percent to $164,200 when compared with July. The median sales price was down 25 percent from a year ago, according to data released Thursday by the Florida Association of Realtors.

    In Charlotte County-North Port, sales rose 31 percent compared with a year ago. Prices dropped 1.6 percent to $103,300 when compared with July and were down 25 percent from a year ago.

    Statewide, sales rose 28 percent, with 13,850 homes changing hands, the 12th consecutive month of rising sales. The median sales price was $147,400 in August, down 22 percent from the same time a year ago.

    But home resales nationally dipped unexpectedly last month after a four-month streak of gains, providing evidence that the housing market recovery remains fragile.

    The National Association of Realtors said that sales dropped 2.7 percent to a seasonally adjusted annual rate of 5.1 million in August, from a pace of 5.24 million in July.

    Sales, which were still up 3.4 percent from a year earlier, had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters. – Sarasota Herald Tribune

    To read the entire article, Click Here.

     
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  • Moody's bearish on housing recovery

    10:51 am on September 22, 2009 | Comments:0
    Tags: , , , market emotion, , , ,   Filed under: Buyer Info, Charts, Communities, Seller Info, The Housing Market

    Analysts say it will take more than 10 years to recapture peak home prices

    By John Spence, MarketWatch

    BOSTON (MarketWatch) — Moody’s Investors Service threw cold water on optimistic projections of a V-shaped recovery in the battered U.S. housing market, predicting it could take more than 10 years to get back to boom-level prices.

    “For many reasons, the rebound will be disproportionately small compared to the decline,” Moody’s said this week in its latest outlook on the residential market. “It will take more than a decade to completely recover from the 40% peak-to-trough decline in national home prices.”

    Shades of recovery

    The housing market is in the third year of the current downturn, one of the worst corrections in U.S. history as a result of the economic recession and the mortgage industry nearly grinding to a halt during the credit crunch.

    “The bursting of the housing bubble precipitated a crisis in financial markets the likes of which have not been seen since the Great Depression and plummeted the nation into recession,” Moody’s said.

    To view the entire article, click here.

     
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