Are Real Estate Sales Picking Up?

Sales are picking up in markets where prices are deflated, but the business is different than it was before the bubble burst, observers say. The housing market in deflated states - like Arizona, California, Florida and Nebraska - show signs of a rebound. Analysts say that prices have fallen to the point that those with average salaries can afford to buy once again. "The buyers are returning," says Lawrence Yun, National Association of Realtors (NAR) chief economist. "And in such a strong way that, now, we are hearing in some cases there is multiple bidding, which hints that maybe pricing is reaching a bottom point. But inventory remains high." Christian Science Monitor

Orlando Home Buying Best Condition since 2004

First time homebuyers have the best conditions since March 2004 to purchase a home in the Orlando area, as a decrease in the median sales price of homes sold in November pushed the first time homebuyer affordability index up to 96.09 percent. In addition, inventory of houses on the market is stocked with more than 6,030 homes in the average first time buyer’s price range of $136,422 or less read more

Orlando Ranks 13th City for Singles

Orlando is one of the top metro areas in the U.S. for singles who relocate, according to an industry survey of 100 cities.

The survey focused on criteria most relevant to singles: cost of living, rents and availability of apartments, demographic diversity, educational costs and job growth.

But the survey by Worldwide ERC, an association of corporate and government relocation managers, real-estate companies, movers and service firms, also delved deeper into "quality of life" issues that can contribute to the "ease of transition" for a single person moving into a new community.

For example, the prevalence of restaurants, bars, health clubs, sporting events and concerts was a key measure helping Orlando take 13th place out of the nation's 100 largest metropolitan areas.

Boston claimed the top spot, followed by Nassau/Suffolk, N.Y.; New Haven, Conn.; New York; and Edison, N.J.San Francisco was the highest-rated California community, at No. 8, and Tampa-St. Petersburg ranked No. 11, the highest-ranked Florida city. In addition to Orlando and Tampa, three other Florida metro areas were rated among the top 50: Jacksonville at No. 22, Fort Lauderdale at No. 24 and Miami at No. 26.

Orlando 3rd Quarter Real Estate Sale Strong

Existing-home sales in Metro Orlando continued to outpace sales in most of the rest of Florida during the third quarter, with Orlando Realtors closing on 4,689 single-family homes, or 14 percent of the statewide total.

Orlando sold almost four times as many homes as the Miami metro area during the period, almost three times as many as Fort Lauderdale and almost twice as many as Jacksonville, according to the report released Tuesday by the Florida Association of Realtors. Read More

Orlando Real Estate First Improvement in Two Years

Orlando area Realtors sold 1,335 homes in September, up 37.6 from the same month a year ago, a strong year-over-year rebound sparked by lower prices and foreclosure sales.

The median sales price of the homes sold in September rose by 5 percent to $210,000 from August's revised $200,000 median, but that was still 10.64 percent below what it was this time last year, the Orlando Regional Realtor Association report showed this morning.

The September year over year improvement is the first for the Orlando market in more than two years, since a 1.28 percent increase in May, 2006.

The rebound in existing home sales in the Orlando area was not unexpected, based on the fact that pending sales contracts had been rising for some time, but it is more good news for the hard hit local housing market in terms of building a more stable base for a recovery. The Orlando area has been outperforming most metro areas of the state for the past year, in terms of raw sales, as the statewide and national housing slumps continued.

Slim Pickins for Tricker or Treats

The First Internet Foreclosure Auction

Will the Internet replace public foreclosure auctions?

Public auctions of foreclosed properties began in the 19th century as a practical way to ensure there was no chicanery between lenders and public officials.

Next month, Duval County, Fla., will become the first county in the country to hold an Internet foreclosure auction, forgoing the traditional courthouse sale in the hope of attracting buyers from other areas.

If the Web-based process works out well, and other states sign on, it will be an earth-shifting change in the way foreclosures are handled.Some real estate professionals think it is a bad idea.

“There are things about the title that you just can’t find on the Internet,” says Bruce Norris, CEO of the Norris Group, a real estate investment firm in Riverside. “They can’t tell you whether you’re buying a first mortgage or a second mortgage. If you’re buying a second, then you don’t own the home free and clear.” Courtesy FloridaRealtors.org

NAR Disappointment Failed Bailout Package

The National Association of Realtors® (NAR) issued a statement yesterday about the federal bailout bill.

“The National Association of Realtors is extremely disappointed in the actions of the U.S. House of Representatives in failing to pass the Emergency Economic Stability Act of 2008,” says NAR President Richard F. Gaylord. “This legislation is critical to stopping the economic turmoil that millions of Americans are facing. Completing a recovery plan that will end the current economic crisis crippling the housing and financial markets must be accomplished quickly and in a bipartisan manner.”

Gaylord says that the association’s primary focus right now is on protecting homeowners and the American taxpayer. “Protecting Main Street by keeping people in their homes will not only benefit individual families, but also will help stabilize the housing market, which greatly impacts the overall U.S. economy,” he says. “Across the country, Realtors see and feel the loss of confidence experienced by both buyers and sellers in the real estate market, and they know firsthand that buyers are finding it harder to get mortgages. A sharp rise in unemployment and severe hardship for many ordinary Americans would result from the deteriorating liquidity crisis. In addition, interest rates for those who are able to get a mortgage or credit will be more costly.

According to Gaylord, the bailout legislation, if passed, would quickly restore liquidity to the mortgage market, which would stabilize the housing market and protect homeowners.

“There will not be an economic recovery without a housing recovery, and we hope the Congress will move as expediently as possible to resolve their differences,” Gaylord says.

NAR will continue to advocate for financial aid legislation.