Wednesday, April 3, 2013

More Good News for Housing Market

Home prices rise the most in seven years

February home prices rose 10.2% from year ago levels, making it the strongest annual price rebound since 2006, according to CoreLogic. The real estate analytics firm attributes the steep rise to rapid price appreciation in several West Coast states—namely California, Phoenix and Las Vegas.
February home prices rose 10.2% from year ago levels, the largest annual gain in nearly seven years and the 12th consecutive month of national home price growth, CoreLogic said Wednesday.
The real estate analytics firm attributes the steep rise to rapid price appreciation in several West Coast states—namely California, Phoenix and Las Vegas.
CoreLogic’s [stock CLGX] [stock] Home Price Index report for February includes the impact of distressed sales. However, when subtracting distressed properties from the equation, prices still rose 10.1% from year ago levels. And from January to February, home prices edged up 0.5% nationally with distressed sales included.
Without distressed properties, prices rose 1.5% month-to-month.
Looking forward, the CoreLogic Pending Home Price Index suggests March prices will rise 10.2% over year ago levels and 1.2% from February.
The states with the steepest price appreciation rates with distressed sales accounted for include Nevada, where prices rose 19.3% annually, followed by Arizona (up 18.6%), California (15.3%), Hawaii (14.6%) and Idaho (13.5%).
On the flip side, the states where prices dropped the most include Delaware, with a 4.4% drop, Alabama (1.5% decline) and Illinois where values fell 1%.
Still, for all transactions, the home price index remains 26.3% below levels reached during the market’s peak in April 2006.
kpanchuk@housingwire.com [3]

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Friday, March 29, 2013

Miami Hot Spot for Interntional Property Buyers

Interested in Buying in South Florida Call or Email us
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http://www.prweb.com/releases/2013/3/prweb10582239.htm

Monday, March 25, 2013

Simple math..Its time to move up if you are planning to

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=289083

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Marina Cove Another Success

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March 25 2013

Arnowitz & Associates has completed its fourth sale at Marina Cove with the closing of unit 16 D. As a result of these transactions Arnowitz & Associates has helped raise values in the community. If you are considering trading up or downsizing give us a call to help you with the sale of your current home and the purchase of your next home.

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We Support Our Clients In Every Facet Of The Transaction.

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Thursday, March 21, 2013

Florida Home Market Remains Healthy

Time to Sell Call Us

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Fla.’s housing market continues positive trends in Feb. 2013

ORLANDO, Fla. – March 21, 2013 – Florida’s housing market reported more closed sales, rising median prices, increased pending sales, more new listings and a reduced inventory of homes for sale in February, according to the latest housing data released by Florida Realtors®.

“Each month brings more positive signs for the state’s housing market,” says 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “For example, February is the 14th month in a row that statewide median sales prices for both single-family homes and for townhouse-condo units increased year-over-year, according to Florida Realtors’ data.

“Properties are selling more quickly statewide, especially at certain price points – the median days a home is on the market dropped about 15 percent for single-family homes and 10 percent for townhouse-condo units in February. Plus, sellers are receiving more than 92 percent of their original listing price in both the single-family home and townhouse-condo markets.”

Statewide closed sales of existing single-family homes totaled 15,666 in February, up 10.3 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 26.7 percent over the previous February. The statewide median sales price for single-family existing homes last month was $150,000, up 12.8 percent from the previous year.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in January 2013 was $174,100, up 12.6 percent from the previous year. In California, the statewide median sales price for single-family existing homes in January was $337,040; in Massachusetts, it was $282,500; in Maryland, it was $223,469; and in New York, it was $220,000.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 8,028 units sold statewide last month, up 7 percent compared to February 2012. Meanwhile, pending sales for townhouse-condos in February increased 14.3 percent compared to the year-ago figure. The statewide median for townhouse-condo properties was $115,000, up 21.1 percent over the previous year. NAR reported that the national median existing condo price in January 2013 was $169,600.

The inventory for single-family homes stood at a 5.5-months’ supply in February; inventory for townhouse-condos was at a 6.1-months’ supply, according to Florida Realtors.

“Several things are particularly striking about the February data,” said Florida Realtors Chief Economist Dr. John Tuccillo. “First, we note the continuing growth of cash sales, which are now half of existing single-family closed sales statewide and more than three-quarters of townhouse-condo closed sales. Second, we’re seeing more new listings and that trend is turning positive. This is the first sign that low inventories are convincing sellers to come to the market.

“Third, and related to the last point, the lowest price tiers (for home listings) are just about wiped out and are moving in a direction counter to the state trend,” Tuccillo noted. “The biggest movements in listings as well as the other metrics are in the $300,000-$500,000 price tier.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.53 percent in February 2013, down from the 3.89 percent average during the same month a year earlier.

To see the full statewide housing activity report, go to the Florida Realtors Research page on the website and click on the Research page; then look under Latest Housing Data, Statewide Residential Activity and get the February reports. Or go to Florida Realtors Media Center and download the February 2013 data report PDFs under Market Data.

Courtesy of Florida Realtors

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Friday, March 15, 2013

GOOD NEWS PRICES GOING UP!!!!!

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JPMorgan raises home price forecast, sees long road to recovery

By Christina Mlynski

• March 15, 2013 • 7:34am JPMorgan Chase expects home prices to rise 7% in 2013 as investors continue to take interest in nonperforming loans and distressed properties. The forecast for 2013 is more optimistic than initially expected.
Although most investors still believe home prices will increase by less than 5%, some investors expect home price growth to increase as much as 15%, according to JPMorgan's ($51.00 0%) February investor survey.
"As we pointed out in our 2013 outlook, the distressed sale discount should continue to decline. Indeed, the quantitative easing program has not done much for mortgage rates, but the resulting reach for yield is now firmly grounded in the housing market," the company said.

Additionally, the home price forecast is higher for the next three years, with 3.9% growth expected in 2014 and a 3.2% increase anticipated in 2015, representing roughly 14% in cumulative growth.
The projected growth rates are still relatively small for 2014 and 2015 because JPMorgan believes income growth and lending standards will limit price gains.
Meanwhile, the nation's shadow inventory is expected to fall to 3 million by the end of this year.
Also by the end of 2013, JPMorgan expects one-in-ten borrowers to be underwater, which is a "substantial reversal" from one-in-four in 2011.

In terms of liquidations, 1.1 million loans were liquidated in 2012, compared to 1.5 million in 2011, the report noted.
"We think this should fall to about one million in 2013 and then slowly taper off to a steady state annual pace of around 200,000 loans by the end of the decade as we return to a pre-crisis environment," JPMorgan analysts said.
JPMorgan also stated that while inventory is winding down quickly, a historically large foreclosure inventory should continue to exist through 2017, reflecting the growing share of delinquent loans in judicial states since timelines are considerably longer.
Furthermore, housing and economic indicators are also showing resilience despite recent fiscal headwinds.
For instance, the months’ supply for February existing sales were down to the lowest level since March 2005, JPMorgan explained.
courtesy of : cmlynski@housingwire.com

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About Brad Arnowitz:With over $100M in Real Estate Sales. Brad Arnowitz is an industry leader!
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Brad Arnowitz, Brad@ArnowitzProperties.com is completely focused on producing successful transactions, utilizing real-time market data and principled, full-disclosure. Brad Arnowitz supports his clients in every facet of the transaction.

For more information, visit Arnowitz &Associates on the web @ http://www.arnowitzproperties.com/ or contact the firm @ 1355 R.E. Associates, Inc, Formally, Re/Max Beach Properties, 1000 E. Hallandale Beach Blvd, Hallandale Beach, FL 33009.

Doug@ArnowitzProperties.com
24/7 (786) 763 3050
Brad@ArnowitzProperties.com
24/7 (305)776.6113

Specialties:Boutique firm providing brokerage, development, sales investment, property management, asset management, and residential services for office, multi-family, industrial/commercial, residential, and retail properties.

http://www.arnowitzproperties.com/
Visit Us On The Web:
www.AcqualinaListings.com                  www.WaterwaysListings.com
www.TurnberryListings.com                   www.PortoVitaListings.com
www.WilliamsIslandListings.com            www.ThePeninsulaListings.com
www.southbeachcondolistings.com           www.AventuraCondoListings.com
www.RitzCarltonListings.com                 www.MysticPointeListings.com
www.BalHarbourListings.com                 www.GoldenBeachListings.com
www.TrumpListings.com                        www.DiplomatListings.com
www.TheHamptons.Listings.com             www.miamibeachcondolistings.com
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Thursday, March 14, 2013

How Much Are Houses Worth Now?