Freddie Mac

Florida’s housing market on the road to recovery?

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The end of March is quickly approaching, and the first quarter of the year has just flown by with excessive speed.  Is this year the year that you are going to finally jump into home ownership? Well just this week Freddie Mac reported that fixed interest rates dipped this
week. The average rate on a 30-year fixed mortgage fell to 4.76 percent from 4.88 percent the previous week. 

The 15 year fixed rate is 3.97 percent from 4.15 percent last week.  The last time it fell below 4 percent was in mid-December. 

In addition to declining interest rates, the state of Florida housing market has been showing signs of improvment.  The home prices are climbing and the inventory is slimming down.  The
FloridaRealtors.org reports that compared to last year at this time the numbers have been climbing.

Florida’s existing home sales previous year comparison

+14%

Florida’s existing condo sales previous year comparison

+36%

Florida’s existing home median price

$122,200

Florida existing condo median price

$79,400

As you can see from the statistics gathered that we are gaining positive momentum with consumer confidence steadily increasing, it appears that our once fragile housing market may be on it’s way to recovery.  If you are in the market to buy a new home the time is
now.  The home prices are increasing, inventory slimming and interest rates remain low.   If we can help you with your buying or selling needs we look forward to hearing from you.

Yours in Success,

The Florida Future Realty Team

239-542-8521

inquiry@FloridaFutureAgents.com

2010 year in review

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Well 2010 will soon be a distant memory, but the events that took place in the housing market will live in our minds and memories for years to come.  This past year was full of tax credits,
historically low interest rates, and some controversy sprinkled on top.  Here is an overview of the housing market headlines of 2010. 

  • 157 banks were closed down and taken over by the FDIC in early 2010.
  • First time home buyer and repeat buyer tax credit increased home
    sales earlier this year.
  • 30- Year fixed rate mortgages hit historical lows of 4.17 percent.
  • The big foreclosure freeze hit headlines accusing big banks of
    robo-signing
  • An estimated 1 in 4 homes are upside down in America.
  • Many Americans are reducing debt and increasing their savings
  • It has been estimated the as many as 1 in 4 home sales were
    distressed properties
  • HAMP and other loan modifications provided by mortgage servicers
    will total nearly 1.5 million for 2010
  • Short sales were up 128% for Fannie Mae loans and 115% for Freddie
    Mac- backed notes.
  • REO property totals at the end of the third quarter of 2010; Fannie
    and Freddie combined totals were nearly 300,000 and their stocks worth
    $1 dollar towards year end.

What a crazy year for the housing market home owners and big banks.  We are optimistic for 2011 and the great changes to come.  What we do know now for certain is that it could be a great time to buy, if we can help you in your search, please don’t hesitate to
call.  We look forward to hearing from you.

Yours in Success,             

The Florida Future Realty Team

239-542-8521

inquiry@FloridaFutureAgents.com