Housing Market Lifts Off From the ‘Bottom’


Below are the main points from Source: “Evidence Mounts that Home Prices Hit Bottom Last Winter,” NBC News (July 31, 2012), that appeared in the Daily Real Estate News | Wednesday, August 01, 2012

  • Recent housing indexes have shown single-family home prices are on the rise, providing more evidence that the “bottom” of the market is already behind.
  • “It indicates the market has turned the corner on the pricing side.” 
  • Some recent housing indexes suggest that the “bottom” of the market was reached in January 2012. Since that time, housing prices have been picking up in many housing markets. 
  • But “the turnaround in home prices was unexpected,” says Patrick Newport, an economist with IHS Global Insight.
  • “The conventional wisdom in February, following that landmark agreement [of the $26 billion mortgage settlement with the nation’s five largest banks], was that we would see a surge in foreclosures of some size that would lead to lower home prices. This surge never materialized and home prices have turned.”
  • FHFA monthly House Price Index shows a 3.7 percent increase in May year-over-year,
  • The increase in home prices is also leading to a fewer number of home owners who are underwater on their mortgages, owing more on their mortgage than their home is currently worth.
  • The number of underwater home owners fell from 12.1 million at the end of 2011 to 11.4 million at the end of the first quarter this year, according to CoreLogic data. 

Here in Lee County (Southwest Florida), Greater Fort Myers, Cape Coral, Lehigh Acres, Estero, Bonita Springs, has seen steady and consistent growth over the last 18 months, below are the date on Sale Prices and Sales.

Sales Statistics for LEE County FL

Single Family Residence

Time Period

Number of Sales

Median Sale Price

May 2012

1,511

$119,000

May 2011

1,318

$98,250

Apr 2012

1,289

$130,000

Apr 2011

1,492

$91,950

2012 YTD

7,444

$118,000

2011

14,829

$95,000

Condominium

Time Period

Number of Sales

Median Sale Price

May 2012

679

$138,000

May 2011

569

$123,000

Apr 2012

687

$147,500

Apr 2011

633

$125,000

2012 YTD

3,117

$142,000

2011

5,387

$122,500

Realist’s most recent recording date for this county is 07/05/2012

Many are living in uncertain times because of our economic conditions, however, if you have the means and capabilities of buying property, but uncertain, now is the time to buy. Interest rates are there for you and they may not be for long. You in a buyer’s market, but once there is clear signs of a recovery, the market will belong to the sellers, pressure would be on interest rates to raise, and the present drought, is pointing toward inflationary pricing, as is the instability of gas prices. Fannie Mae, Fannie Mac, are too much in red tape, to bring the pricing of homes down, and in fact, the cost of getting a loan has gone up, over the last 18 months.

Remember, Florida is destining on becoming the third largest state in the nation. Taxes are favorable to property owners, and now on the present upcoming election ballet is Amendment 4 that will reduce taxes to both, commercial, First time home buyers, and non-homestead property from 10% to 5! Also remember, we have no State Tax and low sale taxes.

Please drop me an email asking for the tax breaks you will be getting on property, or any other questions, and concerns you have regarding Real Estate in the Sun Shine State. Visit my web blog https://rwolchesky.wordpress.com/  see the maps, videos and live cams and more.

Remember: “Pictures without the information is never the whole and true story ~!” Realtor Ron W ..Picture being shown, are used to advertise and draw your interest. The rest, the information, will help you decide. Where that information comes from is IMPORTANT to you. When you view the property and have the inspection, everything will fall into place”.

 Thank you for reading my post. Please leave your comments.  

Ronald Wolchesky (alias Realtor Ron W)

https://rwolchesky.wordpress.com/

You can Reach Realtor Ron W via email:  rwolchesky@advantarealty.com

Cell: 239-209-1923: H: 239-349-4684 Or  Sign up to look at properties information like Realtors do!

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