Orlando Florida Real Estate - Market News & Information

Home sales surge, but prices don't budge much

Florida's existing-home sales rose year-over-year for a 10th consecutive month in June, mirroring sales in the Orlando area, though the statewide median price — like Orlando's — remained sharply lower than it was just a year ago.

Resales of single-family homes were up 28 percent in June, to 15,850 statewide, according to the Florida Association of Realtors. Resales of condominium units were up 39 percent to 5,241.

The median sales price for single-family properties last month was $148,000, down 28 percent from a year earlier. But for a second month in a row, the median was higher than the previous month's, up 2.5 percent from May. The median price paid for condos was down 37 percent from a year ago, to $112,900, which was also down slightly from May.

Sales of foreclosures and other distressed properties continued their downward pressure on the median price — the dollar amount at which half the homes sold for more and half for less.

The four-county Orlando metropolitan area remained among the state's busiest resale markets, second only to Tampa-St. Petersburg in single-family homes, with 2,266, and fifth among all metro areas in condo deals, with 528. Metro Orlando's median price for single-family properties was $149,000, down 32 percent from June 2008; for condos, it was down 59 percent to $54,500.
complete story

Source: Orlando Sentinel

Orlando housing market nears a balance between buyers and sellers

A steady increase in the pace of Orlando home sales activity is creating conditions that are within striking distance of a balanced market. Inventory level reflects an 8.37-month supply at the current pace of sales; a market with six months of supply is considered by housing economists to be balanced between buyers and sellers.

Members of the Orlando Regional REALTOR® Association in June sold 43.12 percent more homes than in June of last year, contributing to the area’s year-to-date sales increase of 43.76 percent. There were 2,131 closings in June, which brings the year’s total to 9,993, while a total of 6,951 homes had changed by this time last year. Of those June sales, 45.99 percent of the homes were either bank-owned (832) or distressed (148). The remaining (1,151) “normal” sales made up 54.01 percent.

ORRA President Les Simmonds, L.G. Simmonds Real Estate Corp., explains that the increase in sale activity can be attributed in part to first-time homebuyers taking advantage of the $8,000 federal tax credit. “The first-time tax credit should be expanded to all buyers of primary homes regardless of income,” he says. “And, extending the credit into 2010 would allow more time for the market to catch up with underlying demand and maximize the potential for a housing recovery.” complete story

Source: Orlando Regional Realtor Association 

Mortgage defaults have surged to record levels amid rising unemployment and falling home prices. Lenders are expected to move quickly to clear up backlogs as moratoriums on foreclosures expire.

Just as the nation's housing market has begun showing signs of stabilizing, another wave of foreclosures is poised to strike, possibly as early as this summer, inflicting new punishment on families, communities and the still-troubled national economy.

Amid rising unemployment and falling home prices, mortgage defaults have surged to record levels this year. Until recently, many banks have put off launching foreclosure action on the troubled properties, in part because they had signed up for the Obama administration's home-stability plan, which required them to consider the alternative of modifying loans to make it easier for borrowers to make payments.

Just how big the foreclosure wave will be is unclear. But loan defaults are up sharply. And with many government and banks' self-imposed foreclosure moratoriums expiring, the biggest lenders indicate that they are likely to move more aggressively to clear up a backlog of troubled mortgages.

Nationally, home sales have been steadying, thanks largely to an abundance of cheap foreclosed properties, government incentives and record low mortgage rates. Housing construction starts have flattened out, helping to bring supply into balance with demand. The rate of housing price declines has slowed as well, even turning up in some communities.

But rising foreclosures will depress home values, pushing more homeowners underwater. Mark Zandi of Moody's Economy.com estimates that 15.4 million homeowners -- or about 1 in 5 of those with first mortgages -- owe more on their homes than they are worth. complete story

Source: latimes.com - Don Lee

Stop Foreclosure  Save Your Credit Orlando Short Sales

Orlando Real Estate - Orlando MLS