Orlando Real Estate - Blog

Traffic remains above expectations on strong interest from first time buyers and investors. Buyer traffic remained at solid levels above agents’ expectations in July, as our traffic index was essentially unchanged at 59 from 60 in June, with readings above 50 indicating better than expected traffic levels. Agents said the strength continues to be driven by buyers trying to take advantage of the $8,000 tax credit before it expires and by investors snapping up foreclosures. One agent said, “First time buyers want low prices (bank owned property) and also the $8K tax credit which ends in November. We are also seeing cash investors pouring into market and starting to drive the value up with multiple offers going to highest and best bidder.” Another agreed, saying, “First time homebuyers and investors dominate the market.”

Foreclosure pricing stabilizing, but continued pressures on non-foreclosures. Home prices continued to fall in July, although seemingly at a slower pace than in recent months; our price index improved to 40 from 25 in June, with readings below 50 indicating sequentially lower home prices. Agents noted multiple bids on attractively priced foreclosures, which is helping to create some stability at least on foreclosure pricing, although this continues to pressure traditional sellers. Strong demand on distressed properties led to lower inventory again in July, as our home listings index fell to 78 from 82 in June but remains well above a neutral reading of 50. However, continued high foreclosure rates remain a risk.

Source: Credit Suisse - Daniel Oppenhelm

Posted by Orlando Realty Experts on August 6th, 2009 12:02 PMPost a Comment (0)
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