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Naples FL Real Estate and Beyond: Mortgage Lender Has Optimistic Outlook for 2013

Thursday, April 4th, 2013

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

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Freddie Mac, one of the key mortgage lenders, has released it’s outlook for the real estate market.

Here is an overview of key points from the lender’s March 2013 U.S. Economic and Housing Market Outlook issued.

  • Compared to 2012, expect home sales to be up 8 to 10 percent for 2013. Expect housing starts to increase to 950,000 units for 2013, compared to 780,000 in 2012.
  • In 2012, real estate added $1.5 trillion to balance sheets, and residential mortgage debt outstanding increased by 0.1 percent in the fourth quarter of 2012, indicating household de-leveraging might be drawing to a close.
  • Because of sequestration spending reductions, expect the unemployment rate in 2013 to average about 7.8 percent, essentially flat for the year or about 0.25 percentage points higher than it otherwise would have been.
  • Regardless, the housing wealth effect is taking hold in the broader market which should translate into the healthiest spring home buying season since 2007.

You can see the complete Freddie Mac report here.

For information about the local Southwest Florida real estate market, please contact a John R. Wood Agent or visit the John R. Wood Market Data Archive page!

Naples,Bonita Springs, marco Island, Estero FL Real Estate

Naples,Bonita Springs, marco Island, Estero FL Real Estate

source: The RE Bloggers

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Naples FL Real Estate and Beyond: Rising Home Prices Creating Urgency Among Buyers

Tuesday, April 2nd, 2013

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

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As reported recently by the New York Times, potential home buyers are weighing whether to jump in now or risk paying more by purchasing a house later.

Home prices are rising rapidly, particularly the Sunbelt states.  Some economists have also predicted that the 30-year fixed-rate mortgage is expected to also move from its 3.5 percent average to above 4 percent some time later this year.

For buyers who are able to qualify for financing, “getting in a little earlier would be preferable before prices and rates rise too much,” says Lawrence Yun, chief economist for the National Association of REALTORS®.

Additionally, the Federal Housing Administration will raise mortgage insurance premiums on its loans by up to 0.10 percent of the loan amount as of April 1.

“But with housing inventories so tight in many areas, some buyers may want to wait until more homes come on the market. Buyers may need to make a trade-off: Act now to get the best financial deal or wait for more homes to come on to the market but risk paying a bit more”, as told to the New York Times by Yun.

 

Naples,Bonita Springs, marco Island, Estero FL Real Estate

Naples,Bonita Springs, marco Island, Estero FL Real Estate

 

Source: “The Time, and Place, to Buy,” The New York Times 

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Naples FL Real Estate and Beyond: REAL Trends Video Housing Market Report Shows Housing Sale Increase

Thursday, March 7th, 2013

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

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The REAL Trends Video Housing  Market Report is now available! This report depicts national and regional trends in the residential housing market. Housing Data is based on January 2013 statistics.

The February 2013 report shows that the rate of housing sales increased dramatically on an annualized basis over a year ago. Overall, January 2013 new and existing unit sales were up 12.1 percent from a year ago. The annual rate for January 2013 was 5.888 million up from the 5.255 million recorded in January 2012.

The average price of homes sold increased slightly rising 0.3 percent from January 2012 to January 2013.

February 11, 2013 – The REAL Trends Housing Market Report showed that the combination of new and existing home sales in January 2013 strengthened from the prior year. The annualized rate of the combination of new and existing home sales increased to 5.888 million up from the 5.255 million recorded in January 2012.

The average price of homes sold in January 2013 was up 0.3 percent from the average price of homes sold in January 2012 the smallest increase in pricing in the last six months and marking the tenth consecutive month of increased home sale prices.

Click on the graphic below to see video

Real-Trends-Housing-Video

For more information, please contact a John R. Wood Agent now!

Naples,Bonita Springs, Estero FL Real Estate

Naples,Bonita Springs, Estero FL Real Estate

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Naples Real Estate & Beyond: National Home Prices Jump 2.2% in May 2012

Tuesday, July 31st, 2012

In a sign that the U.S. housing market is recovering, home prices rose for the second straight month in May, according to an industry report issued earlier tday, July 31, 2012.

Home prices climbed 2.2% compared with a month earlier, according to the S&P/Case-Shiller 20-city home price index. Prices are still off 0.7% compared with May 2011, but that’s the lowest year-over-year decline in 18 months, according to David Blitzer, a spokesman for S&P. Adjusted for seasonal effect, the price gain shrank to 0.9%, but that’s still a strong increase.

With May’s data, the report found that home prices fell annually by 1.0% for the 10-City Composite and by 0.7% for the 20-City Composite versus May 2011. Both Composites and 17 of the 20 MSAs saw increases in annual returns in May compared to April. Boston, Charlotte and Detroit were the three cities that saw their annual returns worsen in May, with annual rates of -0.1%, +0.9% and +0.6%, respectively. Atlanta continues to be the only city posting a double-digit negative annual return with -14.5%. However, this is an improvement over the -17.0% annual decline recorded in April 2012.  All 20 cities and both Composites posted positive monthly returns. No cities posted new lows in May 2012.

The Miami MSA posted a 1.4%+ change from last month and a 3.4% increase over this time last year.

Click HERE to see the full S&P/Case-Shiller 20-city Home Price Index Report!

In the Naples Market, closed sales increased 4% 2Q 2011 – 2Q 2012 and the Naples Beach area Pending Sales increased 6% and Closed Sales increased 15% 2Q 2011 – 2Q 2012 according the Naples Area Board of Realtors (NABOR).

Are you ready to buy or invest in Southwest Florida? Talk to a John R. Wood Agent today!

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

 

 

 

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Naples, FL Real Estate & Beyond: National Pending Home Sales higher than June 2011

Thursday, July 26th, 2012

Pending home sales declined in June but marked 14 consecutive months of year-over-year gains, according to the National Association of Realtors®

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, slipped 1.4 percent to 99.3 in June from a downwardly revised 100.7 in May but is 9.5 percent higher than June 2011 when it was 90.7. The data reflect contracts but not closings.

Lawrence Yun, NAR chief economist, said inventory shortages are a factor. “Buyer interest remains strong but fewer home listings mean fewer contract signing opportunities,” Yun said. “We’ve been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors.”

Get full report and video of Lawrence Yun, NAR chief economist, discussing the The Pending Home Sales Index Report by clicking HERE!

Are you ready to buy or invest in Southwest Florida? Talk to a John R. Wood Agent today!

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

 

 

 

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Southwest Florida Real Estate and Beyond: Where is the Housing Market Headed? 5 Predictions

Monday, June 25th, 2012

According to 3 of the nation’s top real estate economists, real estate markets across the country are inching their way to a slow recovery after bottoming out.

In a forum hosted by the National Association of Real Estate Editors,  National Association of REALTORS®’ Chief Economist Lawrence Yun, Zillow Chief Economist Stan Humphries, and National Association of Home Builders Chief Economist David Crowe shared their views on the direction of the housing market during the forum.

Things are picking up, the economists note, despite several challenges still threatening that recovery. Yun says that appraisal issues are holding back up to 20 percent of home sales and that lenders’ tightened mortgage underwriting standards are likely holding back another 15 to 20 percent of potential home deals.

Here are the forecasts:

1. New-home market: The NAHB predicts a 19 percent increase in single-family housing starts this year over last (from 434,000 last year to a projected 516,000 this year).

2. Single-family rental market: This could be the next housing market bubble, Humphries warns. He expects this sector to cool as rental rates continue to increase and as home ownership looks more attractive to the public again.

3. Distressed home sales: The percentage of distressed homes sales is projected to drop by 25 percent in 2012 and 15 percent in 2013, Yun says.

4. Home price appreciation: Yun says it’s possible some markets may see a 10 percent rise in home-price appreciation next year due to an increase in demand, or a 60 to 70 percent increase in housing starts. Yun argues it won’t be both, however, but rather one or the other. He notes it greatly depends on whether lawmakers reach an agreement once again on the looming debt-ceiling deadline.

5. Home owners’ negative equity: About a third of home owners are underwater, owing more on their mortgage than their home is currently worth. As such, the housing recovery will likely be “stair stepped,” Humphries says. He says home owners with negative equity will gradually begin to list their homes as they see prices inch up, but when they do, that may temporarily swell the housing supply and cause a brief pause to the recovery.

Are you ready to buy/invest in Southwest Florida?

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

 

Source: “Economists: 2012 Marks the End of a Long Bottom,” Inman News

 

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Naples FL Real Estate & Beyond: NAR Says Widespread Inventory Shortages Found in Much of Florida

Thursday, June 21st, 2012

Today, the National Association of Realtors (NAR) release its existing home sales report for May 2012.  It is clear that inventory is dwindling in many markets.

Here is an overview of the report:

  • Even with low inventory, May 2012 sales maintained a strong lead over year-ago levels
  • Home prices are on a sustained uptrend in all regions
  • Total existing-home sales declined 1.5 percent to a seasonally adjusted annual rate of 4.55 million in May from 4.62 million in April, but are 9.6 percent above the 4.15 million-unit pace in May 2011.
  • Total housing inventory at the end of May slipped 0.4 percent to 2.49 million existing homes available for sale, which represents a 6.6-month supply at the current sales pace;
  • There was a 6.5-month supply in April. Listed inventory is 20.4 percent below a year ago when there was a 9.1-month supply.
  • Unsold inventory has trended down from a record 4.04 million in July 2007; supplies reached a cyclical peak of 12.1 months in July 2010.
  • The national median existing-home price for all housing types rose 7.9 percent to $182,600 in May from a year ago, the third consecutive month of year over year price gains.
  • Distressed homes – foreclosures and short sales sold at deep discounts – accounted for 25 percent of May sales (15 percent were foreclosures and 10 percent were short sales), down from 28 percent in April and 31 percent in May 2011.

In the South, existing-home sales slipped 0.6 percent to an annual level of 1.78 million in May but are 9.2 percent higher May 2011. The median price in the South was $159,700, up 7.8 percent from a year ago.

Lawrence Yun, NAR chief economist, said inventory shortages in certain areas have been building all year. “The slight pullback in monthly home sales is more likely due to supply constraints rather than softening demand. The normal seasonal upturn in inventory did not occur this spring,” he said. “Even with the monthly decline, home sales have moved markedly higher with 11 consecutive months of gains over the same month a year earlier.”

There are broad-based shortages of inventory in the lower price ranges in much of the country except the Northeast, and in the West supply is extremely tight in all price ranges except for the upper end. “Realtors® in Western states have been calling for an expedited process to get additional foreclosed properties onto the market because they have more buyers than available property,”

Yun added that widespread inventory shortages also are found in much of Florida.

Click HERE to read the full NAR report!

Are you ready to buy/invest in Southwest Florida?

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

 

 

 

 

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Inventory of Homes for Sale Show a Big Drop Nationally

Wednesday, April 18th, 2012

The nationwide inventory of residential homes for-sale dropped 21 percent in March compared to a year ago, according to newly released housing data from Realtor.com, tracking 146 metro markets.

 All 146 markets posted a drop in their inventory, except Hartford, Conn., and Philadelphia.

 The nationwide median list price in March also saw improvement, increasing more than 5% last month compared to last year at this time.

The housing picture is much different than last year at this time, when inventory was up 26% and list prices were down 4.81%.

The Florida metros that posted the biggest drops in listings of for-sale homes in the last year are:

 Miami: -42.34%

 Fort Lauderdale, Fla.: -39.66%

 Tampa-St. Petersburg-Clearwater, Fla.: -37.35%

In the Southwest Florida market, specifically Naples, Bonita Springs and Estero, the number of properties placed on the market in March 2012 is the lowest for the month in nine years.

On April 1, 2012, available inventory in the combined Naples, Bonita Springs and Estero market was just 7,625 units (4,106 condominiums and 3,519 single-family homes).

This represents a 5% decrease from April 1, 2011 and is approximately an 8.9 month supply based on closings for the past 12 months.

 Are you ready to buy in Southwest Florida?

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

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Existing home sales and prices increase in January 2012

Thursday, February 23rd, 2012

The most recent existing home sales report released today from the National Association of REALTORS® (NAR) shows existing home sales in January were at a seasonally adjusted-annual rate of 4.57 million units, which is an increase of 4.3 % from the month before and an increase of 0.7% from a year ago. The actual number of homes sold in January was 257,000 which is 26.4% less than the month before and 4.0% more than a year ago when there were 246,000 homes sold.

The median home price in the U.S. in January was $154,700,a decrease of 4.6 % from the month before and a decrease of 2.0 % from a year ago when the median price was $157,900.

Supply and Inventory of homes for sale drop for sixth consecutive month. The number of existing homes on the market decreased in January by 0.4 % from the previous month to 2.31 million homes, and is down 20.6% from a year ago when there were 2.91 million homes for sale. The month’s supply of homes on the market decreased by 4.7 % to 6.1 months from 6.4 months the month before and is down 20.8 % from a year ago when the supply was 7.7 months.

The following are the ACTUAL Existing Home sales for January 2012 reported by.

  •  There were 257,000 existing homes sold during the month which is a decrease of 26.4 % from the month before and a 4 % increase from a year ago.
  • In the South, 101,000 homes sold, which is a decrease of 25.7 % from the prior month and an increase of 4.1 % from the year before.

 Other highlights from the NAR Report for January 2012: 

  • Distressed sales (short sales and foreclosures) accounted for 35 % of all home sales for the month (22% were foreclosures and 13 % short sales), up from 32 % the month before.
  • First-time homebuyers accounted for 33 % of the home sales for the month, up from 31% the month before.
  • Investors were the buyers of 23% of the homes for the month, up from 21 % the month before.
  • Repeat home buyers were responsible for approximately 44 % of the month’s sales, down from 48 % the month before.
  • Cash buyers were 31 % of all sales for the month, same as the prior month.

 To find a John R. Wood Agent, click HERE.

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood – The Symbol for Local Knowledge.

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Housing 2012 – what is the forecast?

Thursday, December 29th, 2011

According to housing experts in a recent article in Kiplinger, the worst of time for housing may be over. Nationally speaking, after median home price have dropped nearly 40 percent nationwide, a rebound seems to be taking shape. Some experts say the market may stay flat for a while before gradually picking up. 

According to the article, predictions for the national real estate market in the coming year are:

Home prices stabilize: Mark Sandi, chief economist at Moody’s Analytics, predicts that home prices nationwide may still drop another 3 to 5 percent in 2012, but the New Year will most likely finally bring a leveling off of home prices before gains start to take shape in 2013. When markets do begin to stabilize in the New Year, “price appreciation tends to spread unevenly, creating a lot of confusion about where the recovery is occurring and when,” David Stiff, chief economist at Fiserv Case-Shiller, told Kiplinger. “Even within a single city, more desirable neighborhoods will stabilize first, while prices in other neighborhoods may fall at a rapid pace.”

Housing affordability high: Housing affordability — the ratio of median home prices to median family income — will likely remain at record levels in 2012. Homes in many cities are “substantially undervalued,” the Kiplinger article notes. That may even lead to a mini bubble with double-digit spikes in prices, such as an increase of 10 to 15 percent in a given year in some markets, housing experts say.  

Low mortgage rates: Helping to keep affordability high, low mortgage rates are expected to continue on in 2012 — at least the first part of the year, economists predict. The 30-year fixed-rate mortgage, the most popular among home buyers, has been hovering under a 4-percent average the past few weeks, staying in record low territory. Rates are expected to stay between 4 to 5 percent in 2012, predicts Guy Cecala, publisher of Inside Mortgage Finance, an industry publication. 

Sales increases: The National Association of REALTORS® has already been showing a tick up in sales taking shape with increases in existing-home sales during the summer and early fall of 2011. High inventories of homes continue to flood the market but a drastic slowdown in new-home building the past three years is “gradually easing the surplus,” the Kiplinger article notes. 

Foreclosures: Foreclosures remain the problem and still plague many markets. After a slowdown with lenders processing the paperwork, foreclosures have began to pick up once again. About 1.84 million home loans are 90 days or more delinquent and 2.17 million have finished the foreclosure process but aren’t up for sale yet, according to RealtyTrac data. Alex Villacorta, director of research and analytics at Clear Capital, told Kiplinger that he predicts regardless of the downward price pressure caused from foreclosures, overall home prices won’t fall as long as lenders bring additional foreclosures to the housing market at a steady pace. 

How does all of this affect Southwest Florida? The market, especially the luxury home market, is continuing to increase in sales and activity and based on the latest market report, all signs point to a very busy selling season.

To see the latest market reports for Naples, Bonita Springs and Estero Florida, click HERE.

To search for homes for sale in Naples, Bonita Springs and Estero, Florida, click HERE.

John R. Wood Realtors – The Symbol for Local Knowledge

Source: “What’s Ahead for Home Prices in 2012,” Kiplinger

Daily Real Estate News

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