Orlando area Realtors sold 1,335 homes in September, up 37.6 from the same month a year ago, a strong year-over-year rebound sparked by lower prices and foreclosure sales.
The median sales price of the homes sold in September rose by 5 percent to $210,000 from August's revised $200,000 median, but that was still 10.64 percent below what it was this time last year, the Orlando Regional Realtor Association report showed this morning.
The September year over year improvement is the first for the Orlando market in more than two years, since a 1.28 percent increase in May, 2006.
The rebound in existing home sales in the Orlando area was not unexpected, based on the fact that pending sales contracts had been rising for some time, but it is more good news for the hard hit local housing market in terms of building a more stable base for a recovery. The Orlando area has been outperforming most metro areas of the state for the past year, in terms of raw sales, as the statewide and national housing slumps continued.
Thursday, October 09, 2008
Wednesday, October 08, 2008
The First Internet Foreclosure Auction
Will the Internet replace public foreclosure auctions?
Public auctions of foreclosed properties began in the 19th century as a practical way to ensure there was no chicanery between lenders and public officials.
Next month, Duval County, Fla., will become the first county in the country to hold an Internet foreclosure auction, forgoing the traditional courthouse sale in the hope of attracting buyers from other areas.
If the Web-based process works out well, and other states sign on, it will be an earth-shifting change in the way foreclosures are handled.Some real estate professionals think it is a bad idea.
“There are things about the title that you just can’t find on the Internet,” says Bruce Norris, CEO of the Norris Group, a real estate investment firm in Riverside. “They can’t tell you whether you’re buying a first mortgage or a second mortgage. If you’re buying a second, then you don’t own the home free and clear.” Courtesy FloridaRealtors.org
Public auctions of foreclosed properties began in the 19th century as a practical way to ensure there was no chicanery between lenders and public officials.
Next month, Duval County, Fla., will become the first county in the country to hold an Internet foreclosure auction, forgoing the traditional courthouse sale in the hope of attracting buyers from other areas.
If the Web-based process works out well, and other states sign on, it will be an earth-shifting change in the way foreclosures are handled.Some real estate professionals think it is a bad idea.
“There are things about the title that you just can’t find on the Internet,” says Bruce Norris, CEO of the Norris Group, a real estate investment firm in Riverside. “They can’t tell you whether you’re buying a first mortgage or a second mortgage. If you’re buying a second, then you don’t own the home free and clear.” Courtesy FloridaRealtors.org
Wednesday, October 01, 2008
NAR Disappointment Failed Bailout Package
The National Association of Realtors® (NAR) issued a statement yesterday about the federal bailout bill.
“The National Association of Realtors is extremely disappointed in the actions of the U.S. House of Representatives in failing to pass the Emergency Economic Stability Act of 2008,” says NAR President Richard F. Gaylord. “This legislation is critical to stopping the economic turmoil that millions of Americans are facing. Completing a recovery plan that will end the current economic crisis crippling the housing and financial markets must be accomplished quickly and in a bipartisan manner.”
Gaylord says that the association’s primary focus right now is on protecting homeowners and the American taxpayer. “Protecting Main Street by keeping people in their homes will not only benefit individual families, but also will help stabilize the housing market, which greatly impacts the overall U.S. economy,” he says. “Across the country, Realtors see and feel the loss of confidence experienced by both buyers and sellers in the real estate market, and they know firsthand that buyers are finding it harder to get mortgages. A sharp rise in unemployment and severe hardship for many ordinary Americans would result from the deteriorating liquidity crisis. In addition, interest rates for those who are able to get a mortgage or credit will be more costly.
According to Gaylord, the bailout legislation, if passed, would quickly restore liquidity to the mortgage market, which would stabilize the housing market and protect homeowners.
“There will not be an economic recovery without a housing recovery, and we hope the Congress will move as expediently as possible to resolve their differences,” Gaylord says.
NAR will continue to advocate for financial aid legislation.
“The National Association of Realtors is extremely disappointed in the actions of the U.S. House of Representatives in failing to pass the Emergency Economic Stability Act of 2008,” says NAR President Richard F. Gaylord. “This legislation is critical to stopping the economic turmoil that millions of Americans are facing. Completing a recovery plan that will end the current economic crisis crippling the housing and financial markets must be accomplished quickly and in a bipartisan manner.”
Gaylord says that the association’s primary focus right now is on protecting homeowners and the American taxpayer. “Protecting Main Street by keeping people in their homes will not only benefit individual families, but also will help stabilize the housing market, which greatly impacts the overall U.S. economy,” he says. “Across the country, Realtors see and feel the loss of confidence experienced by both buyers and sellers in the real estate market, and they know firsthand that buyers are finding it harder to get mortgages. A sharp rise in unemployment and severe hardship for many ordinary Americans would result from the deteriorating liquidity crisis. In addition, interest rates for those who are able to get a mortgage or credit will be more costly.
According to Gaylord, the bailout legislation, if passed, would quickly restore liquidity to the mortgage market, which would stabilize the housing market and protect homeowners.
“There will not be an economic recovery without a housing recovery, and we hope the Congress will move as expediently as possible to resolve their differences,” Gaylord says.
NAR will continue to advocate for financial aid legislation.
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