Tuesday, November 23, 2010
LATEST HOUSING MARKET NEWS
· Palm Beach - There were 517 sales of houses and condos for $1MM+ in the first 9 months of 2010, up 13% from the same period in 2009 – buyers are driving hard bargains and sellers are selling!
· October statewide year-to-date existing home sales in Florida were u p 7% and condo sales up 33%
· NAR Chief Economist Lawrence Yun said what is slowing down the housing market recovery includes:
o Recent foreclosure moratorium
o Tight credit
o Appraisals coming below a negotiated price
· Yun also said the good news is:
o Low mortgage interest rates
o Favorable affordability conditions
o Pentup demand by buyers may soon be unleashed
· Economists forecast 1 million new jobs in Florida over the next 7 years
· Foreclosure Shadow inventory (not yet on the market) poses a threat to market values going up
· Proposed limits on mortgage interest tax deductions are slowing sales
· Should some of the savings from earmarked money being canceled be put in the form of a new tax credit to help home buyers?