Hudson, FL Foreclosure report

WOW

Despite 117 SFR currently on the market offered in some stage in Foreclosre, for the entire month of may only 3 actually closed

Condo’s only have 88 on the market disclosing the foreclosure, but I suspect the number is higher, much higher. However, in May NO Condos in foreclosure sold

and as for the Mobile homes. only 1 of them is listed as for sale but in foreclosure, and one actually sold in may while in some stage of foreclosure.

I thought alot more short sales and the like were taking place, but i guess they are falling apart before reaching the closing table. Streamlining of the deal is most definitely in order. It’s not like this is new, the Lenders should be much more efficient than they are.

Now for Bank owned properties, this actually surprised me:

of 533 active homes, only 18 are bank owned (3.3% of all actives)

however, of the 112 homes under contract, 21 are bank owned (19% of all contracts)

of the 45 homes that closed in May, 13 were Bank owned (28% of all closed)

That is quite a dsparity in the numbers, and the Short Sales falling apart before closing, I think, have alot to do with it.

Now for Condos, their are only 83 units in Hudson, of which, NONE are Bank Owned. nor are any of the units under contract, or any of the condos that sold in teh month of may. That is quite the surprise for me.

Mobile Homes was almost as negligible. 3 active bank owned properties, out of 66, and only 1 of the 5 that sold were Gank owned. However it does mean that 4/5 mobiles sold in Hudson, in May were either in some stage of foreclosure, or Bank Owned.

I think what this all boils down to, is that a Buyer can once again afford to buy a modest home in hudson, so why would they settle for the percieved stigma of a Mobile, or the perceived instrusive associations at a Condo. Once again, in Florida, if you can afford to rent, you can afford to buy

You actually can buy a house here for $45,000. Now even at a 7% interest rate, that is only ~$300/mo Principle and interest. The utitlities will remain the same as renting, for the most part, and insurance on a house valued at so little would be a nominal cost.

it is a great time to be a buyer in the Hudson, Florida, as well as the rest of West Pasco, and Florida as a whole

Hudson, Florida May market update

Currently in Hudson teh worst property there is to sell is a Condo, I am afraid to say

While there are only 83 Condo’s currently for sale, there are 0 under contract, and only 2 sold in May, down from 5 in April. That means there is almost 3 1/2 years inventory on the market 8-(

Now in a close second place would be the Mobile Home market in Hudson. While there are only 66 mobile homes for sale currently, in May only 3 sold, down from 5 in April. And there are only 5 units under contract presently. That equates to 22 Months, almost 2 years, inventory on the market.

Now the Silver Lining on our dark cloud down here, If I can call it that, is the Single Family Residences. While there are actually 533 units offered for sale, there are actually 112 under contract. But the ‘under contract’ number is not exactly a good representation because 1/2 of those contracts could easily explode and fall apart before closing. And while 38 made it to closing in May that is down from 45 sold in April. That is a 15% decline month over month. And it also means that there is only 14 months inventory on the market. this is below average for the West Pasco area.

What is going to get the market going? Well surely the low interest mortgage rates are appealing, but they have been for some time. The $8,000 first time home buyer assistance tax credit is another enticement, but in these hard economic times alot of people are still having trouble coming up with down payments/closing costs/ repair money for new home. NAR just released that the average home buyer spends almost $5000 renovating/repairing their recently purchased home.

Now here in Florida, after a lot of pressure from the Florida Association of Realtors, our state government has authorized a bridge loan program, which enables first time home buyers to use the $8,000 ‘tax credit’ as part of their down payment. And while this may help the market in the near term, I have to wonder, is this not doing exactly what got us into such a dire situation? If people need help getting enough money together to purchase a home, than are they not actually the same people who bought homes they could not afford, some with prime mortgages, and some with sub-prime, only to default later. I hope we do not have a repeat, after all, we aer supposed to learn from our mistakes. If one is to be successful in life, in any profession, than one has to not only be concerned with the near term, but also the Long Term, and to me it seems we are ‘fixing our current problem’ with the exact same practices that got us into this problem. Helping people to buy house, whom without the governments help, they would not be able to afford it.

Lastly I will add just a note about an important piece that I rarely see in the discussions/news stories about the First Time Homebuyer Tax Credit. It is $8,000 or 10% of the purchase price of the house which ever is less. So if you are buying a bargain at only $50,000, your tax credit will only be for $5,000

W. Pasco Housing Update

Closed deals on SFR fell again to 269 for the month of may

and there are 2794 homes currently on the market That is ~10 months inventory which is another decrease in inventory.

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Signs Point to Improving Economy

Economic observers point to several factors that indicate the economy in general and the housing market in particular may be on the mend.

http://tinyurl.com/c8lff6

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