Hudson, FL Midyear Real Estate Market Report

702 units are currently for sale in Hudson Florida and there are 115 units under contract

but only 286 units sold year to date so that comes out to about 18 months inventory. YIKES!

But lets Break that down for a better view of things

SFR

Currenlty there are 503 Single Family Homes on the market in this little town. Now of the 115 units currently under contract 102 of them are Single Family Homes. Not a good time to be selling a condo or mobile.

243 Single Family Homes closed in the first half of the year which equates to about 2 years inventory. So i expect a good many of the 115 contracts currently on the market, alot of them will not make it to the closing table. If i was optomistic I would be saying we are seeing a surge in home purchases, but in May 1/2 of our deals fell apart before getting to the closing table

CONDO

There are 80 Condos on the market as of today. However only 2 are under contract, and only 14 actually closed Year to Date. That means we have about 3 years inventory on the market.

Mobile/manufactured Homes

There are 75 mobiles on the market and year to date 19 have closed. so it has a better rate than condos.

Short Sales, Foreclosures & Bank owned properties

Single Family homes

Homes in Foreclosure comprise 20% of the current market actives but 40% of the homes sold year to date. Of the 243 Homes that closed this year, 93 of them were in some stage of Foreclosure. That is a whopping 38% of the market share.

Condo

Surprisingly only 10 of the 80 condos on the market for sale are in some stage of foreclosure. Of the 14 sold year to date 2 were in some form of foreclosure.

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

Federal Housing Rescue Plan Launches

The Obama Administration’s program to rescue distressed home owners got off the ground this week. The program was announced on Feb. 18, but it took several weeks to put the bureaucracy in place.

to read the full article click on Post Title or copy and paste http://tinyurl.com/cd8yud

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Homeowners bail on loans due to more than just mortgage-rate resets

Data from Countrywide Financial Corp., the nation’s largest mortgage lender, backs up this point. The No. 1 reason its customers have been defaulting on mortgage loans is because their income was cut. That accounted for almost 60 percent of its loan defaults in the first 10 months of this year; add in sickness and divorce and the total jumps to more than 80 percent.

Way down on the causes-for-foreclosures list at Countrywide – just under 2 percent – is a payment adjustment.

In other words, there’s little evidence so far that the mortgage mess is a product of cash-strapped home owners being crushed by resets on adjustable-rate mortgages, or ARMs, that send their monthly payment soaring.

http://www.floridarealtors.org/NewsAndEvents/n5-121807.cfm