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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Housing Market Indicators

Florida existing home sales:(month-to-previous-year comparison) 30%

Florida existing condo sales:(month-to-previous-year comparison) 25%

Florida existing home median price: $141,300

Florida existing condo median price: $108,700

Florida consumer confidence: 71

National existing home sales: (month-to-previous-month comparison; all housing types) -3%

National existing home median price $175,200

National (Freddie Mac) mortgage rate(all housing types) 4.86%

info provided by FAR.org

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Home Sales in W. Pasco

only 262 homes have sold in W. Pasco in the last 30 days
that is a drop of 16% sales volume since my last update

94 were in some stage of foreclosure; that is ~36% of the sales

32 were short sales specifically

currently there are 568 homes for sale as short sales
out of the total of 2834 homes for sale; that is 11 months inventory which is another great reduction of inventory. While sales did fall off a bit, the inventory levels are really starting to drop. hopefully it is a trend and not an anomaly

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Prospects for Florida’s recovery heat up, economists say

After two long years of recession, economists are beginning to see signs that the economy’s recovery is finally in sight
…
But the road to recovery will be uneven. Economists say that an uptick in business spending will lead the way, followed by federal government stimulus projects that will create some jobs. Consumers, unfortunately, are likely to be the last to see good times return, because widespread unemployment – which is now just a notch below 10 percent – won’t start to go down until after the recovery is well under way.
…
Other economists agree that the worst may be over as soon as this summer. Consumers surely have had enough, judging by the strong jump in Floridians’ consumer confidence this month.

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Inventory levels drop in West Pasco Florida

last year typically we had approxiamately 2 years inventory. And as of today it seems we only have 13 months worth of inventory

How is this calculated? You take how many homes are currently on the market For Sale and divide it by the number of houses that sold in the previous month

currently there are 3976 Homes for sale in West Pasco. (approx. county line to county line & West of US-41)
in the last 30 days 305 homes sold
resulting in ~13 months inventory
at the current rate that homes are selling it would take ~13 months to sell them all
and since the number of houses to sell in April has remained relatively unchanged year over year, the inventory on the market must have come down dramatically, which is a great sign

And now we need houses to come off the market faster (sold) than they come on the market (just Listed) to turn the market around

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Market Trends

Well sales are holding Steadyin West Pasco
but they are down in volume by about 40% from 2006 frenzy

305 homes sold this april (09) holding steady, may seem low, but there were 610 sides to be on, to make $

311 homes sold last april (08) -17% year over year

374 homes sold in april (07) -26% year over year

505 homes sold in april (06)

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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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Top Economists Say Recovery Has Begun

Economic recovery is about making people feel more confident, says Mark Zandi, chief economist of Moody’s Economy.com.

Zandi evidenced increasing home sales and gains in the stock market are some promising signs that the worst is over and people will start spending again.

“We’re starting to see some pent-up demand for goods,” he says.