Although existing homes sales were down in December from the month before, the 2012 total was the highest in five years, according to the National Association of REALTORS®.
“Record-low mortgage interest rates clearly are helping many home buyers, but tight inventory and restrictive mortgage underwriting standards are limiting sales,” says Lawrence Yun, the NAR’s chief economist.
From RISMEDIA, Thursday, January 24, 2013— (MCT) | Read the article by Ruth Mantell
One of the most pernicious effects of the housing bust was the huge number of borrowers stuck in homes worth far less than those properties could be sold for.
Negative equity has been a major drag on mobility and hence the American economy. Being stuck “underwater” means you can’t sell your house or often even move out if you get a job someplace else.
Now that problem is easing, ever so slightly, with the recent rebound in home prices. About 100,000 borrowers popped into a positive equity position during the third quarter of 2012, mortgage tracker CoreLogic reported Thursday.
“Through the third quarter, the number of underwater borrowers declined significantly,” CoreLogic chief economist Mark Fleming said in a news release. “The substantive gain in house prices made in 2012, partly due to tight inventory caused by negative equity’s lock-out effect, has paradoxically alleviated some of the pain.”
As many as 1.8 million borrowers could have equity in their home in the next year if prices continue to rise, the firm reported.
CoreLogic said that about 10.7 million homes — or about 22 percent of all residential properties with a mortgage — were in negative equity at the end of the third quarter. Negative-equity mortgages and those in a near-negative-equity position accounted for 26.8 percent of all homes with a mortgage.
Negative equity fell to $658 billion at the end of the third quarter, a decrease of $31 billion from the prior quarter. Nevada had the highest percentage of underwater homes at 56.9 percent. After the Silver State came Florida at 42.1 percent and then Arizona at 38.6 percent.
RISMEDIA, Tuesday, January 22, 2013— (MCT) | by Alejando Lazo
©2013 Los Angeles Times | Distributed by MCT Information Services
Submitted by Tani Hurley Public Relations | Sunday, January 20, 2013
Developers have closed on 2,262 acres in East Naples, marking the second largest land deal in Collier County in recent months. Hacienda Lakes of Naples LLC purchased the property from Wilton Land Company LLC for $63.7 million, according to county records.
“The scope of this project and the implications for third-party involvement suggests an important economic boost for this area,” said David E. Torres, president of Hacienda Lakes of Naples LLC. “We have working diligently to secure all of the various permits required for development, and we’re ready now to move forward at a rapid pace.”
Hacienda Lakes lies to the east of Collier Boulevard and encompasses lands bordered by Willow Run Quarry to the north and stretches south of Physicians Regional Medical Center.
Over 1,500 acres — more than half of the total area — will be left as a preserve area. The project is permitted to include 1,760 homes; 327,000 square feet of retail space; 70,000 square feet of professional and medical office space; 135 hotel rooms; 140,000 gross square feet of business park or educational facility; and a public school.
The development process of Hacienda Lakes will include an extension of Rattlesnake-Hammock Road east of Collier Boulevard as well as other roadwork within the project that will also serve the public, such as a wider bridge and improvements at the intersection.
Hacienda Lakes has been approved for the establishment of a Community Development District, and both the U.S. Army Corps of Engineers and the South Florida Water Management District have given approval for the plans for Hacienda Lakes.
Development of Hacienda Lakes is expected to take place in phases over the next eight years.
“We’re optimistic about the timetable,” Torres said. “We’ve already had numerous inquiries from firms interested in being involved, and we expect to announce the builder of our first neighborhood within a few weeks.”
For more information about Hacienda Lakes, email info@napleshacienda.com.
© 2013 Scripps Newspaper Group — Online
RISMEDIA, Thursday, January 17, 2013— Builder confidence in the market for newly built, single-family homes was unchanged in January, remaining at a level of 47 on the National Association of Home Builders/Wells Fargo Housing Market Index, released today. This means that following eight consecutive monthly gains, the index continues to hold at its highest level since April of 2006.
Read the full article.
Naples, Fla. (Jan. 18, 2013) – The Naples area overall median closed price increased a remarkable 17 percent from $175,000 in 2011 to $204,000 in 2012, according to a report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
“At our annual Economic Summit held in April, Dr. Lawrence Yun, Chief Economist of the National Association of REALTORS®, predicted a 10 percent increase in the overall median price by the end of 2012,” stated Brenda Fioretti, Managing Broker at Prudential Florida Realty. “At the time, many people were incredulous with his assessment, but now today we are delighted to see the real estate market’s prices rebounding and surpassing estimates.”
The NABOR® 2012 Annual Report provides comparisons of single-family home and condominium sales (via the SunshineMLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® annual sales statistics are presented in chart format, including these overall (single-family and condominium units) findings:
– Overall closed sales increased 9 percent, from 8,345 units in 2011, compared to 9,121 units in 2012. Overall closed sales increased 20 percent in the $300,000-$500,000 category, from 1,129 units to 1,357 units, and increased 29 percent in the $500,000-$1 million category, from 794 units to 1,022 units, from 2011 to 2012, respectively.
– Overall pending sales increased 6 percent, from 10,070 pending sales in 2011 to 10,683 pending sales in 2012.
– Overall inventory decreased by 13 percent, from 7,581 listed properties in 2011 to 6,557 listed properties in 2012. Pending sales with contingent contracts are included in the overall inventory number.
– Overall pending sales in the Naples coastal area increased 15 percent, from 1,791 units to 2,057 units, in 2012. Closed sales increased 14 percent, from 1,641 units in 2011 to 1,869 units in 2012.
The NABOR® 2012 Fourth Quarter Report provides annual comparisons of single-family home and condominium sales (via the SunshineMLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® fourth quarter statistics are presented in chart format, including these overall (single-family and condominium units) findings:
– Overall closed sales increased 22 percent, from 1,689 units in fourth quarter 2011 to 2,061 units in fourth quarter 2012. Overall closed sales increased 58 percent in the $300,000-$500,000 category, from 207 units to 328 units, and increased 51 percent in the $500,000-$1 million category, from 146 units to 221 units, from fourth quarter 2011 to fourth quarter 2012, respectively.
– The median closed price increased 24 percent overall, from $165,000 in fourth quarter 2011 to $205,000 in fourth quarter 2012.
– Overall pending sales increased 8 percent, from 2,250 pending sales in fourth quarter 2011 to 2,422 pending sales in fourth quarter 2012.
– Overall inventory decreased 13 percent, from 7,580 units for fourth quarter 2011, compared to 6,557 units in fourth quarter 2012.
NABOR Market Report – A service from the Naples Area Board of REALTORS®
