Real Miami Beach: Keeping You Current 2007-08

8/14/2019 Real Miami Beach: Keeping You Current 2007-08

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www.realmiamibeach.com

Keeping Current

All the facts and figures to keepmy clients on top of the market .

June 2007


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4/20074/2007


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Somewhat confusing data?April

New home sales up 16%

Existing home sales down 2.6%

Remember:New home sales are reported on signing of thecontract. Existing sales are reported at closing. New

home sales are less than 15% of the total housingmarket and are not adjusted for cancellations.


4/21


House Prices Slide as Property Glut Grows;Buyers Gain Bargaining Power In Busy Spring SellingSeason

Tighter credit and a growing glut of properties aredepressing an already weak U.S. housing market, wrecking

the industry's hopes for an early rebound.That leaves buyers in a strong position to negotiate forbargains during the spring home-shopping season, thebusiest time of the year for housing sales.

4/25/20074/25/2007
http://online.wsj.com/home


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A Closer Look Regionally

Here's what happened across the region with home sales:

Northeast: existing-home sales rose 1.2 percent to an annual pace of1.13 million units in the first quarter from the same period a year ago.The biggest gain in the region was in New Jersey, where sales rose

7.6 percent from the fourth quarter of 2006, followed by New Yorkstate, up 7.4 percent, and Massachusetts with a 3.9 percentincrease.

The median Northeastern resale single-family home price was$268,900 in the first quarter, down 2.5 percent from the first quarter

of 2006.

5/15/20075/15/2007
http://www.realtor.org/rmodaily.nsf


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Midwest: total existing-home sales fell 6.1 percent to a 1.49 million-unit annual level in the first quarter compared with a year earlier.The largest sales increase in the region was in Iowa, where sales

rose 8.2 percent from the fourth quarter of 2006, followed by NorthDakota, which rose 4.7 percent from a year ago, and Indiana, up 2.9percent.

The median existing single-family home price in the Midwest was$154,600, down 2.8 percent from the first quarter of 2006.

5/15/20075/15/2007


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West: the existing-home sales pace of 1.28 million units fell 11.9percent from the first quarter of 2006. After Wyoming, the best

performance in the region was in Colorado where sales rose 0.8

percent from a year earlier.The median existing single-family home price in the West was$336,200 in the first quarter, down 1.8 percent from a year ago.

5/15/20075/15/2007


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Foreclosure continues to be aserious concern for many U.S.home owners.Indeed, according to a recent survey fromYahoo Real Estate and Harris Interactive,22 percent of home owners are at leastsomewhat concerned about the

possibility of foreclosure due to theirinability to meet monthly mortgagepayments.

4/23/20074/23/2007
http://www.dj.com/HomePage.htm


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More than 430,000 U.S. foreclosure filings werereported in the first three months of 2007.

RealtyTrac estimates that more than half of thefirst-quarter foreclosure activity was fromsubprime loans. However, its not just low-endhomes that are affected, said James J. Saccacio,

CEO.Were seeing a rising percentage offoreclosures with an estimated market valueof more than $750,000.

4/23/20074/23/2007

Foreclosed
http://www.realtytrac.com/?a=b&accnt=64807


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State

1. California

2. Florida

3. Texas

4. Michigan

5. Ohio

6. Georgia

7. Illinois

8. Colorado

9. New Jersey

10.

States with the most foreclosures

5/1/20075/1/2007

New York
http://www.realtytrac.com/?a=b&accnt=64807


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The Center for Responsible Lending estimates that2.2 million American households have lost or will losetheir homes as monthly payments rise on high-riskmortgages in the next few years.

5/15/20075/15/2007


13/21www.realmiamibeach.com

Housing Still a Drag on EconomyThrough 2007

A survey of 48 economists conducted bythe National Association for BusinessEconomics also concluded that housingmarket troubles will last through the end

of the year.

5/21/20075/21/2007



Stocks vs. real estateA new study by Jack Clark Francis, a finance andeconomics professor at Baruch College in New YorkCity, and Yale's Roger G. Ibbotson compared theannual returns of real estate from 1978 to 2004compared with those of stocks.The results?

4/20/20074/20/2007

Investment Return

Housing 8.6%

Commercial Property 9.5%

The S&P 13.4%
http://money.cnn.com/



5/15/20075/15/2007

The supply of houses andcondominiums available forsale continues to growquickly in much of the U.S.,reflecting weak sales. Thenumber of homes listed for

sale at the end of April wasup seven percent fromMarch, according to datacompiled by ZipRealty Inc.
http://www.ziprealty.com/



The increase was above the seasonal norm. Over the past 22years, home inventories nationwide have increased anaverage of 4.5 percent in April from March, according toCredit Suisse Group. Spring is the busiest time of year forhome shopping, as families with children try to get settled

ahead of the next school year.

5/15/20075/15/2007
http://www.ziprealty.com/



Most Overpriced MarketsSan Diego

MiamiSacramento, Calif.

San FranciscoWashington, D.C.

HonoluluNew JerseyLos Angeles

Boston

San Jose, Calif.

5/1/20075/1/2007



5/8/20075/8/2007



4/25/20074/25/2007
http://online.wsj.com/home


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Area Average SP % Depreciation

Fort Lauderdale $325,000 -5.5%

Phoenix $271,000 -5.5%

Nassau/Suffolk $483,000 -6.0%Miami $335,000 -8.8%

Las Vegas $325,000 -8.8%

http://money.cnn.com/2007/04/09/real_estate/forecast.moneymag/index.htm
http://money.cnn.com/http://money.cnn.com/magazines/moneymag/moneymag_archive/2007/05/01/toc.htmlhttp://money.cnn.com/http://money.cnn.com/http://money.cnn.com/

Documents

Real Miami Beach: Keeping You Current 2007-08