Home prices are down almost 55% on average from the real estate market peak.
An amazing 43% of homeowners in Miami-Dade and Broward Counties of Florida have negative home equity.
25% of the country’s foreclosed homes are located in Florida
Nearly 1 in 5 homes are in foreclosure or are delinquent on their mortgage payments
Of all the foreclosures in Florida, 25% are strategic defaults (an economic decision by the owner). The Mortgage Banker’s Association says there are 50 times more walk-aways then there were five years prior.
It takes a lender nearly 25 months on average to go from initiating foreclosure to actually seizing a home.
Lenders in Florida can pursue defaulters for deficiency judgements for the difference in the value of the mortgage and the value of a foreclosure sale for up to five years after the default.
Short sales accounted for 20% of existing home sales in South Florida in 2010. Almost half of all home sales were at a loss.
Mortgage rates are expected to increase in 2011
Home prices are expected to bottom out this year, and, by 2012, the house-price metric shows a gradual increase
Home construction is expected to increase 21 percent from last year
The vacation rental market is expected to grow 13.1% in 2011
Home sales in 2010 were up 14 percent in Hilton Head Island, SC, 40 percent in Palm Beach, FL, and 300 percent on Mercer Island, WA.
Eight out of 10 owners of vacation homes who rent them expect their rental business will be the same or stronger in 2011 than last year.
No comments:
Post a Comment