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Real Miami Beach Keeping Current 2007 06

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June, 2007 numbers for the real estate market in Miami Beach, Florida

Published in: Business, Economy & Finance
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Real Miami Beach Keeping Current 2007 06

  1. 1. June 2007 Keeping You Current Helping our clients understand this crazy market www.realmiamibeach.com
  2. 2. 4/2007 www.realmiamibeach.com
  3. 3. Somewhat confusing data? April – New home sales up 16% Existing home sales down 2.6% Remember: New home sales are reported on signing of the contract. Existing sales are reported at closing. New home sales are less than 15% of the total housing market and are not adjusted for cancellations. www.realmiamibeach.com
  4. 4. House Prices Slide as Property Glut Grows; Buyers Gain Bargaining Power In Busy Spring Selling Season 4/25/2007 “Tighter credit and a growing glut of properties are depressing 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 for bargains during the spring home-shopping season, the busiest time of the year for housing sales.” www.realmiamibeach.com
  5. 5. A Closer Look Regionally Here's what happened across the region with home sales: 5/15/2007 Northeast: existing-home sales rose 1.2 percent to an annual pace of 1.13 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 York state, up 7.4 percent, and Massachusetts with a 3.9 percent increase. 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. www.realmiamibeach.com
  6. 6. A Closer Look Regionally Here's what happened across the region with home sales: 5/15/2007 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 North Dakota, which rose 4.7 percent from a year ago, and Indiana, up 2.9 percent. The median existing single-family home price in the Midwest was $154,600, down 2.8 percent from the first quarter of 2006. www.realmiamibeach.com
  7. 7. A Closer Look Regionally Here's what happened across the region with home sales: 5/15/2007 South: total existing-home sales were at an annual rate of 2.51 million units in the first quarter, down 7.3 percent from the first quarter of 2006. After the District of Columbia, the next strongest increase in the South was in Arkansas, up 8.8 percent from a year ago, followed by Kentucky, which rose 3.9 percent, and Texas, up 2.7 percent. The median existing single-family home price in the South was $177,800 in the first quarter, which is 0.6 percent below a year earlier. www.realmiamibeach.com
  8. 8. A Closer Look Regionally Here's what happened across the region with home sales: 5/15/2007 West: the existing-home sales pace of 1.28 million units fell 11.9 percent 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. www.realmiamibeach.com
  9. 9. Foreclosure continues to be a serious concern for many U.S. 4/23/2007 home owners. Indeed, according to a recent survey from Yahoo Real Estate and Harris Interactive, 22 percent of home owners are at least somewhat concerned about the possibility of foreclosure due to their inability to meet monthly mortgage payments. www.realmiamibeach.com
  10. 10. More than 430,000 U.S. foreclosure filings were reported in the first three months of 2007. RealtyTrac estimates that more than half of the 4/23/2007 first-quarter foreclosure activity was from subprime loans. However, it’s not just low-end homes that are affected, said James J. Saccacio, CEO. “We’re seeing a rising percentage of foreclosures with an estimated market value of more than $750,000.” osed recl Fo www.realmiamibeach.com
  11. 11. States with the most foreclosures State 5/1/2007 1. California 2. Florida 3. Texas 4. Michigan 5. Ohio 6. Georgia 7. Illinois 8. Colorado 9. New Jersey 10. New York www.realmiamibeach.com
  12. 12. The Center for Responsible Lending estimates that 2.2 million American households have lost or will lose 5/15/2007 their homes as monthly payments rise on high-risk mortgages in the next few years. www.realmiamibeach.com
  13. 13. Housing Still a Drag on Economy Through 2007 5/21/2007 A survey of 48 economists conducted by the National Association for Business Economics also concluded that housing market troubles will last through the end of the year. www.realmiamibeach.com
  14. 14. Stocks vs. real estate A new study by Jack Clark Francis, a finance and economics professor at Baruch College in New York City, and Yale's Roger G. Ibbotson compared the 4/20/2007 annual returns of real estate from 1978 to 2004 compared with those of stocks. The results? Investment Return Housing 8.6% Commercial Property 9.5% The S&P 13.4% www.realmiamibeach.com
  15. 15. www.realmiamibeach.com
  16. 16. 5/2007 http://www.realtor.org/research.nsf /pages/presentations_use www.realmiamibeach.com
  17. 17. The supply of houses and condominiums available for sale continues to grow 5/15/2007 quickly in much of the U.S., reflecting weak sales. The number of homes listed for sale at the end of April was up seven percent from March, according to data compiled by ZipRealty Inc. www.realmiamibeach.com
  18. 18. The increase was above the seasonal norm. Over the past 22 years, home inventories nationwide have increased an 5/15/2007 average of 4.5 percent in April from March, according to Credit Suisse Group. Spring is the busiest time of year for home shopping, as families with children try to get settled ahead of the next school year. www.realmiamibeach.com
  19. 19. Most Overpriced Markets San Diego 5/1/2007 Miami Sacramento, Calif. San Francisco Washington, D.C. Honolulu New Jersey Los Angeles Boston San Jose, Calif. www.realmiamibeach.com
  20. 20. 5/8/2007 www.realmiamibeach.com
  21. 21. 4/25/2007 www.realmiamibeach.com
  22. 22. Falling... Nassau/Suffolk, New York May 2007 12-month forecast: - 6% Median home price: $483,000 Five year price change: 76.3% Worst one-year decline: 6.6% Year of worst decline: '88-'89 www.realmiamibeach.com
  23. 23. 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 www.realmiamibeach.com
  24. 24. How do we differentiate ourselves? “The agent who knows all the numbers, and can explain them, will be seen as the professional.” I hope July will bring better news ! Happy 4th , Madeleine www.realmiamibeach.com

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