Short sale market shrinking in Jacksonville

Is it too early to exhale?  Our market appears to be improving.

According to NEFAR (Northeast Florida Assoc of REALTORS), lender mediated home sale (short sales, foreclosures and distressed sells) numbers were down in August!  There were 729 lender mediated sales in August of 2010 and  626 in August of 2011. D-O-W-N.

The median sales price of lender mediated homes is also down. The median sales price in August of 2010 was $87,450 and in August of 2011 the median price of a lender mediated home was down to $81,000.  So, being the rocket scientist that I am, I have figured out that things are looking better! ESPECIALLY if you're a Buyer! The number of "problem homes" is down and the prices continue to drop. GREAT TIME TO BE A BUYER!  Could it be...are we finally at the bottom?

Now don't be a naysayer and tell me it's because of the robo-signing fiasco. I have heard rumors that there has been a virtual FREEZE on all foreclosures until the mess is sorted out. This could have a little bit to do with it....but surely there is some real improvement there?! ?! The numbers don't lie!  ...or do they?

We currently have a robust 8 month supply of homes on the market. When we get that down to a manageable 6 months of inventory, I think we'll turn the corner.

Let's hold our breath one more month and see what happens in September. I'll keep you posted.

Thinking about buying?  Call me today.

Foreclosure Shadow Inventory-Fact or Fiction?

RISMEDIA, April 14, 2011—This big inventory of homes—90 days or more delinquent on their mortgage payments, currently in foreclosure or now REOs—at last count was 2.1 million. It’s enough to make you plop, plop, fizz, fizz, worrying everyone from the banks to the sellers and most of the rest of us in the real estate industry. Adding the shadow inventory to the current visible inventory at about 4.2 million units, creates a 23-month supply of potential homes for sale when a 6- to 7-month supply is in the normal range.
But for all the reports of this shadow inventory in the news, none really factor in elements of our economic recovery that will effectively lower this inventory and perhaps even keep a good deal of this housing from ever coming to market.

First of all, the jobs outlook is improving, and while many are still feeling the pain of this downturn, it’s at least going in the right direction. According to a survey by the National Association for Business Economics in January 2011, “sales have strengthened and economic growth has picked up while the percentage of businesses expecting to increase payrolls during the first half of 2011 exceeded the share projecting more firings by 35 points, the most since the question was first asked in 1998. More than half of these businesses said they planned to boost spending on new equipment, up from 48% in the October survey.”
As we continue to move in a positive economic direction, the shadow inventory will shrink as the newly employed seek to keep their homes through continued modifications or take advantage of price declines and purchase homes. It has been stated that it could take as long as four years to eliminate this shadow inventory, but perhaps not if the economy stays on this track of growth.

Certainly there are parts of the country where this inventory is very high, such as Florida, California and Michigan. Recovery will be spotty, that is certain, and some areas may still see some price declines in the near future. But let’s stop with all the numbers because, in the end, we still believe in the American Dream, and at the core of this dream is owning a home. Yes, there will still be those that pick up and leave their homes for various reasons, but even as this happens and changes in the younger generations’ mindsets occur, Americans’ homes will still be where their hearts are!

Posted on HWA site

Home sales up 12.9% in NE Florida


From WOKV News Talk Radio Jax


Jacksonville, FL —

In February home sales were up 12.9% from a year ago in northeast Florida. The Northeast Florida Association of Realtors is reporting sales are up but prices are down 12.9%.

NFAR communications director Melanie Green says most of the homes sold last month were not traditional sales. "The sales that occurred in February were weighted heavily by lender mediated sales, those are your foreclosed and short sales." She says that's a bit of bad news but it does indicate that investors are coming back into the market.

We also heard from consumer warrior Clark Howard. He says right now is the perfect time to buy, the reason being that the timing is right. "If you're buying a home now, man everything is smiling on you, the prices are phenomenal on the homes, the cost of money to borrow and finance those homes is still great, and this is not a gotcha this is an opportunity."


I can't argue with the experts!! Call me today!

Current Number of Short Sales In Jacksonville FL

Currently there are 2375 active short sales listed in our MLS.  Contact me today for more information.

You can set up your own personal search at ListingBook and search our MLS like a pro!

Info about short sales and foreclosures in Jacksonville

I found a great site that I think you'll find VERY helpful. It answers a LOT of questions you may have about your house and what steps you need to consider taking to save it.

Visit this site today.

Call if I can help.

Jacksonville Condo Sells are UP - and - Prices are DOWN

Wow! Condo sells in Jax are up a whopping 90%. Yes. You read that right--90%. The median price of a condo in Jax dropped 42% to $74,200. That's the second highest drop in the state. NOW IS THE TIME TO BUY A CONDO! And it's the time to buy a single family home. Prices are LOW and interest rates are still incredibly low.

If you've ever wondered if you could qualify for a loan to buy a condo or a home, give me a call or shoot me an email. I'll be happy to put you in touch with some really good lenders.

In trouble with your mortgage in Jacksonville?

This is an amazing segment on people that are walking away from their mortgages. It's not just about that, it's very educational as far as the numbers go. It's unbelievable how many people are "underwater" right now.

Are you in trouble with your mortgage? Don't walk away! Let's salvage some of your credit with a short sale.

Call if I can help.


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