United States and Florida Real Estate Market Information
United States and Florida Real Estate Market Information
The following news articles provide information from independent sources regarding the United States and Florida real estate market collapse and continuing decline. We believe that these articles provide relevant data on the overall Florida real estate market as well as the condominium and condominium hotel markets.
Real Estate and Condominium Market
Foreclosures for sale: Big supply, low prices (5-26-2011) Three year supply of foreclosures is continuing to push down home prices.
Don’t Expect A Housing Market Recovery Until 2014 (5-19-2011) The foreclosure crisis, huge inventory of homes, and tightened mortgage lending practices all indicate that U.S. real estate market may hit bottom in next 18 months and then remain at that bottom for some time
Housing starts drop 10% (5-17-2011) Due to very weak new home sales, new home construction remains at very low levels
Foreclosures crush home prices (5-11-2011) Nationally United States home prices continue to be pushed lower by foreclosures – condominium prices are falling twice as fast as single family house prices.
The Best & Worst Housing Markets in 2011 (5-9-2011) By the end of 2011, the Orlando-Kissimmee-Sanford, Florida, housing market is projected to be the worst housing market in the United States, with projected prices falling another 19 percent by the end of the year.
13% of all U.S. homes are vacant (3-28-2011). High U.S. residential vacancy rate rises to 13%, putting downward pressure on housing prices. Even taking out vacation/second homes, Florida’s vacancy rate is still at about 10%.
Existing home sales tumble 9.6% (3-21-2011). U.S. home sales and prices are being pushed down as a record number of cash deals allow real estate investors to continue to put downward pressure on prices.
U.S. Existing Homes Sales Slump in February (3-21-2011). Foreclosure inventories, lack of demand and other economic factors continue to push down U.S. home sales and prices.
How cheap houses spell bad news (3-9-2011). Rising interest rates, weak employment and wage trends, and tightening standards for financing are all continuing to weigh down the United States real estate market and prices.
America’s most overvalued – and undervalued – cities (1-11-2011) According to this article, Las Vegas and Orlando are the worst real estate markets in the United States due to glut of homes resulting from years of overbuilding during the housing bubble and foreclosures.
Many Florida real estate markets (and other United States markets) are not projected to return to pre-recession prices until 2034 and beyond (1-7-2011)
There are reasons for optimism in the 2011 United States economy – but housing and employment are not among them (12-30-2010)
New rules make condo buying trickier and may further suppress sales and push down prices in the United States and Florida condominium and condominium-hotel markets (12-27-2010)
Signs of a double dip? Home Prices fall 2% (11-30-2010) Further decline of United States and Florida real estate prices
US home prices expected to slide another 8% (Further declines in home prices are on the way) (11-1-2010) United States real estate prices are being forced lower by foreclosures, unemployment, lack of buyers and other problems
US house prices dip again in August after expiry of homebuyers’ tax credit (10-28-2010) Federal government programs to stimulate the United States real estate market have had short lived results and have not been able to change the downward trend
New home sales drop 12.4% to record low (8-25-2010) The number of new home sales fell to the lowest level since tracking began in 1963
15 Signs The U.S. Housing Market Is Headed for Complete and Total Collapse (8-20-2010) An article that takes a pessimistic view and explores the worst case scenario
Condo Prices (Condos for less than the cost of a Corolla) (8-2-2010) Condominiums are the hardest hit segment of the real estate market and some Florida condominiums are listing for as little as $25,000.00 or less
Condo Hotel Financing Too Expensive For Investment Profit (1-11-2010) Article pointing out that often the developer is the only one to make a profit from a condominium hotel development
US housing doldrums ‘to last until 2013′ (12-7-2010)
US house prices in fresh decline (11-30-2010)
US house prices ‘hitting new lows’ (1-25-2011)
Home prices near 2009 lows — and may fall more (2-22-2011)
Nearly 20% of Florida homes are vacant (3-18-2011) Florida real estate market to decline further over next two years and not recover for many years and even many decades.
Real Estate Market Expected to Hit Bottom in 2012 (12-26-2010) Due to foreclosures and unemployment, Florida’s real estate market will probably not see a bottom until the second half of 2012
Beaten-down condos – “Deals of lifetime” (6-29-2010) Article addressing the issues of oversupply of condominiums, further price declines, lack of financing, failure of owners to pay association dues, and other headwinds facing the condominium real estate market
Fewer people moving to Florida, census estimates show (1-30-2011)
Central Florida and Orlando
Forecast: Orlando worst housing market in U.S. (5-9-2011) Metro Orlando home prices are projected to fall another 19 percent through the end of 2011, making Orlando, Florida, the nation’s worst housing market by the end of the year.
Orlando condos among cheapest in the State (midpoint for Orlando condominium prices remained below $50,000 and was 40 percent below statewide median price) (10-25-10)
Orlando Metro Condo Market Data (provides average sales data, such as number of sales, average sales price, and price per square foot) (2010)
Foreclosure Crisis in the US and Florida
Robosigning firms get Calif., Ill. Subpoenas (5-25-2011) States attorneys generals are intensifying their probes into “robosigning” and other foreclosure related practices involving most the United States’ largest banks
SJC Upends Rules on Foreclosed Properties (1-8-2011) Massachusetts Supreme Court landmark ruling invalidating Wells Fargo Bank and U.S. Bank Corp. foreclosures
Court gives banks ‘beat-down’ over foreclosures (1-7-2011) On January 7, 2011 the Massachusetts Supreme Court made a landmark ruling holding that banks are required to properly prove their right to foreclose and invalidating foreclosures by Wells Fargo Bank and U.S. Bank Corp.
Video documentary of foreclosure case proceedings (1-8-2011)
CNN Money video “Suburbia’s Foreclosure Crisis” (12-9-2010) Video story on national foreclosure crisis
Home Price Plunge is Widespread – The Double Dip Arrives (12-28-2010) Further home price declines in Florida and United States real estate housing markets due to foreclosures, oversupply and other factors
Brace Yourself for the 2011 Foreclosure Tidal Wave – (12-16-2010) Nationwide number of United States foreclosures expected to flood the market in Spring of 2011
4 Million Foreclosures in 2010? It’s a Real Possibility – A Real Estate Blog (12-15-2009) Article from 2009 predicting surge of foreclosures that occurred in 2010 due to drop in home values resulting in homeowners owing more on their mortgages than their homes are worth
About Half of U.S. Mortgages seen Underwater by 2011 (8-5-2009) Another article from 2009 predicting surge of foreclosures that occurred in 2010 due to drop in home values resulting in homeowners owing more on their mortgages than their homes are worth
The Top 10 Reasons Foreclosures Will Keep Going Up Until 2010 (7-25-2008) Article from 2008 predicting increasing foreclosure numbers well into 2010
US banks ‘foreclosed on record 1m homes in 2010′ (1-13-2011)
Home price slump deepens (1-25-2011)
30% of mortgages are underwater (2/9/2011)
Florida and Central Florida
Foreclosures: Crisis to Continue in 2011 (12-26-2010)
Orlando-area foreclosures plunge 50% – but drop may be brief (12-16-2010)
Interactive Map showing Florida ranks as one of the states with the highest unemployment rate in the nation and Foreclosures in Florida rank among the highest (August/October 2010)
Interactive Map showing the Bank Failures in Florida – Many Caused by Foreclosure – are the highest in the Nation in 2010 (October 2010)