Home Prices are Rising

U.S. home prices rose in June from the same month last year, the first year-over-year increase since the summer of 2010. The increase is the latest evidence of a nascent recovery in the housing market. The last time the year-over-year index increased was in September 2010. For much of that 12-month period, the government was offering a home-buying tax credit. So that really doesnt count as much, we expected that increase. However this is with really no help at all. Great rates does make it easier though. My report also showed that all 20 cities tracked by the index rose in June from May, the second consecutive time in which every city posted month-over-month gains. And all but two cities posted stronger gains in June than May. These cities have been the hardest hit cities, i.e. tampa, Miami, las Vegas, Arizona to name a few. The FAR Tells us that "The housing market is making a modest but steady recovery in part because homes are more affordable: Mortgage rates have fallen to near-record lows. Housing prices are about one-third lower than at the peak of the housing bubble in 2006. Those trends have helped lift sales of both new and previously occupied homes. Sales of previously occupied homes increased in July from June, the National Association of Realtors said last week. Sales have jumped 10 percent in the past year." I believe now is the time to buy a home, if you are standing on the sidelines watching when to buy, you might have los $$ already, here in Florida we are seeing price wars, well at least in my area Tampa, I cant speak for other cities, however if the home is priced right, its not lasting on the market and we see bidding wars.

Foreclosures

The Bar says attorneys have an obligation to report suspected foreclosure fraud to a judge.

An article in Monday’s bar newsletter says that applies even if the foreclosure case is over and the house has been sold.

The advice comes amid state investigations into practices at several major Florida foreclosure firms. These include forged signatures, backdated documents and “robo-signers” who falsely claim to have verified mortgage paperwork.

Bar officials say it’s unclear what judges will do if notified about fraud in a finished foreclosure. In pending cases judges could halt the proceeding while the allegations are investigated.

There have been some 1.7 million home foreclosures in Florida since 2007.

What do you think, is this something we have to do?

Its TIME to BUY

Buying a home has always been the best investment, and today it's even better. Reports of doom and gloom must be put into perspective, and the longer you hold out waiting for the best deal the more likely you are to miss a great opportunity. Here are some reasons why now is a good time to buy a home.

It's a Buyer's Market, Folks
Many sellers have upgraded properties to increase curb appeal. Your next home most likely has new windows, a top-notch roof, energy efficient appliances, and a much nicer bathroom and kitchen. There is no need to worry about major home improvement projects; today's homes are move-in ready.

A ton of brand new homes are on the market at great prices, too. Buy a new construction and be the first to park in the garage, paint the walls, and landscape the yard. A new home is your opportunity to put a stamp on something truly meaningful.

You Can Afford to Be Choosy
Your choices in the housing market may feel a little staggering. You have the chance to shop real estate until you find exactly what you want. Record low mortgage rates are a nice bonus that make your dream home even more affordable.

What About Expired Government Home-buying Incentives?
Think you've already missed a great deal? Actually, these incentives caused prices to rise for a short time, offsetting some advantages to buyers. It's all part of the cause and effect cycle in real estate, and what you're looking for is balance.

It's Time to Buy a Home
Remember, you're not buying a house—you're buying a home. Weigh your options carefully, but don't wait so long that you miss this good opportunity. Picture your family and friends relaxed and comfortable in every room and you'll see yourself, proud of your smart investment.

Mortgage Rate Falls Under 4.5 %
Freddie Mac reports that long-term mortgage rates moved south again this week.

Interest on 30-year fixed loans hit a new low of 4.49 percent, compared to 4.54 percent last week and 5.22 percent a year ago; and the 15-year mortgage landed at 3.95 percent, down from 4 percent last week and 4.63 percent a year ago.

Five-year adjustable-rate mortgages reached a new low of 3.63 percent, down from 3.76 percent last week and 4.73 percent a year ago; while one-year ARMs fell to 3.55 percent from 3.64 percent last week and 4.78 percent a year ago.

So with Interest rates so low WHY are homes not moving. Its basically pretty simple,
F E A R ! Buyer are very scared right now, they do not feel secure in their jobs,the economy is in the toilet and so those of us who have Jobs need to work extra hard to keep them, and those of us who have some money need to work extra hard to keep it, and not spend it. Buying a big ticket item like a home requires major commitment which todays buyers are not willing to do, not until the econom gets better.

Will it turn around, yes it will , when? I would say we will see better results in summer of 2011.

Good News for Florida

Florida's existing home sales ROSE in March, which means that sales activity has increased in the year-to-year comparison for 19 months, according to the latest housing data released by Florida Realtors®.

Existing home sales increased 24 percent last month with a total of 16,294 homes sold statewide compared to 13,090 homes sold in March 2009, according to Florida Realtors. Statewide existing home sales last month increased 37 percent over statewide sales activity in February. Also noteworthy: While March's statewide existing-home median price of $137,000 was down from the same time a year ago, it was 4.3 percent higher than February's statewide existing-home median price.

Florida Realtors also reported a 63 percent increase in statewide sales of existing condos in March compared to the previous year's sales figure; statewide existing condo sales last month rose 40.6 percent over the total units sold in February. Though March's statewide existing-condo median price of $96,900 was down compared to the year-ago figure, it was 5.1 percent higher than February's statewide existing-condo median price.

Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in March while all MSAs had higher condo sales. A majority of the state's MSAs have reported increased sales for 21 consecutive months.

I believe we are heading in the right direction! It also means the PRICES WILL SOON RISE!

if you are a buyer I believe the time to act is NOW, tomorrow might be to late.

FLORIDA AVERAGE RESIDENTIAL SALES PRICE

The March 2010 average residential sales price of $180,069 represents a 6.01% increase over last month, a 5.38% increase over last quarter (3 months ago), and a 2.58% decrease over March of 2009. Although we're close, we have not broken through the low hit in January 2009. After about 18 months of finding news lows every month, we have spent the last 13 months supporting the low found in January 2009.

The Average Residential Sales Price represents the average sales price of closed residential sale transactions as reported through the MLS for single family homes, townhomes, condominiums, and villas. As noted on the GTAR website, these figures do not represent private sales or new construction sales unless entered into MLS. This is only one of many available indicators, but taken consistently over time, provides a good view of residential market activity.

The reality of what we've been through - The March 2010 average residential sales price represents a 26.11% decrease from 2 years ago, a 36.26% decrease from 3 years ago, and a 42.35% decrease from the high of $312, 356 hit in July 2006. It is encouraging to see what appears to be tremendous support at this average sales price

will things get better or worse? what is your take. I believe that we are doing the right things to get the market back where it should be however because we are so deep in the hole it will take a long time for us to get back to normal, my prediction is late 2011.

New changes

Dear Clients:

I hope this email finds you well, as always I am constantly looking for ways in which to improve my business so that I may
Better serve you my clients.

This past year has been a trying one for the real estate industry as you have probably heard, many businesses have gone
Under and an estimated 67% of agents have either quit the business or gone part-time. The industry has been hit with a
Big right hook however many of us are still standing while others have folded. This is why I have aligned myself with one
Of the most successful teams in Florida to be able to better serve you.

Team Brumbach Realty Group has been in the real estate industry for over 10 years, together we have over 30 years of real estate experience
To better serve you “our clients”. Team Brumbach is also a “one stop real estate solution” where we offer you, residential sales, commercial real estate,
Property management, short sales expert, distressed property certified, REO’s, Mortgage Lending, and Loan Modifications. Team Brumbach Realty Group
Does it all and we are here to serve you.

This was not an easy decision to make however it was the right decision to make. While looking for the right team to merge with, I needed someone that
Shared the same value’s as I did as well as shared the same goals and ambitions while at the same time keeping our focus on customer service, the team
That always came out on top was Team Brumbach Realty group.

Please consider Team Brumbach Realty Group for your next listing or purchase and or any of your real estate needs.

We are now stronger than we ever have been, while others are leaving the business we are growing our business.

I look forward to hearing from you soon.