Single Women Are Buying More Homes Than Single Men

Single women outpace men in buying residential real estate


WASHINGTON – May 11, 2010 – Single women have moved ahead of unmarried men in the area of homeownership, according to National Association of Realtors^® (NAR) statistics.

When the group first began tracking this data nearly 30 years ago, males and females were evenly matched – with each representing 10 percent of home sales. NAR figures show that unwed males held at that level in 2009, while homeownership by single females rose to 21 percent after holding steady at 20 percent for at least five years.

The trend is most prevalent in the California, Texas and District of Columbia markets, according to Brooke Warrick of American Lives, a market research company, who warns that real estate developers and sellers must be careful not to dismiss unmarried young women as mere bystanders to the homebuying process.

Source: Wall Street Journal (05/10/10) Goldberg, Eleanor

© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688

 Steve Geving
Premiere Plus Realty Co
239-573-1400
Steve@nextgenerationrealtygroup.com
www.nextgenerationrealtygroup.com

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Flood Insurance Program Still Ends May 31

U.S. House proposes NFIP extension through September

WASHINGTON – May 11, 2010 – U.S. House Financial Services Committee Chair Barney Frank (D-Mass.) recently introduced HR 5255, which would extend the National Flood Insurance Program (NFIP) from May 31 through Sept. 30.

Frank says that the recent lapses in the program have made it difficult to write new and renew flood insurance coverage, which the Federal Emergency Management Agency and the National Realtors Association say has “adversely impacted or delayed up to 1,350 real estate closings per day.” U.S. Reps. Paul Kanjorski (D-Pa.), Doris Matsui (D-Calif.), and Maxine Waters (D-Calif.) co-sponsored the legislation.

The House committee also recently passed Waters’ Flood Insurance Reform Priorities Act of 2010 (HR 5114) to extend the program through Sept. 30, 2015. In the U.S. Senate, however, HR 4213, which would extend NFIP through Dec. 30, has stalled.

Source: Insurance & Financial Advisor (05/10/10) Martin, Keith L.

© Copyright 2010 INFORMATION, INC. Bethesda, MD

 Steve Geving
Premiere Plus Realty Co
239-573-1400
Steve@nextgenerationrealtygroup.com
www.nextgenerationrealtygroup.com

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Florida Existing Home Sales Rise In 1st Quarter Of 2010

Florida Existing Home Sales Up In 1^st Quarter Of 2010

ORLANDO, Fla. – May 11, 2010 — Salesof existing single-family homes in Florida rose 24 percent in first quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 38,846 existing homes sold statewide in 1Q 2010; during the same period the year before, a total of 31,410 existing homes sold. It marks the seventh consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Statewide sales of existing condominiums in the first quarter rose 67 percent compared to the same time the previous year. This marks the sixth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

“The first quarter data release from the Florida Realtors paints a picture of a housing market continuing down the long road to recovery,” said Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “Transactions in the single family market have extended quarterly year-over-year gains for nearly two years, and condo sales have also risen sharply. Median prices in most areas of the state continue to fall; however, the rate at which they are falling has diminished significantly and this is indicative of a bottom approaching.

“How long prices stay at the bottom and when price appreciation will reappear will depend in a large part on the improving fundamentals in the economy and credit markets.”

The University of Florida’s Bergstrom Center for Real Estate Studies’ latest quarterly survey of real estate trends also notes positive signs of recovery in the state’s real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts.

“Results indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types,” said Timothy Becker, the center’s director. Private capital – both foreign and domestic – continues to enter the state in search of quality investment deals, he added.

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in 1Q 2010 compared to the same three-month-period a year earlier, while all of the MSAs showed gains in condo sales.

The statewide existing-home median sales price was $133,800 in 1Q 2010; a year earlier, it was $140,900 for a decrease of 5 percent. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.

Inthe year-to-year quarterly comparison for condo sales, 16,897 units sold statewide for the quarter compared to 10,131 in 1Q 2009 for a 67 percent increase. The statewide existing-condo median sales price was $95,800 for the three-month period; in 1Q 2009, it was $110,000 for a decrease of 13 percent.

Low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5 percent in 1Q 2010; one year earlier, it averaged 5.06 percent.

© 2010 Florida Realtors®

 Steve Geving
Premiere Plus Realty Co
239-573-1400
Steve@nextgenerationrealtygroup.com
www.nextgenerationrealtygroup.com

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BP To Pay For Advertising To Tell All Thant Florida and Our Beaches Are OK

BP to Pay For Advertising To Tell The World That Florida and Our Beaches Are OK

ST. PETERSBURG, Fla. – May 10, 2010 – Florida CFO Alex Sink met with BP Executive Keith Seilhan at the Deepwater Horizon Incident Command Center in St. Petersburg, and asked for BP’s commitment to help the state and its small businesses recover from economic losses by funding an advertising campaign to let the world know that Florida and its beaches are oil-free, open for business and as beautiful as ever.

Our businesses and our state cannot afford for our number one industry to be impacted by misinformation, Sink told BP. We must act quickly to preserve the most economically important months of the tourist season, especially for our Gulf Coast counties.

The state is already attempting to show potential visitors that the oil slick has not impacted tourist sites. Through www.VISITFLORIDA.com, vacationers can watch live Twitter feeds and read up-to-the-minute information on the status of any city or region in Florida, allowing them to see first-hand whether or not an area is currently affected. VISIT FLORIDA is working closely with DEP and other state agencies to ensure that Floridians and visitors are kept informed of any potential impacts through real-time updates.

Sink asked BP to dedicate an executive level representative to Florida, with that exec focused on the mounting costs to Florida businesses from interruptions caused by oil spill concerns. According to Sink, the Florida Consumer Services Division has already heard from Panhandle businesses facing business interruptions from the oil spill. During her meeting with Seilhan, Sink also emphasized the need to expedite the claims process for Florida’s small businesses.

As another way to offset potential losses, BP executives were asked to recruit Florida residents to do any cleanup work and to buy supplies from the state’s businesses.

© 2010 Florida Realtors®

Steve Geving
Premiere Plus Realty Co
239-573-1400
Steve@nextgenerationrealtygroup.com
www.nextgenerationrealtygroup.com

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Number Of Mortgage Late Payments Drop

 Late payments on mortgages show surprising 1Q drop

NEW YORK – May 10, 2010 – The rate of late mortgage payments dropped in the first quarter for the first time since 2006, according to credit reporting agency TransUnion.

The 60-day delinquency rate slipped to 6.77 percent, from 6.89 percent in the fourth quarter of 2009. That was the first decline after 12 consecutive quarters of steady increases, TransUnion said.

The first-quarter figure still represents a substantial jump from a year ago, when delinquencies were at 5.22 percent. But F.J. Guarrera, vice president in TransUnion’s financial services business unit, said it’s still good news.

“To see it turn down is a very, very strong sign,” Guarrera said, adding that positive economic indicators like Friday’s increase in job creation make the outlook even better.

“We cannot characterize it as a trend yet, but we anticipate that things will continue to improve.” TransUnion expects another decrease for the current quarter, and then for the delinquency rate to stabilize for the rest of the year.

TransUnion measures the rate using mortgage payments that are 60 days late, or two skipped months. The figure is considered an important indicator of likely foreclosure, because of the difficulty someone in financial distress would have coming up with three payments to bring their mortgage current.

The company forecasts the delinquency rate will be about 6.3 percent by the end of the year.

In the first quarter of 2011, TransUnion expects late mortgage payments to start a significant decline. By the end of next year, the rate could be close to 5 percent, Guarrera said.

Historically, mortgage delinquencies hovered around 1.5 or 2 percent.

Delinquency rates remain the highest in the four states hit hardest by the housing market collapse: Nevada, at 15.98 percent, Florida, at 14.65 percent, Arizona, at 10.94 percent and California, at 10.68 percent.

TransUnion said the rate could top 18 percent in Florida by the end of the year. Nevada and Arizona will likely remain close to their current rates through 2011.

“I really do believe it will take longer in those states for improvement,” Guarrera said. These states were left with a bigger surplus of housing that remained unsold during the recession. The surplus will likely keep pressure on housing prices, and make it harder for homeowners to refinance or get out from under mortgages that exceed the value of their homes. That increases the temptation to walk away from a mortgage and let the house slip into foreclosure.

California could see a slight decline in delinquencies by the end of 2010.

Delinquency rates remain the lowest in North Dakota, at just 1.76 percent, and South Dakota, at 2.44 percent.

The figures are culled from about 27 million randomly sampled credit files in TransUnion’s database, representing about 10 percent of U.S. consumers who have active loans outstanding.

While the overall news is positive, Guarrera said it’s still difficult to predict what might happen in coming months. “There’s still a lot of uncertainty in the housing market,” he said. “There’s still a lot of delinquency out there, and home values have not started to improve.”

Copyright © 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed

Steve Geving
Premiere Plus Realty Co
239-573-1400
Steve@nextgenerationrealtygroup.com
www.nextgenerationrealtygroup.com

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