Real Estate 2012: Closing on a Good Note

According to the article “Real estate ending the year on an upswing” from nj.com, the housing market continues its rebound from the crisis.

Indices from the Standard & Poor’s/Case-Shiller Home Price  indicated that home prices were up 4.3 percent in October from a year earlier, marking the largest 12-month increase since May 2010.

As we mentioned in our blog entry, Pending Home Sales Rise to Five Year High, pending home sales have consistently gone up along with consumer confidence and home prices. The industry is excited to see that pre-owned homes have been selling rapidly, as shown by figures from the National Association of Realtors.

Over 100 experts (real estate experts, economists, financial strategists, etc.) collaborated on Zillow’s Expected Home Price Survey with positive speculation. Home prices are expected to rise up to 3 percent in 2013.

According to Trulia, house sales are 73 percent back to normal (pre-crisis levels), delinquency and foreclosure rates are 41 percent back to normal and housing prices are 37 percent of the way back to normal.

Stay tuned! We’ll be sharing more information and new data about real estate conditions.

At Florida’s Best Realty, we’re feeling very optimistic about home sales in South Florida in the coming New Year. We want to be your go-to crew for your real estate journey in this fantastic area. Whether you are buying or renting properties and South Florida real estate, our experts will be delighted to make sure you get the very best outcome and have a great experience.

Florida’s Best Realty is always by your side.

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Pending Home Sales Surge to Five Year High | by Diana Olick, CNBC Real Estate Reporter

Greetings, South Florida!
We’d like to share some great points from this article from Thursday, 29 Nov 2012 by Diana Olick, CNBC Real Estate Reporter wrote this article on her section, CNBC Realty Check.
“Buyers are coming back to the housing market in ever greater numbers, as an industry index measuring contracts to purchase existing homes surged 5.2 percent in October from September.The monthly gauge of pending home sales from the National Association of Realtors was also revised higher in September and is now up 13.2 percent from October of 2011. This is a forward looking indicator for closed sales one to two months from now.“We’ve had very good housing affordability conditions for quite some time, but we’re seeing more impact now from steady job creation and rising consumer confidence about home buying now that home prices have clearly turned positive,” wrote Lawrence Yun, chief economist for the NAR in a release. Pending home sales are now at the highest level since March of 2007 and have risen, on a year-over-year basis, for 18 consecutive months. The activity, however, varies from region to region, and the Realtors say the Northeast, which saw a 0.1 percent drop in sales month-to-month- did see some impact from Hurricane Sandy.

Signed contracts also declined in the West, 1.1 percent in October month-to-month and are up just 0.9 percent from a year ago.

Pending home sales surged in the Midwest, up 15.6 percent month-to-month and up 20 percent from a year ago. They were also higher in the south by 5.5 percent sequentially and by 17.4 percent from a year ago.

Realtors continue to warn that while this housing recovery seems to be gaining steam, changes to the mortgage interest deduction, as well as other potential hits to the economy from the so-called “fiscal cliff,” could derail the momentum.”
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Florida’s Best Realty thanks Ms. Olick CNBC for this fantastic article on the improving market!

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