Tuesday, June 9, 2009
"TSUNAMI" of FORECLOSURES
"TSUNAMI" of FORECLOSURES
Foreclosures soar in South Florida in April
Job losses fuel continuing surge in South Florida foreclosures
By Paul Owers | South Florida Sun Sentinel
May 13, 2009
Broward County had 10,305 homeowners in some stage of foreclosure in April, more than twice the 4,599 in March and nearly double from a year ago, according to figures being released today by RealtyTrac of Irvine, Calif., a foreclosure tracking firm.
Broward has the state's third-highest foreclosure rate, with one in every 78 households. Only Osceola and Lee counties are worse.
Palm Beach County had 2,846 residents in some stage of foreclosure last month, nearly double the 1,509 in March and 44 percent higher than a year ago.
One in every 135 Florida households received a foreclosure filing last month, roughly three times the national average. Nationwide, it was one in every 374 households, the highest monthly rate since RealtyTrac began its report in January 2005.
"I don't think the foreclosure situation will improve until the employment picture improves" said L. Keith White, president of Reinhold P. Wolff Economic Research in Oakland Park.
South Florida's foreclosure outlook likely won't get better until late 2010, after the batch of bad loans gradually is replaced with new mortgages given to qualified buyers, said Mike Larson, a housing analyst with Weiss Research in Jupiter.
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Prices at 2002 Levels - Still to Fall
First-quarter national home prices fall back to 2002 levels
By J.W. ELPHINSTONE, AP
Tuesday, May 26, 2009
NEW YORK — National home prices are at levels not seen since the 2002 Winter Olympics, but a closer look at a housing index released Tuesday shows real estate is indeed local with some prices in certain cities falling to pre-2000 values.
The Standard & Poor's/Case-Shiller National Home Price index reported home prices tumbled by 19.1 percent in the first quarter, the most in its 21-year history. Home prices have fallen 32.2 percent since peaking in the second quarter of 2006.
"By our estimation, the composite 20-city index is perhaps two-thirds of the way through its ultimate total decline in this cycle," according to Joshua Shapiro, chief U.S. economist for MFR Inc.
It's hard to believe it could get much worse for homeowners in Detroit. Homes there are worth what they sold for in 1995. And while that's good news for homebuyers, the implosion of the auto industry and economic fallout means fewer buyers have the money to qualify for a mortgage.
"I feel like houses here are free," said Detroit area real estate agent Rose Marie Jouan with Re/Max Showcase Homes. Her house that she sold in 2004 for $200,000 is on the sales block, bank-owned, for $86,000.
In Phoenix and Las Vegas, where prices have plunged by half since their peaks, home values have receded to levels not seen since the beginning of the real estate boom. Phoenix prices are at early 2001 levels and Las Vegas values hover at mid-2002 prices.
Also, the rates of annual decline for the 10- and 20-city indexes slowed in March, the second straight month they didn't set record price drops. The 20-city index fell by 18.7 percent from the year before and the 10-city index lost 18.6 percent.
Still, there are no signs home prices nationally have hit bottom.
"We see no evidence that a recovery in home prices has begun" said David M. Blitzer, chairman of the S&P index committee.
All 20 cities showed monthly and annual price declines, with nine setting annual records. Fifteen cities posted double-digit drops and Phoenix, Las Vegas and San Francisco recorded declines of more than 30 %.
Minneapolis posted a 6.1 percent decline from February to March, the biggest monthly drop on record for any metros in the indexes. Ron Peltier, chairman and chief executive of HomeServices of America, attributed the drop to a jump in distressed sales in March 2009.
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By J.W. ELPHINSTONE, AP
Tuesday, May 26, 2009
NEW YORK — National home prices are at levels not seen since the 2002 Winter Olympics, but a closer look at a housing index released Tuesday shows real estate is indeed local with some prices in certain cities falling to pre-2000 values.
The Standard & Poor's/Case-Shiller National Home Price index reported home prices tumbled by 19.1 percent in the first quarter, the most in its 21-year history. Home prices have fallen 32.2 percent since peaking in the second quarter of 2006.
"By our estimation, the composite 20-city index is perhaps two-thirds of the way through its ultimate total decline in this cycle," according to Joshua Shapiro, chief U.S. economist for MFR Inc.
It's hard to believe it could get much worse for homeowners in Detroit. Homes there are worth what they sold for in 1995. And while that's good news for homebuyers, the implosion of the auto industry and economic fallout means fewer buyers have the money to qualify for a mortgage.
"I feel like houses here are free," said Detroit area real estate agent Rose Marie Jouan with Re/Max Showcase Homes. Her house that she sold in 2004 for $200,000 is on the sales block, bank-owned, for $86,000.
In Phoenix and Las Vegas, where prices have plunged by half since their peaks, home values have receded to levels not seen since the beginning of the real estate boom. Phoenix prices are at early 2001 levels and Las Vegas values hover at mid-2002 prices.
Also, the rates of annual decline for the 10- and 20-city indexes slowed in March, the second straight month they didn't set record price drops. The 20-city index fell by 18.7 percent from the year before and the 10-city index lost 18.6 percent.
Still, there are no signs home prices nationally have hit bottom.
"We see no evidence that a recovery in home prices has begun" said David M. Blitzer, chairman of the S&P index committee.
All 20 cities showed monthly and annual price declines, with nine setting annual records. Fifteen cities posted double-digit drops and Phoenix, Las Vegas and San Francisco recorded declines of more than 30 %.
Minneapolis posted a 6.1 percent decline from February to March, the biggest monthly drop on record for any metros in the indexes. Ron Peltier, chairman and chief executive of HomeServices of America, attributed the drop to a jump in distressed sales in March 2009.
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Palm Beach STORE CLOSINGS
Palm Beach island businesses that closed during the season:
RESTAURANTS:
Closed:
* Beach House Bistro (possibly temporary)
* Capri Blu restaurant
* Epicurean gourmet grocery
* Market Salamander gourmet grocery
Shops
Closed:
* Christian Dior
* Coach
* Emanuel Ungaro
* First Light Gallery
* Mister
* Rose Penn antiques
RESTAURANTS:
Closed:
* Beach House Bistro (possibly temporary)
* Capri Blu restaurant
* Epicurean gourmet grocery
* Market Salamander gourmet grocery
Shops
Closed:
* Christian Dior
* Coach
* Emanuel Ungaro
* First Light Gallery
* Mister
* Rose Penn antiques
Monday, June 8, 2009
Palm Beach Latest Sale
1431 N Ocean Way - Sold at $900,100 for a $1,6 Mill. Market Value - at $223 per square foot !!!
Palm Beach Latest Sale
Palm Beach Latest Sale
1436 N Ocean Way - Sold at $281 per square foot - SALE PRICE in April 2009 was $1,300,000 for a Total Market Value of $2 Mill. !!!
1436 N Ocean Way - Sold at $281 per square foot - SALE PRICE in April 2009 was $1,300,000 for a Total Market Value of $2 Mill. !!!
Palm Beach Latest Sale
Palm Beach Latest Sale
229 Ridgeview Drive - Sold at $452 per square foot - SALE PRICE: $880,000 for a $1,5 Mill. Total Market Value !
229 Ridgeview Drive - Sold at $452 per square foot - SALE PRICE: $880,000 for a $1,5 Mill. Total Market Value !
Tuesday, May 12, 2009
PALM BEACH - Latest Home SALE
216 Bahama Lane
Total Market Value $2,8 Million - SOLD for $1,650,000 !!!!!
This is a sale at $471 per square foot!
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Total Market Value $2,8 Million - SOLD for $1,650,000 !!!!!
This is a sale at $471 per square foot!
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