homebuyers was due to expire November 30, 2009.  Congress extended the deadline and expanded it, adding a  $6,500 credit for existing homeowners who move.

The national report “places a large question mark over whether the recovery can be sustained when the extended tax credit expires”, wrote Paul Dales, U.S. economist with Capital Economics.

 

 

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More existing homes are selling in Florida compared with last year, though at a lower price than in better days.

That generally matches national pattern as economists tally the uneven recovery of the housing market.

In Florida, sales of previously occupied homes rose in 2009 for the first time in four years, despite a December slump triggered by changes to tax breaks for homebuyers.

The number of home sales rose in December to 14,630 statewide, compared with 11,013 in December 2008.  Statewide, existing home sales last month increased 4.3% compared with November.

The median sale price of a home in Florida during December was $140,000, compared with $155,300 in the same month a year ago, a 10% decrease.

In the Tampa-St. Petersburg-Clearwater area, the number of home sales rose 14% in December to 2,123 compared with a year ago.  The median price fell 4% to $140,000.  That’s better than the 22% drop in Ocala, but worse than the 12% rise in Tallahassee.  Prices fell in most regions.

National sales figures for 2009 provided a bleak picture.

Prices plunged more than 12% last year, the sharpest fall since the great depression.  The price drop for 2009—to a median of $173,500—showed the housing market remains too weak to help fuel a sustained economic recovery.  Total sales for 2009 were nearly 5.2 million, up about 5% from 2008.

The poor December showing occurred after congress extended a tax credit, easing pressure on buyers to act quickly.  The credit of up to $84,000 for first time

Realtor Stephanie LeFew knows all too well how slow lenders can be when approving a short sale.  She’s had deal after deal fall through because buyers get tired of waiting on an answer.

“I have one buyer who has been waiting for three or four months for an approval, but they’ve heard nothing back,” said LeFew.  Some lenders take six months or longer to make a decision.

So LeFew is thankful that the U.S. Treasury Department is attempting to speed things up.  The department’s new rules requiring lenders to respond to offers within 10 days could help turn the Bay area housing market around by working off inventory more quickly.

Still, LeFew and other real estate professionals are skeptical that the new rules will work.

 

Plan aims to speed short sales

· Florida Home Sales Up

· Short Sale shortener

· 10 Remodeling tips

· Fun Facts

· Alpha-Omega Title

· Cents and Sensibility

· Thinking of selling?

· Are you Disorganized

· What is your neighbor’s house worth?

· 28 Step home marketing plan

· Win a night at the movies on us!

 

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Issue Highlights

Existing Home Sales Up in Florida