It seems like all news is small news as we wait for the outcome ofthe November elections - still 2 months away, but who would know that while we are innundated, and have been, it seems like forever, with aggressive media advertising from both sides. Ah well, the world continues to move on - even the stock market can't figure it out. But one thing we can see is a positive direction in our local, and national, real estate market.
In Florida, homeowners have already received over $1.7 billion in mortgage relief from the settlement act and the latest report says that that the stats will improve even more after the June 30th numbers are updated. Florida homeowners have had more than $187 million in mortgage debts wiped out, and 23,110 Florida homeowners, an average of $74,240. The major banks involved are predicting a big increase in activity over the next quarter. Meanwhile, prices are rising; home sales in some state of foreclosure, although accounting for over 20% of sales in FL, have had their largest average price increase nationally since the second quarter of 2010 and are now averaging $170,046, a 6% increase from the first quarter of 2012. Still, one in 4 sales is in some state of foreclosure which should keep buyers on the alert! RealtyTrac is a good source for information as well as the site, nationalmortgagesettlement.com. Thanks to Floridarealtors.org for this important update.
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