Well, It seems like things are starting to turn around, for Florida at least. Prices are sown to a point where there are obvious bargains on the market. Poor economy or not, investors know when the price is right.
Daily Real Estate News | February 13, 2009
Sales Inch Up for Florida Real Estate
The real estate business is improving in Florida, a state that was among the hardest hit by foreclosures.
Sales of existing single-family homes in Florida rose 13 percent in the fourth quarter of 2008, compared to the fourth quarter of 2007, according to the Florida Association of REALTORS®.
This is the second consecutive quarter that Florida has reported higher existing home sales. Sales were up 5 percent in the third quarter compared to the previous year.
Twelve Florida metropolitan statistical areas (MSAs) reported increases, as well as a growing number of smaller markets.
Lower price is one reason why sales are up. The statewide existing-home median sales price was $161,200 in the fourth quarter; a year earlier, it was $216,600--for a decrease of 26 percent.
But low lending rates have an impact as well. Holding mortgage rates to less than 5 percent will encourage more buyers and significantly stabilize the market, predicts Wayne Archer, director of University of Florida's Bergstrom Center for Real Estate Studies.
Source: Florida Association of REALTORS® (02/12/09)
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