EXISTING HOME SALES SURGE IN JULY

Following earlier signals that a recovery in housing could well be in progress, the National Association of Realtors said Friday that existing home sales grew for the fourth month in a row.

The industry group said home sales jumped by a surprising 7.2% in July to a seasonally adjusted rate of 5.24 million units, the highest level in two years and the biggest monthly sales increase since record keeping began 10 years ago. Economists polled by Thomson Reuters expected the group to show a mere 2.2% jump. The surge came after the group reported a 3.6% rise to 4.89 million units in the prior month.

Because price to income ratios have fallen below historical trends, there are more all cash offers. In some recovering markets like Tampa the demand for foreclosed and lower priced homes has spiked and a lack of inventory is becoming a common complaint. The median national home price in July was $178,400.00 , down 15% from July of last year, while total housing inventory grew by 7.3% in July.

HURRICANE TIPS

CONDUCT A HOME INVENTORY; conducting a thorough home inventory before disaster strikes will save you time and worry in the event that your home or belongings are damaged in a hurricane or other event.

PREPARE YOUR HOME;  a variety of hurricane shutters and doors are available to help your home withstand wind-related damage. Discounts are available on most home insurance policies for wind mitigation measures.

PLAN FOR EVACUATION; be sure to plan ahead for your family’s evacuation, including pets. If you are unable to stay with friends or relatives due to weather conditions, locate an available shelter in your area.

ORGANIZE EMERGENCY SUPPLIES; bottled water, non-perishable food, a first-aid kit and battery-powered lanterns are just a few of the items you will need to include in your emergency kit. You may also want to prepare a separate emergency kit that includes a two-week supply of prescription medications and copies of important documents.

Category and Definition

1.  Winds 74-95 mph. Storm surge 4 to 5 feet.

2.  Winds 96-110 mph. Storm surge 6 to 8 feet.

3.  Winds 111-130 mph. Storm surge 9 to 12 feet.

4.  Winds 131-155 mph. Storm surge 13 to 18 feet.

5.  Winds greater than 155 mph. Storm surge over 20 feet.

FORECLOSURES IN HILLSBOROUGH AND PASCO COUNTY

Even as unemployment rates rises in our area to ten percent the home market is beginning to stabilize. This offers hope that the worst of the real estate crises is over according to Trend Graphics. Trend Graphics tracks current, pending and closed sales, both new and resale. Their findings indicate that home prices are still declining but  at a far slower pace. Generally buyer’s still have the advantage over the seller. The exception is in banked owned properties which are receiving multiple offers.

Banks are moving short sales and foreclosures at a vigorous pace. Banks have incorporated more efficient lost mitigation departments that are working better with seller’s and their realtor’s.

In June foreclosure rates held steady in Florida, California and Arizona, ground zero in the housing boom and bust. Even as foreclosures evened out in May and June the level of foreclosures is the highest ever.