Market Information

Housing affordability rises to record level

Wednesday, 25 May 2011 13:44 Written by sw

WASHINGTON - May 25, 2011 - Nationwide housing affordability during the first quarter of 2011 rose to its highest level in the more than 20 years it has been measured, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data released today.

The HOI indicated that 74.6 percent of all new and existing homes sold in the first quarter of 2011 were affordable to families earning the national median income of $64,400. This eclipsed the previous high of 73.9 percent set during the fourth quarter of 2010 and marked the ninth consecutive quarter that the index has been above 70 percent. Until 2009, the HOI rarely topped 65 percent and never reached 70 percent.

"With interest rates remaining at historically low levels, today's report indicates that homeownership is within reach of more households than it has been for more than two decades," said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. "While this is good news for consumers, homebuyers and builders continue to confront extremely tight credit conditions, and this remains a significant obstacle to many potential home sales."

Syracuse, N.Y., was the most affordable major housing market in the country during the first quarter of the year. In Syracuse, 94.5 percent of all homes sold were affordable to households earning the area's median family income of $64,300.

Also ranking near the top of the most affordable major metro housing markets were Youngstown-Warren-Boardman, Ohio-Pa.; Indianapolis-Carmel, Ind.; Warren-Troy-Farmington Hills, Mich.; and Toledo, Ohio.

Among smaller housing markets, the most affordable was Kokomo, Ind., where 98.6 percent of homes sold during the first quarter of 2011 were affordable to families earning a median income of $61,400. Other smaller housing markets near the top of the index included Monroe, Mich.; Cumberland, Md.-W.Va.; Elkhart-Goshen, Ind.; and Springfield, Ohio.

New York-White Plains-Wayne, N.Y.-N.J., led the nation as the least affordable major housing market during the first quarter of 2011. In New York, 24.1 percent of all homes sold during the quarter were affordable to those earning the area's median income of $65,600. This marks the 12th consecutive quarter that the New York metropolitan division has held this position.

Other major metro areas near the bottom of the affordability index included San Francisco-San Mateo-Redwood City, Calif.; Los Angeles-Long Beach-Glendale, Calif.; Honolulu; and Santa Ana-Anaheim-Irvine, Calif., respectively.

San Luis Obispo-Paso Robles, Calif., where 47.6 percent of the homes were affordable to families earning the median income of $72,500, was the least affordable of the smaller metro housing markets in the country during the first quarter. Other small metro areas ranking near the bottom included Santa Cruz-Watsonville, Calif.; Laredo, Texas; Ocean City, N.J; and Santa Barbara-Santa Maria-Goleta, Calif.

© 2011 Florida Realtors®

70 Percent Say Buying Now Is Good

Friday, 17 September 2010 07:16 Written by Shawn Wilson

Daily Real Estate News | September 16, 2010 |

Share 70 Percent Say Buying Now is Good
A survey by Fannie Mae shows that 70 percent of Americans believe it is a good time to buy a home.

That is up from 64 percent in January 2010.

Still, 33 percent-up from 30 percent in January-say they'll rent next time around.

About 67 percent believe housing is a safe investment, down from 83 percent of people questioned in a similar survey in 2003.

Source: Reuters News (09/16/2010)

10 Reasons to Buy a Home

Friday, 17 September 2010 07:12 Written by Shawn Wilson Last Updated on Friday, 17 September 2010 12:35

Daily Real Estate News | September 16, 2010 |

Time magazine is being overly pessimistic in its recent cover piece that called into question the benefits of homeownership. In fact, now is a great time to buy. And, what's more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn't changed.

Why is now a great time to buy? Here are 10 reasons:

1. You can get a good deal. Prices are down 30 percent on average. They're at a level that makes sense for people's income.
2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.
3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.
4. It'll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?
5. You can get a better home. In some markets, it's simply the case that the nicest places are for-sale homes and condos.
6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.
7. It's risk capital. If the economy picks up, you stand to benefit from that, even if you're goal is just to have a nice place to live.
8. It's forced savings. A part of your payment each month goes to equity.
9. There is a lot to choose from. There are some 4 million homes available today, about a year's supply. Now's the time to find something you like and get it.
10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.

Source: Wall Street Journal, Brett Arends (9/16/10)

Investing in Florida Keys Real Estate

Wednesday, 08 September 2010 14:56 Written by Shawn Wilson Last Updated on Thursday, 09 September 2010 00:25

Are you on the fence about investing in Florida Keys Real Estate? We are seeing real estate prices at 2004 and 2003 price levels. So whether you are considering buying property in Key Largo, Islamorada, Layton, Marathon, Big Pine or Key West an investment in Florida Keys may be a good choice right now.

At Prudenital Keyside Properties we have access to all the up to date properties that are for sale in the entire Florida Keys. We have Florida Keys Floreclosures; which include Key Largo foreclosures, Islamorada foreclosures, Marathon foreclosures, Big Pine Key foreclosures and Key West foreclosures. We have Florida Keys Waterfront Homes; which include, Key Largo waterfront homes, Islamorada Waterfront Homes, Big Pine Key Waterfront Homes and Key West Waterfront Homes. For more information visit our Foreclosure and REO department

Are you looking for condos then look no further for your Florida Keys Condo. We also have up to the date information on Florida Keys Condos; which include, Key Largo Condos, Islamorada Condos, MArathon Condos, Big Pine Key Condos and Key West Condos. When looking at the condo market as stand in the Florida Keys Real Estate Market consider the investment opportunity there is when looking at each area of the Florida Keys Condo Market. Key Largo Condos are different from Islamorada condos in how freely you are able to rent them out for return on your Florida Keys real estate investment. Marathon condos are of course different than Key West condos. We here are Prudential Keyside Properties are well versed in each market and can help you navigate your investment in Florida Keys Real Estate.

So search the MLS link above for your next Florida Keys Real Estate Investment. To read more and discuss visit our real estate blog

Florida Keys Real Estate For Sale

Wednesday, 08 September 2010 07:14 Written by Shawn Wilson

Purchasing real estate in the Florida Keys is a great florida keys experience. Whether you are buying florida keys luxury homes, florida keys canal front homes, florida keys condos, florida keys foreclosures or looking at trying your hand at the florida keys short sale market. Prudential Keyside Properties has your link the to up to date Florida Keys Properties for sale and the Florida Keys MLS.

You can take your Florida Keys Real Estate tour through our real estate market by visiting the Prudenital Keyside Properties MLS Listing Search. Create your own saved search to return to and receive up to the minute information regarding Florida Keys Real Estate. You can do multiple saved searches whether it is Key Largo Luxury Homes, Key Largo Waterfront Homes, Key Largo Canal Front Homes, Key Largo vacant land. Expand your search to Islamorada Luxury homes, Islamorada waterfront homes, islamorada canal front homes, islamorada condos or islamorada vacant land.

As we see florida keys real estate values level out we are findng it is a good time to buy florida keys real estate today. So contact one of our experienced florida keys real estate agents today to help you find that perfect florida keys real estate investment. www.PruKeys.com is your Florida Keys Real Estate connection.