Jacksonville Homebuyer Magazine

John Holbrook - REALTOR - Prudential Chaplin Williams Realty
Amelia Island, Fernandina Beach, Yulee FL 32034
Great Resource for Local Information!
Phone: 904-415-0171 - Blog of Local Market Information
Email: holbrook66@msn.com Search for homes at www.ameliaislandsearch.com
 

Housing Projections

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.netwww.johnholbrook.blogspot.com

Jacksonville Area Real Estate Report

Jacksonville, FL – Prices Fall, and Deals Bring Some Buyers Back in the Door(3,320 single-family permits in 2009, 23rd largest market in the country)

Buyers tire of waiting, start to act on low rates and prices. Our buyer traffic index
rebounded to 25 in November from 9 in October, indicating modestly better traffic over the past 30 days. This still suggests demand remains weak (readings below 50 indicate traffic below agents’ expectations), but is at least a little encouraging that it is the highest reading since May. Agents said buyers are still fearful and lack confidence, and are taking a long time to act. However, several mentioned that some buyers are tired of waiting and ready to purchase. One agent who saw better traffic noted, “These buyers have been searching for quite some time.” Another commented that “low interest rates and price reductions” have brought buyers off of the sidelines. There was no mention of the foreclosure issues this month, but a speedy resolution would likely help sales as buyers remain focused on finding the best perceived value, which they typically see as foreclosures and short sales.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com

Housing Numbers

>> Market Update
INFO THAT HITS US WHERE WE LIVE Last Thursday the National Association of Realtors (NAR) reported Pending Home Sales for October UP 10.4% over the month before. This index is a measure of signed purchase contracts, which bodes well for Existing Home Sales a couple of months out. The NAR's chief economist commented, "It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels. The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011."

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com

National Foreclosure Stats

Foreclosure Inventory
The servicer has referred the loan to an attorney for foreclosure. Loans remain in foreclosure inventory from referral to sale.

Inventory is continuing to rise rather dramatically – up 7.1% since June – and up 5.2% from the same time last year. This is not good news as this inventory will be placed on the market in coming months at discounted prices. That will put downward pressure on all housing values. Inventories are 7.4 times historical averages and continuing to rise.

The two greatest percentage increases in foreclosure inventories since 2008 come from jumbo prime and prime mortgages.

The movement of foreclosed inventory to REO (foreclosed properties on the market) dropped dramatically in October. The monthly decrease could be explained by the moratorium put into effect by some banks because of the robo-signing challenge.

Foreclosure Starts
Any active loan that was not in foreclosure in the prior month that moves into foreclosure inventory in the current month.

There were 263, 251 foreclosures started last month. This is down 4.4% from the previous month but up 2.9% from last year’s numbers. The monthly decrease could be explained by the moratorium put into effect by some banks because of the robo-signing challenge.

Loans NOT Yet in Foreclosure
The percentage of loans not yet in foreclosure that has not had a payment made in over six months.

27.2% of loans 6 months behind are still NOT in foreclosure
21.1% of loans 12 months behind are still NOT in foreclosure
19.2% of loans 18 months behind are still NOT in foreclosure
18.3% of loans 24 months behind are still NOT in foreclosure

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com