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House Prices
Here are the annual median sales prices for existing houses sold by Realtors in Volusia and Flagler counties. The median price for May was $118,300, compared to $136,100 in May 2009.
*2010: $119,200
2009: $130,500
2008: $165,700
2007: $197,200
2006: $219,900
2005: 204,400
2004: 157,800
2003: 131,300
2002: 109,768
2001: 96,770
2000: 88,300
1999: 84,500
*Through May. The rest are annual medians.
SOURCE: Florida Realtors
DAYTONA BEACH -- Homebuyers rushing to meet tax credit deadlines, falling prices and easier access to mortgages are credited with surging sales in May of existing houses and condos in Volusia and Flagler counties and across the state.
However, concerns about high unemployment continue to check a national housing recovery and caused a slight dip.
Volusia and Flagler Realtors closed on 830 single-family houses in May, according to Florida Realtors. That's up 27 percent from the 653 sold in May 2009.
"That increase is very encouraging," said Phil Maroney with Tri-Square Realty in Ormond Beach and head of the Daytona Beach Area Association of Realtors. "But I am more enthusiastic that we were so close to April's total (871 houses). There was some concern about what might happen in May after the tax credit deadline."
Homeowners who signed contracts before April 30 must close the deal before the end of June to qualify for a federal tax credit of up to $8,000 for a first-time buyer or up to $6,500 for someone buying and moving into a different home.
Existing home sales reports count closings and not contracts, so officials expected strong numbers in May and June due to the federal incentives. However, June numbers are threatened because mortgage application backlogs may delay processing past the June 30 deadline.
About 180,000 potential buyers could be in limbo, said Lawrence Yun, chief economist for the National Association of Realtors. The trade group is pushing Congress to extend the closing deadline until Sept. 30.
Local lenders are seeing the crunch.
"We are meeting deadlines in closings at our end, but lenders in general don't seem to have a system down pat and it's difficult to get loans through them easily," said Buddy Hughes, president of Professional Title Agency with offices in Daytona Beach, New Smyrna Beach and Palm Coast. "May was not an active month, but June is a little better."
Price drops also attracted buyers.
The median sales price -- where half sell for more and half for less -- for a single-family house sold in May in Volusia and Flagler was $118,300, down 13 percent from $136,100 in May 2009.
The trends were the same for existing condominiums. Sales rose 16 percent to 161 units from 139 in May 2009. May's median sale price was $114,400, down 40 percent from $191,300 a year ago.
"A year ago, all the deals from our real estate division were cash buyers for foreclosures and short sales because there was no financing available," said Ron Clifton of Clifton Financial Services in Daytona Beach. "That broke about six months ago and we've seen lending loosen up a bit. Although we used to have 100 choices, we're down to just a few."
Sales of existing houses across the state rose 18 percent to 16,745 in May from 14,172 a year ago. The statewide median sales price was $140,400, down 2 percent from $143,800 in May 2009.
Nationally, sales of existing dwellings dipped 2.2 percent in May to a seasonally adjusted annual rate of 5.66 million. The median price was $179,600, up 2.7 percent from May 2009.
Sales have climbed 25 percent from the 4.5 million level in January 2009 -- the lowest level of the recession. But they are still down 22 percent from the peak -- 7.25 million in September 2005.
Aside from tax relief, borrowing costs are historically low. The average 30-year mortgage rate was 4.89 percent in May, down from 5.10 percent in April, according to Freddie Mac.
--The Associated Press contributed to this report.
TALLAHASSEE, Fla. - June 4, 2010 - Preparation is key now for home, business and environment. The following Florida resources offer guidance or direct help.
Landfall predictions
Projections from NOAA indicate weathered oil from the leading edge of the Deepwater Horizon oil spill could impact the Florida Panhandle as early as this week due to a shift in winds and currents.Any impact to Florida's shoreline will likely be highly weathered - tar balls, oil sheen, tar mats or mousse, a pudding-like oil/water mixture that could be brown, rust or orange in color.
Onsite actions
A single website was created to coordinate federal efforts as well as BP initiatives: http://www.deepwaterhorizonresponse.com
State and federal actions
Health effects
There are no indications of any health risks due to the Deepwater Horizon incident so far. The Department of Health and DEP are monitoring health and environmental impacts to Florida's beaches and will notice an advisory if conditions become unsafe. To read more about the possible health effects from oil, go to (PDF): http://www.dep.state.fl.us/deepwaterhorizon/files/faq_doh_051010.pdf
Fishing and seafood
Tourism
Tips for homeowners
Tips for businesses and consumers
Volunteer opportunities
Learn more about Florida's response
SEATTLE - May 20, 2010 - Homeowners across the country had mixed opinions about their own homes' values, according to the Zillow Q1 Homeowner Confidence Survey. Nationally, homeowners were overconfident, with only half (50 percent) believing their home's value declined in the past year. In reality, 65 percent of U.S. homes declined.
Meanwhile, 7 percent of homeowners, or 5.3 million homes, said they would be "very likely" to put their home on the market in the next 12 months if they see signs that the housing market is improving. That number surpasses 2009's total home sales of 5.2 million existing homes. An additional 8 percent said they would "likely" put their home on the market, and another 14 percent said they would be "somewhat likely."
Economists have worried about the shadow inventory of homes recently - homes not yet on the market but ripe for selling, perhaps because owners or banks are holding out for a higher potential selling price. A recovery could be delayed if a significant number of shadow inventory homes enter the market.
"We can expect to see a lot of new inventory entering the market via sidelined sellers," said Zillow Chief Economist Dr. Stan Humphries. "This added inventory, combined with current elevated inventory levels and continued high rates of foreclosure in many areas, will likely serve to keep home values treading near the bottom for several years. Inventory must come down for home values to go up."
The nation's most pessimistic homeowners reside in the West, even though home values in many California and Colorado metros stabilized over the past year. Eighteen percent of Western homeowners believe their home gained value over the past year, when in reality 31 percent of Western homes gained value.
On the other end of the spectrum were Southern homeowners, who were overly optimistic, even as many Southern markets continue to see decreases in home values. Thirty-four percent of Southern homeowners said that their home gained value over the past year when only 27 percent of homes gained value.
© 2010 Florida Realtors®
Existing-home sales down by month, higher by year, says NAR.
December 30, 2009
Preservation group buys historic Daytona home
A preservation group spurred to action by the impending demolition of the beachside's oldest home now owns the painted lady called Lilian Place. With a $425,595 ECHO grant the Volusia County Council approved earlier this month, the Historic Preservation Trust Tuesday formally purchased the riverside home of some of the city's first settlers. Once listed at a price in reach only to deep-pocketed condominium developers, soaring tax values made potential buyers wary of taking it on. In other words, the reputed home of Daytona Beach's most famous ghost, Lucile, was caught up in the fortunes of the real estate market that had history buffs spooked. Listed at $2.3 million in 2006, it seemed destined to be annexed to nearby property and then developed into condominiums as had other storied estates, such as the Black Pearl and Portledge. Now-defunct development partnership Bray & Gillespie Management once made a $1.5 million bid on the property -- that the seller rejected, according to trust officials. But then the heavily mortgaged property was foreclosed on. And the home's mortgage holders rejected subsequent offers of $900,000 for a short sale, trust officials said. Tuesday, though, it all worked out. "It's been like giving birth," said Nancy Long, president of the trust, who now has possession of the keys to the Silver Beach Avenue Italianate manse that was once accessible only by boat and gave shelter to "Red Badge of Courage" author Stephen Crane after he was shipwrecked in the area. Long said the trust will be raising money in the coming months to restore Lilian Place to its luster of four years ago when it was a working bed and breakfast. Long stopped by Tuesday and saw animal droppings and evidence of insect damage at the 125-year-old home that's been empty for the past year -- the longest stretch in its history. "It amazing what happens when a place sits empty," she said. Pat Bennett, granddaughter of one of the city's founders, Laurence Thompson, who built the seven-bedroom house, was pleased to hear her childhood home was officially saved from the wrecking ball. And that Lucile -- the ghost she's written about -- has a permanent home and some living occupants to pull her signature tricks on. Turning on and off lights and water are her specialties, Bennett said. "There's no point in being a ghost if there's no one to haunt," Bennett said.
A preservation group spurred to action by the impending demolition of the beachside's oldest home now owns the painted lady called Lilian Place.
With a $425,595 ECHO grant the Volusia County Council approved earlier this month, the Historic Preservation Trust Tuesday formally purchased the riverside home of some of the city's first settlers.
Once listed at a price in reach only to deep-pocketed condominium developers, soaring tax values made potential buyers wary of taking it on. In other words, the reputed home of Daytona Beach's most famous ghost, Lucile, was caught up in the fortunes of the real estate market that had history buffs spooked.
Listed at $2.3 million in 2006, it seemed destined to be annexed to nearby property and then developed into condominiums as had other storied estates, such as the Black Pearl and Portledge. Now-defunct development partnership Bray & Gillespie Management once made a $1.5 million bid on the property -- that the seller rejected, according to trust officials. But then the heavily mortgaged property was foreclosed on. And the home's mortgage holders rejected subsequent offers of $900,000 for a short sale, trust officials said.
Tuesday, though, it all worked out.
"It's been like giving birth," said Nancy Long, president of the trust, who now has possession of the keys to the Silver Beach Avenue Italianate manse that was once accessible only by boat and gave shelter to "Red Badge of Courage" author Stephen Crane after he was shipwrecked in the area.
Long said the trust will be raising money in the coming months to restore Lilian Place to its luster of four years ago when it was a working bed and breakfast. Long stopped by Tuesday and saw animal droppings and evidence of insect damage at the 125-year-old home that's been empty for the past year -- the longest stretch in its history.
"It amazing what happens when a place sits empty," she said.
Pat Bennett, granddaughter of one of the city's founders, Laurence Thompson, who built the seven-bedroom house, was pleased to hear her childhood home was officially saved from the wrecking ball. And that Lucile -- the ghost she's written about -- has a permanent home and some living occupants to pull her signature tricks on.
Turning on and off lights and water are her specialties, Bennett said.
"There's no point in being a ghost if there's no one to haunt," Bennett said.
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