RE/MAX 360

RE/MAX 360

8/24/10

Experts and news outlets surprised: Home sales plunge!

But if you read this blog…YOU shouldn’t have been surprised at all. I have been counseling my sellers for many months now…you want to be the NEXT home to sell!

Here are some snippets from some of today's press releases:

1) Sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the lowest mortgage rates in decades and bargain prices in many areas.

July's sales fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday. It was the largest monthly drop on records dating back to 1968, and sharp declines were recorded in all regions of the country.

2) With home sales plunging to their lowest level in 15 years, economists warn that a double-dip in housing prices is just around the corner, threatening to further slow the overall recovery.

Existing home sales sank 27.2% in July, twice as much as analysts expected, to a seasonally adjusted annual rate of 3.83 million units. Much of that drop is attributed to the end of the $8,000 homebuyer tax credit. Sales of single-family homes, which account for a bulk of the transactions, are at the lowest level since May 1995.

Inventory has also continued to climb, rising 2.5% to 3.98 million existing homes for sale. That represents a 12.5-month supply at the current sales pace, the highest since October 1982 when it stood at 13.8 months. A six-month of supply is considered normal.

Existing home sales

Chart of existing home sales…watch out for that falling knife!

"....Purchases of existing homes plunged 27.2 percent to a 3.83 million...Estimates in the Bloomberg survey of 74 economists ranged from 3.96 million to 5.3 million..." Good job experts

Still want to listen to the ‘experts’?

If you are even thinking that you may want/need to sell anytime in the near and not-so-near future…please give me a call so we can have a lively discussion regarding my recommendations. My direct line is 561-602-1258

Thanks for reading,

Steve

8/5/10

Foreclosures in Lakeview Estates...as of 8/4/10

Lots of homes in foreclosure in Lakeview Estates...and more to come.

Now, just because I report them as "foreclosures" does not mean that they are owned by the bank and are for sale for pennies on the dollar....at least not yet. What it means is that these homes have a Lis Pendens filed on them. From Nolo Law Dictionary: Lis Pendens: Latin for "a suit pending." A written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it.

There are currently 9 Lakeview Estates homes reported to be in foreclosure as of today. A few of the ones on this list have already been taken back by the bank at the courthouse sale. Below I will report them by street, alphabetically.
  • Blue Bay - 3
  • Brickyard - 2
  • Hudson Bay - 1
  • Turtle Point - 1
  • Windy Preserve - 2
If you are 1 of these 9 homes, or if you may be on this list next month...PLEASE call me today so you can learn what options you have and which is the best one for your particular situation. Don't ignore the issue...it won't just go away, and "letting the bank take it" is most likely the worst option you have. Here is my direct line: 561-602-1258

Lakeview Estates, Lake Worth Florida...foreclosure tracker

Lakeview Estates, Lake Worth Florida...foreclosure tracker
As of 4/1/10 there are 7 Lakeview Estates homes in some stage of foreclosure.
 
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