According to Barry Ritholtz and Aaron’s discussion in an article from Yahoo Finance titled “Home Prices Fall to 2003 Levels; When Will Housing Hit Bottom?” on Standard & Poor’s Case-Shiller home-price index numbers from September, they said housing is “maybe in its fifth inning”, using baseball terms to show the progress of the market. September prices in Standard & Poor’s Case-Shiller home-price index fell 0.6% from August, and are down 3.9% compared to last year. Also CoreLogic released its newest figures on the housing market which showed 22.1% (10.7 million) homes with mortgages were underwater in the third quarter. It is definitely a buyer’s market because sellers are forced to take steep discounts on their homes and interest rates for 30-year fixed rate mortgages are at historic lows.
October, 2011 Sales numbers are out for the Emerald Coast. These numbers are provided by the Emerald Coast Association of Realtors, and new construction is not included. North Walton County had 20 single family homes sell, up from 17 in October of 2010. This is an 18% increase! Yay. South Walton County had 47 single family homes sell, down from 57 in October 2010. This is an 18% decrease. The entire Emerald Coast (Crestview, Destin, Fort Walton beach, Navarre, Niceville, North Walton County, & South Walton County) had 237 single family homes sell in October 2011, up from 228 in October of 2010. This is a 4% increase! This is good news for Realtors , Buyers, and Sellers!
According to Florida Realtor News, Associated Press:
The U.S. saw a total increase of 10 % in October from September in the properties that received an initial default notice. Florida saw a much higher increase in just a month, seeing a 28% jump from September to October in homes receiving an initial default notice. In the U.S. a total of 230,678 homeowners received a foreclosure-related warning in October. This is up 7 % from September, but down 31 % from October 2010. Foreclosure auctions for the U.S. rose 7 % from September but increased by 35 % in Florida.
The article also states “Industry experts say a housing market turnaround isn’t likely to occur as long as there remains a glut of potential foreclosures hovering over the market, so October’s increase in foreclosure activity means a potentially faster revival for housing.”