GTAR has release their March statistical data.  It appears that the government's first time homebuyer tax incentives are working.

AVERAGE RESIDENTIAL SALES PRICE

The March 2010 average residential sales price of $180,069 represents a 6.01% increase over last month, a 5.38% increase over last quarter (3 months ago), and a 2.58% decrease over March of 2009.  Although we're close, we have not broken through the low hit in January 2009.  After about 18 months of finding news lows every month, we have spent the last 13 months supporting the low found in January 2009.

The Average Residential Sales Price represents the average sales price of closed residential sale transactions as reported through the MLS for single family homes, townhomes, condominiums, and villas.  As noted on the GTAR website, these figures do not represent private sales or new construction sales unless entered into MLS.  This is only one of many available indicators, but taken consistently over time, provides a good view of residential market activity.

The reality of what we've been through - The March 2010 average residential sales price represents a 26.11% decrease from 2 years ago, a 36.26% decrease from 3 years ago, and a 42.35% decrease from the high of $312, 356 hit in July 2006. It is encouraging to see what appears to be tremendous support at this average sales price

TOTAL RESIDENTIAL SALES

In March 2010, GTAR reports 1,562 residential sales.  This is up 22.80% from last month, up 6.69% over last quarter (3 months ago), and up 23.19% over March 2009. 

This February figure is also down 49.10% from the high reached in June 2005 when 3,069 residential sales were reported, but up 120.93% from the recent low reached in January 2008 when only 707 residential sales were reported.

Total Residential Sales represents the number of closed sale transactions as reported through the MLS for single family homes, townhomes, condominiums, and villas.  As noted on the GTAR website, these figures do not represent private sales or new construction sales unless entered into MLS.  This is only one of many available indicators, but taken consistently over time, provides a good view of residential market activity.

Please click the link below to access a pdf file with the data and graphs.

March 2010 Market Activity Data and Graphs

 

Monthly Foreclosure Activity

The first public notice of a foreclosure is the recording of a legal document called the Lis Pendens.  This typically happens after the homeowner has missed about 3 mortgage payments.  The Final Judgment of Foreclosure is recorded next, detailing the amount owed including principal, past due interest, fees, etc.,  Finally the foreclosure sale is held.  The winning bidder at the foreclosure sale, or the foreclosing lender if no one bids, acquires title via the next recorded document, the Certificate of Title.  This process takes about 8 months, barring any delays.  Because lenders are not really in the business of owning real estate, they will now attempt to sell this REO (Real Estate Owned) property and move it off their books, often times at deeply discounted prices.

In February 2010, there were 1,991 Lis Pendens filed in Hillsborough County alone.  Keep in mind that there were on average 398 Lis Pendens filed in Hillsborough County during the 24 month period from August 2004 to July 2006.  Over the last 24 months there have been an average of 1,918 Lis Pendens filed every month.

As of this writing on Wednesday, April 14th, there are 602 Lis Pendens filed so far in April.  Maybe a sign that foreclosures are slowing down?

Please click the link below to access a pdf file with the data and graphs.

March 2010 Foreclosure Activity in Hillsborough County 

 

Odds and Ends

HUD has updated their lenghty FAQ document, which is a great resource document for all real estate professionals.  Here you can look up frequently asked questions about the new GFE and HUD Settlement Statements by GFE number or by HUD line number section.  Click here to access the April 2, 2010 version of the New RESPA Rule FAQ.

The new Home Affordable Foreclosure Alternatives (HAFA) Program has started and we should see the short sale process speed up a bit.  As I understand the program,

  • lenders will now determine a value up front.
  • They will give the listing agent 120 days to sell the property.
  • They must accept any offer at or above the listing price.
  • And they will give the sellers $3,000 in relocation expenses. 

Click here to read more about the New HAFA Program.

I'll bet all of us know someone who is in trouble financially and at risk of losing their home. The Borrower FAQ addresses everything from modification options to short sale programs.  Pass this along to someone who needs help.

Thank you for your time this month.  As always, if I can do anything to help you, please let me know. If your contact information has changed recently, please click here to update our records.  Thanks!