Orlando Short Sale Expert | Orlando Short Sales, Orlando Short Sale Realtor

Last week the latest data was released by Standard & Poor’s for their S&P/Case-Shiller index. According to their latest stats, a double-dip in the U.S. home prices is confirmed.

The National Index posted a decline of 5.1 percent from the first quarter of 2010, with prices now at mid-2002 levels

“This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation. … The National Index fell 4.2% over the first quarter alone. … Home prices continue on their downward spiral with no relief in sight.” says David M. Blitzer, Chairman of the Index Committee at S&P Indices.

Much of the rise in home sales last year was due to the first-time home buyer tax credit. This year pending home sales, based on contract signings, were down 26.5 percent from pendings in April 2010.

Lawrence Yun, NAR chief economist, said the dip in contracts may be due to temporary factors. “The pullback in contract signings is disappointing and implies a slower than expected market recovery in upcoming months,” he said. “The economy hit a soft patch in April from sharply rising oil prices, widespread severe weather with the heaviest precipitation in 20 years, and a sudden rise in unemployment claims.”

According to the Case-Shiller Index, Minneapolis posted a double-digit annual decline of 10.0 percent. The only metro areas surveyed which posted gains were Washington DC, up a marginal 1.1 percent, and Seattle, up just 0.1 percent for the month. Washington was also up year over year by 4.30 percent. Seattle, on the other hand, was still down 7.5 percent from March 2010.

Twelve major markets fell to their lowest level as measured by the current housing cycle, including Atlanta, Charlotte, Chicago, Cleveland, Detroit, Las Vegas, Miami, Minneapolis, New York, Phoenix, and Portland.

A key factor in restoring health to the housing market will be to make credit more accessible once again. The National Association of Home Builders is a strong proponent for keeping mortgage within reach of buyers.

Certain members of Congress are pushing to close down Fannie Mae and Freddie Mac, a source of loans for many lower income buyers. “NAHB opposes legislation pending in the House and Senate that would effectively wind down the operations of Fannie Mae and Freddie Mac without offering a clear vision for the future housing system and a non-disruptive transition to a new secondary market framework. Similarly, NAHB believes that more than a dozen short-term legislative proposals offered by House Republican lawmakers to reduce the support Fannie Mae and Freddie Mac provide to the mortgage markets represent a piecemeal approach to reform that would disrupt the housing market and could push the nation back into a deep recession.

The NAHB is also concerned with the unveiling of proposals to establish a “Qualified Residential Mortgage” (QRM), which would make standard a minimum 20 percent down payment on a home loan.

NAHB estimates that it would take 12 years for a typical family to save enough money for a 20 percent down payment on a median-priced single-family home and other research has found it would take even longer. With over 62 percent of first mortgages not qualifying under the QRM, the fear remains that the housing market would continue to decline.

“If buyers are denied access to affordable housing credit, the shadow inventory of foreclosed homes will not be drawn down, a housing recovery will not take hold and economic growth will stall,” said NAHB First Vice Chairman Barry Rutenberg.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert and Foreclosure Specialist who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.

Please visit:

Avoid Foreclosure / Short Sale Help  http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com

Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com,  or http://OrlandoRealEstateVoice.com ,

If you’re a Buyer looking for Great Deals –  http://InvestmentPropertyDealsOrlando.com

Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake, Osceola and Brevard County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent and realtor who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.

We also have now expanded to help homeowners to Stop Foreclosure in Brevard County Florida. Servicing Melbourne, Coco, Coco Beach, Satellite Beach, Palm Bay, Indian Harbour Beach, South Patrick Shores, Palm Shores, Rockledge, Cocoa West, Merritt Island, Port Saint John and Titusville Florida

Call us at 407-580-7011 or email at jerry@JerryLaRose.com to find out more about Orange County Short Sales and Orlando Area Short Sales.

Home prices fell below the 2009 housing bust bottom in the first quarter, dropping 4.2% from the prior three months, according to the S&P Case-Shiller national home price index. The 20-city composite index was at 138.16, falling below the 2009 low of 139.26. It was the third straight quarterly drop for the index, which was down 5.1% from a year earlier. National prices are now down 32.7% from their peak set five years ago. The S&P/Case-Shiller national home price index covers 80% of the housing market. “This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation,” said David Blitzer, spokesman for Standard and Poor’s.
The housing market went through a brief recovery period starting in mid-2009.

Home prices recovered nearly 5% of their earlier losses. After homebuyer tax credits, which were in effect during the rebound, expired last April, the slump resumed. “The rebound in prices seen in 2009 and 2010 was largely due to the first-time home buyers tax credit,” said Blitzer. “Excluding the results of that policy, there has been no recovery or even stabilization in home prices during or after the recent recession.” A separate S&P/Case-Shiller index covering 20 major cities also dropped during March, its eighth straight monthly decline. This is the second month of the post-recession double dip for the 20-city index. Prices peaked in July 2006 and then fell steadily through April 2009. They then went on a winning streak that ran through last June and prices, adjusted for seasonal differences, have plunged every month since.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.
Please visit:
Avoid Foreclosure / Short Sale Help http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com
Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com, or http://OrlandoRealEstateVoice.com ,
If you’re a Buyer looking for Great Deals – http://InvestmentPropertyDealsOrlando.com
Please give me a call if you have questions about the Orlando and Central Florida real estate market.
P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake or Osceola County Florida and Orlando, East Orlando, St. Cloud, Davenport, Clermont, Longwood, Windermere, Winter Garden, Kissimmee, Winter Park, Altamonte Springs, Maitland, Apopka, Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.
Call us at 407-580-7011 or email at jerry@JerryLaRose.com to find out more about Orange County Short Sales and Orlando Area Short Sales.

“It’s official.  Home prices have double dipped nationwide, now lower than their March 2009 trough, according to a new report from Clear Capital.  It was inevitable, and it was predicted (by me for sure) that a surge in sales of foreclosed properties and a big push by banks to facilitate short sales would force home prices down dramatically.  Sales of bank-owned (REO) properties hit 34.5% of the market, according to the survey, resulting in a national price drop of 4.9% quarterly and 5% year-over-year.

National home prices have fallen 11.5% in the past nine months, a rate not seen since 2008.

Add short sales, where the bank allows the borrower to sell for less than the value of the mortgage, and prices have nowhere to go but down.  ‘With more than one-third of national home sales being REO (bank owned), market prices are being weighed down as many markets have not regained enough footing to withstand the strain of the high proportion of REO sales,’ says Clear Capital’s Alex Villacorta.

While the usual subprime mortgage suspects, like California, Arizona, Florida and Nevada used to rule the foreclosure roost and still have high volumes of distressed properties, the mid-west is seeing a surge in REOs now, thanks to the plain old recession. 40% of the Chicago market is foreclosures, 43% in Cleveland and 51% in Minneapolis. Home prices fell 8.7% in the Mid-West during the past three months compared to the previous quarter.  While the foreclosure crisis is abating on the front end, with fewer loans going newly delinquent, the pipeline of seriously delinquent loans is enormous. Banks are now ramping up the foreclosure process after the ‘robo-signing’ paperwork scandal, but at their current pace it would take about four years to process all the bad loans through foreclosure and even longer to sell those homes out on the open market.

While buyer demand is rising, thanks to a slowly improving jobs picture, mortgage availability is still very difficult for the low to middle-income borrower, and falling prices don’t help already weak consumer confidence in the housing market. If prices continue to fall further, which they likely will in the short term, the number of so-called “underwater” borrowers, those with negative equity, will rise even higher, which could in turn result in more loan delinquencies.

Nationwide more than a quarter of all homeowners with a mortgage are in a negative equity position, but in some markets, that number is far higher.  The last time home prices fell at this rate, three years ago, they were then boosted by government stimulus in the form of a home buyer tax credit.

“A note of caution to those looking for a strong end to 2011:

The last time no incentives were in place and distressed inventories were this high, home prices fell sharply,” warns Villacorta.”

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.

Please visit:

Avoid Foreclosure / Short Sale Help  http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com

Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com,  or http://OrlandoRealEstateVoice.com ,

If you’re a Buyer looking for Great Deals –  http://InvestmentPropertyDealsOrlando.com

Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake  or Osceola County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.

Call us at 407-580-7011 or email at jerry@JerryLaRose.com to find out more about Orange County Short Sales and Orlando Area Short Sales.

In December, home prices continued to slip, and the declines were very widespread. The Case-Shiller Composite 10 City index (C-10) fell 0.36% on a seasonally adjusted basis, and is down 1.22% from a year ago. The broader Composite 20 City index (which includes the cities in the C-10) fell by 0.41% on the month and is down 2.40% from a year ago.

This is the second month in this second leg down in housing prices that the year-over-year change has been negative for both composites; it will not be the last. Of the 20 cities, only six posted gains on the month. The biggest gains were in DC, up 1.14% on the month, followed by Dallas, up 0.80% and Boston, up 0.61%.

There were 14 metropolitan areas where prices fell on the month. Worst hit were Tampa and Detroit, each suffering a 2.14% decline on the month. They were followed by Phoenix, down 1.03%, Seattle (down 0.95%) and Portland (down 0.62%). Year over year, just two metro areas saw gains and 18 suffered losses. This is the six straight month-to-month decline in the composites. It thus looks like a new downtrend in housing prices is well established.

Look at Seasonally Adjusted Numbers

There is a seasonal pattern to home prices, and thus it is better to look at the seasonally adjusted numbers than the unadjusted numbers. Most of the press makes the mistake of focusing on the unadjusted numbers. While the 2.40% fall in the C-20 year over year in isolation is not the end of the world, it means that most of the small rebound in housing prices we saw from the spring of 2009 to the summer of 2010 has now evaporated.

Eleven cities posted new post peak lows, meaning that the first-time homebuyer bounce in prices has now more than totally evaporated in those areas. From the April 2006 peak of the housing market, the C-10 is down 31.25% while the C-20 is off by 31.17%. Relative to the low of April 2009, the C-10 is now up just 2.43%, and the C-20 has only a 0.80% margin before it is posting new post bubble lows.

The Case Shiller data is the gold standard for housing price information, but it comes with a very significant lag. This is December data we are talking about, after all, and it is actually a three-month moving average, so it still includes data from October and November.

The second leg in the housing price downturn is not over. Housing prices are going to fall again in coming months. The first graph from tracks the history of the C-10 and C-20 indexes. Note that on both indexes we are almost back to the post-crash lows. It seems likely to me that we will set new lows before the second leg down is over.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.

Please visit:

Avoid Foreclosure / Short Sale Help  http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com

Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com,  or http://OrlandoRealEstateVoice.com ,

If you’re a Buyer looking for Great Deals –  http://InvestmentPropertyDealsOrlando.com

Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake  or Osceola County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.

Call us at 407-580-7011 or email at jerry@JerryLaRose.com to find out more about Orange County Short Sales and Orlando Area Short Sales.