Florida's economy unemployment rate drops in May 2010

Economy unemployment rate, Miami Beach commercial real estate

Full Article...Florida's economy unemployment rate drops in May 2010

Miami Real Estate, Miami Real Estate news

Miami homes for sale, prices stabilize

According to housing data released Monday by Florida Realtors, in December, existing sales for Miami homes for sale jumped 45% in Miami-Dade and 24% in Broward in December, compared to the same month of 2008. Median prices for Miami homes fell just 5% and 2% in Broward in the year-to-year comparison.

Realtors say more buyers are perusing Miami real estate properties, and some believe prices have stabilized. In some areas like The Roads, Coral Gables, Plantation, Coral Springs and Weston, Realtors say prices of Miami homes are rising.

Single-family Miami real estate sales in December rose 37% in Miami-Dade and 10% in Broward, compared to November.

Full Article....Miami Real Estate, Miami Real Estate news

Miami Short Sales, Miami Real Estate

As Foreclosures Rise, banks take more loses on short sales

Three years into a U.S. housing slump that pressed the economy into a recession and reduced resale values and Miami real estate by 30% from the peak in July 2006, more and more banks are beginning to accept increasing numbers of short sales. In the first six months of 2009 short sales almost tripled to 40,000, from the same period a year earlier. However, according to data from the Office of Thrift Supervision and the Office of the Comptroller of the Currency, for each short sale there were 25 foreclosures started or completed in the first half of this year.

This year, Wells Fargo, Bank of America Corporation and JPMorgan Chase & Company have hired and trained more staff, developed software systems for accelerating short sales and increased marketing of short sales to delinquent borrowers.

Full Article...Miami Short Sales, Miami Real Estate

Florida mortgage rates, Miami real estate

Florida mortgage rates slightly higher, Miami real estate

The weekly average rate borrowers were quoted for 30-year fixed mortgages as per a prominent Miami real estate website increased four points to 4.69% in Florida from the week ended December 13 from from 4.65% in the week ended December 6.

According to the Miami real estate web site that compiles the data each week using thousands of Florida mortgage rates for conforming loans quoted by mortgage lenders to borrowers who have submitted loan requests, that was slightly less than the five-point increase to 4.72% from 4.67% during the same period nationwide.

Full Article...Florida mortgage rates, Miami real estate

Foreclosure Filings, Miami Beach real estate

Foreclosure filings fall for 4th month, Miami real estate

RealtyTrac of Irvine, California reported Thursday that in November, foreclosure homes filings fell 8% from October, the fourth straight month in a row.

November saw the lowest amount of foreclosure homes filings activity since February with one filing for every 417 houses nationally.

RealtyTrac chief executive James J. Saccacio said the numbers, which were 18% higher than the same month last year, were a result of "loan modifications and other foreclosure homes prevention efforts.”

Full article...Foreclosure Filings, Miami Beach real estate

Miami Homes for Sale, Miami Commercial Real Estate

Federal: Florida Recovery Lags,

Miami Commercial Real Estate

The government said Wednesday, even as Florida and the Southeast continue to struggle with a weak job market, depressed lending and a gloomy Miami commercial real estate sector, the national economy is perking up.

Anecdotes from the nation’s 12 Federal Reserve districts were provided in the Beige Book, a compilation of economic.

The report found that in eight out of the 12 districts "economic conditions have generally improved." However, in four others, including the Atlanta District, which serves Florida, reported mixed economic news.

Full Article...Miami Homes for Sale, Miami Commercial Rea Estate

Miami Homes, Miami Real Estate

Construction Spending slightly up in October

In October, Construction spending increased slightly which was the first advance in six months, as a flow in Miami homes building offset continued weakness in construction that was not residential.

The slight increase is an optimistic sign that the key construction sector might be stabilizing, which could provide support for the fledgling economic recovery and a positive note for Miami real estate.

On Tuesday, the Commerce Department said that construction spending edged up 0.04% in October, or $401 million, pushing the seasonally adjusted annual rate to $910.8 billion. That was better than the 0.5% decline that was predicted, but it followed five straight drops including almost a 2% fall in September that was the largest since January.

Full Article...Miami Homes, Miami Real Estate

South Beach Hotels, South Beach Real Estate

Lenders fighting over fate of troubled South Beach hotel

A court has taken over the Royal Palm a South Beach hotel, believed to be worth far less than its debt, an owner said Friday.

Minority owner and developer R. Donahue Peebles walked away from the 417 room South Beach hotel, which he built on city owned land in the late 1990s. Caught up in the crumple of the condominium market and the exploits of fallen condo-hotel king Robert Falor, the Royal Palm spent the decade as South Beach's longest-running hotel drama.

Now with Peebles gone the hotel's two lenders, Wachovia and BlackRock are fighting over the Royal Palm's fate.

Full Article...South Beach Hotels, South Beach Real Estate

Todays mortgage rates, Miami Beach Real Estate

Todays Mortgage Rates, Miami Beach Real Estate

According to Freddie Mac's weekly survey, mortgage rates fell this week, with the average rate on 30-year fixed-rate mortgages falling below 5% to a four-month low.

Since Freddie began tracking mortgages in 1991, the 15-year fixed-rate is at its lowest figure, 4.36%. The average rate was 4.46% last week and 5.78% last year. Also hitting a low is the five-year Treasury-indexed hybrid adjustable-rate mortgages, dropping to 4.42% from 4.51% and 6%, respectively.

Full Article...Todays mortgage rates, Miami Beach Real Estate

Mortage Rates, Miami Real Estate

Florida Mortgage Rates Continue to Fall

According to Bankrate.com's weekly national survey released Thursday, the average 30 year fixed mortgage rate fell to 5.41% which has an average of 0.27 discount and commencing points. This is great news for those Floridians who now have a chance to purchase Miami real estate at discounted prices.

The average 15 year fixed and jumbo 30 year fixed mortgage rates declined by equally, to 4.74% and 6.34%. Adjustable rate mortgages (ARM) were mixed; with the average one-year ARM rising to 5.15% and the five year ARM lower to 4.94%.

Full article...Florida Mortgage Rates, Miami Real Estate

Housing Market, Miami Beach Real Estate

Housing Market, Pending Home Sales are Increasing

According to a report released by the National Association of Realtors on Tuesday, pending home sales increased by much more than expected in the month of July, with pending sales increasing for the sixth consecutive month. Great out look for Miami Beach real estate!

NAR said its pending home sales index in July rose 3.2% to 97.6 from a reading of 94.6 in June. With the increase, which exceeded economist estimates of 1.5% growth, the index rose to its highest level since June of 2007.

A pending sale is one in which a contract was signed but has not yet been closed. It normally takes four to six weeks to close a contracted sale.

Full Article...Housing Market, Miami Beach Real Estate

Housing Market, Miami Real Estate

U.S. housing market is Rebounding

The U.S. housing market along with Miami Real Estate is rebounding.

Encouraging reports on pending home sales and manufacturing including Miami Real Estate raised hopes for a wide economic rebound, but as long as consumers remain handicapped by weak pay and job losses, and cautious of ramping up spending, the economy might not be able to sustain a recovery.

In July, pending U.S. home sales including Miami real estate rose more than it has in two years as first-time buyers rushed to take advantage of a tax credit that expires this fall.

Full Article...U.S. Housing Market, Miami Real Estate

South Florida's Housing Market, Miami Real Estate

Positive Changes in South Florida’s Housing Market, Miami Real Estate

The housing market in Florida might be just the medicine it needs to bring back Consumer confidence.

Just recently a University of Florida survey showed the Consumer confidence index climbed three points in August after a steady decline.

While the economic environment is by no means bright, the drop in July seemed unsustainable given the lack of any very bad economic news and some encouraging signs in Miami real estate and the stock market. Even though we are not yet out of a recession, things are not nearly as bad as they were a year ago.

Full Article...Florida's Housing Market, Miami Real Estate

Miami Condos, Miami Beach Real Estate

Miami Condos, Bills Force Associations into Bankruptcy

Some Miami condos’ and their associations are turning to bankruptcy because unpaid association fees mounting, a largely unproven strategy that could bring even more financial risk.

At least seven Florida and Miami condos associations have filed for bankruptcy since the real estate market took a nose dive and there may be more on the way.

Bankruptcy could be the last defense against their hallways going dark and their spigots running dry, for a growing number of strapped Miami condos’ associations.

The creditors of Maison Grande in Miami Beach are planning to meet Tuesday to discuss the bankruptcy, in one of the most recent Chapter 11 filings.

Full Article...Miami Condos, Miami Beach Real Estate

Florida Economy, Miami Beach Real Estate

South Florida Economy, Recovery May Be Near

According to data in a report released Wednesday by an influential Washington thinktank, South Florida economy may finally be close to turning the corner on a recession that has hit the region far harder than most major U.S. metropolitan areas.

As of March 2009, the report published by the Brookings Institution, ranks South Florida #85 among the nation's 100 largest metropolitan areas in economic performance, based on employment, unemployment rates, wages, gross metropolitan product, housing prices and Florida foreclosures rates.

The gross metropolitan product is the value of all the goods and services produced in Broward, Miami-Dade and Palm Beach counties.

Full Article...Florida Economy, Miami Beach Real Estate