first_img Florida’s housing market continued its upswing into the new year, according to the latest housing data released by “”Florida Realtors””:[IMAGE]Statewide closed sales of existing single-family homes totaled 13,679 in January, up 11.7 percent year-over-year, the group reported. Meanwhile, pending sales–contracts signed but not yet completed or closed–for existing single-family homes rose 31 percent.Prices also rose: The statewide median sales price for single-family existing homes in January was $145,000, up 12.4 percent over January 2012. In addition, sellers received an average of 92.2 percent of their original list price, according to Florida Realtors chief economist Dr. John Tuccillo, who added that he was “”particularly impressed with the rise in percentage of list price received by sellers.””””This year started out strong for Florida’s housing market,”” said Dean Asher, 2013 president of Florida Realtors. “”Home sales continue to rise, mortgage rates remain near historic lows and the inventory of for-sale homes is lower than it’s been in years.””Asher added that the time it takes to sell a home is dropping; the median days a home spent on the market declined about 15 percent for both single-family homes and for townhome-condo properties.However, he noted that “”overly restrictive credit requirements remain an obstacle for many potential buyers, who find it difficult to access affordable financing options.””January was also sunny for the townhouse-condo market. According to Florida Realtors, a total of 6,670 units sold statewide, up 2 percent compared to January 2012. Pending sales for townhouse-condos increased 17 percent.The statewide median price for townhouse-condo properties was $112,000, up 18 percent year-over-year.According to Florida Realtors’ data, January marked the 13th straight month that statewide median sales prices rose on a year-over-year basis for both single-family homes and townhouse-condo units.The group also reported that the inventory for single-family homes stood at a 5.6 months’ supply in January.””This can encourage other potential sellers to come forward, thus easing the market’s inventory crunch,”” Tuccillo noted. “”But, despite the progress of Florida’s housing market, it’s still being held back by the difficulty consumers have in accessing credit.”” February 21, 2013 398 Views in Data, Government, Origination, Secondary Market, Servicing Florida,Florida Housing Market Beats Winter Chillcenter_img Share Agents & Brokers Attorneys & Title Companies Existing-Home Sales For-Sale Homes Home Prices Home Sales Housing Supply Investors Lenders & Servicers Processing Service Providers 2013-02-21 Tory Barringerlast_img read more

first_img HOUSING Housing Crisis Immigration 2017-04-11 Seth Welborn April 11, 2017 633 Views in Daily Dose, Data, Featured, News, Origination Strong immigrant housing demand played a large role in the industry’s recovery from the Great Recession, according to a new report from the Urban Land Institute’s Terwilliger Center for Housing.The report, called “Home in America: Immigrants and Housing Demand,” found that foreign-born homebuyers helped the housing industry bounce back from the recession—particularly in robust markets like San Francisco.“Without growth of the foreign population, regions with strong housing markets such as San Francisco would not have recovered as quickly following the recession,” the report stated. “Markets that continue to struggle in the recession’s aftermath such as Buffalo would have experienced even weaker growth. Overall, recent immigration to those and other metropolitan areas has had a positive effect on local housing markets.”But it’s not just the impact immigrants have already had on the industry that the report examines; it’s also the effect they’ll have on housing moving forward—namely, the way they’ll influence growth patterns in certain areas.“Immigrants have helped stabilize and strengthen the housing market throughout the recovery,” said Stockton Williams, Executive Director for the Terwilliger Center for Housing. “Immigrants’ housing purchasing power and preferences are significant economic assets for metropolitan regions across the country. This suggests the potential for much more growth attributable to foreign-born residents in the years ahead.”Statistically, immigrant homeownership rates rise as their length of time in the country does. “In San Francisco, Houston, and Buffalo, the homeownership rate among immigrants who have been in the country since at least 2006 is similar to the rate for the native-born population,” the report found. “Immigrants, therefore, will be a key source of demand for homeownership in the years to come.”So where will immigrants impact the markets most? That’d be the suburbs, according to the report.“Immigrants seeking to own homes, as well as those renting homes, are increasingly drawn to the suburbs in search of employment opportunities, lower-cost housing, and a higher quality of life,” the report stated. “Suburbs are home to high-income, high-skilled immigrants, as well as lower-income, lesser-skilled immigrants.”As immigrant homeownership grows, the report suggested, communities need to work to keep them connected and engaged.“Urban areas experiencing significant immigrant population growth should explore how to best accommodate immigrants and leverage the positive effect they have on the housing industry and economy. Investments in housing, retail, recreational and cultural amenities, as well as social assistance and education programs can help forge a strong connection between immigrants, neighborhoods, and the greater community.”Read the full report at Immigrants Sped-up Housing Recovery Sharelast_img read more