Case-Shiller Value Index

Much has been reported in the media about the positive housing trend suggested by the most recent release of Case-Shiller Index results. As with any national statistic, it is important to remember that real estate is a LOCAL enterprise and national trends will not necessarily apply to this market. Some markets in the country showed an increase in property value in May 2009 (the most-recent month reported by Case-Shiller). In the results for South Florida, values continue to decline but appear to be flattening out. Depicted here are Shiller's 'tiered price' index; you will note that moderate and lower priced single family homes seem to be making the turn while higher priced homes continue a fairly downward trajectory.

Mortgage Rates

“Bond yields rose slightly higher this week on market optimism that the economy may be stabilizing somewhat, and mortgage rates followed those yields,” said Frank Nothaft, Freddie Mac vice president and chief economist. “For instance, the Federal Reserve reported in its July 29th regional review that residential real estate markets in most of its districts remained weak, but many reported signs of improvement. In addition, it noted that entry-level homes continued to perform relatively well in part due to the first-time homebuyer tax credit.

Up a bit again...

Once again sensitive mortgage markets responded to hints of improved housing statistics with rates up just a bit over last week. Rates continue to be very favorable for qualified buyers interested in taking advantage of the great buys still out there.

'Gotta Love Fort Lauderdale

Cowabunga!
Thank you,

Jim Demarest, GRI
Keyes Company Realtors
(954) 647-4713

Sent by wireless PDA to avoid delay

Sales Analysis for June

Distressed sales (foreclosures and short sales) continue to drive unit sales in Broward County.

Monthly Value Change

According to data just released by Case-Shiller, prices on single family homes in the Miami-Fort Lauderdale market fell 2.08% in April. The attached chart plots the change in value from the peak of the market to present. Case-Shiller statistics are delayed two months to better ensure accuracy with transactions have been officially recorded in the public record.