[Lillie767]

Originally Posted by Corrie22

....well, how about that

Sales of new homes unexpectedly plunged in June, the third straight month of falling sales.

New home sales fell 6.6 percent in the month to a seasonally adjusted annual rate of 676,000 units, the Commerce Department reported Monday. That followed a 7.7 percent sales decline in May and a 10.1 percent decline in April.

Economists had forecast sales to rise 3.4 percent. The previous three months were also revised lower.

The median price of a new home sold in May was $361,800, up 6.1 percent from a year ago but the lowest since November.

https://www.breitbart.com/economy/20...ly-plunge-6-6/

====================

Rate of single-family home sales climb 40%, prices up 30% across South Florida

Home sales and prices grew at a torrid pace in South Florida in June, according to the Florida Realtors.

Single-family home sales were up 40.8% to 5,462 compared to the same month a year ago, when the start of the Covid-19 pandemic caused a dip in sales. The median sales price climbed 29.9% to $500,000.

Statewide, single-family home sales were up 23.6% while the median sales price increased 24.5%, numbers not quite on pace with South Florida.

South Florida condo/townhouse sales surged 144.3% to 6,746. The median sales price increased 22.6% to $269,700.

Throughout Florida, condo/townhouse sales were up 79.6% while the median sales price grew 22.4% to $256.945.

https://www.bizjournals.com/southflo...m-in-june.html

I believe the Florida numbers are for existing homes, not new homes.
https://www.palmcoastobserver.com/ar...ngs-up-in-june

[floridarebel]

It's really getting ridicurous, like Ms. Donna Chang said.

[Listener2307]

Originally Posted by MidModUSA

How is the lifting of eviction moratorium going to impact FL housing?

I'll make a stab at an answer, but it's based on US figures.
There are currently 3.3M homeowners behind in their mortgage payments. 2.2M of them are seriously behind and have been granted forbearance. That means they do not HAVE to make payments but cannot be foreclosed upon.


When forbearance provisions of the CARES act expire, banks will be able to foreclose and people will lose their homes. Check out your local HUD homes listing. Around here it is zero. There are NO foreclosed homes for sale. Normally I would expect to see several dozen.


Rather than lose their homes and be tossed out many people will list their homes. The first wave of listings will be accepted well. There are people looking for homes. But after that first wave I believe there will be an oversupply of homes on the market. During normal times there are about 1.8M homes listed; today there are around 700K. When forbearance provision expires there may be as many as 2.5M homes listed nationwide, and prices will plunge.


Forbearance was just extended for another 3 months, tying the banks hands. At some point the banks are going to have to have their hands untied, and the market will have to operate in a more usual manner.


The most fortunate, I think, will be those who are selling right now. The least fortunate will turn out to be those who buy right now.

[GreenhouseZ]

Originally Posted by Listener2307

When forbearance provisions of the CARES act expire, banks will be able to foreclose and people will lose their homes. Check out your local HUD homes listing. Around here it is zero. There are NO foreclosed homes for sale. Normally I would expect to see several dozen.

I'm in Broward county and foreclosed homes have been and are going up for auction. It appears that more are being added everyday, but these homes were already in the process of foreclosure before the pandemic. I do agree with you about what will likely happen once the forberance period ends, there will be many more.

I think home prices have peaked in FL, though there are always outliers, but the frenzy that we saw earlier this year isn't there anymore. Also confirmed by two realtors that we know. We've been looking since February and haven't found anything that suits us. The homes are still overpriced and just sitting on the market now. Many have been reduced by 25K to 40K and even more, but the homes still aren't selling. The pattern is certainly there and a market correction is coming.

[Racer46]

Originally Posted by Listener2307

I'll make a stab at an answer, but it's based on US figures.
There are currently 3.3M homeowners behind in their mortgage payments. 2.2M of them are seriously behind and have been granted forbearance. That means they do not HAVE to make payments but cannot be foreclosed upon.


When forbearance provisions of the CARES act expire, banks will be able to foreclose and people will lose their homes. Check out your local HUD homes listing. Around here it is zero. There are NO foreclosed homes for sale. Normally I would expect to see several dozen.


Rather than lose their homes and be tossed out many people will list their homes. The first wave of listings will be accepted well. There are people looking for homes. But after that first wave I believe there will be an oversupply of homes on the market. During normal times there are about 1.8M homes listed; today there are around 700K. When forbearance provision expires there may be as many as 2.5M homes listed nationwide, and prices will plunge.


Forbearance was just extended for another 3 months, tying the banks hands. At some point the banks are going to have to have their hands untied, and the market will have to operate in a more usual manner.


The most fortunate, I think, will be those who are selling right now. The least fortunate will turn out to be those who buy right now.

Banks never put foreclosures on the market all at once. They do it slowly to avoid a drop in price. They are in business to make money and do.

In the last recession I had a friend in SO CA who was in foreclosure, but they let him stay in the home to keep it in nice shape, unlike an empty house. He stayed in the home for 4 years before it went on the market.