Sales plunge, prices level off in South Florida housing markets

South Florida's housing market continued its yearlong slump in May, and many buyers are holding off for fear that the bargains aren't big enough. READ MORE

In sales, anything goes, except homes

South Florida home prices held steady in May. But sales were low, inventory is high, and it's anybody's guess what the market will do next. READ MORE

Bargain hunters spur unexpected rise in home sales, analysts say

Builders are offering incentives such as free country club memberships and luxury car leases to lure buyers put off by rising mortgage rates. The gain in sales confirms the Federal Reserve's forecast that the slowdown in housing won't be abrupt and may prompt policymakers to continue their series of interest-rate increases beyond this month. READ MORE

American Dream or American Fantasy

Single-family homes are out of reach for most. Say you earn $58,100 a year, the median income in Broward County. How realistic is it to expect to be able to buy a new single-family house here? The answer: Dream on. READ MORE

On deferring payment of property taxes

The Herald reported in May that the Florida Legislature passed a law stating that seniors 65 and older who earn $23,000 a year or less may put off paying their property taxes until they sell their property or die. READ MORE

Bill a good start, more needed

The state of Florida is facing an affordable housing crisis unlike any we have ever experienced. Ironically, it is the result of an unprecedented boom in the real estate market and a prosperous economy. READ MORE

In recognition to my readers

Robert,

Thanks very much for your very informative and timely real estate reports.

In a few minutes you bring me up to date with data that would require considerable research and hours of time even if I knew where to find it.

You are providing a free valuable professional service to buyers and sellers.

I appreciate being on your mailing list.

Clifford Trott

The boom is over, but don't expect big drops in real estate prices, Realtors say

South Florida's real estate boom is over. Housing sales are down. But don't look for prices to drop much -- if at all -- partly because of demand from overseas buyers, the chief economist of the National Association of Realtors said Tuesday in Coral Gables. READ MORE

Housing market in transition

The housing standoff between buyers and sellers in South Florida will continue for another six months, and then prices in some areas will fall, a real estate trade group economist predicted Tuesday. READ MORE

NAR: Don't expect big drops in real estate prices

MIAMI -- June 14, 2006 -- National Association of Realtors (NAR) chief economist David Lereah told attendees of the recent 2006 International Real Estate Congress and Expo that he does not anticipate a decline in South Florida home prices, though the days of rapid sales have ended.

According to Lereah, demand from foreign buyers and retiring baby boomers will continue to fuel the housing market in the Sunshine State. Foreigners account for 15 percent of homebuyers statewide and as much as 30 percent in Miami-Dade and Broward counties, NAR says.

Lereah said the U.S. import-export boom, the weak dollar and political unrest in Latin America will continue to bring foreign buyers to Florida. While fewer than 1 percent of buyers are opting for other locales due to concerns about hurricanes, Lereah said frequent storms and difficulty obtaining homeowners insurance will pose some challenges in the state.

Source: South Florida Sun-Sentinel (06/14/06) Hemlock, Doreen

Priced Out of the American Dream

The affordability of housing in pricey areas becomes a problem for a community when it drives away firefighters, teachers, restaurant workers, and all the rest of the average Joes who make the town go round.

The problem is especially acute in high-flying resort areas of Florida, where prices have risen astronomically, but it also has become an issue in New Jersey, Washington, D.C., and all over California. READ MORE

U.S. home prices cooling off

Florida markets continued to post strong price gains, with the state home to 10 of the 20 U.S. metro areas with the strongest appreciation over the past year. Overall, Florida home prices rose 26.6% over the past year, bringing the 5-year gain to 111.5%. READ MORE

Miami-Dade property tax may bite harder

A lower property-tax rate is envisioned in the Miami-Dade County budget proposal, but the rise in property values could mean that many homeowners will still pay more. READ MORE