The following report from the BBC/US NAR further indicates tht the Florida property market may “finally be past its worst”:
From BBC BUSINESS…
US pending home sales show signs of recovery
The US housing market is still suffering under a flood of repossessed home sales
The number of newly signed sale contracts on existing US homes registered another uptick in December, beating analysts’ expectations.
Pending home sales increased 2% in the month, according to the National Association of Realtors, following a downwardly-revised 3% rise in November.
The data is an early indicator for the housing market, as usually a contract is signed weeks before a sale closes.
But some economists warn the rise may be down to sales of repossessed homes.
Separate data released yesterday showed that sales of newly built homes also recovering, but from a heavily depressed level, as house-builders are unable to compete with a flood of foreclosed properties being auctioned off by banks.
The latest data from the National Association of Realtors adds to the picture of a market that may finally be past its worst.
“This shows housing is moving up from a low level again,” said Steven Wood, chief economist at Insight Economics in California. “But with the glut in existing homes, housing won’t be a significant contributor to [economic growth] this year.”
As we observed earlier this month:
“As more and more industry observers see signs that the Florida property market is either at or close to “bottom” could there be a better time to invest in your very own place in the Florida sun?
Florida home prices are now often 40-60% off – but not for long!
Please let us know if you or any of your other family members, friends or business assosciates would like us to help them find their own sunny villa – close to Disney or anywhere in our “Sunshine State”.
February is shaping up to be record month for bargain-priced Florida home sales for British Home Sales in Orlando.
Come join us and the growing number of other astute Florid property investors - before it’s too late and the current unprecedented “Buyers Market” passes.
Bill Cowie President
Orlando Office 407 396 9914