Realty Check
Current Housing Indicators |
| CURRENT | PREVIOUS | ||
| Existing Home Sales | 4.49m | ▼ | 4.74m |
| New Home Sales | 309,000 | ▼ | 344,000 |
| Housing Starts | 583,000 | ▲ | 477,000 |
| Building Permits | 547,000 | ▲ | 531,000 |
| HMI | 9 | UNCH | 9 |
| Existing Home Prices | $170,300 | ▼ (annually) | $199,800 |
| New Home Prices | $201,100 | ▼ (annually) | $232,400 |
More Videos
#DIANAOLICK ON TWITTER
- Under Pressure, FHA Skews to Wealthier Home Buyers
- Huge Spike in Home Prices Is Not Real
- Investor Caution: Beware of Heat in Distressed Housing
- Foreclosures Move East as Hardest-Hit Markets Clear
- Foreclosures Fall...And That's a Bad Thing?
- After a Dip, Homebuilder Sentiment Surges Again
- Obama’s ‘Responsible’ Reno Homeowners: Are They?
- Mortgage Market Still Hampers Housing Recovery
- Bank of America Offers Principal Reductions to 200,000 Homeowners
- Short Sales: Necessary Compromise or Scamming the System?
MOST SHARED
- Marc Faber: 100% Chance of Global Recession
- Time for Flash Sales to Adapt or Die
- How to Trade on the Jobs Report
- Citigroup Lost $20 Million on Facebook IPO Trades
- Don’t Trust Buybacks
- Buy Broken Stocks, Not Broken Companies
- The Biggest Market Myth There Is?
- Facebook: The Song — Yes, We're Serious
- Under Pressure, FHA Skews to Wealthier Home Buyers
- Buying the Right Sell-Off Stocks
- A New Look at the ‘New Poor’
- Six Pack: Beer Buzz of the Week
- Greek Exit Could Trigger 50% Fall in Euro Stocks: Analyst
- Under Pressure, FHA Skews to Wealthier Home Buyers
- Big Stock Upside for Hudson City Deal: Analyst
- 5 High-Yield Stocks Ready to Boost Dividends
- Yoshikami: Four Things You Need to Know About Gold Now
- Steinbock: The Euro Zone Endgame Begins
- Option Bulls Take Another Shot on Idenix
- Citigroup Lost $20 Million on Facebook IPO Trades
- Sticker Shock: What College Is Likely to Cost in 18 Years
- JPMorgan to Shake Up Risk Team After Big Loss: Report
- Icahn Raises Stake in Chesapeake, Wants Board Seats
- Marc Faber: Chance of Global Recession Is Now 100%
- Week Ahead: Europe Has Wall Street Bull on Short Leash
- What Happened to Stocks? Most Unloved in 50 Years
- Cool Jobs: From Gold Stacker to Bed Tester
- Many Greeks Moved Their Money Abroad Long Ago
RSS FEED
Florida's Housing Woes: Banks With "Troubled" Exposure
Text Size 
CNBC Real Estate Reporter
 |
AP Florida |
The group from Friedman Billings Ramsey visited St. Petersburg, Sarasota, Port Charlotte/Punta Gorda and Fort Myers, meeting with realtors, mortgage lenders and land brokers.
The takeaway is that most down there believe it will take two to four years to work through the over-swelled inventories and that the lower end of the market will recover more quickly than the higher-priced homes.
“Rising foreclosures and continued home price declines will result in significant losses to the banking system,” Miller writes. “Higher severity rates should remain an overhang on valuations for institutions with the largest exposures to the Western Florida housing market."
And those are:
Bank of America
Fifth Third
JP Morgan Chase
National City
SunTrust
Wachovia
Washington Mutual
Wells Fargo
Source: Home Mortgage Disclosure Act data
Florida was of course a hub of real estate speculators during the recent housing boom, so it’s no surprise that prices there continue to fall (down 30-40 percent from their highs) and that foreclosures are not abating.
An interesting issue coming up there, as Miller reports, is that even buyers who qualify for financing are having issues with appraisals. Appraisers are using foreclosures and short sales in the comps. That makes pricing even more dicey.
Questions? Comments?
Data is a real-time snapshot *Data is delayed at least 15 minutes
