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
- First Time Buyers Rescue Housing: Realtors
- Housing Recovery 'Still In Uncharted Territory': HUD Secretary
- Shadow Inventory Dwarfs Loan Mods
- The Battered Businesses Behind Housing
- Watch Foreclosures, Seriously
- Home Buyer Tax Credit Expansion Heads to Obama
- Congratulations America, We're All Landlords Now
- Wells Fargo Bets on Housing Recovery
- Home Buyer Tax Credit Done: Does it Matter?
- Better Times for Mortgage Banking
MOST SHARED
- Seeking Innovation in Health Care
- Cramer: 5 Earnings Reports to Watch Next Week
- Driving Health Care Innovation
- Downturn is Prime Time for Airport Infrastructure Projects
- Next Week’s Top IPO
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- Gold Rises, Nears Record High as Dollar Drops
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- Microsoft's Bill Gates Praises Apple's Steve Jobs For 'Saving the Company'
- Web Extra: Where Will The Next Bull Come From?
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
- First Time Buyers Rescue Housing: Realtors
- Dollar General Trades Higher After Its IPO
- Fed Reform? Not So Fast.
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- Cramer: 5 Earnings Reports to Watch Next Week
- Court Rejects 'Clawbacks' for Alleged Stanford Victims
- Tax Credit Sparking First-Time Home Sales: Realtors
- Investors Cut Back US Stocks for Bigger Growth Abroad
- Cities With the Most Home Price Reductions
- White House Plans to Freeze Spending to Cut Deficit
- This Year's Biggest Thanksgiving Leftover: Cash
- Where Will the Next Bull Come From?
REALTY CHECK VIDEO
RSS FEED
Realty Check
Text Size 
 |
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