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Banks accused of slowing foreclosure sales to keep home prices aloft

July 24th, 2009 11:56 AM

MIAMI – July 24, 2009 – On the surface, South Florida’s home prices appear to be bottoming out, but a dip in the number of bank-owned properties for sale is leading analysts to conclude that lenders may be slowing the flow of foreclosures to the market as a way of stanching further price declines.

Monthly numbers from the Florida Association of Realtors show that South Florida existing-home sales continued to rise in June, as bank-owned homes and short-sales attracted bargain hunters from across the country. Figures released Thursday showed single-family home sales were up by 54 percent in Miami-Dade and 35 percent in Broward, compared to last year.

Median single-family home prices were down again since June of last year, falling 28 percent in Miami-Dade and 33 percent in Broward. But they have strengthened from April prices. The median price is the point at which half the homes sold for more and half for less.

The apparent leveling out of prices is being attributed to two things: a shrinking number of distressed homes entering the market and a larger share of high-priced homes changing hands, according to real-estate analysts and brokers.

Condo sales were up in both counties, too – by 19 percent in Miami-Dade and 58 percent in Broward. Median condo prices, however, fell by 49 percent in Miami-Dade to $141,000 from $275,600 the previous year and by 46 percent in Broward to $83,900 from $156,200 a year ago.

Over the past six months, however, intriguing trends have begun to emerge in the month-to-month numbers.

The median single-family home price in Miami-Dade has, in fact, risen for the past three months, climbing from $177,000 in April to $194,700 in May and $211,400 in June. In Broward, the median in April was $191,300, followed by $190,000 in May and $204,800 in June.

Beneath the surface

On the condo front, the median price in Broward has bounced between $85,000 and $80,000 since January and between $149,000 and $140,000 in Miami-Dade, a trend that would appear to suggest prices may be hitting a bottom.

However, listings of bank-owned homes and short-sales – in which a home is sold for less than the mortgage owed – fell from 44 percent in May to 39 percent in June, according to Ron Shuffield, a Coral Gables-based real-estate analyst and president of Esslinger Wooten Maxwell Realtors.

And sales of these so-called distressed properties dropped from roughly 60 percent in May to 54 percent in June.

Brokers say fewer well-priced foreclosures on the market are now routinely sparking bidding wars. Bank-owned homes in hot condos and neighborhoods are going under contract within days.

Anthony Askowitz, a real-estate broker in Kendall, said his bank-owned listings had fallen from about 150 last June to just 37 today.

“I am getting less foreclosure listings, but, at the same, time, I am selling them so much faster. I can’t replace them as fast as I am selling them,” said Askowitz, adding that he had listed a unit in the Club at Brickell Bay at $174,900 on Thursday and received an all-cash offer the same day.

Lenders, some real-estate lawyers and analysts believe, may be behind the trend as they either inadvertently drag out the foreclosure process or hold back the release of foreclosures for sale to the public.

Either way, the smaller numbers could be curbing further price declines, since analysts say home prices will not recover until the high numbers of distressed properties are cleared from the market.

Lenders repossessed 756 homes in Miami-Dade in June, up from 434 in May, according to foreclosure tracking firm RealtyTrac. In Broward, they took back 1,365 homes last month and 738 in May. But properties don’t necessarily hit the market immediately.

“There is less distressed inventory being distributed to brokers for sale,” said Doug DeWitt, a Miami-based real-estate broker. “I think they are trying to establish a bottom by not flooding the market, which seems to have worked a little bit.”

Julian Dominguez, owner of Foreclosure Information Systems, a company that publishes reports about foreclosure auction sales in Miami-Dade, said he is seeing the hold-back firsthand.

“They are canceling a lot of sales at the auction. That’s mainly because they don’t want to take title,” said Dominguez, who has been attending the now thrice-weekly auction sales.

Ross Toyne, a Miami-based lawyer who represents condo associations in disputes with lenders, said he thinks lenders are deliberately dragging their feet – both in the foreclosure process and in bringing the properties to market for resale.

“They are doing themselves a favor. They’re afraid they would have to drop the price not enormously, but ginormously to get the market to clear,” Toyne said.

Condo associations have alleged that the feet-dragging is a ruse to avoid having to assume the maintenance cost of properties – including association fees.

Speculations

Ken Thomas, a Miami-based banking analyst, said it all makes sense. Once a bank takes back a home at the end of the foreclosure process, it has to value the property at its current market value – and take a hit to its bottom line. Some banks, he said, may be holding off that day of reckoning.

“Some of them simply can’t afford to recognize the loss,” Thomas said. He also said there was no rule or law requiring banks to immediately sell a property once it had been taken back through foreclosure.

Not everyone is convinced that’s the case.

Mark King, an attorney with the Miami office of Jones Walker who represents banks in commercial foreclosures, attributed any decrease in bank-owned inventory more to the inability of lenders to effectively manage the huge volume of homes being reclaimed through foreclosure. They don’t have the manpower or know-how to handle the volume.

“To say banks have a devious, brilliant strategy for controlling the market is probably giving them more credit than they deserve,” King said, adding that it may differ from lender to lender. “Maybe some are doing it for strategic reasons. When you digest so many of these assets so quickly, inevitably there will be some indigestion and you may not want to continue consuming at the same pace.”

But foreclosures certainly haven’t been worked out of the system. Rising unemployment will only exacerbate the trend, analysts predict.

There are more than 750 auction sales scheduled for the first two weeks in August.

“We just put out our [foreclosure listing] book for August and it has 216 pages; normally, it’s 170 pages long,” Dominguez said.

Copyright © 2009 The Miami Herald. Distributed by McClatchy-Tribune Information Services.

Posted by Marcos Fullana on July 24th, 2009 11:56 AMPost a Comment (0)

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Existing home sales show signs of recovery

July 24th, 2009 11:55 AM

The U.S. housing market is finally on the mend after its most far-reaching collapse in 70 years. That could help rebuild consumer confidence and revive the economy.

For the first time in five years, sales of previously occupied homes rose for the third consecutive month in June, while foreclosure sales and the glut of homes on the market both declined.

The figures, released Thursday by the National Association of Realtors, and a string of rosy corporate earnings reports sparked a rally on Wall Street as the Dow Jones industrials rose above 9,000 for the first time since January.

“People believe that the worst is behind us,” said Julie Longtin, a real estate agent with Re/Max Professionals in Providence, R.I., an area that has suffered deeply from record foreclosures of risky loans.

Sales also have risen for three straight months in 40 out of 55 major metropolitan areas tracked by the Associated Press-Re/Max Housing Report, also released Thursday. Prices rose during that period in about half of those areas.

Still, unlike past recessions, the turnaround in the real estate sector is likely to have a muted effect overall. That’s largely because homebuilders are expected to keep bulldozers idle as long as they face competition from bargain-priced foreclosures. And it’s likely to take at least another year before job losses and foreclosures peak.

The Labor Department said Thursday the number of newly laid-off workers seeking jobless benefits rose 30,000 to a seasonally adjusted 554,000 last week, though the government said its report again was distorted by the timing of auto plant shutdowns.

Unemployment insurance claims have declined steadily since the spring, but most private economists and the Federal Reserve expect jobs to remain scarce and the unemployment rate to top 10 percent by year-end.

“We’re not going to see much growth in (home) sales until the labor market turns around,” said Patrick Newport, an economist with IHS Global Insight. “People don’t move as much when they can’t find work.”

But companies should start hiring as their fortunes improve – and there were some early signs Thursday that’s starting to happen.

Ford Motor Co. surprised investors with a profit of $2.3 billion, due mainly to a huge gain for debt reduction, while manufacturing conglomerate 3M Co. and candy maker Hershey Co. raised their profit forecasts for the year.

The Dow Jones industrial average, the stock market’s best-known indicator, shot up almost 190 points Thursday to 9,069.29, its highest level since November, and all the big indexes gained more than 2 percent.

Analysts said signs that the housing market is finally, gradually turning around could help spur demand as buyers become less fearful of losing their shirts.

“It’s been the abject pessimism about house prices that has placed a pall over the housing market,” said Mark Zandi, chief economist at Moody’s Economy.com. “As that psychology reverses itself, things start to work in the opposite direction.”

Home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Sales are now around the same level as before last fall’s financial crisis.

Foreclosures, however, continue to put pressure on home prices. About one out of three homes sold in June was foreclosure-related, down from nearly half earlier this year.

And despite some buyers’ optimism, some still see potential problems ahead. A tax credit of up to $8,000 for first-time homebuyers expires Nov. 30. Mortgage rates are up from record lows reached last spring, and companies are still shedding jobs.

The nationwide median sales price was $181,800 in June, down 15 percent from year-ago levels but up slightly from $174,700 in May. And an Associated Press analysis shows the shows that the gap is narrowing between the sellers’ asking price and the final sales price, indicating homeowners have finally accepted that their homes are worth far less today.

Jim Dugan, a 53-year-old plumber, is looking for foreclosures and other low-priced properties in Providence. He wants to buy eight investment properties this year and is slated to close on a small bungalow next week for $62,500.

The property was originally listed for $85,000. But Dugan was able to snare a deal because he didn’t need a mortgage, instead tapping a line of credit and his savings.

“Cash talks,” he said.

Investor activity is helping to pare the number of homes on the market. Nationwide there are about 3.8 million, or a 9.4-month supply at the current sales pace. When the market balances at a 7-month supply, prices should begin to stabilize.

A healthy housing market is characterized by prices that rise a relatively modest 4 to 5 percent every year. But this year’s sales prices are still far lower than last year.

Those low prices combined with mortgage rates around 5 percent and a tax credit for first-time homebuyers have made homeownership more affordable than it’s been in decades.

“We are seeing contracts like crazy,” said Valerie Huffman, a vice president of Weichert Realtors, in Montgomery County, Md., where home sales are up by 42 percent over last year. “We’re having multiple bids on anything that’s priced well.”

Copyright © 2009 The Associated Press, Alan Zibel (AP Real Estate Writer). All rights reserved. This material may not be published, broadcast, rewritten or redistributed. AP Business Writers J.W. Elphinstone, Christopher S. Rugaber and Adrian Sanz, and AP Data Specialist Allen Chen contributed to this report.

Posted by Marcos Fullana on July 24th, 2009 11:55 AMPost a Comment (0)

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Rent plan may keep people in homes

July 23rd, 2009 12:20 PM

Losing your home to foreclosure may no longer mean you have to leave.

Congress and the Obama administration are considering a controversial plan that would allow homeowners to rent their foreclosed home for at least five years. The proposal is setting the real estate community abuzz.

“It’s clear that the modification plans have not been as successful as Congress had hoped,” said Dean Baker, co-director of the Center for Economics and Policy Research. “We need something that will make more of an impact.”

The program could reshape Florida’s real estate market and the overall economy. Experts disagree on whether the effects would be positive or negative. One thing everyone agrees on is this: Florida doesn’t need any more vacant homes.

The Sunshine State’s foreclosure rate remains the third highest in the nation. During the first six months of the year, foreclosure filings jumped 50 percent from the same period last year. One in every 33 households received a default notice, auction notice or bank repossession.

Details of the rental plan are sketchy, but the idea is gaining momentum, according to U.S. Treasury Assistant Secretary Herbert Allison. He told the Senate Banking Committee last week that the proposal was being considered for homeowners whose mortgages did not qualify for modification programs to make them affordable.

Some versions of the plan involve lenders selling foreclosed homes to approved professional landlords. In other versions, the lenders would sell to private investors or keep the home and hire a management firm to handle the rental arrangement.

The rent would be determined by the market-rate rent in the area, determined by a professional appraiser.

Jack Rodriguez, president of the Greater Tampa Association of Realtors, said the plan would “tinker with the free-market enterprise.”

“I know where Congress is coming from,” he said. “But my gut tells me investors would shy away from this, and banks will end up stuck in the real estate market.”

Baker, who first proposed the plan two years ago, said it has evolved and continues to be tweaked. Even though people who take advantage of the plan would still lose their homes, Baker said, the plan could keep that from happening to others.

“The lender would have more of an incentive to work something out through a modification because the home would be worth less,” Baker said.

Under the plan, the lender still could sell the home but, Baker said, “The homeowner would come with the home.”

The homeowner, turned renter, would be allowed to stay until the lease runs out, which could last as long as 10 years.

One potential problem, however, is that many homeowners who lose their properties aren’t interested in staying as renters, according to William Apgar, senior mortgage advisor for the Department of Housing an Urban Development.

The program could have an unintended consequence, Rodriguez said. Lenders would feel pressure to shed properties to avoid becoming a landlord. Investors, who would have to give up some property rights, would low-ball lenders. The result could drag down housing prices even more. (The median sales price in the Tampa, St. Petersburg, Clearwater area was $141,100 in May, down 20 percent from $176,100 in May 2008, according to the Florida Association of Realtors.) Others think the plan is a win-win for everyone involved.

Don Burnham, a real estate investor in the Tampa area and co-founder of the Wealth Restoration Institute LLC, said the plan could be a hit.

Investors, he said, would want to buy the homes because they will know they have a long-term tenant and a steady revenue source. Lenders will like the plan, he said, because they’ll be able to find buyers faster. Homeowners would be happy because they’ll have a secure lease and not have to foot the bill to move.

Mike Larson, a real estate analyst with Weiss Research in Jupiter, said the plan is one of several the Obama administration is hoping will keep more homes from becoming vacant.

“We don’t yet know fully how the plan would work,” he said. “But if you have a warm body in the house who will keep it from going into disrepair and keep the lawn mowed, that will be at least somewhat helpful.”

Copyright © 2009 Tampa Tribune, Fla., Shannon Behnken. Distributed by McClatchy-Tribune Information Services.

Posted by Marcos Fullana on July 23rd, 2009 12:20 PMPost a Comment (0)

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Mortgage rates fall again

July 20th, 2009 8:31 AM

Rates for 30-year home loans dropped for the third-straight week, inching toward a record low reached earlier this year, Freddie Mac said Thursday.

The average rate for 30-year fixed mortgages was 5.14 percent this week, down from 5.2 percent last week. Last year at this time, the rate for a 30-year mortgage averaged 6.26 percent, Freddie Mac said.

Falling mortgage rates can spur refinance activity, which increased as rates on 30-year mortgages fell to a record low of 4.78 percent in April.

But rates then rose as high as 5.6 percent in June after yields on long-term government debt – closely tied to mortgage rates – climbed as investors worried that the huge surplus of government debt hitting the market could trigger inflation.

Since then, the yield on the 10-year Treasury note has fallen back from an eight-month high of 4.01 percent reached in June to 3.53 percent on Thursday.

Frank Nothaft, Freddie Mac’s chief economist, said rate reductions over the past five weeks translate into monthly savings of $56 on a $200,000 mortgage.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.

This week, the average rate on a 15-year fixed-rate mortgage fell to 4.63 percent, down from 4.69 percent last week, according to Freddie Mac.

Average rates on five-year, adjustable-rate mortgages were 4.83 percent, up just a bit from 4.82 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.76 percent from 4.82 percent.

The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point for 30-year and 15-year fixed rate mortgages, and five year adjustable rate mortgages. The fee for one-year adjustable rate mortgages was 0.5 point.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Posted by Marcos Fullana on July 20th, 2009 8:31 AMPost a Comment (0)

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Mortgage rates fall slightly

July 2nd, 2009 12:28 PM

Rates for 30-year home loans inched downward this week, but still remain above record lows posted during the spring, Freddie Mac said Thursday.

The average rate for a 30-year fixed mortgage was 5.32 this week, below last week’s average of 5.42 percent. Last year at this time, the average rate for a 30-year fixed mortgage was 6.35 percent, Freddie Mac said.

Rates on 30-year mortgages fell to a record low of 4.78 percent earlier this year. But then they rose as high as 5.6 percent in June after yields on long-term government debt, which are closely tied to mortgages rates, climbed as investors worried that the huge surplus of government debt hitting the market could trigger inflation.

Since then, the yield on the 10-year Treasury note has fallen back from an 8-month high of 4.01 percent reached in June to 3.51 percent Thursday.

“Lower mortgage rates are helping to support the housing market,” said Frank Nothaft, Freddie Mac’s chief economist.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.

The average rate on a 15-year fixed-rate mortgage fell to 4.77 percent, down from 4.87 percent last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.88 percent, down from 4.99 percent last week. Rates on one-year, adjustable-rate mortgages rose slightly to 4.94 percent from 4.93 percent.

The rates do not include add-on fees known as points. The nationwide fee for the loans in Freddie Mac’s survey averaged 0.7 point except the one-year, adjustable-rate mortgage, which averaged 0.6 point.

Copyright © 2009 The Associated Press. All rights reserved.

Posted by Marcos Fullana on July 2nd, 2009 12:28 PMPost a Comment (0)

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NAR: Pending home sales up for 4th straight month

July 2nd, 2009 12:27 PM

Pending home sales show a sustained uptrend, rising for four consecutive months, according to the National Association of Realtors®. Very favorable housing affordability and a first-time buyer tax credit have boosted activity.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April. It’s 6.7 percent higher than one year earlier when it was 85.0 in May 2008. The last time there were four consecutive monthly gains was in October 2004.

“Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” says Lawrence Yun, NAR chief economist. “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.”

The Pending Home Sales Index in the Northeast rose 3.1 percent to 80.9 in May and is 6.8 percent above a year ago. In the Midwest, the index slipped 1.3 percent to 89.2 but is 11.4 percent above May 2008. The index in the South declined 1.7 percent to 92.6 in May but is 7.9 percent higher than a year ago. In the West the index rose 2.2 percent to 96.9 and is 0.7 percent above May 2008.

NAR President Charles McMillan says the appraisal issue is complicated. “We see that distressed homes often are selling for 20 percent less than normal homes in the same area, but some appraisals don’t distinguish between traditional homes and distressed property,” he says. “In many cases, appraisers from outside the area are being used; but as everyone knows, real estate is local, and appraisals should be done by an expert with local expertise.”

McMillan says sellers shouldn’t hesitate to speak with an appraiser about their home. “Sellers should feel free to tell an appraiser about improvements and renovations to their home, and how it compares with other homes in the neighborhood.

“Also, if recent sales in the neighborhood were discounted, but not similar to your home in terms of quality or condition, that should be pointed out. It wouldn’t hurt to put all this in writing, especially if an appraiser is not familiar with your area. A Realtor® could offer guidance and information to help you with this process.”

NAR’s Housing Affordability Index remains at historic highs. The affordability index fell to 171.6 in May from an upwardly revised 178.8 in April, which was the highest on record dating back to 1970. “Under these conditions, the typical family would devote only 14.6 percent of gross income to mortgage principal and interest, which is one of the lowest percentages on record,” Yun said.

The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.

A median-income family, earning $60,800, could afford a home costing $296,700 in May with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of what a median-income family can afford. The affordable price was significantly higher than the median existing single-family home price in May, which was $172,900.

The first-time buyer tax credit also is benefiting the market. “Strong activity by entry-level buyers is helping to absorb inventory and allow some existing owners to make a trade,” Yun said.

Existing-home sales should trend up through the end of the year, with normal local market differences. “The big question is how much the appraisal issue will impact the ability of contracts to go to closing,” Yun said. “We are currently conducting a study to assess the degree to which new appraisal rules are impacting home sales.”

© 2009 FLORIDA ASSOCIATION OF REALTORS®

Posted by Marcos Fullana on July 2nd, 2009 12:27 PMPost a Comment (0)

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Florida’s $8K program effective today but not available yet

July 1st, 2009 11:28 AM

Florida created a program to help first-time homebuyers get their federal tax credit early, allowing them to use up to $8,000 toward a downpayment. The effective date for the program is July 1; however, it will probably be another few weeks before the funds are available. As a result, some Realtors struggling to help homebuyers find the system confusing.

While most first-time homebuyers qualify for the tax credit (given by the government as an income tax rebate regardless of tax owed), they once had to buy a home first, submit the info to the IRS through their tax return, and wait for the $8,000 rebate. To help these buyers get the money early enough to use it as a downpayment, the State of Florida created a program of bridge loans, the Florida Homebuyer Opportunity Program (FLHOP), where money can be borrowed from the state and then paid back after the new homeowner receives his tax credit.

Under a different federal program, the Federal Housing Administration (FHA) has done something similar, yet with a significant difference: The federal program applies to FHA loans only, and buyers must still come up with a minimum downpayment of 3.5 percent.

“FAR’s Office of Public Policy has been getting a lot of questions from across the state regarding downpayment assistance for those who qualify for the federal first-time homebuyer tax credit,” says Florida Association of Realtors (FAR) Vice President of Public Policy John Sebree. “Given that there is a state downpayment plan and a federal downpayment plan (and at least one special exemption), it definitely gets confusing, and details have been slow to emerge. Many Florida Realtors say local housing authorities don’t have all the information they need to move forward with the state program, and some Realtors report that bankers are steering clear of the downpayment assistance programs altogether.”

Florida Homebuyer Opportunity Program (FLHOP)

The Florida Legislature created the state program during the recent legislative session, and it’s part of the 2010 budget effective July 1, 2009. Many details remain sketchy, but Sebree reports the following:

• Money for homebuyers may not be available until the first week of August. Lawmakers funded the program through doc stamp taxes applicable in the new fiscal year rather than through a lump sum commitment; and since today is the start of the new fiscal year, the program won’t be fully funded until the state collects new doc stamp taxes.

• Florida’s downpayment loan program can work with FHA loans. Florida Housing Finance Corporation (FHFC) – the state agency that funnels housing money to local housing agencies – received confirmation from FHA that borrowers who access the $8,000 tax credit through a state or local government program may use it to make up the required 3.5 percent downpayment, unlike the FHA downpayment loan program through private lenders.

• Florida’s local housing administrators will oversee the downpayment funds at the local level. For local housing authorities, the program is similar to the SHIP program (State Housing Initiatives Partnership) with one major difference – the income limits. Currently, SHIP uses Area Median Income (AMI) and those are typically lower, and calculated differently, than the federal tax credit limit of $75,000. The $75,000 for a single income tax filer ($150,000 for joint filers) will be used for FLHOP.

• Realtors can start to promote the program to potential homebuyers. It takes time to close on a home, and local housing authorities should be taking applications now.

• FHFC says they’ve trained local administrators on procedures for the Florida downpayment program. Local housing authorities will have flexibility over the $8,000 loan, be able to include penalties, and create a structure dictating how the new homebuyer will pay back the money.

“It’s important to note that this money is a bridge loan to buyers; but once it’s repaid, local governments and housing authorities can keep the money and use it locally for affordable housing projects,” Sebree says. “This is a win/win for them. If the offices seem unwilling to work with Realtors, they probably don’t understand the program themselves yet.”

For specific questions about the $8,000 tax credit, homebuyers should consult a tax professional.

© 2009 FLORIDA ASSOCIATION OF REALTORS®

Posted by Marcos Fullana on July 1st, 2009 11:28 AMPost a Comment (0)

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Florida’s qualify of life means ‘home sweet home,’ says FAR

July 1st, 2009 11:02 AM

What does Florida have to offer? Pick up a travel brochure and some benefits are clear: Beautiful beaches. Miles of scenic parks and nature preserves. Oceans, rivers and lakes offering boating, fishing, swimming and other water recreation. A rich and varied history, which includes the city of St. Augustine, the oldest permanent European settlement in the mainland United States. Unique entertainment parks and other family-friendly attractions. Cultural activities that offer residents and visitors fine theater, music, dance and arts events. Then there is Florida’s climate featuring an average annual high of 81 degrees Fahrenheit and an average annual low of 60 degrees, giving the Sunshine State its well-known nickname and reputation.

“Florida is a great place to live and I feel privileged to call it home,” said 2009 Florida Association of Realtors® (FAR) President Cynthia Shelton. “There is so much to see, to experience and to enjoy in Florida, from the distinctive white sugar sand beaches of Destin in the north, to the family fun offered by Orlando’s theme parks and attractions, to the leisurely, laid-back lifestyle in the Keys. Whatever you like to do, you’ll find it here in Florida. We have visitors coming here from around the world to vacation in Florida. But they only get to sample what Florida offers for a brief time; when you’re lucky enough to be a Florida homeowner, there’s no end to the possibilities!”

State officials, Florida Realtors® and business recruiters agree: Florida’s unique quality of life is one of the state’s best assets. Enterprise Florida, a public-private partnership devoted to statewide economic development, notes on its Web site (http://www.eflorida.com) many of the amenities found in the Sunshine State.

• Florida beaches were awarded more top 10 spots than any other state, including the No. 1 beach in the U.S., Caladesi Island State Park, on America’s Best Beaches list for 2008. This internationally recognized ranking by Dr. Stephen P. Leatherman (aka Dr. Beach) is based on 50 criteria including number of sunny days, sand softness, algae and pollution content, safety record, and more. Leatherman is a Ph.D. coastal scientist, professor of environmental studies and director of the Laboratory for Coastal Research at Florida International University in Miami.

• The state’s park system, one of the largest in the U.S., has 160 parks covering more than 700,000 acres and 100 miles of Florida’s beaches.

• Seven of Relocate-America’s Top 100 Places to Live in 2008 were Florida cities, including one, Flagler Beach, which was named to the Top 10. These rankings attest to Florida’s high quality of life, and are based on a combination of economic data and feedback from people who live in each area.

• In many ways, Florida’s cost of living is below that of other states with similar economic growth and in-migration rates. For example, the state’s homeownership rate currently stands at about 70 percent, well above the national average. And, with data from the Florida Association of Realtors showing that $187,800 was the statewide median price for an existing home at year-end 2008, housing prices compare well to other similar states.

• Noted for its outstanding statewide system of trails, Florida was named the Best Trails State in America, winning the biennial National Trails Award in this past November from the national nonprofit organization American Trails.

• Five Florida universities were named to the Best Values in Public Colleges list for 2009 by Kiplinger’s Personal Finance. The schools are University of Florida, ranking No. 2 in the nation; New College of Florida, No. 8; Florida State University, No. 17; University of Central Florida, No. 42; and the University of South Florida, No. 75. Among other criteria, these rankings recognize schools with top academics and affordable costs.

© 2009 FLORIDA ASSOCIATION OF REALTORS

Posted by Marcos Fullana on July 1st, 2009 11:02 AMPost a Comment (0)

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