Posted by 101livescan on 2/19/12 9:30am
Msg #412311
Top Turnaround Towns for Foreclosures
Realtor.co released its list of the top 10 turnaround towns for the 2011 fourth quarter. While the 10 towns listed – eight of which are in Florida – suffered from high foreclosure rates, they are now rebounding.
The current list was developed based on market rankings on year-over-year median price appreciation, reduction in year-over-year median age of inventory, and inventory reduction levels from Realtor.com, as well as unemployment rates on a year-over-year basis, according to a release from Move.com.
1.Miami, Florida, at number one, had sales of existing single-family homes shoot up 51 percent in the third quarter compared to a year ago, according to the Miami Association of Realtors. The median age of inventory is down 30 percent from a year ago.
2.Phoenix, Arizona is returning to stability, with median list prices up 15.38 percent compared to a year ago.
3.Orlando, Florida saw its median age of inventory go down to 73 days, a 36 percent drop from a year ago and inventory also declined 44 percent compared to a year ago.
4.Fort Myers-Cape Coral, Florida saw its sale price increase 20 percent over the past year, more than any other Florida market, though sales are down 13 percent.
5.Sarasota-Bradenton, Florida saw an increase in sales by 17 percent over last year. Median list prices were also up 2 percent.
6.Boise City, Idaho experienced a reduction in foreclosures, helping the town also see a 40 percent year-over-year decline in inventory. This reduction in inventory also led to drop a 23.42 drop in the median age of inventory.
7.Naples, Florida had a13.38 percent year-over-year increase in median list prices, and a 35.94 percent reduction in for sale inventory.
8.Fort Lauderdale, Florida reduced its inventory by 41.63 percent since last year, and sales were up up 18 percent year-over-year.
9.Lakeland-Winter Haven, Florida increased by 9.09 percent increase in median list prices compared to a year ago. Inventory declined 35.28 percent since last year.
10.Punta Gorda, Florida made the 10th spot with median price appreciation up 17.79 percentcompared to a year ago.
All good news! Especially for Floridians!
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Reply by Glenn Strickler on 2/19/12 4:44pm
Msg #412334
I don't want to throw cold water on good news, but I have learned over time not to trust Realtor.com with their numbers. While there is some good news in some markets, Realtor.com is the only place showing those numbers that you posted, so their data is highly suspect in my mind. No one else is even close. Remember that they were telling us that home prices had bottomed in 2009, and again 2010. The thing to watch is when you see institutional investors begin to go back into investing in real estate, and that's not happening yet.
You should probably rely more on the Case-Schiller index, or Moody's.
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