AOL Real Estate - Cities Where People are Racing to Buy Homes (Miami: short sales)

[TamRE]

AOL Real Estate - Cities where people are racing to buy homes
#1 on the List
North Port-Bradenton-Sarasota, Florida
Metro movers index: 6.03
Median home price: $170,000
Home value decline from peak: -51.4%
Unemployment: 11%
Forecast change in Home price through 2Q 2012: -6.5%
Last quarter, the rate of foreclosures in the North Port-Bradenton-Sarasota area jumped 57%, the third-greatest increase in the country. Since the first quarter of 2006, home prices have dropped 51.4%. Foreclosures are likely to increase for some time unless economic conditions improve, as 40.84% of regional homeowners owe more on their mortgages than their homes are worth. Further, prices are expected to drop an additional 6.5% by the second quarter of next year. For every person looking to leave the area, six others are searching for homes here.



Link to article:
The Cities Where People Are Racing To Buy Homes - AOL Real Estate

[photoman_6]

if the ratio of people incoming or looking to buy against people looking to sell is reallt six to one why would prices continue to drop. something doesn't make sense.

[TamRE]

Trulia’s Metro Movers Report

Trulia has debuted a new report that analyzed its home searches.

In one study, Trulia looked at the number of people who searched for housing in a city – including renters – and compared it to the number of city residents looking elsewhere for a home. An area with a high number of inbound searches and a low number of outbound searches, Trulia reasons, suggests an increased demand for housing.

According to the study, the North Port-Bradenton-Sarasota area had six times more searches by inbound people than outbound people, landing it in the list’s No. 1 position, but four other Florida cities also made the top 10 list:

1. North Port-Bradenton-Sarasota
2. Riverside-San Bernardino-Ontario, CA
3. Charleston-North Charleston-Summerville, SC
4. Fort Lauderdale-Pompano Beach-Deerfield Beach
5. Cape Coral-Fort Myers
6. West Palm Beach-Boca Raton-Boynton Beach
7. Fort Worth-Arlington, TX
8. Oxnard-Thousand Oaks-Ventura, CA
9. Las Vegas-Paradise, NV
10. Orlando-Kissimmee-Sanford

Taken from: Two real estate reports suggest Fla. rebound

[blueherons]

Great. No wonder all the rentals are so expensive!

[macyny]

That study goes on the assumption that people are selling to move elsewhere. There are many who are selling because they can't afford their mortgages and need to sell. They are staying in the area due to jobs. I have spoken to a few people, during my house search, who are underwater on their homes and are selling. These are not short sales.

[Ladywithafan]

Originally Posted by blueherons

Great. No wonder all the rentals are so expensive!

Rentals go up during November through April. Nothing new.

[liveopenhouse]

Sometimes I stare at my Macbook in awe of the astronomical prices of real estate in certain US markets. While writing a one page investor pitch for my new software company "LOH Vision", I had to conduct some research on the "Top 10 Real Estate Crazy Cities". I'm not sure if I agree with AOL's top markets. Here go mine:

New York

"Most def"


Paris

"We we"


Los Angeles

"That's Hella True"


Miami

"I'm in Miami Trick"


San Francisco

"I should be on top"


Chicago

"What's up Joe"


Toronto

"Thanks Friend"


London

"I'm a wee bit low in the list"


Singapore

" "


China

"Nehowma Yo Mama"

[d4g4m]

Heard on the news today- 1000 people a day are moving to Florida.
It was not mentioned if the 1000 was a total amount or a net gain.
In any case, these people need a place to live. Sure hope they are not expecting NYC wages if they can find a job.

[Skunk Workz]

Originally Posted by d4g4m

Heard on the news today- 1000 people a day are moving to Florida.
It was not mentioned if the 1000 was a total amount or a net gain.
In any case, these people need a place to live. Sure hope they are not expecting NYC wages if they can find a job.

With the exception of a few years, that's the number that was thrown around for the 21 years we lived there. I think it's inbound people only, and the last number I saw was about 300 - 500 leave the state each day, so it's still a 500 to 700 new people a day.

[QuilterChick]

Originally Posted by Skunk Workz

With the exception of a few years, that's the number that was thrown around for the 21 years we lived there. I think it's inbound people only, and the last number I saw was about 300 - 500 leave the state each day, so it's still a 500 to 700 new people a day.

500/day could be normal attrition for a state the size of FL. Retirees who have been waiting on the sidelines in the northeast and midwest will be purchasing more winter condos and homes in FL.