Bradenton Real Estate

February 24, 2013

FNC Report: Housing Recovery Takes Hold for the Long Haul


FNC Report: Housing Recovery Takes Hold for the Long Haul

Though home foreclosures continue to be a challenge in many hard-hit markets, a report released this week by mortgage technology company FNC indicates the ongoing housing recovery should continue for the long haul.

According to FNC’s Foreclosure Market Report, foreclosure prices have bottomed out in recent months and the foreclosure market has stabilized while underlying home values are rising. Foreclosure prices are at a 10-year low (when the sizes of foreclosed homes are factored in).

This trend of a rising underlying market accompanied by stabilizing foreclosure prices is the first encouraging development in the housing recession, according to FNC Senior Research Economist, Dr. Yanling Mayer.

“The fact that we are seeing a combination of rising home prices and a bottoming out of foreclosure prices is a very good sign the housing recovery is taking hold,” Mayer says. “This is the very first time in the long housing recession that the two are happening at the same time.”

FNC’s report shows that foreclosure price discounts, which compare a foreclosed home’s estimated market value to its final sales price, have dropped to pre-mortgage crisis levels at about 12.2 percent in Q4 2012. At the height of the mortgage crisis in 2008 and 2009, foreclosed homes were typically sold at more than 25 percent below their estimated market value. Additionally, the report indicates that the typical size of foreclosed homes is also approaching pre-crisis levels.

“If you look at the period of short-lived recovery under the first-time homebuyer tax credits, the foreclosure market was still in the midst of rapid deterioration with the influx of delinquent mortgages,” Mayer says. “This time, we are witnessing an entirely different development in the foreclosure market.”

FNC publishes the mortgage industry’s first market-valued based foreclosure price discount to gauge the degree of market distress. For more information about the foreclosure price discount, please refer to FNC’s March 2011 report located here.

More highlights from FNC’s Foreclosure Market Report:

• Single-family REO and foreclosure sales are 18.1 percent in Q4 2012, down from 26.5 percent in Q1 2012 and 24.2 percent in Q4 2011.

• The median foreclosure price is $93,000 or $65 per square foot. In comparison, the median price on non-foreclosure sales is $183,500 or $106 per square.

• Foreclosure price discounts are typically larger for low-tier properties, averaging 18.4 percent in Q4 2012. High-end properties, on the other hand, are typically sold close to their market value.

• Collateral depreciation – the difference between a property’s prior purchase price and foreclosure sale price – continues to decelerate, down to 6.4 percent in Q4 2012 from 8.4 percent a year earlier. Among the re-sales of non-distressed homes, homeowners typically broke even and many even realized a small price appreciation (+0.4 percent).

• Michigan has the nation’s highest concentration of foreclosure sales; 56 percent of homes sold in Q4 2012 are foreclosure sales. In contrast, foreclosure sales in judicial states such as New York, New Jersey, and Vermont only make up 5 percent of home sales.

• Foreclosure rates in a number of the hardest hit states are at or below the national average: Arizona (14.3 percent), California (19.8 percent), Florida (20.5 percent), and Nevada (13.0%).

• Midwest cities including Detroit, Chicago, Cleveland, and St. Louis have the largest concentration of foreclosure sales.

• Las Vegas, Phoenix, Riverside, and Sacramento show rapid declines in foreclosure sales in the last 12 months.

• Foreclosure price discounts are much smaller in markets with fast-rising prices. Many buyers in Phoenix, Las Vegas, Sacramento, San Diego, and Riverside paid a price premium on foreclosure sales, meaning foreclosure sales price exceeded estimated market value.

• Judicial foreclosures are generally associated with the largest price discount in foreclosure sales: New York (30 percent), Boston (32 percent), and Philadelphia (32.8 percent).

• Of the cities identified by the Federal Reserve Board as the largest REO inventory markets entering 2012, Phoenix, Los Angeles, and Riverside saw a significant decline in market distress during the year.

Phoenix is leading the nation in recovery with home prices up 26 percent in 2012 and foreclosure down from 29 percent to 12 percent.

For more information, visit

The Serena Group ~ Keller Williams Realty of Manatee

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October 20, 2011

Tips for Buying a Condominium

condo, condos, condominium, condominiums, information, purchase, buying tips, issues, living, articles

It’s that time again in Florida, condo season!

While our northern neighbors are preparing to battle the cold, snow, and ice that is surely coming soon, those of us who are lucky to live in the paradise that the rest of the country calls ‘Florida,’ are gearing up to enjoy the time of year that makes us all smile and feel very blessed to call Florida our home.

This time of year is also the time that many of our ‘snow bird’ neighbors  make the wise decision to buy a second home in Florida,  so that they have a place to escape to when the chilly, icy, northern winds and snow start blowing.

If you’re contemplating the purchase of a winter home, be sure to educate yourself on the issues that are unique to condominium living.  Even if you already own a home and think that you’re a pretty savvy home owner, there are some things to keep in mind… specifically… when purchasing a condominium home.

Click here to read on for tips for buying a condominium…

October 6, 2011

How Healthy is Your Home?

healthy home tips, air quality, green living, real estate, tips, news

Appearance and comfort is important, but sometimes things that are crucially important to your family’s happiness might not be readily apparent to the naked or untrained eye.

How healthy is the air in your home?   Do you know?   If not, it might be time to find out. Read on for some pointers for keeping the air in your home safer for the sake of your family’s good health:

A Healthy Home is a Happy Home!

September 29, 2011

What Do You Know About USDA Home Mortgage Loans?

If you’re planning a home purchase, and are planning to get a mortgage,

make sure that you explore all the options that are available to you.

One of those options might be a USDA mortgage loan.

USDA mortgage loans have some huge benefits if the property that you’re choosing and your financial situation meet certain criteria:

  • Home must be within certain geographic areas.  For our area in Manatee County, Florida, the geographic  area includes a rather large part of the county.
        For more specifics, you can look up a property address by going to:

  • The income of the borrower(s) must be within certain limits.  $75,200 for a family of 1-4, and $99,250 for families of 5 or more.

For more detailed information and to ask questions from a mortgage professional, READ ON HERE!

August 23, 2011

Tips for Scoring Better Credit


Credit scores are a hot topic of discussion given todays’ world of uncertain financial news and situations.

In the housing market, Home buyers, with less than perfect credit, have difficulty qualifying for mortgages due to tighter restrictions and tougher underwriting for mortgage money. Home sellers are in unfavorable situations, in many cases due to the fact that property values have fallen below the amounts that are owed on mortgages, making foreclosure or short sale the unfortunate choice of many home owners who need to sell their homes.

How do you improve or rebuild your credit score? Here are some tips for both home buyers and home sellers… READ ON HERE: TIPS FOR SCORING BETTER CREDIT

August 15, 2011

The Neighborhood Preservation Act of 2011

the neighborhood preservation act 2011




After being first introduced in May of 2009 and passed in The House of Representatives in July but never voted upon in the Senate, The Neighborhood Preservation Act was re-introduced the first week of August 2011.

How do you feel about this proposed legislation?   Read on to learn more…

July 18, 2011

Real Estate Technology Tools for Home Buyers and Home Sellers, What’s Your Pick?

real estate, technology, apps, applications, communication toolsJust about everyone has access to and is using some kind of ‘smart’ technology in their daily lives to make it easier, faster, and more efficient to communicate, work, and to play.

When it comes to buying or selling a home, what types of real estate technology tools are most useful to the average home buyer or home seller?

As a buyer, do you use mobile apps to search for homes, open houses, or community information?  What tools are you looking for or are you using right now?

As a home seller, what types of real estate technology tools are most effective for marketing your home to the widest pool of potential and qualified buyers?  What technology and web tools does your real estate agent use to promote and sell your home?  What resources is your agent NOT using that you wish they would use?

Below is a short questionnaire for sharing your thoughts, suggestions, and comments when it comes to technology in real estate.  We encourage you to participate and to have a voice in this hot and popular debate!

Read more about real estate technology and the debate about what services are most important to home buyers and sellers here:  The Real Estate Technology Debate

July 6, 2011

Common Home Buying Question: Should I Continue to Rent a Home or Should I Buy One?

rent versus buy a home

Home buyers everywhere wrestle with this question all the time:

“What is the best way to decide if I should continue to rent a home or if it might be the time to buy a home?”

The answer to this question is different for every home buyer and for every local market.

Using the ‘Rule of 15’ is a great way for home buyers, who have all the elements in place to purchase a home, but are just not sure if it makes sense to buy a home over continuing to rent a home,  to get some clarity.  The ‘Rule of 15’ is a great tool for doing your research… that… and the assistance of an experienced real estate agent, professional.

Read on to learn more…

May 25, 2011

How is the Government Supporting and Assisting Our Distressed Housing Market?

Visit for more articles like this.


April 18, 2011

Real Estate, Market, Reports and Statistics, for Manatee County, FL

Whether you’re in the Real Estate market as a home buyer or a home seller, it is especially important, in the current real estate climate,  to be educated on the local market activity.

Here are:  Real Estate, Market, Reports and Statistics, for Manatee County, FL.

Real Estate, Market, Reports and Statistics, for Manatee County, FL

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