Archive for June, 2009

RISMEDIA, May 20, 2009-Nationwide housing affordability jumped 10 percentage
points during the first quarter of 2009 to its highest level since the
series began 18 years ago, according to the National Association of Home
Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that
72.5% of all new and existing homes sold in the first quarter of 2009 were
affordable to families earning the national median income of $64,000, up
from 62.4% during the previous quarter and up from 53.8% during the first
quarter of 2008.

“Underlying the increase in affordability are lower home prices and record
low interest rates. Combined with the $8,000 federal tax credit for
first-time home buyers, consumers are beginning to return to the
marketplace,” said NAHB Chairman Joe Robson, a home builder from Tulsa,
Okla.

http://www.tampabay.com/news/business/realestate/article994781.ece

The South Florida residential real estate market is at bottom according to
Dr. Lawrence Yun, NAR Chief Economist. “I think the prices have already
pretty much bottomed in the South Florida market,” Yun said. “The rest of
the country is more difficult to say but I think here, given the buyers, the
prices have already bottomed in Florida.” “Soon you will reach the point of
equilibrium where home prices begin to show growth,” Yun said. “It is always
difficult to precisely predict. I think that many people who are buying
today in this month – June of 2009 – if they look back a year from now in
June 2010, I think many people will see that they have actually gained in
equity.”

Click Here For Full Story: South Florida’s Condo Count Falls, For Now

RIVIERA BEACH — The city council voted unanimously Wednesday night to
contribute up to $7 million toward an ocean breakwater designed to reduce
beach erosion on Singer Island.

Click Here For Full Story: Riviera Beach moves forward with island breakwater