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Hernando Today

Home Inventory Down 25 Percent

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By MICHAEL D. BATES

Hernando Today

Published: February 28, 2009

BROOKSVILLE - With the home inventory market rebounding slightly, it would be more prudent for the county to rethink its proposed Comprehensive Plan for Recovery (CPR) and focus more on creating jobs, the president of the Hernando County Association of Realtors said.

"With our county facing the highest unemployment rate in 16 years, and without an investment in job creation, our local economy will continue to stagnate," said Marilyn Pearson-Adams, speaking on behalf of the HCAR, the largest trade association in the county.

In a Feb. 23 letter to county commissioners, Pearson-Adams cites the most recent multiple listing service numbers showing a current volume of 3,107 homes on the market, down from 4,154 last year at this time.

Of those, 181 homes - or less than 6 percent of the current available inventory - are foreclosed, bank-owned properties. There are currently 248 pending sales, 107 of which are foreclosures.

In light of the latest statistics, Pearson-Adams is asking commissioners to change their focus on the CPR plan, scheduled for discussion at the first meeting of the business and economic development committee on March 17.

That plan, written by homebuilder Blaise Ingoglia - with input by County Commissioner Jim Adkins - would take $2.5 million from general fund reserves to help finance economic stimulus grant money to potential homeowners who could then buy up foreclosed homes.

Homebuyers would be issued gift cards with the hope they would be spent in Hernando County, stimulating the local economy.

However, commissioners decided there were too many unanswered questions and decided to send the plan to committee for review.

While she applauds the efforts of the CPR drafters, Pearson-Adams said the HCAR believes that a plan focused solely on housing and without consideration to job creation and workforce development only addresses part of the economic problem.

In her letter, Pearson-Adams asks the board to "seriously consider using the $2.5 million dollars earmarked in the CPR plan for promotion of industry and job development through the county's economic development department.

"We also ask that you review the economic studies done on our county, cautioning us to seek job growth beyond the housing industry in order for Hernando County to remain viable," Pearson-Adams said.

Adkins said he agrees job creation is paramount in getting the county back on track, and he believes the CPR plan could accomplish that.

People who buy foreclosed homes will necessarily have to buy appliances and other items for the house and that will send them to local businesses to spend money, he said.

That in turn may prevent a business owner from laying off an employee, he said.

Adkins encourages Pearson-Adams or anyone else with constructive ideas to attend the March 17 meeting and offer input.

"Don't destroy the messenger," Adkins said. "Look at the message and see what we can do."

Adkins said he never intended the CPR plan to be passed as is. It was intended as a work in progress and the final version - if it is even approved - may be vastly different, he said.

County Commissioner John Druzbick said the new numbers indicate two things: Some sellers, frustrated perhaps with the market drop and unable to attract buyers, have removed their home from the market.

"But also, the foreclosure market has truly started to really pick up," he said. "So that has been helpful in moving some of that inventory that's been sitting there for too long."

Values may be down, but there are some excellent home buys out there for people who are in the right financial posture, Druzbick said.

He said he knows of some homes, formerly selling for more than $200,000, that are now going for $100,000.

Information On Area Homes

•Homes currently on the market in Hernando: 3,107.

•Number of homes on the market this time last year: 4,154.

•Number of homes in current inventory that are bank-owned (foreclosed): 181 (less than 6 percent of the current available homes on market).

•Median sales price of home: $95,000.

•Pending sales: 248.

•Of those pending sales: 107 are foreclosed, bank-owned properties.

SOURCE: HERNANDO COUNTY ASSOCIATION OF REALTORS

Reporter Michael D. Bates can be reached at 352-544-5290 or mbates@hernandotoday.com.

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