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Hernando Today

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Foreclosure rate down for 3rd month in a row

By MICHAEL D. BATES

Hernando Today

Published: July 1, 2009

Updated: 07/01/2009 06:11 pm

BROOKSVILLE - Some good news on the home front: There were 229 foreclosure cases filed in Hernando County in June, the lowest single-month rate since November 2008.
June also marks the third consecutive month foreclosures have declined.
But the number of foreclosure filings for the year is still 5.5 percent higher the first six months of 2009 compared to the same period in 2008.
Clerk of the Circuit Court Karen Nicolai said she is obviously pleased with the trend, at the same time recognizing that the numbers are still too high.
Marilyn Pearson-Adams, president of the Hernando Builders Association (HBA), said the latest multiple listing service numbers show some of these foreclosed homes are being bought up because of the great buys.
The median price for an existing single-family home in Hernando County is $100,900, compared to $145,000 this time last year — a 30 percent decrease, she said.
Other statistics from the county's multiple listing service:
There was a 13 percent increase in the number of existing home sales the first half of this year compared to the same time last year: from 1,040 to 1,171.
The average days on the market (from the day of listing through sale day) dropped 11 percent, from 137 days to 122.
The inventory of existing single-family homes on the market is down 23 percent from this time last year.
Pearson-Adams said retirees and homebuyers are starting to make their moves.
"I truly believe we have finally reached sort of a bottom of the market, which is part of what people were waiting for," she said.
Buyers are starting to see a natural appreciation of homes instead of plummeting values, she said.
Pearson-Adams said real estate agents are seeing more cash buyers because home prices are so low. Many are pulling their money out of failing investments, she said.
The Florida Association of Realtors will be releasing its June data soon.
But FAR reports that statewide existing home sales rose 16 percent in May with a total of 13,921 homes sold statewide compared to 12,044 homes sold in May 2008.
"While one month of data does not a trend make, it is the first green shoot we have seen in some time as far as prices are concerned," said Sean Snaith, director for the University of Central Florida's Institute for Economic Competitiveness.
"Until prices stop declining, we cannot state with confidence the housing market has stabilized. Sales have risen to levels we have not seen since 2006, though the economy still faces headwinds. As credit markets begin to thaw, this will help speed along this process of recovery in the housing market," Snaith said in a press release.