A large number of FHA mortgage delinquencies have placed Orlando (9) and Tampa (10) in the top ten cities in the nation. This could become a serious situation as COVID-19 unemployment benefits expire and unemployment remains high. Nationally, in September over 3.5 million FHA mortgages were enrolled in a forbearance plan. Ed Curry has earned the Short Sales and Foreclosure Resource (SFR®) certification. This allows him to help buyers and sellers of distressed properties.
Lower mortgage rates have increased the purchasing power of buyers by an average of more than $33,000 from one year ago. That is almost a 7% increase from last year. Increased home prices, however, are negating that increase in purchasing power. Home prices have seen average increases nationally of over 8%. Please contact Ed Curry at 941-799-9440 if you are thinking of purchasing or selling a home.
20 and 30-year-old buyers are helping to keep the home sale market strong. More than half of new mortgages were made to this demographic according to Realtor.com. Millennials have now surpassed Baby Boomers as the largest adult group in America.
A recent survey of 5,000 Americans indicated that people are saving more than before the COVID-19 outbreak. Almost half of those surveyed said their spending has decreased. People working from home are saving on commuting costs and that may be one of the reasons. Additionally, with millions of unemployed, people are feeling a need to increase their reserves.
New single family home sales are up nationally almost 14% from June to July. There is a real shortage of existing home inventory for buyers to choose from. Many buyers are looking to new home builders to fill their needs. In the Sarasota/Manatee County area our inventory of homes for sale in slightly over a 2 month supply. Normal supply is 6-7 months of homes for sale, making this truly a seller’s market.