Eighteen percent of homes for sale in Miami saw their prices slashed in August by an average of 12 percent, according to data from real estate website Trulia.com.
Still, Miami actually ranks fairly low – at No. 49 on the list of 50 cities – with $123.8 million in price reductions. It was ahead of only Detroit, which saw 16 percent of homeowners slashing prices – though they did cut deeper, at 25 percent.
Nationwide, 26 percent of homeowners cut prices to account for a total reduction of more than $29 billion nationwide. The average national price reduction was 10 percent.
Despite the increase of price reduction figures to historic levels, 24 of the 50 largest U.S. cities held steady or dropped, compared with data from the previous month, according to Trulia.
"On the surface, the latest price reduction data carries with it conflicting messages," Trulia co-founder and CEO Pete Flint said in a news release. "Nationwide, sellers continue to slash prices, and this is a worrisome trend. However, we're seeing gradual improvement in many U.S. cities – several for consecutive months. What this shows us is that, while we're in for a long climb to bring stability back to the housing market and while it's going to take time, that climb appears to at least be under way in some parts of the country."
Meanwhile, the Mortgage Bankers Association reported Wednesday that, for the week ended Sept. 10, mortgage loan application volume fell 8.9 percent from the previous week on a seasonally adjusted basis. The number of refinancings fell 10.8 percent, despite the fact that mortgage rates fell.
The average interest rate for 30-year, fixed-rate mortgages decreased to 4.47 percent from 4.5 percent.
The average interest rate for 15-year, fixed-rate mortgages decreased to 3.96 percent from 4 percent.
The average interest rate for one-year, adjustable rate mortgages decreased to 6.89 percent from 7 percent.
Source: http://southflorida.bizjournals.com/southflorida/stories/2010/09/13/daily28.html
The Criscitos has been selling South Florida luxury and commercial real estate for over a decade and has sold over $1 billion dollars of property. They work as a multi-lingual team speaking english, Spanish, Italian and Portuguese. They carved out a niche as a leading boutique real estate company with two distinct divisions -residential and commercial- both personally overseeing by Marcela and Anthony Criscito.
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Miami Title Company
hmm.. it is really important to ask for advice from realtors and attorneys when planning to buy a real estate.
ReplyDeleteLuxury homes Miami
They think they want to practical see the great thing about the metropolis, all they have to do is to phase out of their house and they are already there practical see the wonder of the metropolis.
ReplyDeleteLuxury homes Miami