Daytona Beach Real Estate

$70,000 is a lot of money. That’s the estimate for an average foreclosure when all costs are included.

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The Daytona Beach Homes mirror the national scene pretty well with sales holding steady to a slight decline. Be careful of interest and overly conservative lenders.

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Real estate is local. We know that. We are experiencing a down market in Daytona Beach, but overall US markets are about equal for up markets versus and down markets. The overall Daytona Beach decline for residential home sales was an estimated 8.2% by the National Association of Realtors (NAR) for 2007.

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He mentioned that he was in the process of selling his home using a short sale. The lawyer jumped and said get that home of the market…

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How does the announcement made today about six large large mortgage lenders freezing foreclosures affect the Daytona Beach real estate market?

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Would you consider investing in the fastest growing winter beach destination in the continental United States?

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Both Volusia (Daytona Beach, Ormond Beach, Port Orange, Deland and surrounding areas) and Flagler (Palm Coast) Counties home markets have been classified by Countrywide, the mortgage lender, as category 5 counties in their soft market categories list.

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Yesterday, I completed a contract at 96% of asking price on a condo in Daytona Beach – this was also the highest of the last three sales in this particular beachside condominium complex.

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Merrill Lynch, the large financial firm whose previous predictions resulted in a $7.9 billion loss in their third quarter of 2007, has released a new forecast. Merrill Lynch is forecasting a 25-30% drop in national housing prices in the next few years.

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In a surprise move, the Federal Reserve cut its federal funds rate by 3/4% from 4.25% to 3.5%. This rate impacts credit card, home equity line of credit, and auto loan rates.

What about mortgage rates? Mortgage rates are tied to long-term bond yields.

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