Daytona Beach Real Estate Blog

Daytona Beach Real Estate Sales Up 35% from January. Maybe a trend, maybe not. See the table for more information.

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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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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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Real estate valuation sites, such as zillow.com are relying on historical information based on what has sold in the past. When little to nothing is selling, how accurate can those estimates be?

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The numbers for January are in. 160 residential homes and condos sold in January 2008 as listed in the Daytona Beach MLS.

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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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There are close to 7,000 homes for sale on the market according to the Daytona Beach MLS. In December, 231 sales of residential homes were recorded for the Daytona Beach area in the MLS.

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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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