Monthly Archives: November 2010

Miami Home Sales Fall Year-Over-Year in October

Miami-area home sales fell on a year-over-year basis for the first time in 20 months during October, when an increase in condo resales failed to offset steep sales declines for existing single-family houses and newly built homes. The median sale price inched up a bit from September but remained lower than a year earlier for the 37th consecutive month, a real estate information service reported.

Tuesday Links Strike Italy

At some point, the cost of owning shot right past the cost of renting. Owners were losing money, month after month, on a real cash flow basis relative to renting. But they didn’t care because they felt rich from the implied increase in their house’s value. They could even refinance at the greater valuation implied by “comps” – appraisals or sale prices of similar properties nearby – and pull money out to cover their monthly shortfall.

Case-Shiller: Broad Home Prices Declines in Q3

β€œThe national economy is certainly the number one issue for housing. Additionally, there is a large supply of houses on the market and further, hidden, supply due to delinquent mortgages, pending foreclosures or vacant homes. New construction is running at less than half the pace needed to meet normal demand, so a sustained recovery could be a ways off.”