Orlando Sales Data: November 2009

For those unconvinced that we’re now bumping along the bottom, the following data make interesting reading. Realtors are often accused of “talking up the market” - and on occasion they do - but I think these numbers speak for themselves. Click the following image to enlarge.

Orlando home sales in November 2009 were up 101.62 percent over November 2008; year-to-date sales are up 59.43 percent.

“Normal” sales made up 36.55 percent of sales in November, while 63.45 percent of sales were either bank-owned or short sales.

There are currently 8,633 pending sales, of which 3,023 were newly filed in November. There were 3,326 pending sales in November 2008.

The median price of all existing homes sold in November 2009 decreased 5.38 percent (to $123,000) when compared to October 2009 ($130,000) and decreased 25.90 percent compared to November 2008 ($166,00).

The median price for “normal” sales in November was $173,960; the median for bank-owned sales was $84,000; and the median price for short sales was $122,000.

Affordability climbed to 209.06 percent in November; first-time affordability increased to 148.66 percent.

The inventory level increased during the month of November by 259 homes to 16,002, and is currently 34.44 percent lower than November 2008. There is a 7.15-month of supply.

Year to date, Osceola County sales are up 106.84 percent; Orange is up 81.18 percent; Lake County is up 36.63 percent; and Seminole is up 28.18 percent.

Call the Orlando Real Estate Pros for more info or to view current deals on 407-290-3408.

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Good Faith Estimate Mortgage Disclosures

Changes are a-coming… On January first the federal government expects everyone to be using the new consumer-friendly Good Faith Estimate mortgage disclosures and the new settlement statements.

The issue here is important to consumers because the new paperwork provides numerous protections the old forms did not. Most importantly, they make it extremely difficult for loan officers to “low ball” the estimated fees and charges on the mortgage and then later hit homebuyers with surprise increases at closing.

Before, if the estimated fees from the lender were $2,000 but the total on the settlement sheet came to $3,000, the homebuyer would have to come up with the difference. That was abusive.

Under the new rules, starting January 1, the lender or broker will be subject to what are known as “tolerance” limits. Any charges over the limits will have to be eaten by the lender or broker - and there will be zero tolerance for increases on certain fees.

Other types of charges, such as for title insurance and settlement services, generally won’t be allowed to come in more than 10 percent above the upfront estimate.

All consumers making loan applications on or after January 1 must receive the new forms at application and at closing.

This is all good news for the consumer.

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