Florida Realtors President Summer Greene is in Spain this week as part of a business mission by Governor Rick Scott. “It is vital to our future to encourage business investment and diversification,” said Greene, the regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Development missions like this one offer a prime opportunity to demonstrate the benefits of establishing a business — and home — in Florida.” Scott is leading a 60-member delegation of Florida business executives for a five-day trip across Spain. — Alexander Britell

Florida has one third of the United States’ shadow inventory, according to a report from Florida Realtors, the Palm Beach Post reported. Shadow inventory  means unlisted properties that are delinquent on their home loans. “The fear …  is that the inventory of delinquent and foreclosed loans will be released onto an already weakened market,” said John Tuccillo, chief economist for Florida Realtors. “But the reality, even in Florida where distressed properties make up a significant portion of the market, appears to be different.” [Palm Beach Post]

Sales prices in Palm Beach County rose by 4 percent in March compared to the same period in 2011, according to data from Florida Realtors, the Palm Beach Post reported. “In the last year, my buyers have had to increase their offers by 10 percent,” said Sharon Restrepo, vice president of the Florida Real Estate Investors Association. “Cash is coming from everywhere, and everyone is finally emptying their mattresses of money.” While prices showed gains, sales fell 7 percent in the same period. [Palm Beach Post]

Terri Bersach has been elected as the District 4 president of Florida Realtors. Bersach, managing broker of Coldwell Banker Residential Real Estate in Weston, has previously served as the president of the Broward Board of Governors of the Miami Association of Realtors. District 4 covers Miami-Dade County and the Florida Keys. Bersach, who has been in real estate since 2004, has already been installed in the position in Orlando. — Alexander Britell

Florida Realtors will be unveiling a series of changes to its residential data reports, with an increased focus on submarkets. Each of the 63 Realtor associations in Florida will be releasing information on their submarkets, the Palm Beach Post reported. “With this new data system, Florida Realtors will be able to offer more comprehensive statewide data, including inventory levels, average prices and time on market,” said John Tuccillo, chief economist at Florida Realtors. The statewide organization has hired 10K Research and Marketing to put together the data. [Palm Beach Post]

Summer Greene

Florida’s housing market is back, according to Summer Greene, incoming president of Florida Realtors. “We have turned the corner,” she said. Greene, who is the regional manger of Better Homes and Gardens Florida 1st in Fort Lauderdale, said a new amendment on the ballot that would give certain first-time buyers an extra discount on their property taxes would also boost the residential sector. “That will help fuel the housing market,” she said. “Housing is key to any economic recovery.” [Sun Sentinel]

A home for sale in West Palm Beach

The total number of home sales in Palm Beach County rose by 24 percent in 2011, according to data from Florida Realtors, the Palm Beach Post reported. “It’s been a long down cycle, but it can’t last forever,” said Bill Richardson, president of the Realtors Association of the Palm Beaches. “I really do believe we are in a recovery. It won’t be meteoric, but there will be a steady climb.” The median sales price for single-family homes in the county fell, however, to $193,700. In December, however, Palm Beach County sales prices roses 5 percent, a sign that prices could be stabilizing. “There’s a pretty good amount of stabilization and a little increase in pricing,” Richardson said. In the town of Palm Beach, the condominium market was particularly strong, with sales jumping 30 percent in 2011. [Palm Beach Post]

Home sales in Palm Beach County totaled 943 in November, and home prices fell 12 percent compared to last year, according to a report from Florida Realtors. While home prices in the county are down 56 percent from their 2005 peak, they are beginning to stabilize, some experts say. “For the first time, I’m becoming much more optimistic,” said Bill Davis, president of mortgage firm Private Funding Specialists in Palm Beach Gardens. “We’re getting close to the bottom, if we’re not there. The biggest question is, when are we going to turn up?” [Palm Beach Post]
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A home for sale in Palm Beach

Sales of existing homes in Palm Beach County rose 27 percent in October, according to data from Florida Realtors. There were a total of 918 homes purchased in the county last month, although the median sales price was 16 percent lower than the same period in 2010. “Lenders are being extremely conservative on appraisals, and we are continuing to see values come in low,” Richardson said. “If there is anything that is keeping prices down, it is that.” Despite the lower median sales price, distressed sales made up a smaller share of the market, with 28 percent, a drop from a 34 percent in October 2010. [Palm Beach Post] [more]

Existing home sales in Florida increased by 13 percent in October with a total of 13,755 homes sold, according to data from Florida Realtors. “Statewide, both sales and prices are above where they were this time last year,” said John Tuccillo, chief economist at Florida Realtors. “The monthly median prices have ticked down slightly for the past few months, but the overall trend continues to show giants year-over-year.” The statewide medianl sales price in Florida for existing homes was $131,200 in October, a 4 percent decrease caused largely by continued downward pressure from distressed inventory, according to analysts from the National Association of Realtors, of which Florida Realtors is a subset. — Alexander Britell [more]