Are homebuyers walking away in droves from the contracts they’ve signed? Or are they essentially
fouling out of the game, unable to close deals because of financing and credit issues?

Whatever the answer, this much appears to be certain: exceptionally large numbers of signed real estate
contracts fell apart last month, failing to reach settlement. According to the National Association of
Realtors, one of every six real estate agents polled in June reported having signed contracts canceled
before closing — up from just one in 25 the month before. The typical monthly cancellations rate over
the course of the past 16 months has ranged in a narrow band between 8 percent and 10 percent.

What’s going on here? Lawrence Yun, the chief economist of NAR, said the sudden spike is surprising
and worrisome, and that there are no hard statistics available on the causes. [more]

National home prices have now risen for four months in a row, and sales transactions have jumped for five of the last seven months, according to the June National Housing Report from RE/MAX. While sales prices are down, the decrease is smaller than it has been in the last three months. The report, which includes data from 53 metro areas in 45 states, shows that closed transactions were up 7.5 percent and median prices jumped 4.3 percent from May. “It’s very encouraging that both home prices and sales transactions have now risen for several months in a row,” said RE/MAX CEO Margaret Kelly. “It appears that this market is following traditional seasonal trends as it works its way though a recovery and back to more normal conditions.”
— Alexander Britell [more]

RE/MAX CEO Margaret Kelly

The national housing market showed several strong signs last month, with home sales increasing by double digits in 53 of 54 markets surveyed in RE/MAX’s National Housing Report. “It’s encouraging to see that home sales are rising at a faster pace than we would normally see this time of year, and they’re doing so without any artificial stimulus,” said RE/MAX CEO Margaret Kelly.”If sales continue at this pace into the
traditional spring and summer buying season, we would expect to see
prices follow as well.” TRD [more]

Alex Cora and his recently sold Pinecrest home

Baseball star Alex Cora has sold his Pincrest home for $1.82 million, according to the Los Angeles Times. The shortstop played for the University of Miami and is currently on the Washington Nationals team. Cora’s home at 7290 SW 104th Street, which he bought in early 2008, includes both marble and bamboo floors, a pool and built-in insect repellant systems. Corey Schwartz of RE/MAX Advance Realty marketed the 5,770-square-foot house. [LA Times]

Defying the seasonal trend, sales rose by 13.2 percent in December, compared to November, in a survey of 54 metropolitan areas, according to the RE/MAX National Housing report released today. Home sales dropped 5 percent from December 2009, but that was the lowest year-over-year drop the survey has seen in five months. While some industry analysts predict a serious decline in home prices this year, the report showed that home prices dropped by only 2.2 percent from December 2009. The inventory of homes for sale continued a downward trend, falling 8.8 percent from November and 2.9 percent from December 2009. “It’s nice to see that sales were much higher than in November, with a year-over-year difference better than we’ve seen in months, and it’s encouraging that prices appear to be remaining stable,” said Margaret Kelly, RE/MAX CEO. “These positive trends should build as we enter the traditionally strong home buying months in the spring and summer.” TRD

RE/MAX saw September U.S. home sales drop 6.4 percent below August levels and 20.6 percent below the levels seen last year, according to the brokerage’s latest monthly report (see the full document below). Prices also dipped month-over-month, by 2.7 percent, but were up 0.9 percent from one year ago nationwide, the report says. And in another indication of a stagnant housing market, homes stayed on the market for an average of 88 days, four days longer than in August and one day longer than last year at this time. Among the promising signs, though, was a 2.8 percent month-over-month nationwide decline in inventory and anecdotal evidence that contract signings are up. RE/MAX attributed the dip in sales volume to “the usual trend of slower sales at the end of the summer” and to the comparative surge in buyers during the spring, who were trying to take advantage of the ho [more]

RE/MAX saw September U.S. home sales drop 6.4 percent below August levels and 20.6 percent below the levels seen last year, according to the brokerage’s latest monthly report (see the full document below). Prices also dipped month-over-month, by 2.7 percent, but were up 0.9 percent from one year ago nationwide, the report says. And in another indication of a stagnant housing market, homes stayed on the market for an average of 88 days, four days longer than in August and one day longer than last year at this time. Among the promising signs, though, was a 2.8 percent month-over-month nationwide decline in inventory and anecdotal evidence that contract signings are up. RE/MAX attributed the dip in sales volume to “the usual trend of slower sales at the end of the summer” and to the comparative surge in buyers during the spring, who were trying to take advantage of the ho [more]

4210 NE 31st Avenue

The South Florida home to see the biggest price cut today is a six-bedroom, seven-and-a-half-bathroom house at 4210 NE 31st Avenue in Lighthouse Point, according to data from Condo Vultures Realty. The $6.995 million Broward County home saw a $1 million, or 13 percent, price cut. It was originally listed for $7.995 million when it hit the market in June 2009. The 9,005-square-foot, waterfront home sits on a 19,800-square-foot lot and has a separate guesthouse, outdoor entertaining area and a pool. Susan Nelson of RE/MAX Preferred has the listing.

(Condo Vultures data includes condos and single-family home listings in the main metropolitan areas of Miami, Fort Lauderdale, West Palm Beach and Key West that are priced at $1 million and above, and that include photographs. Listings are taken from the South Florida MLS.)

[more]

After nearly two decades, Fort Lauderdale-based RE/MAX Partners is
ceasing its operations and closing its offices, owner Ray Glynn said in a
letter to agents Tuesday. RE/MAX Partners is a franchise of
Colorado-based RE/MAX. It has four Broward County offices, including two
in Fort Lauderdale and one in Coral Springs and Plantation. It is the
largest RE/MAX brokerage in Florida, according to happyavenue.com. “We
have exhausted all of our resources and have found no one including
RE/MAX who is interested in lending or buying the business,” Glynn
wrote. [Sun
Sentinel]

2700 Barcelona Drive

The South Florida home to see the biggest price cut today is a five-bedroom, six-and-a-half bathroom house at 2700 Barcelona Drive in Fort Lauderdale, according to data from Condo Vultures Realty. The $4.499 million Broward County home saw a $496,000, or 10 percent, price cut. It was originally listed for $5.5 million when it hit the market in May 2008. The price was last cut to $4.995 million in August 2009. The 6,818-square-foot, waterfront home sits on an 18,019-square-foot lot in a gated community and has never been lived in. It has a grand stairway, exercise room, home theater and pool. Mary Sue Meyler of RE/MAX Partners 5 has the listing.

(Condo Vultures data includes condos and single-family home listings in the main metropolitan areas of Miami, Fort Lauderdale, West Palm Beach and Key West that are priced at $1 million and above, and that include photographs. Listings are taken from the South Florida MLS.) TRD

[more]