Headlines – Week of May 1, 2011

May 9, 2011

10 Cities Where It’s Cheapest to Buy

Based upon information provided by Realtor.com, the best housing deals are found in the Midwest. The region boasted the most number of cities to make it to the top of the list where median list prices for March were the lowest.

Nationally, the median list price for March was $199,500, which is down 0.25 percent year-over-year.

But in markets like Detroit, the median list price is less than half the national average.

Click HERE to see the Realtor.com list of the cities with the lowest median list price in March

The following is the list of Florida cities:

Tampa-St. Petersburg-Clearwater, FL

Median list price: $154,900
*Down 7.79 percent year-over-year
Median days on the market: 176

West Palm Beach-Boca Raton, FL

Median list price: $238,900
*Down 4.06 percent year-over-year
Median days on the market: 234

Fort Lauderdale, FL

Median list price: $179,900
*Even year-over-year
Median days on the market: 99

Miami, FL

Median list price: $250,000
*Up 4.06 percent year-over-year
Median days on the market: 234

Orlando, FL

Median list price: $174,900
*Down 0.05 percent year-over-year
Median days on the market: 195

Fort Myers-Cape Coral, FL

Median list price: $229,000
*UP 24.12 percent year-over-year
Median days on the market: 194

Sarasota-Bradenton, FL

Median list price: $264,900
*Up 1.88 percent year-over-year
Median days on the market: 242

Jacksonville, FL

Median list price: $99,000
*Down 13.84 percent year-over-year
Median days on the market: 189

Naples, FL

Median list price: $389,000
*Up 2.4 percent year-over-year
Median days on the market: 225

Hurricane Storm Surge Threatens Florida Cities

A recent report issued by CoreLogic indicates the potential exposure to storm surge property damage in 10 major U.S. city areas. The 2011 CoreLogic Storm Surge Report finds that many properties located outside FEMA flood zones are at risk for storm surge damage.

In a hurricane, high winds and low pressure cause water to build up inside the storm. When the hurricane passes onto land, water rushes in, and can do significant damage beyond that caused by high winds and rain. The study identified three Florida city areas in which storm surge is a major threat: Miami-Dade, Jacksonville and Tampa.

The study looked at hurricane probabilities, geographic features offshore, population density and population. Projected exposure to storm surge damage for the 10 geographies is:

• Long Island, NY – $99 billion
• Miami-Dade, FL – $44.9 billion
• Virginia Beach, VA – $44.6 billion
• New Orleans, LA – $39 billion
• Tampa, FL – $27 billion
• Houston, TX – $20 billion
• Jacksonville, FL – $19.6 billion
• Charleston, SC – $17.7 billion
• Corpus Christi, TX – $4.7 billion
• Mobile, AL – $3 billion

The majority of homes at risk for storm surge damage are located outside FEMA-defined flood zones.

For a full copy of the storm report click HERE

Homeownership Rates Continue to Decline in First Quarter

According to the Census Bureau, the U.S. homeownership rate fell to 66.4 percent in the first quarter, down from 67.1 percent a year ago.

The current rate is the lowest since the end of 1998 and off from a pace of 69.2 percent during the housing boom.

The rate was highest in the Midwest at 70.4 percent, followed by the South at 68.5 percent, the Northeast at 63.9 percent and the West at 60.9 percent. People aged 65 and up had the highest homeownership rate at 81 percent, while those younger than 35 had the lowest rate at 37.9 percent.

Full Report

Posted by Scott R. Lodde

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