Low unemployment and an increase in home loan applications are keeping South Florida’s housing market stable, according to a report Wednesday from mortgage company Freddie Mac.
Still, two other forecasts are more pessimistic about housing after four years of steady growth.
Palm Beach, Broward and Miami-Dade counties scored 91.9 on Freddie Mac’s Multi-Indicator Market Index for June. That’s unchanged from May but an increase of 10 percent from a year earlier.
The index analyzes mortgage applications, delinquencies, employment and affordability in the 100 largest metro areas nationwide. A composite score of 80 or above is considered stable. The ideal score is 100.
South Florida homeowners continue to regain equity lost during the last decade’s housing crisis, as the number of “seriously underwater” mortgages has declined sharply over the past three years.
At the end of the second quarter, 17.3 percent of homeowners with a mortgage — 262,591 people in Palm Beach, Broward and Miami-Dade counties — owed at least 25 percent more than the property was worth, according to the RealtyTrac Inc. research firm in Irvine, Calif.
While that’s still higher than the national average of 11.9 percent, it is down from 22.4 percent (332,186 homeowners) at the end of the second quarter of 2015, RealtyTrac said.
Higher prices haven’t put an end to home flipping in South Florida, a new report shows.
Flips accounted for 6.3 percent of third-quarter home and condominium sales in Palm Beach County, up from 5.9 percent in the same period of 2014, according to real estate website Trulia.com.
In Broward, flips accounted for 6.1 percent of sales, compared with 5.7 a year earlier. Miami-Dade County’s share of flipped homes was 6.4 percent, up from 4.7 percent, ranking as the biggest increase in the country, Trulia said.
If you live in an old building on South Florida’s prime waterfront, don’t get too comfortable: Developers want your sand.
In the latest mega-deal to happen on the beach, a New York-based developer said he has struck a $55 million deal to buy a Surf House, a modest condo building in Surfside that dates to the 1960s. His plan? Tear it down and build a luxury 12-story condo tower.
A website for searching property records operated by the Miami-Dade County Office of the Property Appraiser has won a national award.
The site allows users to search county property records online and works on desktop, tablet and mobile devices. It is the most-used page on the county’s site, according to property appraiser Pedro Garcia.