Melbourne Area Blog

Looking back at 2009... the good and the bad!

The good -

The number of homes sales in Brevard County increased in all except one month in comparable sales of the same month in 2008.

The number of inventory homes decreased considerably in the last half of the year.

The low inventory and low interest rates contributed to the increased sales.

The bad -

"Short Sales" have clogged the market. These homes stay on the market for long periods of time as the lenders are reluctant to negotiate with home owners.

Loan Modifications have been an abject failure. Whether it is the Federal Government program or the Brevard County program which required lenders to mediate in court any foreclosure on a homesteaded property, the lenders have not participated.

Recap -

With lower home prices (we are at near 2002 price levels) the number of home sales increased. Along with that the projected end of the First Time Homebuyer Tax Credit (now extended) and low interest rates pushed the number of home sales up.

Next week we will take a look forward.

It is a great time to purchase a home in Brevard County!

Happy New Year!