MiamiRealEstateKing

Mortgage Insurer: Prices likely to rise in next two years; Can YOU wait?!

In Distressed Sales, First-Time Buyer, florida, forclosure, foreclosure, government, HAFA, HAMP, Home Buyer, home sellers, HUD, insurance, lenders, Loan Originator, mediation, miami, miami beach, modification, mortgage, real estate, Sellers, Short Sales on May 5, 2010 at 2:26 pm

Mortgage insurer says housing is recovering

WASHINGTON – May 5, 2010 – Mortgage insurer PMI released a report Monday that indicates a housing market recovery and predicts that prices are likely to rise in many markets over the next two years.

Florida, California, Nevada and Arizona have the highest risk score MSAs. Of the top 10 high-risk scores, seven are in Florida: Naples-Marco Island, Cape Coral-Fort Myers, Lakeland-Winter Haven, Palm Coast, Miami-Miami Beach-Kendall, Port St. Lucie and Fort Lauderdale-Pompano Beach-Deerfield Beach.

On the other hand, two Florida cities ranked in the top 10 for “Housing Affordability” under “Best Performing MSAs,” including one considered high risk: Cape Coral-Fort Myers and Sebastian-Vero Beach.

The study also noted that the states hit hardest by the recession, including Florida, made a sizable improvement – the highest ever measured – in declining numbers of new foreclosures.

In calculating risk factors, PMI considers affordability, mortgage credit quality, decreasing foreclosure rates and the direction of the area’s housing supply.

Key findings:

* Of the nation’s 384 MSAs (metropolitan statistical areas), 356 had a declining risk score, with only one showing a slight increase and the rest unchanged.
* The number of MSAs in the riskiest category fell by 26.4 percent during the fourth quarter.
* The number of MSAs in the least-risky category increased 26.5 percent.

To read the full report, visit PMI’s website at: http://www.pmi-us.com/econ

Reprinted by permission: © 2010 Florida Realtors®

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