Brevard County Market Watch

Issue 3 May 2008

Florida foreclosures went up by 150% over last years figures

35,000 homes are in foreclosure in Florida

1 of every 242 homeowner is in foreclosure

17% increase from March of 2008

According to Brevard County Clerk of Courts office

789 foreclosure filings in Brevard in April 2008*

717 foreclosure filings in Brevard in March 2008*

2978 foreclosure filings in Brevard in 2008*

*these figures are for foreclosure filings, NOT for actual homes that have gone back to the bank

According to the Multiple Listing Service for Brevard

359 lender owned homes for sale

148 foreclosed homes are under contract to purchase

240 foreclosed homes have been purchased since the beginning of the year

71 foreclosed homes sold for the whole year in 2007

According to Melbourne Association of REALTORS for Brevard County April 2008:

287 residential units sold

0.35% increase in solds from March 2008

12.23% decrease in solds from April 2007

124 days – average market time for solds

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29 condo units sold

20.83% increase in units sold from March 2008

16% increase in units sold from April 2007

143 days – average market time for solds

22 townhouse units sold

29.41% increase in units sold from March 2008

29% increase in units sold from April 2007

166 days-average market time for solds

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47% of these properties were purchased with conventional loans

29% of these properties were purchased with cash

We are currently seeing indications that our Brevard County Real Estate Market is picking up pace. Buyers are easing their way back into the market and are currently scooping up some bargains. Aggressive sellers that can price their homes competitively are moving them off the market in 3 to 5 months. Location, and condition are absolute essentials in this competitive market, for a seller. However, today, PRICE is the number ONE determining factor on how long a home will remain on the market. LOOK FOR MY UPCOMING ARTICLE IN SPACE COAST BUSINESS MAGAZINE IN JULY 2008.