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February 17th, 2009 11:44 AM by David W. Welch
Active listings are trending back down slightly to 22,587 after a slight increase last month. Pending sales are through the roof at 4,174 as of this morning up from 3,830 just last month. Also moving back up somewhat is the median price of the 429 properties that have sold this month so far. Last month ended with the median price around $148,000, and so far stands at $157,000 in February. The number of distressed properties is remaining fairly stable after a few months of increases.
President Obama's plan for the housing market is coming out tomorrow. It is expected to include help for people facing foreclosure, and I would like to see it address the issue of all the foreclosures already on the market. As I have posted before, any plan that does not include an effort to absorb the current foreclosures is only addressing half the problem. There are about 1 million foreclosed properties that could be bought, fixed up and maintained using a relatively small portion of the the stimulus or bail out money. As I have mentioned before the total cost already is approaching 2 trillion dollars when you add up the first bail out, the Fed actions, and the current stimulus being signed into law today. Now there is talk of additional bail out money for the auto makers and banks. For 10% of the money already committed all the foreclosures could be bought up which gets to the very heart of economic situation we face.
David Welch, Orlando Real Estate