http://www.trulia.com/voices/Market_Conditions/South_Florida_dade_amp_amp_amp_broward_market_-174674South Florida (dade & broward) market outlook for 2010? I know prices went down from last June to this past June . Although sales volume will probably increase, what about sales prices? Should we expect continued decreases in sales prices?en-ushttp://www.trulia.com/voices/profile/Real_Estate_Pro-Cooper_City_FL-979536/http://www.trulia.com/voices/profile/Real_Estate_Pro-Cooper_City_FL-979536/In response to your question. I believe market conditions will improve vastly from 2009 making it easier for home buyers to purchase a home. Fannie Mae said Thursday it’s trying to boost Florida’s beleaguered condominium market by opening more developments to loan approvals from the government-run mortgage company. A team of six employees is reviewing hundreds of established condo projects statewide that may not meet Fannie Mae’s standard eligibility criteria for financing because of occupancy problems or high delinquency rates in homeowner association dues. Developments deemed to be stable after a closer look will get a special designation, meaning lenders can originate and deliver mortgage loans in these projects to Fannie Mae. Fannie Mae already has approved 50 projects, all of them in Miami-Dade County. But more approvals are expected in Palm Beach and Broward counties in the coming weeks. Fannie and sister company Freddie Mac buy the majority of the nation's mortgages from lenders. Fannie said it has been granting exceptions to its condo eligibility guidelines on a case-by-case basis when requested by lenders. “This new initiative is geared toward providing maximum support for Florida’s distressed condo market as we continue to provide liquidity to the housing market more broadly,” Karen Pallotta, an executive vice president at Fannie Mae, said in a statement. “The state’s condo market has been particularly hard hit by the housing downturn and we’re working with the industry and our partners to do all we can to stabilize the market and help spur recovery.”Fri, 08 Jan 2010 04:23:52 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Fort_Lauderdale_FL-349762/http://www.trulia.com/voices/profile/Real_Estate_Pro-Fort_Lauderdale_FL-349762/Mike, I work the Fort Lauderdale/Wilton Manors/ Oakland Park/ Pompano Beach area, so most of my data is specifically for that area. I recently posted a blog on Trulia that you might find interesting since both of our areas will have several things in common: http://www.trulia.com/blog/barry_dunn/ According to US News and World report, Florida will need about 20 years before prices return to their "bubble values". Oddly enough, this is one of the few times where the media is actually using COMMON SENSE. Before the bubble, 3% appreciation in Florida was considered a good to average year in the DECADES before the 2000's bubble. If that type of "normal Florida appreciation" returns, it would take about 20 years for properties to be worth what they were in 2005/2006. Although I work in Broward County, and you are in Dade County to the south, there are probably a good number of things we will both see in 2010. Among those are: 1) A steady supply of foreclosures 2) A steady supply of short sales 3) A small but certain number of equity sellers that are unusually motivated (think estate sales, divorces, and job changes). 4) Possible drops in certain condo complexes or high end price ranges due to the lack of move up buyers and oversupply in for those products 5) Relative stability for single family homes, especially those priced under $250,000 just as we saw for most of 2009 according to Trendgraphix. 6) A shortage of realistic equity sellers that are willing to sell in desirable neighborhoods. In many neighborhoods now, over 60% of what is on the market are just Overpriced Turkey Leftovers. The sooner those homes come off the market the better! It may take a couple of years before current property owners become accustomed to the new CORRECTED PROPERTY VALUES of today. In reality, this could just be a "new normal" with slow moderate price gains over many years, like we saw in the 80's and 90's. There is always the possibility of bad news that could depress the market further, like a noticable change upward in interest rates or bad news for the larger US economy, but at this point, it may not be possible to predict factors of that nature. For many neighborhoods, 2010 will probably just be more of what ended up being the "new normal" price ranges for 2009. HAVE A GREAT WEEK! Barry Dunn Keller Williams Fort Lauderdale, FLSun, 27 Dec 2009 11:44:12 -0800