Archive for the ‘Blog’ Category
National flood insurance program ends day hurricane season starts
Thursday, May 10th, 2012The National Flood Insurance Program expires yet again on May 31, 2012, the day before the start of the official hurricane season: June 1 to Nov. 30.
Florida homeowners considering flood insurance should sign up before May 31 in case the U.S. Congress fails to reauthorize the program immediately. However, flood insurance comes with a 30-day waiting period for current homeowners, and Floridians seeking coverage during hurricane season are already a few days late. They should sign up immediately.
In general, Florida homeowners with hurricane coverage through their homeowners insurance are covered for rain damage that comes from the sky, but not from rising water, such as that from a storm surge. Only a flood insurance policy covers damage from rising water.
Homebuyers closing after May 31 on properties in designated flood zones face a unique challenge. During an NFIP relapse, new policies will not be written. And without flood coverage, lenders won’t release money for homes located in flood zones. While there are a few workarounds – a buyer can secure coverage before May 31 even if closing afterward or take over a seller’s policy – a flood insurance hiatus tends to cause more problems, especially if it continues for a few weeks.
Long-term flood insurance extension
In the recent past, Congress, unable to reach agreement, has extended NFIP for short terms. While there are bills offering longer extensions, they have not passed. This time, the National Association of Realtors® (NAR), American Insurance Association, American Land Title Association, environmental and other groups plan to launch a campaign, “Flood the Hill,” to push for a long-term extension.
“Flood the Hill” launches next week and runs for three weeks. It will encourage all Americans to contact their representatives in Washington by email, phone or in person. The campaign focuses on a Senate bill, S. 1940, and hopes to force senators to bring it up for a floor vote.
While senators generally agree that flood insurance should be extended for a longer period of time, the NFIP bills tend to attract amendments that don’t appeal to one faction or another. As a result, they often fail to pass. When time ran short in the past and a long-term extension seemed out of reach, Congress reauthorized a short-term extension and hoped lawmakers could work out their differences.
Source: Florida Realtors Reprinted with permission. Florida Realtors® All Rights Reserved
Serving a military market niche
Wednesday, January 25th, 2012Following the withdrawal of all active duty U.S. military from Iraq, many service personnel are returning to their lives in Florida and throughout the nation – and a Realtor often can help them navigate some of the unique challenges they face.
“Realtors that understand military issues will get this market and be able to better serve those who served us,” said Buddy West, a Delaware Realtor who discussed how to meet the challenges facing the military when it comes to real estate transactions during Florida Realtors® Mid-Winter Business Meetings in Orlando last Friday.
From dealing with upside-down mortgages to helping a serviceman or woman find a first home, working with veterans presents unique circumstances for a Realtor. When West began working with military personnel years ago, he found a market niche that truly appreciated a Realtor who took the time to understand its needs.
West asked, “Why should Realtors – particularly in Florida where you have military all over the place – care about this market? No. 1, it’s underserved. They need our expertise and help; and, it’s one of the few growth areas in the housing market right now.”
How big is the military market? While the numbers vary greatly from survey to survey, according to veteran statistics presented by West, there currently are 22.3 million veterans: 1,445,000 active military, 833,000 reservists and 1,325,000 families connected with the military. West cited statistics sourced from NPR or National Public Radio.
Florida has the second largest per capita veteran population in the nation, he said.
Key to working with the military is getting to know them and understanding who they are, their circumstances and their needs, West said. Volunteering is a good way to begin. For example, he often hosts a mixer for military families and outside sponsors help cover the costs of the event.
“I believe it’s OK to do well, but you have to do good,” West said. “And working with the military, helping those who have served us – that’s the ‘do good’ part.”
Source: Florida Realtors Reprinted with permission. Florida Realtors® All Rights Reserved
You may owe federal income taxes in 2013 if you have a short sale, foreclosure
Wednesday, January 11th, 2012You may owe federal income taxes in 2013 if you have a short sale, foreclosure after this year. Now is the time to make the hard decision: Are you going to walk away from your underwater home?
Uncle Sam is still giving homeowners until Dec. 31, 2012, to go through a short sale or foreclosure without tax consequences – as long as the lender officially releases the debt.
But on Jan. 1, 2013, the rules change: The amount a lender forgives, ether in a short sale or foreclosure, on a primary residence will be taxable on federal income taxes.
So if a house sold $50,000 short of what is owed on the mortgage, then the selling homeowners will owe federal income taxes on that $50,000. Homeowners would owe $12,500 if they’re in the 25 percent bracket; $7,500 if in the 15 percent tax section.
Homeowners would be on the hook even if the house sold but the bank had not formally forgiven the loan in a letter: The banks must officially sign off in writing before Dec. 31.
“It’s a huge issue – it will be a shock to many taxpayers after 2012,” said Mark Steber, the Florida-based chief tax officer for Jackson Hewitt Tax Service.
The law first came into affect five years ago as the housing market went bust nationwide.
The Mortgage Debt Relief Act of 2007 “generally allows taxpayers to exclude income from the discharge of debt on their principal residence,” according to the Internal Revenue Service. “Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.”
Up to $2 million of forgiven debt can be forgiven this year, $1 million if married and filing separately, according to the IRS.
Homeowners declaring bankruptcy could escape paying income taxes on any cancellation of debt income if the debt is forgiven in the bankruptcy even if the debtor is solvent, said Nick Jovanovich, a board-certified tax attorney in Fort Lauderdale, Fla.
“Bankruptcy trumps everything,” he said.
Or homeowners might not have to pay income taxes on any cancellation of debt income to the extent that they are insolvent immediately before the cancellation – that is, their debts exceed the value of their assets, Jovanovich added.
Steber and Jovanovich said homeowners should decide now what they are going to do – to give themselves time.
Short sales can take a long time, said Timothy Singer of Coldwell Banker in Fort Lauderdale.
He said he knows of one that had been pending for three years.
But lenders “have been gearing up” and speeding up the process, Singer added.
But even if banks quickly approve a short sale, the would-be buyer may get cold feet and the deal fall through, Singer said.
Then the sellers have to begin again, he said.
Source: Florida Realtors Reprinted with permission. Florida Realtors® All Rights Reserved
Renters spend 5% more than homeowners
Wednesday, November 2nd, 2011Rising rents are forcing renters to outspend homeowners on housing costs, according to a new study.
Since 2005, homeowners’ housing expenses have climbed from 31.9 percent of their household budget to 33.2 percent. In that same time period, renters’ expenses have jumped from 35.6 percent to 38.4 percent, according to the October CoreLogic U.S. Housing and Mortgage Trends.
In the last 26 years, homeowners have increased the amount they spend on household expenses by 12 percent while renters have increased it by 22 percent, according to the study.
Earlier this month, Capital Economics economists noted that for the first time in 30 years the median monthly mortgage payment is about the same – or less – than the median rental payment.
Yet, with the bleak job market, homeownership rates continue to fall in many parts of the country, particularly among younger generations. CoreLogic found in its report that the homeownership rate for the 25-to-34 age group dropped from 51.6 percent in 1980 to 42 percent in 2010. For the 35-to-44 age group, homeownership rates fell from 71.2 percent to 62.3 percent over that period.
Source: Florida Realtors Reprinted with permission. Florida Realtors® All Rights Reserved
Turned down for a loan? Now you can find out why
Tuesday, July 26th, 2011Your credit score determines the interest rate you pay for a credit card, car loan, private student loan or a home mortgage. A low score could prevent you from getting a loan at all. But for years, this important number has been a mystery to most consumers.
Starting today, that will change.
A provision of the Dodd-Frank financial reform law that takes effect today requires lenders to provide consumers with a free credit score whenever:
• They reject an application for a loan. In that case, lenders will be required to provide consumers with an “adverse action” notice that includes their credit score and explains why they were turned down.
• They approve a loan but at a higher rate than the rate provided to their best customers. As in the first instance, lenders will be required to provide borrowers with a credit score and explain why they’re charging a higher rate.
• Lenders must provide the score they used to make a decision about your loan. They’ll also be required to explain the factors that adversely affected your score and the range of possible scores so you’ll know where you stand.
Consumers submit about 1 billion credit applications every year and of those, about half will fall under one of those two categories, says Mark Greene, CEO of FICO, which developed the most widely used credit score.
Many borrowers who receive the notices will be surprised to learn that they didn’t qualify for a lender’s best rate, Greene says. That could encourage more consumers to shop around and take steps to improve their scores, he says.
The requirement won’t create a burden for lenders because they’ve already bought the scores from FICO or other credit score providers, Greene says. “All (lenders) are doing is sharing it with the consumer,” he says.
The requirement won’t help consumers who want to view their scores before they apply for a loan. A federal law enacted in 2003 requires the three main credit bureaus to provide consumers with a free annual copy of their credit reports, but they’re not required to include a score.
Consumers can purchase a credit score from the credit bureaus when they order their free credit reports. They can also obtain credit scores when they enroll in credit-monitoring services offered by the credit bureaus.
However, those scores aren’t necessarily the same ones lenders use, according to a report issued Tuesday by the Consumer Financial Protection Bureau. Some credit bureaus sell consumers “educational” scores that aren’t the ones used by lenders. In other cases, the score may be based on a different model than the one lenders use, the report said.
If these differences lead consumers to mistakenly believe they’re poor credit risks, they may settle for less-favorable terms than they’re eligible to receive, the report said. Conversely, a consumer who mistakenly believes he is a good credit risk could waste time and effort applying for loans he’s not qualified for, CFPB said.
More cash
A separate provision of the financial reform bill that takes effect today will double the amount of money financial institutions must make available to customers after they deposit a check.
The provision requires banks and credit unions to make a minimum of $200 available to depositors in one business day, up from the current minimum of $100. There are exceptions: Financial institutions can hold on to funds for a longer period if the check exceeds $5,000 or the customer has repeatedly overdrawn his or her account.
Nessa Feddis, senior counsel for the American Bankers Association, says most banks already exceed the new requirement. “I don’t think many consumers are going to notice” the change, she says.
But some financial institutions have expressed concern that the rule change will make it more difficult for them to identify fraudulent checks. “There’s going to be more of a risk exposure to financial institutions in general as a result of this” rule change, says Mary Dunn, general counsel for the Credit Union National Association, a trade group.
Source: Florida Realtors Reprinted with permission. Florida Realtors® All Rights Reserved
Tax exemption for military now available
Wednesday, July 20th, 2011Members of the military who were deployed in 2010 can get a break on their property taxes thanks to a new exemption that’s just become available.
Florida voters approved a constitutional amendment for the exemption in the November elections. The Legislature put the finishing touches on the exemption by approving the legal language. Now, it’s up to members of the military to file applications for the benefit.
The Duval County Property Appraiser’s Office has been sending information about the exemption to the region’s military bases.
“If they don’t know about it yet, they’ll soon know,” said Dana Clark, division chief of customer service and exemptions.
The exemption is for those deployed outside the United States in support of Operation Enduring Freedom, Operation Iraqi Freedom or Operation New Dawn.
The amount of savings on property taxes is based on how much time a service member was deployed during the previous year. The longer the deployment, the greater the exemption.
For instance, if a service member was deployed six months in 2010, the exemption would cut the tax bill by 50 percent. The military exemption would be in addition to the homestead exemption that all Floridians receive. If a service member was deployed for six months in 2010 and owns a $150,000 home, the military exemption would translate to a reduction of about $750 on the tax bill.
The savings will appear on the 2011 property tax bill. That’s the way the law works – the amount of time spent in deployment the previous calendar year will be applied to an exemption that cuts the current year’s property taxes.
Clark said so far, about 150 people have applied for the exemption in Duval County. For more information about the discount, service members should contact their county tax appraiser.
The homestead exemption is the latest way Florida has sought to ease the property tax burden for those in the military.
Another tax break that’s been around for a while allows service members who are transferred to keep their homestead exemption for their Florida homes. Florida law lets them keep that homestead exemption even if they move out of the homes and rent them. Typically, a rental home can’t get the benefits of the homestead exemption.
Source: Florida Realtors Reprinted with permission. Florida Realtors® All Rights Reserved
Five questions to ask when evaluating short sales
Thursday, July 7th, 2011“Mortgage lenders across America are eager to avoid foreclosures, and short sales can be an attractive option for clients and real estate professionals alike,” writes Bill Ervin, the national sales director of real estate relationships for CitiMortgage Inc., in an article at RISMedia. “Ask the right questions and you’ll be well on your way to a successful short sale.”
Here are some questions Ervin points out are important for real estate professionals to consider when evaluating a potential short sale for a client.
1. Who owns the lien according to the servicer?
2. What documents are required? For example, the transaction always requires a Letter of Authorization (which is from the client authorizing the real estate professional to speak on their account); listing agreement; purchase contract; estimated/final HUD Settlement Statement; and 2nd Lien Approval Letter.
3. Do all of the parties agree on the property’s value?
4. Has the seller signed a short sale agreement?
5. What are the major challenges the client may face in this transaction? (For example, are there subordinate lien holders or will the client be able to secure financing in time?)
Source: Florida Realtors Reprinted with permission. Florida Realtors® All Rights Reserved
‘Secret’short sale reward in Florida?
Friday, July 1st, 2011Two lending giants are reportedly offering homeowners who are behind on their mortgage a cash reward to agree to a short sale in Florida.
JPMorgan Chase & Co. and Wells Fargo & Co. aren’t releasing many details about the short-sale incentives, but defaulting homeowners in Florida have confirmed that they’ve received anywhere from $10,000 to $20,000 from the banks in order to agree to a short sale.
To help homeowners avoid foreclosure, banks have offered a “cash for keys” program, offering money in exchange for surrendering the home, but banks offering incentives for a short sale would be new, industry insiders say. Usually the perception is that banks agree to do a short-sale transaction as almost a favor for homeowners, experts note.
The banks won’t say why only some homeowners are being chosen to receive the cash incentives, nor its criteria for choosing who gets the reward, only saying it’s determined by “individual circumstances,” according to the Florida Sun-Sentinel.
The short-sale incentives are a way for the two banks to write off the bad loans as soon as possible and avoid the lengthy process of foreclosure, experts say.
Wells Fargo says it offers the cash incentives to homeowners in Florida and other states “where the foreclosure process is lengthening,” spokesman Tom Goyda told the Florida Sun-Sentinel.
In the first three months of 2011, the average foreclosure in Florida took 619 days, according to RealtyTrac Inc.
Source: Florida Realtors Reprinted with permission. Florida Realtors® All Rights Reserved
Market challenges, technologies change Realtor-consumer relationship
Thursday, November 18th, 2010Economic conditions and new technologies are transforming the way Realtors® work with buyers, sellers and investors in today’s real estate market. Realtor Mike Aubrey, host of HGTV’s Real Estate Intervention, shared his insights into “What’s Changing in Real Estate” recently at the 2010 Realtors Conference & Expo in New Orleans.
“We are going to see an amazing impact in terms of pricing with regard to short sales,” said Aubrey. “When you talk about places where every second or third property is a short sale, that’s going to affect market prices.”
Many Realtors at the session agreed that educating consumers and promoting responsible homeownership was a priority, through practices such as advising clients on ways to improve their credit ratings and encouraging buyers to put as much money down as possible to establish upfront equity.
Aubrey also explored the effect of new technologies and the explosion of real estate information on today’s real estate practices. “The impact of the Internet and technology has just been phenomenal. If you don’t have a presence on the Internet, you’re nowhere right now,” said Aubrey.
According to the 2010 National Association of Realtors Profile of Home Buyers and Sellers, released during the conference, 36 percent of recent home buyers started their search by looking for properties online, and 89 percent of all recent buyers used the Internet at some point in their home search.
The NAR profile also found that, while most buyers used multiple listing service websites and Realtor.com (59 percent and 45 percent, respectively), only 2 percent used social networking sites like Facebook and Myspace, and only 1 percent visited video hosting websites like YouTube.
According to Aubrey, there are 675,000 real estate blogs on the Internet. “If you’re going to blog, you need to interpret information for consumers, and you need to devote the time to do it,” he said.
At the same time, Aubrey argued that these new technologies help Realtors create more informed consumers by educating home buyers, sellers and investors about their local real estate market and helping buyers evaluate their options well in advance of going to see houses offline.
“For example, 15 years ago, no one knew what staging was,” said Aubrey. “The impact of the explosion of real estate information channels has created a greater level of awareness.”
Source: Florida Realtors
NAR: Owners Still See Value In Real Estate
Tuesday, November 9th, 2010Homebuyers today have affirmed a long-term view of homeownership, the typical seller is experiencing positive returns and the vast majority of homeowners see their property as a good investment, according to the latest consumer survey of homebuyers and sellers. The study was released during the 2010 Realtors® Conference & Expo.
The 2010 National Association of Realtors Profile of Home Buyers and Sellers is the latest in a series of large national NAR surveys evaluating demographics, preferences, marketing and experiences of recent homebuyers and sellers.
Although typical sellers had been in their previous home for eight years, up from seven years in the 2009 study, first-time buyers plan to stay for 10 years and repeat buyers plan to hold their property for 15 years.
NAR 2010 President Vicki Cox Golder says the pattern of buyers taking a long-term view has solidified over the past few years. “This underscores two simple facts – homeownership encourages stability; and the longer you own, the better your investment.”
Even with several years of price declines, the typical seller who purchased a home eight years ago experienced a median equity gain of $33,000, a 24 percent increase, while sellers who were in their homes for 11 to 15 years saw a median gain of 40 percent.
“Sellers who purchased at the top of the market and had to sell in a short timeframe were hurt by the price correction, but the vast majority who are able to stay for a normal period of homeownership generally built enough equity to make a trade-up purchase,” Golder says. “Despite swings in the housing market in recent years, the fact is most long-term owners see healthy gains in the value of their property.”
House flipping is virtually nonexistent in today’s market. “The primary exception is for experienced investors, many of whom pay cash and are making renovations or improvements after a careful study of properties, neighborhoods and market demand,” Golder says. “The house flipping and quick gains which occurred during the boom period were abnormal, driven by risky, easy-money financing that should never have been allowed in the market.”
In the 2006 study, which covered sellers during the close of the housing boom, 6 percent of sellers had owned their property for less than a year and a total of 30 percent had owned for three years or less. In the 2010 study, only 3 percent had owned their home for less than a year and a total of 11 percent had owned for three years or less.
Paul Bishop, NAR vice president of research, says the lion’s share of buyers view their home as a good investment.
“Eighty-five percent of recent homebuyers see their home as a good investment, and nearly half think that investment is better than stocks,” he says. “Even with the turmoil created by the housing boom and bust, this indicates the long-term view of homeownership as a fundamental goal and value remains sound. In fact, the single biggest reason most people buy a home is the simple desire to own a home of their own, cited by 31 percent of respondents, including 53 percent of first-time buyers.”
The next biggest reasons for buying, identified by all homebuyers, were desire for a larger home, 9 percent; a change in family situation and the homebuyer tax credit, cited by 8 percent each; a job-related move, 7 percent; and the affordability of homes, 6 percent. Twelve other categories were 5 percent or less.
The number of first-time homebuyers rose to a record high 50 percent of all home sales from 47 percent in the 2009 study, building on success of the homebuyer tax credit that began in 2009. The previous cyclical high for first-time buyers was 44 percent in 1991; records date back to 1981.
The profile shows the median age of first-time buyers was 30 and the median income was $59,900. The typical first-time buyer purchased a 1,540 square foot home costing $152,000, with 93 percent using the first-time buyer tax credit.
First-time buyers who made a downpayment used a variety of sources: 74 percent used savings, 27 percent received a gift from a friend or relative, typically from their parents, and 9 percent received a loan from a relative or friend. Eight percent tapped into a 401(k) fund, and 6 percent sold stocks or bonds. Ninety-five percent chose a fixed-rate mortgage. Fifty-six percent of entry-level buyers financed their purchase with an FHA loan, while another 7 percent used the VA loan program. Forty-two percent said financing their first home was more difficult than expected and 9 percent had been rejected by a lender.
The shares of entry-level buyers receiving a gift or loan were modestly higher than 2009 when 22 percent received a gift and 6 percent a loan from a relative or friend.
Fifty-eight percent of all buyers are married couples, 20 percent are single women, 12 percent single men, 8 percent unmarried couples and 1 percent other.
Bishop notes that women buyers have accounted for roughly one out of five transactions since the late 1990s, and single men have been at the one in 10 level since 1981. “A modest increase in the share of single men buyers may result from the homebuyer tax credit, but this is the highest share for single men in the history of the study,” he says.
Buyers searched a median of 12 weeks and viewed 12 homes. Fourteen percent of buyers own two or more homes. The typical repeat buyer was 49 years old, earned $87,000, and purchased a 2,000 square foot home costing $215,000.
The median downpayment of all homebuyers was 8 percent, ranging from 4 percent for first-time buyers to 14 percent for repeat buyers.
The median age of home sellers was 49 and their income was $90,000. Sellers moved a median distance of 18 miles and their home was on the market for 8 weeks, down from 10 weeks in the 2009 survey. Half traded up in size, 28 percent bought a comparably sized home and 21 percent traded down.
Sixty-four percent of sellers chose their agent based on a referral or had used the same agent in the past. Reputation was the most important factor in choosing an agent, cited by 35 percent of respondents, followed by trustworthiness at 23 percent. Eighty-four percent of sellers are likely to use the same agent again or recommend to others.
Forty-four percent of sellers offered incentives to attract buyers, such as home warranties or assistance with closing costs. The typical home sold for 96 percent of the listing price, compared with 95 percent in the 2009 profile.
Homebuyers thought the most important services agents offer are helping find the right house, and negotiating sales terms and price. Buyers also most commonly choose an agent based on a referral from a friend, neighbor or relative, with trustworthiness and reputation being the most important factors.
Buyers use a wide variety of resources in searching for a home: 89 percent surf the Internet, 88 percent use real estate agents, 57 percent yard signs, 45 percent attend open houses and 36 percent look at print or newspaper ads. Although buyers also use other resources, they generally start the search process online and then contact an agent.
When asked where they first learned about the home purchased, 38 percent of buyers said the Internet; 37 percent of buyers from a real estate agent; 11 percent a yard sign or open house; 6 percent from a friend, neighbor or relative; 4 percent home builders; 2 percent a print or newspaper ad; 2 percent directly from the seller; and less than 1 percent from a home book or magazine.
Eighty-five percent of homebuyers who used the Internet to search for a home purchased through a real estate agent, while 70 percent of non-Internet users were more likely to purchase directly from a builder or from an owner they already knew in a private transaction.
Local metropolitan multiple listing service websites were the most popular Internet resource, used by 59 percent of buyers; followed by Realtor.com, 45 percent; real estate company sites, 43 percent; real estate agent websites, 42 percent; other websites with real estate listings, 41 percent; and for-sale-by-owner sites, 15 percent; other categories were smaller.
Seventy-seven percent of all buyers purchased a detached single-family home, 9 percent a condo, 8 percent a townhouse or rowhouse, and 6 percent some other kind of housing.
Commuting costs continue to factor strongly in buyer decisions, with three-quarters of buyers saying transportation costs were important.
Environmentally friendly features remain a significant factor: 88 percent of buyers said that heating and cooling costs were important, 71 percent desired energy efficient appliances, and 69 percent wanted energy efficient lighting.
Fifty-two percent of all homes purchased were in a suburb or subdivision, 18 percent were in an urban area, 17 percent in a small town, 11 percent in a rural area and 1 percent in a resort or recreation area. The median distance from the previous residence was 12 miles.
Not surprisingly, for-sale-by-owner transactions reached a record low, accounting for 9 percent of sales in the 2010 study, down from 11 percent in 2009. The share of homes sold without professional representation has trended down since reaching a cyclical peak of 18 percent in 1997. “In a market as challenging as today, it’s clear most home sellers need professional assistance,” Bishop says.
As seen in previous studies, many FSBO properties were not placed on the open market. Factoring out private sales between parties who knew each other in advance such as family or acquaintances, the actual number of homes sold on the open market without professional assistance was a record low 5 percent – the rest were unrepresented sellers in private transactions. The market share of open-market FSBOs is half of what it was six years ago – 10 percent were sold on the open market in 2004.
The median home price for sellers who used an agent was $199,300 vs. $140,000 for a home sold directly by an owner, but there were important differences. The median income of unassisted sellers was $64,000, in contrast with $93,200 for agent-assisted sellers. Unassisted sellers were much more likely to be selling a somewhat smaller home, and they were more likely to be in a rural area. Combined, these factors suggest a lower value for FSBO properties.
The most difficult tasks reported by unrepresented sellers are getting the right price, preparing and fixing the home for sale, understanding and performing paperwork, and selling within the planned length of time.
NAR mailed an eight-page questionnaire in July 2010 to a national sample of 111,004 homebuyers and sellers who purchased their homes between July 2009 and June 2010, according to county records. It generated 8,449 usable responses; the adjusted response rate was 7.9 percent. All information is characteristic of the 12-month period ending in June 2010 with the exception of income data, which are for 2009. Because of rounding and omissions for space, percentage distributions for some findings may not add up to 100 percent.
Source: Florida Realtors