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Every publication in South Florida is extremely eager to report the Multi-Indicator Market Index Report for August 2014 from Freddie Mac. The report notes that South Florida, from West Palm Beach to Miami, is improving. The Mimi report moves based on four factors. Purchase applications, payment to income, current on mortgage, and Employment. Over all South Florida has a 69.2 score. The score ranges from 0-100. This score indicates that the market is still weak but improving. That’s what we like to hear!
South Florida is still struggling in three of four areas, though improving. The main help is the 16.89% increase in the Current on Mortgage over the past three months. To be in range, South Florida needs to hit a score of 80.
“Delinquencies have been a real big burden on the [South Florida] market,” said Len Kiefer, Freddie’s deputy chief economist. “Those levels are still pretty high, but they’re coming down sharply. That’s really driving the big market movement in Miami.”
With Interest rates still low, there was a greater expectancy for growth in 2014, however there continues to be strict underwriting guidelines that keep buyers from qualifying for mortgages. Over all South Florida is seeing a positive move forward with it’s ranking of 27th out 50 Metro Areas Surveyed.
The best results for buyers, sellers & agents comes with working with a qualified Real Estate & Title Attorney in South Florida. Call James N Brown PA for all of your Real Estate Law needs. 561.838.9595