According to the local news here in Hernando County, there are many more foreclosures to come on the market! The number of foreclosures rose to 1,675 through the end of June which lead to a 7% increase in sales compared to the same time last year. More than half the homes sold this year were foreclosure properties or short sales in which the home is sold for less than what is owed.

Have we hit bottom yet? In Hernando County, there has been a 30% decrease in the median home prices-from $145,000 in the first half of 2008 to $100,900 for the same period this year. Homes sales have increased by 13% in the first half of 2009 compared to the same period last year as well as a 2 week decrease in the time period homes sit on the market according to MLS. Maybe, by the end of this year we will begin to see things turn around.

Once our home prices begin to steady and our foreclosure rate decrease, hopefully we'll see the new home construction in Spring Hill and surrounding areas start to move. Permitting here in Hernando County are averaging 25 a month for the last 6 months.

The article in this morning's Hernando Times, unemployment in May 2008 stood at 7.4% rising to 12.7% by May 2009. When our unemployment rates drop we will begin to see improvement .

Some Good News, it's a great time for buyers to start searching for their new home; whether you are a 1st time home buyer (Take advantage of the $8,000 Tax Credit), looking to upgrade, or a vacation home here in Hernando County, there probably won't be a better time than now.. Call now to be set you up on your personal automatic email system from the MLS which will send you all theFORECLOSURES AND SHORT SALES DIRECTLY TO YOU BASED ON YOUR SEARCH CRITERIA.
There are some great buys in resale homes in Spring Hill, Weeki Wachee, Brooksville and the Royal Highlands, but you have to act quickly as there are so many buyers waiting for the "Best Home Their Money Will Buy!"
Hope you enjoyed your 4th of July. Have a great day!