Good things happened in Florida's real estate market last month, bringing a much needed sigh of relief to housing experts who have received a steady stream of negative developments on the housing front.
According to the Northeast Florida Association of Realtors, pending home sales in June increased 34 percent year over year, indicating residents are willing to buy. However, they may not be capable of doing so, as there appears to be a gap between pending and actual sales, down 15 percent compared to June 2010.
Still inventory levels are down, suggesting to Dane Leslie, president of the NEFAR, that the Florida housing market is showing signs of recovery.
"The steady reduction in the number of homes for sale is an encouraging sign for the real estate market," said Leslie. "As the volume of available properties continues to decrease, particularly the lender-mediated properties, greater stabilization should be on the horizon."
This is good news for Florida residents who are in the real estate market, especially those who have clean credit, as a strong credit rating increases the chances a borrower will be approved for a mortgage. However, even if a consumer has bad credit resulting from errant markings, a credit lawyer may be able to get the consumer's report back on the right track.