Florida housing remains strong as demand continues to fuel new home sales. The Florida Realtor’s Association also reported pending home sales up 6.5% and multi-family sales up 3.8%. This bodes well for sellers as we move closer to winter. Typically slow summer sales have kicked off early as snowbirds who want to be away from colder northern states during the cold frozen months seek a refuge before season begins at Thanksgiving. Inventory is low with resale at a 4 month supply, less in South Florida. It is definitely a seller’s market. New home builders confidence index is at it;s highest point, 61, since 2005.

Realty Trac reported new foreclosures are at the lowest point since 2005 and banks are releasing pent up properties at near retail prices at the highest level since 2007. With lender requirements stiffened since 2007, there have been very few delinquencies on loans originated since 2009. This has also created a large pool of lender reserves and many like FHA are expected to lend more aggressively.

The number of cash property sales declined to 25%, July, as the inventory of distressed properties also falls. Investor flippers who are not eligible for conventional financing are exiting housing as both the number of and selling price of distressed homes shrink returns. South FL still has some of the highest cash sales at just under 60%. This is positive for markets because it signals a return to normalcy. NAR reported, July 2, that the number of mortgages 3 months or more delinquent has fallen to the lowest level since 2008, another sign that there won’t be another flood of foreclosures to come. Low inventories and increasing demand for homes continues to heat up selling prices. Nation wide there is less than a 5 month supply of housing and in some markets with strong job growth, i.e. Denver, Seattle and Raleigh, Case Schiller reports a less than 1 month supply.

Business Insider reported that 72% of Americans, polled by the Wells Fargo Housing Index Survey, say that now is a good time to buy a home. That’s up from 68% in 2014. Surprise, we are doing more than just talking. New Construction Permits jumped 11.8%, Market Insider said, the highest level since 2007. That’s annual rate of 1.28 million new homes. Apartment construction is leading the way. With predicted demand at 1.5 million, there is still room for more housing expansion.

Fortune Magazine reported, June, that all stats now confirm housing is back to pre-recession levels. “The increasing level of new construction is entirely consistent with the strong demand and corresponding price gains…in both rents and home prices . . . Builders are more confident… the last time that NAHB’s housing market index…was higher than yesterday’s reported number, was 2005… Likewise, apartment owners are encouraged by lower vacancies and higher rents.”

Wednesday, The Federal Reserve did not raise key interest rates. They did say they expect to bump them this fall is the economy stays on track.

Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray said “The CFPB will delay the effective date of the Know Before You Owe rule until October 1, 2015″ These new disclosure rules were part of the Dodd-Frank mortgage lending changes that have been enacted since 2010.

Single family new home builders confidence jumped 5 points, the highest since September 2014, as reported by the NAHB. The Wells Fargo Housing Market Index is 59.

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