Florida Real Estate Blog

Veteran's Parade and Music & Motorcyles Events in Zephyrhills, FL on November 14th

On Saturday, November 14, 2009 from 2:00 PM to 9:00 PM a lot will be happening in downtown Zephyrhills, Florida. Officially the event is called Music and Motorcyles, but includes a lot more.

• At 2:00 PM there will be a Veterans Parade to honor those citizens that have served our country in its military over the years.
• From 6:00 PM to 8:00 PM there will be judging of motorcycles in 12 different classes. Registration for this competition will take place from 4:00 PM to 5:30 PM. There is a $10 entry fee if you wish to enter your motorcycle in the competition. Call 813-780-1414 for more registration information.
• Beginning at 4:00 PM live music will be presented for your enjoyment from the bandstand located at the plaza in the center of the downtown district.

Our weather is turning slowly cooler and November is a beautiful month here in Zephyrhills, Florida. Why not take advantage of this opportunity to get out and enjoy a wonderful day appreciating our veterans and enjoying a unique local event?

If your group wants to participate in the Veterans Parade, please download and fill-in the following document: Download VerteransParadeApplication0001  The applications need to be returned to the Main Street Zephyrhills offices by October 30th so the parade line-up can be planned. Their fax number is: 813-783-3475 Or you can drop it off at their office at: 5224 7th Street, Zephyrhills.

For more information you can call the folks at Main Street Zephyrhills, Inc. at: 813-780-1414, e-mail them at: mszi@verizon.net, or visit their website at: www.mainstreetzephyrhills.org  I am sure they will be happy to assist you!

Floridians Regain Confidence as Economic Worries Lessen

GAINESVILLE, Fla. — Belief that a national economic recovery is under way boosted Florida’s consumer confidence three points to 74 in September, according to a new University of Florida survey.

“I think Florida consumers are buying into the argument that the worst of the recession is over and we have avoided a complete meltdown,” said Chris McCarty, survey director of UF's Bureau of Economic and Business Research. “Once again they have surprised us with a higher than expected index.”

This month’s three-point rise follows a four-point revised increase in August. Of the five components that make up September’s index, three rose, one declined and one was unchanged. Perceptions of personal finances now compared with a year ago remained unchanged at 44, only five points above its all-time low of 39 in December. Expectations about personal finances a year from now fell three points to 81.

In contrast, perceptions of U.S. economic conditions over the next year rose three points to 75, while expectations about economic conditions over the next five years rose five points to 86. Perceptions of whether it is a good time to buy big-ticket items, such as appliances and cars, rose nine points to 84.

“It is worth noting that the two index components that gauge perceptions of personal finances both now and in the future are flat or down,” McCarty said. “All of the increase is in perceptions of future economic conditions and in the perception that if you have the money it’s a good time to buy.”

There are some signs that the economy is improving, he said.

Once again the median price of a single-family home is virtually flat compared with the previous month, and up for the year, suggesting that housing prices in many areas of Florida have bottomed out, McCarty said. Although foreclosures are still high, the rate seems to be declining, he said.

In other good news, inflation and, in particular, gas prices remain low overall compared with a year ago, McCarty said. In the past few years, gas prices have dominated the consumer confidence index, he said.

In addition, the stock market is still up for the year and at least for now appears stable, he said.

“On the negative side, unemployment remains at 10.7 percent for Florida,” he said. “This number is not expected to improve much until next year, and it could still get worse. Florida lost population this past year and could do so again as the underlying problems preventing people from moving are still in place.”

Tourisms both domestically and internationally also are down as consumers trim discretionary spending, McCarty said. Retail sales were at least temporarily lifted by such programs as Cash for Clunkers, but sales tax revenues in Florida have dropped 10 percent from a year ago, he said.

“In the near term we expect consumer confidence to decline at least a point or two as the holiday season nears and stimulus programs like Cash for Clunkers and rebates for first-time home buyers expire,” he said. “The discussion about health care reform will be at center stage this fall and may affect confidence if the plans involve increased payments from the middle class.”

Also of economic concern is that at some point extended unemployment benefits will run out, putting more pressure on the unemployed, he said.

In the long term, consumers need to be prepared for the inevitable drawing back of stimulus money from the economy, he said.

The U.S. government effectively printed money to avoid a depression, and at some point most of the money will have to be withdrawn from the economy to avoid inflation and a very weak dollar, McCarty said. When that happens, interest rates will rise dramatically, he said.

“We also have to think about how the Florida economy will adjust moving forward,” he said. “It is likely that discussions about off-shore drilling will receive much more attention as Florida looks for industries to replace those dependent on population growth.”

Writer - Cathy Keen          Source - Chris McCarty

University of Florida Press Release

San Antonio, Florida Rattlesnake Festival October 17 and 18, 2009

Hard to believe, but a year has gone by, and I wanted to let you know that the San Antonio Rattlesnake Festival in San Antonio, Florida will take place on October 17th and 18th of 2009. San Antonio, Florida just to the north of Tampa and a couple of miles east of Interstate 75 in the hills of Pasco County.

This is a very popular event, and of course, encompasses more than rattlesnakes. Some of the events are:

• Snake Shows
• Gopher Races
• Arts & Crafts
• Food (Including their famous barbecue chicken)
• Reptile Shows
• Entertainment Venues
• Foot Races
• Western Wear Contest
• Photography Contest
• Beauty Pageant
• Wildlife Exhibits
• Petting Farm
• And more

Admission to the festival and parking are FREE! Though some shows have admission fees.

Admission to Snake Show and Reptile Show are $5.00 for adults and $2.00 for children under 12 years of age.

 

For more information you can visit the Rattlesnakes Festival's official webpage at: http://www.rattlesnakefestival.com You will also find ticket information and a map at this site, as well as photos of past festivals.

Take advantage of this wonderful chance to get out and enjoy our great autumn weather and take part in this unique event in beautiful San Antonio, Florida!

Consumer Confidence Index© Takes a Dip in September 2009

The Conference Board Consumer Confidence Index®, which had improved in August, dipped in September. The Index now stands at 53.1 (1985=100), down from 54.5 in August. The Present Situation Index decreased to 22.7 from 25.4. The Expectations Index declined to 73.3 from 73.8 last month.

The Consumer Confidence Survey® is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS. TNS is the world's largest custom research company. The cutoff date for September's preliminary results was September 22nd.

Says Lynn Franco, Director of The Conference Board Consumer Research Center: "Consumer Confidence, which had improved in August, retreated slightly in September. The Present Situation Index decreased, as consumers viewed both current business conditions and the labor market less favorably than last month. While not as pessimistic as earlier this year, consumers remain quite apprehensive about the short-term outlook and their incomes. With the holiday season quickly approaching, this is not very encouraging news."

Consumers' assessment of current conditions was less favorable in September. Those claiming business conditions are "bad" increased to 46.3 percent from 44.6 percent, while those claiming conditions are "good" increased to 8.7 percent from 8.5 percent. Consumers' appraisal of the job market was also less favorable. Those claiming jobs are "hard to get" increased to 47.0 percent from 44.3 percent, while those claiming jobs are "plentiful" decreased to 3.4 percent from 4.3 percent.

Consumers' short-term outlook was also slightly more pessimistic. Those anticipating an improvement in business conditions over the next six months decreased to 21.3 percent from 22.2 percent, while those expecting conditions to worsen decreased to 15.0 percent from 15.2 percent.

The labor market outlook was virtually unchanged. Those expecting more jobs in the months ahead edged down to 17.9 percent from 18.0 percent, while those expecting fewer jobs remained the same at 23.1 percent. The proportion of consumers expecting an increase in their incomes increased slightly to 11.2 percent from 10.8 percent.

Source: The Conference Board Press Release at: www.conference-board.org/

Hurricane Season 2009 Remains a Quiet One With Just 2 Months to Go!

Only two months left in the 2009 hurricane season, and the hottest weather is now mostly past. And yet, not signs of activity out in the Atlantic Ocean. This year's season will officially end on November 30th. Let's hope it stays that way. If you click on the image to the left a larger version should open up in a new window for you.

The more years we make it by without a hit the better for all of us. Less problems and perhaps more options for insurance as companies begin to return or start up here. That year a few years back when we had four come barreling through scared a lot of them, even though here in Zephyrhills, and in most of the state, no major damage occurred.

For even more infomation you may also want to visit the National Hurricane Center by CLICKING HERE  Make it one of your favorites so you can visit it from time-to-time. They follow each depression, tropical storm and hurricane as they approach the United States. They also offer a variety of maps similar to the one above that can tell you where the storm may go, how strong the winds are, etc. It can be a very interesting site, especially for those of you who own homes here in Florida.

If you have not already done so, you may still want to get prepared. Waiting until the last minute could be too late. Even if it turns out to be a false alarm, all of the canned food and bottled water can be eaten in the fall and winter when severe storms no longer threaten us. To learn more about preparedness in Florida you can go to: http://www.floridadisaster.org/DEMpublic.asp

You might also want to invest in a weather radio. They are quite inexpensive and can be found at Publix, Radio Shack, Walmart, and many other outlets. Most of them have an alarm feature so that if dangerous weather should appear in your area, the National Weather service can send through a special signal that will set off an alarm in your radio. Thus you are alerted and can take precautionary measures, even in the middle of the night. Not a bad idea! I often give them to buyers as gifts.

I will try to post updates as storms approach, but the National Hurricane Center or your local weather services are your official sources of information. You can also access The Weather Channel for their local forecasts by: CLICKING HERE.

I will try to post updates as storms approach, but the National Hurricane Center or your local weather services are your official sources of information. However, if I can be of any assistance to you, do not hesitate to call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.comYou can also visit my main webpage at: www.jelwell.century21bnr.com

Unlike Rest of US, Florida’s Existing Home & Condo Sales Up in August 2009

ORLANDO, Fla., Sept. 24, 2009 – Florida’s existing home sales rose in August – marking a full calendar year (12 months) that sales activity increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.

Existing home sales rose 28 percent last month with a total of 13,850 homes sold statewide compared to 10,813 homes sold in August 2008, according to Florida Realtors. The state association also reported a 45 percent increase in last month’s statewide sales of existing condos compared to the previous year’s sales figure.

Sixteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in August; 18 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for 14 consecutive months.

“For a year now, statewide sales of existing single-family homes in Florida have increased each month compared to the year-ago figures,” says 2009 Florida Realtors® President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando. (CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). “This is encouraging news, and while it shows the beginnings of recovery, the housing market still needs time to continue its gradual absorption of housing inventory that will help stabilize home prices. That is why it is critical for Congress to extend the first-time homebuyer tax credit into 2010. And, because it’s now taking longer to finalize a home sale, first-time buyers who want to take advantage of the $8,000 federal tax credit need to act quickly, or they may miss the closing deadline of Nov. 30, 2009.”

Florida’s median sales price for existing homes last month was $147,400; a year ago, it was $188,500 for a 22 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in July 2009 was $178,300, down 14.6 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $310,000 in July; in California, it was $285,480; in Maryland, it was $273,769; and in New York, it was $205,000.

Signs point toward continued positive momentum in the housing sector, according to NAR’s latest industry outlook. NAR Chief Economist Lawrence Yun predicts existing home sales will rise through the fourth quarter. “Unless the tax credit is extended, no one should be surprised to see home sales drop in the first quarter of next year,” he said. “However, the fundamentals of the housing market and the economy are trending up, and we expect home sales to generally pick up in the second quarter of 2010. The buyer psychology may be shifting from, ‘Why buy now when I can purchase later,’ to ‘I don’t want to miss out on a recovery.’”

In Florida’s year-to-year comparison for condos, 4,674 units sold statewide compared to 3,222 units in August 2008 for a 45 percent increase. The statewide existing condo median sales price last month was $107,500; in August 2008 it was $158,100 for a 32 percent decrease. The national median existing condo price was $178,800 in July 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.19 percent last month, down significantly from the average rate of 6.48 percent in August 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s larger markets, the Daytona Beach MSA reported a total of 686 homes sold in August compared to 573 homes a year earlier for a 20 percent increase. The market’s existing home median sales price last month was $132,700; a year ago it was $164,200 for a 19 percent decrease. A total of 135 condos sold in the MSA in August, up 27 percent over the 106 units sold in August 2008. The existing condo median price last month remained level compared to a year ago at $184,300.

Source: Florida Association of REALTORS News Release

Existing Home Sales Ease After 4 Monthly Gains - National Association of REALTORS

Washington, September 24, 2009 - Existing-home sales in August gave back some of their strong gain in July but remain above year-ago levels, according to the National Association of Realtors.

Existing Home Sales – including single-family, townhomes, condominiums and co-ops – declined 2.7 percent to a seasonally adjusted annual rate of 5.10 million units in August from a pace of 5.24 million in July, but remain 3.4 percent above the 4.93 million-unit level in August 2008. In the previous four months, sales had risen a total of 15.2 percent.

Lawrence Yun, NAR chief economist, said the tax credit is working. “Home sales retrenched from a very strong improvement in July but continue to be much higher than before the stimulus. The first-time buyer tax credit is having the intended impact of bringing buyers into the market, allowing them to take advantage of very favorable affordability conditions,” he said. “Some of the give-back in closed sales appears to result from rising numbers of contracts entering the system, with some fallouts and a backlog contributing to a longer closing process, but the decline demonstrates we can’t take a housing rebound for granted.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.19 percent in August from 5.22 percent in July; the rate was 6.48 percent in August 2008.

An NAR practitioner survey shows first-time buyers purchased 30 percent of homes in August, and that distressed homes accounted for 31 percent of transactions; both were unchanged from July.

“The recent trend shows broad improvement in most of the country, but with an expected rise in foreclosures over the next 12 months we need to maintain a healthy level of ready buyers to absorb the inventory. An extension of the tax credit is critical to preserve incentives for financially qualified buyers to enter the market,” Yun said.

He added that many buyers had been on the sidelines during the past few years, waiting for signs of stabilization. “Now that the market is showing some momentum, we have an opportunity to achieve a more rapid and broader stabilization in home prices. Extending and expanding the tax credit also would help to keep other families from becoming upside down in their mortgages or risk foreclosure,” Yun said.

“When home prices show sustained gains, credit will become more widely available to other sectors because Wall Street will be able to price risks confidently. Stable home values will also allow more families to purchase consumer products and provide a strong boost for the broader economy.”

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said time is running very short for the existing tax credit. “Because it’s generally taking 60 days to close on a home after a contract is offered, buyers have little time to act to complete a purchase by the November 30 deadline,” he said.

“There’s no guarantee what Congress might do, so there’s really no time to waste. Since Realtors® have unparalleled knowledge of local markets, they can also advise first-time buyers on any additional state or local programs that might be able to offer them financial assistance, and help them close on a home before the tax credit expires.”

Total housing inventory at the end of August fell 10.8 percent to 3.62 million existing homes available for sale, which represents an 8.5-month supply at the current sales pace, down from a 9.3-month supply in July. Unsold inventory totals are 16.4 percent lower than a year ago.

The national median existing-home price for all housing types was $177,700 in August, down 12.5 percent from August 2008. Distressed properties continue to downwardly distort the median price because they generally sell for 15 to 20 percent less than traditional homes.

Single-family home sales fell 2.8 percent to a seasonally adjusted annual rate of 4.48 million in August from a level of 4.61 million in July, but are 2.5 percent higher than the 4.37 million-unit pace in August 2008. The median existing single-family home price was $177,500 in August, down 12.1 percent from a year ago.

Existing condominium and co-op sales slipped 1.6 percent to a seasonally adjusted annual rate of 620,000 units in August from a spike of 630,000 in July, but are 10.1 percent higher than the 563,000-unit level a year ago. The median existing condo price was $179,300 in August, which is 15.7 percent below August 2008.

Regionally, existing-home sales in the Northeast declined 2.2 percent to an annual pace of 910,000 in August, but are 5.8 percent above August 2008. The median price in the Northeast was $241,100, which is 10.5 percent below a year ago.

Existing-home sales in the Midwest fell 6.6 percent in August to a level of 1.14 million but are unchanged from a year ago. The median price in the Midwest was $149,900, down 10.4 percent from August 2008.

In the South, existing-home sales were down 3.1 percent to an annual pace of 1.89 million in August but are 1.6 percent above August 2008. The median price in the South was $157,400, which is 11.0 percent below a year ago.

Existing-home sales in the West declined 2.7 percent to an annual rate of 1.16 million in August but are 7.4 percent higher than a year ago. The median price in the West was $220,500, down 12.2 percent from August 2008.

Source: National Association of REALTORS Press Release

Mortgage Interest Rates Stay Low This Week With Little Change

Today, 9/24/09, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 5.04% (5.01% in the southeast), unchanged from a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.46%, down slightly from 4.47% last week. A year ago the 30 year rate was 6.09%.  

Interest rates remain low and mortgage applications rose 12.8% during the week of September 18th. This was the most activity since last May, much of it due to refinancing of old mortgages.

The Federal Reserve is indicating that it will be keeping its "benchmark" interest rate very low for an "extended period". This will likely help people with adjustable rate mortgages (ARMs) as it should help keep their interest rates down when their rates reset.

The Fed has also said that they have noted improvements in the economy, including the housing market, in recent months. As I have mentioned many times, we are hearing much more positive news now. Still not ALL good, but a far cry from the doom-and-gloom the pundits were proclaiming last winter.

Do keep in mind that we are a very large country. So figures that come out for the entire nation, may have little or no relevance for your particular area. In the end, it is best if you speak with a local REALTOR or financing expert to see what the situation is for your part of the United States. Florida is not Michigan, nor is Maine the same as California. Market conditions can be very different from place-to-place. Also, your own credit history, the property you want to buy, etc. will effect your specific loan options and interest rates. Your mortgage broker or bank loan officer can give you more specific information.

If you want to learn more about Freddie Mac or see the details of their survey, go to: www.freddiemac.com and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.

If you would like to speak with a lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.

I would also be happy to assist you in any way that I can. Just call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com  You are also welcome at my webpage:  www.jelwell.century21bnr.com

US Monthly House Price Index Estimates 0.3% Price Increase from June 09 to July 09

Washington, DC - US home prices rose 0.3% on a seasonally-adjusted basis from June to July (2009), according to the Federal Housing Finance Agency's monthly House Price Index. The previously reported 0.5% increase in June was revised downward to a 0.1% increase. For the 12 months ending in July, US prices fell 4.2%. The US index is 10.5% below its April 2007 peak.

The HFHA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. For the nine Census Division, seasonally-adjusted monthly price changes from June to July ranged from -0.9% in the East South Central Division to +1.6% in the Pacific Division.

If you like facts and figures and want to see the full report with all of it charts and graphs, click on the following link to download the report as a PDF file that all computers can open: Download Federal Housing Agency Press Release

Source: Federal Housing Finance Agency News Release

Census Bureau Releases 2008 American Community Survey Data - Including Housing Info

The U.S. Census Bureau today released the latest American Community Survey (ACS) data, providing a statistical portrait of the characteristics of the nation’s population in 2008.

According to the new snapshot, one-in-four people in Texas (24.1 percent) lacked health insurance in 2008, the highest rate in the nation. At the other end of the spectrum, fewer than one-in-20 Massachusetts residents (4.1 percent) lacked coverage.

Health insurance coverage was one of 3 topics added to the ACS for 2008.  Every question on the ACS is included either because the data are required to satisfy one or more federal laws, regulations or court decisions, or are needed to manage federal programs and allocate more than $400 billion of federal tax dollars annually to states and local communities.

The ongoing survey of approximately 3 million addresses every year provides one of the most complete pictures of our population available. It covers more than 40 topics such as income, educational attainment, housing, family structure and more. All survey responses are strictly confidential and protected by law.

     Today’s release compiles social, housing, demographic and select economic data collected throughout 2008 and includes areas with populations of 65,000 or more. Additional 2008 ACS economic data related to family income, poverty and receipt of food stamps will be released on Tuesday, Sept. 29. Findings in today’s data include:

     Health Insurance Coverage

• By state, the uninsured rate for children ranged from 2.1 percent (Massachusetts) to 20.2 percent (Nevada).

     Income

• The median household income in 2008 ranged from a median of $70,545 for Maryland to $37,790 for Mississippi. New Jersey’s income ($70,378) was not statistically different from Maryland’s, and West Virginia’s income ($37,989) was not statistically significant from Mississippi’s.
• Five states — Kansas, Louisiana, New Jersey, New York and Texas — saw an increase in real median household income between 2007 and 2008. Between 2006 and 2007, 33 states saw an increase.
• Five states — Arizona, California, Florida, Indiana and Michigan — saw real median household income fall between 2007 and 2008. Just one state had a decline between 2006 and 2007.

The 2008 ACS questionnaire asked about income from the previous 12 months, and the survey was conducted each month beginning in January 2008. The Census Bureau is also releasing a new series of short briefs on a range of economic topics covered in the ACS).

     Citizenship and Year of Naturalization

• An addition to the citizenship question asked naturalized citizens to list their year of naturalization. Of the 38 million foreign-born living in the United States in 2008, about 16 million, or 43 percent, were naturalized citizens. More than half of these became citizens in 1996 or later, with 14 percent gaining citizenship in the last three years.
• The total foreign-born population represented 12.5 percent of the population in 2008; it was 12.6 percent in 2007. 
• In 2008, there were about 21.6 million non-citizens, compared with 21.9 million non-citizens in 2007. The percentage of naturalized citizens increased, from 42.5 percent in 2007 to 43.0 percent in 2008.

     Marriage

• The percentage of women 15 and over who have never married was 28.1 percent in 2008, up from 27.6 percent in 2007 and 27.3 percent in 2006.
• Three-fourths of people who have ever been married have done so only once (75.7 percent of women, 75.4 percent of men). About one-in-five have been married twice (19.3 percent of women, 19.4 percent of men), and about one-in-20 have been married three or more times (5.1 percent of women, 5.2 percent of men).

     Multigenerational Households

• In 2008, there were 3.8 million multigenerational households in the United States.

     Commute to Work

• The percentage of workers who drove alone to work decreased slightly between 2007 and 2008 — from 76.1 percent in 2007 to 75.5 percent in 2008.
• The percentage of carpoolers increased from 10.4 percent in 2007 to 10.7 percent in 2008.
• The percentage of commuters using public transportation increased slightly between 2007 and 2008, from 4.9 percent to 5.0 percent.

     Service-Connected Veteran Disability Status and Ratings

• A new topic was added to the 2008 ACS to measure veterans’ service-connected disability status and ratings. The Department of Veterans Affairs (VA) uses data on service-connected disability status and ratings to measure the demand for VA health care services in local market areas across the country. Of the approximately 22.4 million veterans nationwide, 15.1 percent reported a service-connected disability rating.   Of those with a rating, 41.5 percent had a rating of 10 or 20 percent and 17.4 percent had a rating of 70 percent or higher.

     Housing

• California homeowners with mortgages ($2,384) had the highest median housing costs in the nation. New Jersey had the second highest median housing cost ($2,360).  Hawaii ($2,265) and the District of Columbia ($2,218) followed, but were not significantly different from each other.  Rounding out the top six were Connecticut ($2,108) and Massachusetts ($2,105), which also were not significantly different from each other.
• Median selected monthly housing costs for homeowners with one or more mortgages, after adjusting for inflation, rose between 2007 and 2008 for nine states and declined for eight states. Five states that experienced increases were in the West (Hawaii, Montana, Utah, Washington, and Wyoming), three were in the Northeast (Connecticut, Maryland, and Pennsylvania), and one was in the South (Mississippi).
• Five states that experienced declines were in the South (Florida, North Carolina, South Carolina, Texas, and West Virginia) and three were in the Midwest (Michigan, Missouri, and Ohio). The average decrease in the median selected monthly housing costs for homeowners with mortgages in the United States was 0.3 percent between 2007 and 2008.
• The percent change in median home values decreased in the United States (-2.0 percent) and in 22 states between 2007 and 2008 – five in the Northeast (Massachusetts, Rhode Island, New Jersey, Connecticut, and New Hampshire); four in the South (Florida, Maryland, West Virginia, and Georgia); eight in the Midwest (Michigan, Minnesota, Ohio, Indiana, Missouri, Iowa, Wisconsin, and Illinois); and five in the West (Nevada, California, Arizona, Hawaii, and Washington). Although the rate of decline was not significantly different from each other, two states showed larger percentage declines than the other 48 states and the District of Columbia: Nevada (16.0 percent) and California (15.5 percent). Florida (8.6 percent) ranked third.
• States that experienced increases were Texas, Utah, Wyoming, Oregon, Pennsylvania, Tennessee, and North Carolina. Of those states, no one state had a rate of increase that was significantly higher than the other six.

Source: US Census Bureau News Release