Mortgage Lender FBC Mortgage, LLC Releases Top 5 Florida Mortgage Markets for 2014
Orlando, Florida – February 6, 2015 – (RealEstateRama) — Mortgage Lender FBC Mortgage, LLC recently released the Top 5 Mortgage Markets in Florida for 2014. The statistics show that 2014 proved to be a steady year for growth in the Florida housing and mortgage industry. All data contained in the list is generated from FBC Mortgage, LLC’s financed properties (no cash transactions) and excludes condos.
1. Central Florida (Orlando, Kissimmee, Sanford) – With a booming tourism industry and considerably strong job growth, namely in the tech industry, Central Florida has experienced a population growth of 14.93% since 2000. Central Florida’s median home prices average $155k and the cost of living is 8.5% lower than the U.S. average making the area comparatively affordable versus other major U.S. cities. Downtown Orlando has several large projects such as a new soccer stadium and performing arts center which has generated excitement and helped the core housing market. Additionally, Central Florida is a hub for many large home builders which has helped it become a national leader in new home construction.
2. Tampa Bay, St. Petersburg/Clearwater- An abundance of beaches, water-front homes and a positive outlook on job-growth has propelled the Tampa, St. Petersburg/Clearwater area to reach a population of nearly 2.8 million. The area is also quite affordable for the average family; the area’s cost of living is 8.8% lower than the U.S. average. Home to several Fortune 500 companies, the Tampa Bay housing market will continue to improve as the economy strengthens.
3. Volusia County (Deltona, Daytona Beach, Ormond Beach)- Residents of Volusia County are drawn to the area because of its well-known auto-racing industry, water recreational activities and recent strong employment trends which have helped the population rise 13.6% since 2000. The median home cost is an affordable $120k. This area saw one of the sharpest declines nationally in home values during the Great Recession; however, last year’s values were up 14%. From all appearances, Volusia County looks to be on the road to recovery and still one of the most affordable in the country.
4. Brevard County (Melbourne, Palm Bay, Titusville)- Also known for its water recreational activities, desirable climates and a reasonable cost of living, Brevard County ranks in at 4th in the Top Florida Mortgage Markets. In 2014 the population in this area reached 544k, up an impressive rate of 17% since 2000, and the median home cost was $125k. The end of the Space Shuttle program at Kennedy Space Center in 2011 gave way to suspicion that the area’s population and tourism would be negatively impacted. However, the re-devolvement of Port Canaveral, Space X and an influx of technology companies has significantly helped with region’s economic rebound.
5. Sarasota, Bradenton, North Port- Often known as the retirement mecca, the Sarasota, Bradenton and North Port area continue to draw those seeking attractive settings, historic interests and leisure activities. Although the cost of living is 1% higher than the U.S. average, the population still boomed an impressive 22% since 2000. The median home cost of $173k is slightly higher compared to other popular Florida markets. Home appreciation values were up 15% in 2014. With the stock market improving and home buyers more confident, this area will benefit from 2nd home buyers and investors looking to enjoy the beautiful Gulf beaches.
“Florida’s mortgage market has made a strong recovery. The state is a national leader in new construction and has also benefited nicely from the improving economy. Second Home buyers are taking advantage of the reasonably priced costal properties and investors are buying based on the strong rental market. A strong job market has also created an increased demand for housing throughout the state.” stated Rob Nunziata, President & CEO, FBC Mortgage, LLC
* All of the data contained in the report is compiled from financed properties located in Florida. Data is based on a sampling of over 3500 closed transaction in the last 7 months. Areas such as South Florida had strong sales but a very high percentage of cash buyers which lowered their overall score. Report date as of Feb 2, 2015
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About FBC Mortgage
Founded in 2005 in Orlando, Florida, FBC Mortgage, LLC is a National Mortgage Lender headquartered in Orlando, Florida and operates under the FBC Mortgage, Sterne Agee Mortgage, and Home Loans Today names. FBC Mortgage provides competitive rates on home loans (FHA, VA, Conventional, USDA), construction loans, and FHA 203k rehab loans. The award-winning company also specializes in refinancing home loans. Visit us on the web at www.fbchomeloans.com or call us at 1-866-413-2563 to schedule your free mortgage consultation.
