There are some wonderful opportunities for many buyers looking to enter South Florida’s real estate market. Part of the reason for that is because of the continued increase inventory involving foreclosed properties.
That is particularly true when you consider that the gap between the average sale price of a foreclosed home and that of other properties grew wider in 2010, giving home buyers that snapped up foreclosed properties significant discounts.
And that trend should continue because the amount of homes that were foreclosed on last year far outpaced the amount of foreclosed homes that were sold. Buyers who purchased a foreclosed home in 2010, on average, received a 28% discount as compared to those homes that were purchased that were not involved in a foreclosure.
Moreover, foreclosed homes made up approximately one quarter of all homes sold last year. Traditionally, foreclosures account for less than 10% of all home sales.
It should also be noted that many lenders increased the amount of homes that they repossessed last year. Indeed, Banks took back more than 1 million homes last year. This increase in the so-called shadow inventory of foreclosed homes have yet to hit the market.
However, many banks are very reluctant to put too many foreclosed homes on the market at once, because they would face booking sizable losses on the sales. Generally speaking, about 30% of bank foreclosed inventory is on the market.
Today’s current real estate market, and ongoing foreclosure crises, presents all sorts of issues that must be properly navigated. There are many factors contributing to Florida’s nation leading delinquency rates. They include a weak job market, weak economic recovery, and a major drop in home prices.
Consequently, Florida’s housing market remains unsettled in large part due to the continued foreclosure crises.
Our Miami foreclosure defense lawyers have assisted many homeowners in buying enough time to reach the solution that is right for them. There are many alternatives to foreclosure, and often times it just takes proper planning to properly navigate against the potential pitfalls. Help is often available to those who seek it.
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Consider Your Options. Contact Us Today.
We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure.
If you are on the brink of foreclosure, need a real estate attorney, or just need to assess your legal rights, please contact our office today.
Call us today toll free at 1-866-518-2913 or at 305-263-7700.