Florida had the nation’s highest inventory of homes currently in foreclosure. As a result, sale prices are lower than normal. Given that sales prices are lower than normal, South Florida single-family homes and condos continued to move at an increasing rate compared to last year.
According to housing data released by Florida Realtors, home sales in South Florida increased 2 percent state wide in the month of April. Condos sales have been even stronger. In South Florida alone, condo sales rose 17 percent compared to April of last year.
Specifically, single-family homes in Miami, West Palm Beach, and Ft. Lauderdale increased by 40 percent, 21 percent, and 2 percent respectively from April 2010. Surprisingly, condo sales boomed in Miami, going up a “whopping” 94 percent from a year ago. In West Palm Beach, condo sales increased 30 percent from last year, while Ft. Lauderdale saw a minimal increase, but an increase nonetheless, at 8 percent.
On the other hand, about 14.4 percent of Florida homes with a mortgage were in some stage of foreclosure in the first quarter, compared with the national rate of 4.5 percent. Additionally, at least 4.6 percent of Florida mortgages were at least 90 days past due. The percentage of Florida loans that entered the foreclosure process in the first quarter was 1.8 percent, second only to Nevada’s 2.3 percent.
If you’re in the market to buy a new home or condo, now is a great time to do so. With sale prices continuing to drop, potential buyers need to take advantage of the current market conditions.
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.