It appears that the South Florida real estate market may have entered a new phase. According to news reports, banks are repossessing foreclosed homes at a faster rate, but fewer homes are falling into delinquency.
In August, the rate of bank repossessions increased 96.7 percent compared to the same time last year. Meanwhile, foreclosure filings have dropped 52 percent. This means that additional inventory is still going up for sale, which means there is still downward pressure on prices and home values. Moreover, some areas are actually seeing prices rise for the first time in years. Specifically, the Brickell real estate market is seeing slight increases in values currently.
The Miami lawyers at Alvarez & Barbara, LLP, are on your side. We are experienced trial attorneys who will help you understand your rights and options under Florida and federal foreclosure laws. Contact our law firm today for a free consultation and case evaluation.
This mixture of good and bad news makes it difficult to determine exactly what state the current real estate market is actually in. It could possibly mean that the first stage of the foreclosure crises has reached a peak. Year after year, foreclosure activity across South Florida has declined. Nevertheless, the foreclosure problem is still in the way of any substantial region wide recovery. South Florida is currently experiencing one foreclosure filing for every 111 homes, the fifth highest ratio in the country.
Many experts believe that we are hovering somewhere near the bottom. We only hope that this is true as many don’t expect the overall market to bottom out for another three years.
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For a free consultation with a Miami lawyer familiar with deeds in lieu of foreclosure, contact Alvarez & Barbara, LLP, today. We represent clients in Miami, Homestead, Hialeah, Coral Gables, and throughout South Florida.