In Miami home sales are up, but across America sales are down. According to the latest reports, less Americans purchased previously occupied homes in February. Those who did purchase these homes bought them at extreme discounts. Because of the weak sales and continuous rise in foreclosures, home prices have reached their lowest level in nine years.
However, these sad numbers are not true across the country. For example, although prices have dropped 18.6% since last year, sales have jumped 46.4% during the same time period.
As these figures show, we are still deep in the housing recession. The biggest hurdle to a recovery is the massive amount of unsold homes on the market. Experts believe that at the current pace of home sales, it would take about 9 months to sell all the homes which are currently on the market. However, this doesn’t take into account the fact more and more homes are entering the market on a regular basis.
But even these figures do not fairly represent the market because of shadow inventory – homes that are in the early phases of the foreclosure process, but have yet to be placed for resale. Also, the suspension of many foreclosures due to the robo-signing scandal is slowing down foreclosures which slows down repossessed homes from being placed on the market.
In addition to the foreclosures, sales are bogged down by lenders who are currently less willing to provide mortgage loans. Buyers are also deterred from buying homes because of high unemployment rates, job insecurity, and worries that home prices will continue to drop.
Consider Your Options. Contact Us Today.
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.
Even in a good market, real estate can be intimidating. With the current state of the market, real estate is even more intimidating. Its often the best decision to hire experienced counsel to help you navigate the intricacies of the real estate market. Whether you’re making a purchase, facing foreclosure, or trying to recover your deposit from a condo purchase, Alvarez & Barbara, LLP has the experienced know-how to tackle all of your real estate needs.
Call us today toll free at 1-866-518-2913 or at 305-263-7700.