Real estate values continue to decline in South Florida as the local real estate market is still searching for its bottom.
Of all the South Florida homes that were sold between June and September, nearly half of them were sold for a loss. Specifically, 45.2% of all South Florida homes were sold for a loss in the last quarter.
The continued slide in real estate prices have further increased the amount of homeowners that are currently underwater on their mortgage. Since the peak of real estate values back in June 2006, home values have dropped 53.5% in South Florida. This has left almost half of all single-family homeowners underwater in South Florida. Put differently, approximately 42% of all single-family homeowners in South Florida currently owe more on their mortgage than their home is worth.
Many factors are contributing to the continued decline in real estate prices in South Florida. For instance, the continued high rate of foreclosures coupled with a weak job market are both continuing to influence housing prices, and the housing market, as a whole.
Short sales also continue to dominate the market. Indeed, sellers continue to slash their prices, making it a very attractive buyer’s market. In fact, many buyers are finding very attractive deals in this market. That is illustrated by the fact that nearly 21% of all south Florida home sellers reduced prices in the third quarter. Moreover, short sales and foreclosures continue to account for most real estate transactions and are currently accounting for more than 60% of all south Florida sales.
The current real estate market, and ongoing foreclosure crises, presents all sorts of issues that must be properly navigated by a struggling homeowner. 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.
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.
Call us toll free at 1-866-518-2913 or at 305-263-7700.