Home prices in South Florida have reached their lowest level since the housing bubble burst in 2006. The cause for the continued price decline can be attributed to the continuing high number of foreclosures, the glut of unsold homes and the reluctance or inability of many to buy.
Real estate prices in Miami dropped by 6.1 percent year over year in the first quarter. This decline has continued over the past few months. The Miami housing market has virtually mirrored the national price index. Nationally, pricing has dropped by 5.1 percent, year over year in the first quarter, and has dropped for the 8th straight month. Therefore, it should come as no surprise that Miami is one of 12 cities nationally that recorded a new low in single-family home prices in the first quarter of 2011.
Unfortunately, these figures confirm a double dip in home prices across much of the country. This is certainly true because from the fourth quarter to the first quarter we saw a 3 percent increase in prices. But from the third to the fourth quarter we saw a 1.5 percent drop. As such, we are seeing home prices continuing on their downward spiral with no relief in sight.
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.