Since President Obama took office, the City of Weston has seen a 15.1% increase in home values. That makes the City of Weston the top performing housing market in the nation since February 2009 to August 2011.
On the other hand, and just 50 miles south of Weston, the City of Homestead earns the mark as having the worst performing housing market in that time span. The City of Homestead has seen home prices drop 48.8% since February 2009.
South Florida’s real estate market has been recently aided with the influx of foreign purchasers. But South Florida’s real estate market still has a long way to go before it fully recovers. The disparate treatment in cities separate by just 50 miles is indicative of the up and down nature of our real estate market.
Recently, renewed efforts to shore up the housing market has included a new program designed to help homeowners re-finance their homes. The re-vamped HARP is designed to allow people who owe significantly more on their mortgages than their properties are worth to re-finance their home.
Meanwhile, the banks are continuing to churn through the high volume of foreclosures on their ledger with no end in sight. This shadow inventory of homes will hinder the full recovery of the housing market for years. Until the shadow inventory of homes is fully diluted, South Florida’s housing market will not return to a healthy thriving market.
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