Florida Foreclosures No Longer Dominate The Property Market After The First Quarter Of 2011
Recent reports have indicated that the property market is no longer being dominated by bank-owned and foreclosure properties within the region as properties found to be under standard conditions are now the leading option on today’s listings.
Many find this to be quite interesting since 70 percent of listings were once comprised of Florida foreclosures which now seem to have taken the backseat.
While there are still a good supply of bank-owned and foreclosure properties available on the real estate market, the demand has switched back to options found to be under standard conditions which have led to an increase in their median sales price.
Single-family home properties within the Miami-Dade County area have gone up in their median sales price by as much as 26 percent for an average of $176,000 within the past year. Nevertheless, many believe that the shift is related to the fact that there has been a decline in Florida foreclosures of as much as 65 percent in 2011 and 48 percent in the first quarter of 2012.
There is no denying the fact that there is still a long way to go before the real estate market reaches its normal levels; however, the fact that it is definitely on its way back is something that brings new faith in the region that has been struggling to recover since the market crash that took place in 2008.
Florida foreclosures have always been one of the best ways for anyone to grab a hold of the chance to own real estate within such an amazing location. Since they tend to be located in neighborhoods which are not as exclusive as today’s upscale options, they easily go on the market for discounted values, especially since many of them come with mortgage issues that need to be addressed.
Nevertheless, the first quarter of 2012 has revealed as many as 10,000 repossessions being made within Florida which means that there could be a big wave of foreclosures found on the property market once banks and lenders decide to sell. Of course, many will opt to wait a bit longer in order to get better values for these properties since the average price for Florida foreclosures is currently at $140,000 which is almost 50 percent below the value of a home property under standard conditions.
Yaz Morgan
Florida Foreclosures
