Another setback for South Florida’s struggling housing market lies is just beneath the surface – thousands of homes that make up the so-called “shadow inventory.”
An index of home prices in big metro areas, including South Florida, has reached its lowest level since 2002, driven down by foreclosures, a glut of unsold homes and the reluctance or inability of many to buy.
If you’ve got the cash, then the South Florida real estate market is ready to reward you with some large bargains. From Homestead to Coral Springs, real estate agents are starting to see a slow turnaround in the depressed Florida home market.
The home market has been the foundation of the Great Recession in South Florida for years. While sales of homes and condos may be increasing, the chances of the average Joe getting some of these great deals remains slim.
For the 11th consecutive quarter sales of existing single family homes and condos was up in Miami-Dade.
Existing home sales continue to rise in Florida. The figures show that sales of homes and condos increased 36 percent from February to March.
While prices remain a mixed bag, sales of single family homes and condominiums showed moderate increases last month.
South Florida sales of condos and single family homes were rising at the start of the year, according to the latest figures from the Miami Association of Realtors.
Foreclosures in January increased by just one percent from December numbers and were 17 percent less than in January 2010. It’s the latest signal that the real estate market may finally be stabilizing.
While South Florida’s real estate market continued to struggle in 2010, area which boomed was “short sales”.