Florida’s foreclosure crisis refuses to ease up, according to new data.
While South Florida’s economy as a whole is recovering, the housing market is doing the opposite.
By now, we know the drill. For homeowners, it’s great news. For those looking to buy, it’s terrible. Home prices rose again in October, placing South Florida counties in fifth place on a home price index’s list of highest annual gains.
The rising price of gas, Facebook’s stumble on Wall Street and the end of the Twinkie made business headlines nationwide. Here in South Florida improved tourism, improved real estate values and new local construction projects were the talk of the town in the business community.
Despite a lagging economy, South Florida’s housing market continues to improve. The median price for an existing single-family home in Miami-Dade rose 5.8 percent to $185,000 in October from a year earlier.
Fixing the housing market and helping families from losing their homes was a key focus for President Barack Obama during the State of the Union address Tuesday. But Americans are waiting to hear more on the plan.
The real estate outlook may look bleak across the country, but analysts say South Florida is already on the road to recovery.
America’s housing bubble went bust when the mortgage mess began.
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.”
During the Florida real estate boom of the mid-2000s, one of the most lucrative ways to make a living — or commit fraud — was to be a mortgage broker.