Sales of foreclosured properties skyrocketed in the third quarter of 2012, new data reveals.
Foreclosures have crippled the South Florida home market since the Great Recession hit and while the rest of the nation has started to show improvement, Florida continues to struggle to recover from the worst economic collapse since the Great Depression.
The foreclosure crisis crippled South Florida and created a backlog in the court system; and even though the overall economy is improving, the housing market remains in limbo.
While some realtors may be proclaiming the real estate market in South Florida is on the rebound; new numbers from RealtyTrac show the foreclosure crisis is stalled and may not clear out in South Florida for two more years.
A new report on foreclosures in the state may have you thinking we’ve turned the corner on our troubled real estate market, but ‘all that glitters is not gold’.
The Sunshine State continues to be among the worst states in the nation when it comes to foreclosures.