ORLANDO (CBSMiami/AP) — Several Florida metro areas led the pack when it came to short sales of homes in April.
Orlando, Lakeland, Tampa, and Palm Bay had the highest rates of short sales in the nation, according to the research firm RealtyTrac. The rates for those metro areas ranged from almost 15 percent to more than 13 percent of all home sales.READ MORE: Walt Disney World Plans To Relax Physical Distancing In Some Areas Of Its Parks
The nationwide rate in April was 5.2 percent.
A short sale occurs when a home is sold for less than the amount owed on the property.READ MORE: ‘Your Heart Shakes, Your Heart Drops’: Crisis In Israel Hitting Very Close To Home For Some In South Florida
There was a bright spot in Florida from the RealtyTrac report.
The report says Miami had one of the fastest price appreciation rates in the nation in April. Home values in Miami grew by 20 percent from the previous year, according to RealtyTrac.
(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)MORE NEWS: Miami Police Officer Ashley Hunter Accused Of DUI Following Crash
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