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Lower Priced Foreclosure Properties in Gainesville, Florida

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By : John Cutts    99 or more times read
Lower priced foreclosure properties can be found in Gainesville, Florida, where foreclosures increased in the July-September quarter and where sales prices decreased in October.

Sales of pre-owned homes also rose in October by 32 percent in Gainesville, compared to sales in October last year. A total of 172 pre-owned single-family houses were sold in October, up from 130 units sold one year before. Total sales marked several consecutive months of year-over-year home sales increases in almost four years.

In September, home sales increased to 149 units, a big jump of 41 percent from 106 units in September last year.

According to records from Florida Realtors, the price median for pre-owned single-family houses sold in October in Gainesville dropped by 10 percent from the $173,300 median in October 2008 to $156,700. This was the lowest sales price median since February.

Real estate company owner Aaron Bosshardt said that home prices in Gainesville are expected by a lot of local realtors to still fall further because of the rise in mortgage defaults in the area.

Based on a foreclosure report from a California research firm, foreclosure filings rose year-over-year by almost 65 percent in the July-September quarter and rose by nearly 10 percent from the previous month to 654 filings. Most of these filings are expected to ultimately go into foreclosure, increasing the number of lower priced foreclosure properties for sale in Gainesville.

Gainesville realtors also reported that the number of homebuyers and investors interested in buying foreclosures in Gainesville increased substantially in October by 46 percent, based on online searches for Gainesville properties at the website of the National Association of Realtors.

Analysts contend that investors believe in the fast recovery of Gainesville from the downturn because its unemployment rate is the lowest among all jobless rates in metro areas in Florida.

Additionally, based on data from realtor Linda Luetjen who operates a Multiple Listing Service, pending home sales increased sharply to 208 units in October, up from only 110 in October last year.

Across Florida, total home sales also increased in October by 45 percent, marking the 14th consecutive month that sales increased on a year-over-year basis. October sales were also higher by 5 percent than sales in September.

Because of the still high percentage of lower priced foreclosure properties, the home sales price median in Florida dropped to $140,300, down by 17 percent from $169,700 in October 2008.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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