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Repo Properties for Sale Dominated Manatee Housing Market

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By : John Cutts    99 or more times read
Repo properties for sale dominated the housing market in Manatee County, Florida in February, based on sales figures released by the Manatee Association of Realtors.

Nearly 60 percent of all previously owned houses sold in Manatee in February were distressed properties or homes from bank owned listings, resulting in lower home prices in the area and in much higher home sales than total home resales in the state and in the country.

Sales of previously owned houses in the Bradenton-Sarasota metro area soared by 32 percent year-over-year in February, as low home prices and distressed property listings attracted local and out-of-state buyers. Bradenton is the county seat of Manatee.

A total of 747 pre-owned single-family homes were sold, up from 566 units in February 2009. The sales figure also marked the 8th straight month that pre-owned homes sales increased year-over-year.

The median sales price for the previously owned homes sold was $154,000, down by $2,200 from the January median of $156,200. Although the median was up from the February 2009 median of $144,000, the price was still relatively low.

The high volumes of repo properties for sale in the condo sector also pushed sales of condo units by a whopping 48 percent and pushed unit prices by 18 percent to $141,400.

According to Cindy Greco, head of the Manatee realtor association, home sales were not only driven by low prices and high foreclosure inventories. The rush to buy before the federal tax incentives expire on April 30 was also a big driver of home sales.

Additionally, there is the spreading contention that mortgage rates will rise sharply as soon as the Federal Reserve stops its program of buying mortgage securities a program that has been keeping home loan rates from climbing up.

Statewide, prices for condos and single-family homes also fell in February, with the median price for existing homes posting a seven-percent drop to $131,300 and the median for condo units posting a 15-percent fall to $92,200.

While nationwide home resales declined for the third consecutive month, total home resales in Florida jumped up by 21 percent.

Falling home prices across Florida have been prompting out-of-state investors to visit the state and look at repo properties for sale. Many of them have even decided to stay in Florida, as results from the recent census showed that the population grew by about 114,000 in 2009 compared to the 2008 population.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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