Real Estate Pro Articles

Making Profits from Cheap Houses for Sale in Fort Lauderdale

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
Making profits from cheap houses for sale is workable for investors who are determined to find the lowest-priced distressed homes in the Fort Lauderdale metro area.

With the continued increase in foreclosure filings in South Florida, people engaged in Fort Lauderdale foreclosure investing can find properties that they can fix and rent out or resell when prices go up.

In the first quarter, foreclosure postings in the Miami-Fort Lauderdale metro area surged by 10.4 percent from total postings in the previous quarter to 52,224 filings, accounting for 2.15 percent of all residential units in the area. The total also reflected a stunning jump of 71.36 percent from total postings in the first quarter last year.

In addition to the sharp surges in foreclosures, the still low prices of homes are a great encouragement for investors to explore foreclosed houses listings and buy.

In March, the median price for previously-owned single-family homes sold during the month fell by three percent to $214,000, compared to the $219,500 median in March last year.

Additionally, the continued rise in number of bargain-priced foreclosed condos has been pushing up the number of cheap houses for sale into the market. The price median for previously owned condo units has dropped by ten percent to $73,600, compared to the $82,100 median in March of 2009.

Inventories of cheap houses in Florida also continued to rise during the first quarter, as foreclosures in other areas of the state kept filling real estate listings. The launching of online foreclosure auctions by county governments across Florida is one big proof that there are a lot of lower-priced properties across the state that need to be sold off.

Unemployment is a big driver of foreclosures in Florida. In March, the state experienced a jobless rate of 12.3 percent, a jump of 0.1 percentage point from the previous month and far above the nationwide jobless rate of 9.7 percent. Compared to the rate in March 2009, the March 2010 rate was higher by 2.7 percentage points.

The unemployment rate in the Miami-Fort Lauderdale area also increased by 0.1 percentage point from the rate in February to 11.5 percent in March, also reflecting an increase of 2.3 percentage points from the jobless rate in March last year.

The foreclosure problem has been moving in a virulent cycle as foreclosures drive cheap houses for sale, which in turn lower property values, make more homeowners underwater and cause more foreclosures.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles