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Sellers Hope Distressed Properties in Miami Have Cut Impact

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By : John Cutts    99 or more times read
Home sellers are hoping that the price impact of distressed properties in Miami has finally reached its weakest point in the first quarter this year, as they continued to suffer losses from the low sales prices of homes sold during the quarter.

Based on sales reports from a real estate firm, more than 51 percent of all residential units sold in Miami and other areas of South Florida in March were sold at a loss. In the first quarter, a huge percentage of home sellers in the counties of Miami-Dade, Broward and Palm Beach suffered losses from their home sales.

Broward home sellers were hit hardest, as 54.3 percent of them sold their houses at a loss. Miami-Dade was second, with 53.9 percent of sellers taking a loss. Palm Beach had 43 percent of its home sellers suffering losses.

With these huge percentages of homes sold at a loss, it is hoped that the first quarter price levels already marked the lowest points and that the price pressure from distressed properties in Miami has significantly weakened.

In Miami-Dade, house values dropped by a staggering 20 percent year-over-year to $160,500 in the first quarter, as the number of houses entering list of distressed properties during the quarter continued to surge.

Almost 20,000 homes in the county entered foreclosure in the first quarter, comprising almost 13 percent of all foreclosure filings statewide and marking more than 60 percent of increase from filings one year earlier.

Similarly, the number of Florida distressed properties in the first quarter increased. A total of 153,540 homes statewide were notified of default and foreclosure during the quarter, up by 7 percent from the previous quarter and up by 28.8 percent from the first quarter of 2009.

Other counties in South Florida also experienced sharp decreases in home values in the first quarter as distressed properties surged in number. In Broward, house values fell to $135,900, a year-over-year drop of 17.3 percent, as foreclosure filings in the county increased over the same period by 66.6 percent to a total of 21,308 filings.

In Palm Beach, house values fell by 5.6 percent to $158,900, as distressed homes in the county surged by a stunning 109 percent to a total of 10,998 filings.

Based on filings in the first quarter, distressed properties in Miami marked the second highest in number among counties in Florida, with Broward County posting the highest number.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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