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Housing Market Absorbing Foreclosures in Florida Well



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By : John Cutts    99 or more times read
The housing market has been absorbing foreclosures in Florida well over the past weeks, allowing home price levels and house resales to move up.

In April, total home resales shot up by 27 percent over the year to a total of 16,781 units, based on data from Florida Realtors. The total also marked an increase of almost three percent from total resales in March and marked the 20th consecutive month that house resales rose year-over-year.

Sales of pre-owned condos also increased, with realtors reporting a whopping 55-percent jump in sales compared to sales one year earlier and an increase of 2 percent from condo resales in March.

Sales from repo houses listings also did not push down price levels in April. The price median for existing homes increased to $140,100, up by 2.3 percent from the price median of $137,000 in March and by one percent from the median in April last year.

Realtor officers and members reported that the deadline of the federal tax credits pushed people to buy in April. The still low level of mortgage rates also added to the motivating factors.

In addition to competition among home buyers, the other main factor for the surge in home prices in April was the slowdown in foreclosures in Florida during the month. Foreclosure filings fell by more than 25 percent over the year to a total of 48,384 postings, also down by more than 18 percent from filings in the previous month. Of these filings, a total of 9,259 units were already bank owned foreclosures, accounting for 19 percent of filings throughout the state.

In March, distressed homes for sale comprised 14.6 percent of total filings, lower than the REO share in April. This is one indication that lenders now are pursuing the completion of their foreclosure filings in cases where homeowners fail to enter trial or permanent modification.

Home sellers and other market participants hope that foreclosures in Florida are now being absorbed well by the market. Most metro areas have been experiencing surges in sales for the past 22 months.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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