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Foreclosed and Bank Owned Rentals and Sales Improved in Florida

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By : John Cutts    99 or more times read
Bank owned rentals, foreclosed dwellings and other types of previously owned houses did well last year in Florida in terms of sales. Out of the 19 metro regions in the state, 13 recorded a higher sales figure for 2010 compared with 2009 levels. The whole state also posted an improved sales record last year in the existing residential property segment.

Aside from higher sales, several markets also posted improved housing unit prices in 2010, with Fort Myers bank owned homes and other residential properties taking the top spot last year in terms of median selling price increases. In terms of sales, the Ocala region posted the highest increase in the existing home category, recording a 21% surge in 2010 compared with the previous year.

Meanwhile, the second biggest surge in existing housing unit sales among the counties was posted by the Sarasota and Bradenton region, with the area posting an increase of 8% for December 2010 alone and a 13% surge for the whole period of 2010. Statewide, sales of existing houses, including bank owned properties in Florida, recorded an increase of 5% for the whole 2010 compared with 2009 figures.

Bank owned rentals and for-sale houses posted strong figures last year in 13 Florida metros. In Sarasota, the total number of previously owned single family houses that were sold was 10,102, up from the 2009 total of 8,956. Last year's total sales were the highest recorded in the region in a span of five years. In terms of median selling prices, Sarasota's was pegged at $158,000, 1% lower than the median price in 2009.

Fort Myers and Cape Coral recorded the highest jump in median prices for bank owned foreclosures for sale and other existing houses sold in 2010 at 4%. For the whole state, the median price of residential properties declined by 4%, largely due to unemployment and oversupply of foreclosed properties that still remain in most Florida markets.

Meanwhile, bank owned rentals and condominiums did even better than the regular housing sector, with condo sales surging by 33% in 2010 from a year ago. Over 3,500 condo units were purchased by buyers last year, but the median price did decline by 6% when compared with 2009 levels.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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