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Foreclosed Homes for Sale Still Flood Inventories in Florida



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By : John Cutts    99 or more times read
Sales and prices of single-family homes in Lee County, Florida declined slightly in July compared with the previous month. But the sales pace continued to improve last month.

According to market data, the number of single-family homes that were sold in July totaled 1,570. The figures represented a decline in last month's 1,705 home sales. However, July's total was a whopping improvement from the same month a year ago figures, representing a growth of 104 percent.

Lee County's median sales price last month was $89,000, a rise over the $87,900 median sales price in June.

Meanwhile, homes sales across Florida and the country inch up but the median sales price continued its free fall.

In July, Florida home sales totaled 115,882, an increase of 37 percent compared with the same month last year. The $147,600 median sales price in the state represented a 24 percent drop from the same month 2008's $193,800 median price.

On the other hand, sales of houses previously occupied jumped by 7.2 percent, the largest gain in almost 10 years. The July figures were the fourth succeeding month of increase.

Industry analysts said that the flood of foreclosed homes for sale that hit the Lee County and Florida markets is still dominating inventories and pulling down home prices. But they are optimistic that the market will soon be given a respite from foreclosures, albeit temporarily.

Analysts predicted that home sales in August will drop because last month's pending sales of 815 represented a decline of almost 50 percentage points from June. They pointed out several reasons for the possible drop in home sales next month, including the traditional slow pace of sale activities for the period from July to September and decline in the number of foreclosures.

They also predicted a drop in median sales price this month due to the $79,000 median price for pending sales in July.

Analysts explained that the projected drop in the number of foreclosures is due to fewer foreclosure houses released by banks on the market lately. They said that banks are withholding the release of foreclosure properties on the market because they want to put a stop to the drastic drop of home prices.

Foreclosure homes represented low-priced properties that influenced the pricing of other properties for sale on the market.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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