Foreclosure, REO Home Prices Rise- By: Anny Christian
Miami real estate business is booming of late with the rise in home prices in regions like South Florida. It has recorded 1.1 per cent rise in the last 12 months and not just this, the Miami foreclosure prices are also on the rise and this can be great news for the prospective buyers. According to the report, the property prices in Broward, Palm Beach and Miami-Dade have gained momentum and have seen a rise of 0.3 per cent in the second quarter of 2010 as compared to the first quarter of the year. The property dealings are very much unexpected as we never know when will the prices rise or fall and this keeps everyone ignorant about the real status of their properties.
According to the market study done by RealtyTrac, the foreclosure marketing service, the average sale prices of Miami foreclosure homes and the ones owned by the banks has seen a rise of 1.6 per cent in the second quarter of 2010. If seen on the yearly basis, the prices have risen around 6.1 per cent year by year. So, if there is any foreclosure property, then it is the right time to sell it before the prices of the property fall again. The RealtyTrac data reveals that the average price of the homes in foreclosure or REO was $174,198 in the second quarter; however the prices were much higher in the state of California which stood at $256,833. According to the reports, these prices are reportedly for those homes which were sold by the lenders or the owners after at least one notice to them.
Reportedly 24 per cent of all properties sold in the second quarter of the year were foreclosures and REOs and their prices were 26 per cent lower than the property which does not fall into the category of Miami foreclosure.
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