Sales of Residential and Mobile Home Foreclosures Fell in Some FL Areas- By: John Cutts
Residential property sales, including figures for mobile home foreclosures, declined in several areas of Florida in December of 2010. One of the biggest drops was recorded in the Ocala metropolitan area, which posted the second biggest sales decline in the whole state last month when compared with year-ago levels.
Only sales of Port Saint Lucie foreclosure homes and non-foreclosed homes recorded a bigger drop than Ocala in December, with the former posting a 16% drop for the month, based on Florida Realtors data. In Ocala, sales of single family dwellings declined by 15% in December 2010 from December 2009. A total of 300 residential properties were sold in Ocala last month, down from the 350 sold in the same 2009 period.
This ranked the metro area second statewide in terms of sales decline for both non-foreclosed and foreclosure homes in Florida in December. Moreover, Ocala is ranked fourth in terms of median price decline for houses sold, with the area recording a price drop of 13% for homes sold in December 2010 when compared with one year ago. The median price of residences sold in Ocala last month was $82,000, down from $94,200 in December 2009.
The decline in the sales of Ocala homes is in contrast with the statewide trend where sales of residential properties, even mobile home foreclosures, jumped by 4% last month compared with the previous December. Local analysts stated that the sales decline in Ocala is mainly due to the high unemployment rate of the region.
Analysts stated that there are fewer people in the area able to purchase real estate foreclosures for sale and other types of residential properties because of financial difficulties. Unemployment rate in Marion County, where Ocala is included, was pegged at 14.6% last November 2010, the latest data on employment available on record. The November rate is almost a percentage point higher than the October rate.
Despite the decline in housing sales in Ocala, even among mobile home foreclosures, analysts are confident that the next few months will be better as investors flock to the region to take advantage of low-priced foreclosed homes flooding the market. They added that pending sales are already up for January 2011.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.