A number of Miami home foreclosures purchased by newbies through the newly launched auction website of Miami-Dade County turned out to be duds. Some have liens and huge mortgages while others have not been properly foreclosed.
Hialeah home foreclosures are still dominating the local housing market despite a slowdown in mortgage default in the area. About 4,900 foreclosed homes currently available for sale represent around 60 percent of the local market.
Pending housing unit sale agreements, including those for multi family homes for sale, have risen in some areas of Florida in December 2010. The increase was almost 30% compared with year-ago levels.
Hialeah home foreclosures will be turned into functional homes for lower-income families using NSP funds. Miami-Dade County received the highest allocation of NSP funds among Florida counties.
The market for luxury condominiums in some Florida areas is experiencing a slight recovery, with prices rising despite the presence of thousands of properties under cheap house listings.
Fort-Lauderdale home foreclosures continued to rise in January as job losses, negative equity and toxic mortgages combined to push homeowners into financial distress. Almost 7,700 households received foreclosure notices in January in Broward County, where Fort Lauderdale is the county seat.
Tampa home foreclosures continued to pull down housing prices and worsened the negative equity percentage in the final quarter of 2009. The median home price dropped by 13 percent, pushing 46 percent of mortgaged homes into negative equity.
Orlando home foreclosures still dominated home resales in January this year despite an 18-percent month-over-month decline in foreclosure filings. Short sales and foreclosure sales accounted for 73 percent of home resales in January.
Jacksonville home foreclosures continued their downward pressure on home prices in 2009 and in January this year. The median price for single-family homes dropped to $152,200 in 2009 and further dropped to $133,990 in January this year.
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