As of March 2013, the filings of Foreclosures dropped 25% in comparison to last year according to Realtytrac. Many predict the housing markets may be returning to normalcy.
“At a high level the U.S. foreclosure inferno has been effectively contained and should be reduced to a slow burn in the next two years,” said Daren Blomquist, Vice President of RealtyTrac, which released the latest data.
What about Florida? Well, we are still dealing with lots of foreclosures, as statistic released by RealtyTrac shows that our state has the highest foreclosure rates for six consecutive months as of February 2013. Having said this it is important to note that foreclosures in Florida have dropped significantly in the past year specially in Miami in markets like Brickell, Downtown, Midtown, Coral Gables, Coconut Grove, Key Biscayne and Pinecrest. There is still that misconception that there is an abundance of foreclosures especially in Miami and buyers are still looking for that golden deal. In our upcoming blog we will provide you with a market report, which reflects the current inventories in todays market and how price per square foot has been increasing due to low inventory levels. Miami is on the downward slope of the foreclosure train!
No longer do we have the situation were a buyer has multiple opportunities to snatch a great foreclosure deal, there just aren’t that many out there at least not in the select Miami neighborhoods.
If you are in the market for a foreclosure opportunity you may look at states like Nevada, Maryland and Washington, which show surging foreclosures. As stated by Daren Blomquist,”Dangerous foreclosure flare-ups are still popping up in states where foreclosures have been delayed by a lengthy court process or by new legislation making it more difficult to foreclose outside of the court system. Foreclosure starts have been steadily building in those states over the last several months and likely will end up as bank repossessions or short sales later this year.
“These new foreclosure hot spots include states like Washington, where seven straight months of rising foreclosure activity pushed the state’s foreclosure rate to fifth highest nationwide –the highest it’s ever been in our report — and Maryland, where eight straight months of rising foreclosure activity placed the state’s foreclosure rate among the top 10 nationwide for the first time since July 2010.”
Having lived in Miami for over 20 years and selling real estate for the past 10, I have acquired the experience and know how it takes to help Buyers and Sellers achieve their goals and make sound real estate investments. If you are interested in getting more information about the market or have a question about a particular property give me a call at 786 -853-2333 or email me here. The areas that I specialize in include, Coconut Grove, Coral Gables, The Roads, Brickell, Downtown, Midtown, Miami Shores and Miami Beach.