Wednesday, February 9, 2011

South Florida Housing is still sliding down the scale.

South Florida Housing is still sliding down the scale.
By:   Tom Johnson

As reported in several publications all over Florida housing prices are still on the fall. Some say that the values have fallen 55 percent in the past four years. Source-Zillow

With all the foreclosures on the market and with the economy still in a blunder sources are saying that there are still some 43 percent of home owners that are still in deep trouble with their mortgages.  In the fourth quarter of 2010, foreclosures slowed considerably, as banks struggled to deal with newfound irregularities in their document filing process and allegations of “robo-signing.”

Short sales (where the home is sold for less that the outstanding mortgage) is still holding around 46.7 percent of South Florida sellers. Short sales are seen to be a preferable way to get out from under a home versus foreclosures but my resources say that it is not as easy as it seems.

The value of homes in South Florida seems to be back to where they were back in 2002. This is a drastic change from just a few years ago when I was in the Real Estate business.  We can only hope that the economy does a swing and bring back the market value of homes to this region.

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