Is the real estate market in Florida finally turning around? Foreclosures in April 2011 fell 59.0% when compared with last year, according to RealtyTrac, a service that tracks foreclosures. Some may point to this as a sign that the real estate market is improving in Florida. However, despite the big drop in foreclsoure activity, Florida was still second in the country in regards to foreclosure activity.
Nationwide, foreclosure proceedings in April dropped 34 percent from April 2010 and were 9 percent lower than March 2011. Part of the reason for the slowdown seems to be the lengthening of the time to process foreclosures (please see previous posts on this subject).
RealtyTrac estimates it now takes an average of 400 days from initial default to completion of the foreclosure. This compares with 340 days a year ago and 151 days in 2007. The average foreclosure in Floridaq took 619 days in March 2011, according to RealtyTrac-- or three times longer than 1Q:07.
As mentioned in previous posts, we think this points to the possibility of increased number of short sales in the foreseeable future. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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