If you are a Broward County resident who is familiar with our previous posts, then you know that the residential real estate market in South Florida is getting pretty hot compared to recent years. Many previous posts have noted how the overall negative real estate malaise that is affecting most of the country is turning a bit brighter when it comes to places like Miami-Dade, Palm Beach and Broward. As it turns out, the trend appears to be continuing.
While we have frequently discussed the recent upward trend of the South Florida real estate market, it is important to remember that, while the picture in some cases may be improving, many homeowners are still struggling. Florida was one of the hardest hit states during the housing meltdown, and a full recovery is far from complete.
Most of the real estate news that South Florida residents hear these days is good, but that is not the case throughout the rest of the nation. Banks are continuing with foreclosure proceedings in many areas, as the real estate markets remain depressed.
Broward County residents thinking of entering the residential real estate market have probably heard about home prices dropping throughout the nation in February, the latest month for which numbers have been reported. February marked the sixth straight month of home price declines.
The good news for the South Florida real estate market continues. Recent reports from the Commerce Department revealed that single-family home and apartment builders throughout the country requested 747,000 building permits in March, the highest rate seen since September of 2008.