Although most of our previous posts show how the South Florida area is faring much better than many other real estate markets, there are some who are still suffering from the housing meltdown. Those South Florida residents who have a home that is "underwater" -- worth less than is owed on it -- a mortgage loan modification sometimes isn't an option. But, for many, there is another option: a short sale.
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.
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.
Recent statistics show that Florida has quite a logjam on its hands due to foreclosure filings. The count includes approximately 44,000 cases in Broward County alone, according to the Office of the State Courts Administrator.
There has been a lot of talk about the $25 billion settlement the government reached with the nation's five largest mortgage servicers. Among the 49 states listed in the complaint was Florida, where residents have been hit especially hard by mortgage foreclosures. According to reports, Florida is expected to receive $8.4 billion from the settlement.
Last week, we touched on some contradictory trends that characterized South Florida real estate in 2011. For many Broward County residents who are seeking to close on a real estate transaction, the statistics reported by the Miami Board of Realtors might be a bit baffling. What, then, can Florida residents expect regarding real estate transactions in 2012?
According to a recent sales report by the Miami Association of Realtors, 2011 has been characterized by contradictory trends in South Florida real estate. For example, shrinking inventory and high sales numbers -- two trends that usually result in price appreciation -- occurred alongside low prices due to the market looking ahead to another wave of foreclosures.
Most Florida residents already understand that the state is in the midst of a foreclosure crisis. What they may not understand is just how bad the situation really is state-wide. A report put out by LPS Applied Analytics suggests that the mortgage foreclosure situation may be far worse than many people imagined.