The harshest impact of the recession has been measured in how many homes have been foreclosed on. However, with a high rate of home foreclosure in Florida and elsewhere across the country, there is a slight uptick in the number of home sales. Now that foreclosures have gone through, there are more homes available for sale in Florida and the demand for those homes seems to be steady, according to recent reports.
Many feared too many foreclosed on homes would sit idle and drag home values down even more for every area. But, in Florida, it seems that there is enough of a demand for homes that the prices are holding steady and helping to keep empty homes from being empty for too long. In fact, in Broward County prices have gone up 24 percent compared to a year ago.
Figures point to a trend where investors and investment groups have been buying foreclosed properties mostly with cash. They have the intent of fixing up these properties. These endeavors will actually increase the value of the once foreclosed property even more.
While the recession and property values in Florida show signs of improving, there are still too many homeowners facing the reality of home foreclosure when they would rather keep their homes. Any struggling homeowner may want to inquire as to modifications or other avenues of negotiating with mortgage companies to keep their home. If they are faced with foreclosure still, the changing laws and regulations should be fully understood to make the process as smooth as possible.
Source: Sun Sentinel, Foreclosures: 4 in 10 Broward home sales distressed, Paul Owers, Sept. 26, 2013