South Florida Among Country’s Best Markets for Foreclosure Shoppers

by Isaac Benmergui, Esq on February 1, 2013

Home SoldAlthough there’s a lack of available homes on the market at the moment, South Florida has been deemed as one of the top 20 best markets for foreclosure buyers this year.

South Florida’s Palm Beach, Broward and Miami-Dade counties ranked No. 12 on the  Irvine, California-based firm, RealtyTrac Inc.’, foreclosure inventory list. Other Florida communities on the list include: Lakeland (No. 5), Tampa-St. Petersburg (No. 6), Jacksonville (No. 7) and Orlando (No. 9).

South Florida’s ranking is a surprise to some, given that real estate agents and buyers have complained about a lack of properties for sale. Despite inventories of available homes have fallen off nearly 50 percent since the housing downturn ended, many underwater homeowners cannot sell their properties and others homeowners stand by waiting for prices to rise enough so they make back their investment.

Lenders aren’t helping matters by not bringing for foreclosed properties to market in an effect to avoid hurting prices that have rebounded. Many foreclosures were never available to the public because they were sold in bulk to investor groups.

“Any foreclosure that comes on the market is gone immediately,” said Judy Trudel of Balistreri Realty in Lighthouse Point.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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