Sales of Foreclosed Homes Dropped in First Quarter

by Isaac Benmergui, Esq on May 30, 2013

Hand shake hi resAlthough Florida fast-tracked the foreclosure process for homes earlier this year, sales of foreclosure-related homes dropped in South Florida in the first quarter of 2013. In Broward and Palm Beach counties, sales of foreclosed homes make up about 25 percent of all residential sales, according to RealtyTrac.

One reason for the drop may be that bank-owned properties aren’t coming to market as fast as they are foreclosed on with banks hoping to recoup their investment by waiting for market prices to improve. Prices are rising on foreclosed homes and condominiums have been rising steadily with the average price of a foreclosure in Broward rising 14 percent from last year, and in Palm Beach County, the average price is up 21 percent.

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




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