Miami’s Home Inventory is About to Increase

by Isaac Benmergui, Esq on July 11, 2013

money puzzleThe low numbers of available Miami homes’ inventory will soon increase. Last month Miami’s foreclosure rate was at the top of the U.S. major metropolitan areas with the number of auctions tripling, meaning lenders are getting ready to sell their distressed properties with home prices now on the rise.

One in 236 housing units in the South Florida received notice of a foreclosure filing in June, which is four times the national average, according to RealtyTrac Inc. Lenders are now pushing their properties through the foreclosure process thanks to new legislation passed earlier this year. With investors and international buyers on the prowl for available properties and competition for homes from individuals buyers, home prices are gaining ground in the Miami area.

Prices for single-family homes in the Miami metro area climbed 13 percent in April from the prior year, which was the single biggest gain among East Coast cities, according to the S&P/Case-Shiller index.

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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