According to Zillow.com, inventory of South Florida homes for sale on their real estate website has fallen by 34 percent in the past year. The drop in Palm Beach, Broward and Miami-Dade counties was well above the national average of 19 percent. Still, local Realtor boards have reported annual declines of near 50 percent or greater for individual counties in recent months.
First time homebuyers looking to capitalize on the falling home prices and record low interest rates are being pushed out of the market by savvy investors looking to buy basic homes to rent out to people who have recently been foreclosed upon. Zillow’s chief economist, Stan Humphries attributes this to investors’ ability to pay in cash, therefore being able to close sooner, which is more favorable to banks and homeowners looking to sell.
More homes could be coming on the market as Florida leads the nation in foreclosures, according to RealtyTrac. Realtors say there’s enough demand to easily handle another wave of distressed properties.
To read more on this story visit: http://www.sun-sentinel.com/business/realestate/house-keys-blog/sfl-zillow-falling-inventory-link-20121011,0,7427872.story
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
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