Posts Tagged: ‘distressed home sales’

Foreclosures and Short Sales Decline in South Florida

March 31, 2014 Posted by kingcade

Distressed home sales have accounted for a smaller portion of the market across South Florida in 2013. Palm Beach County posted 3,598 transactions involving a short sale or foreclosure last year, representing 23 percent of all single-family home sales, according to data from the Realtors Association of the Palm Beaches.

Distressed home sales have been slowly shrinking over the past three years. In the condominium sector, 20 percent of sales involved a troubled mortgage in 2013, compared with 24 percent in 2012. Rising home prices have turned South Florida back into a seller’s market. Short sales and foreclosures are now selling for the list price and above.

With less distress in the market, thousands of underwater homeowners are now beginning to have equity. Federal lawmakers have even allowed the Mortgage Forgiveness Debt Relief Act to expire this year, meaning the amount of debt forgiven in the short sale or primary residence is considered income and taxable.

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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website at www.miamibankruptcy.com.

Distressed Home Sales Increase in South Florida

October 2, 2013 Posted by kingcade

A new report indicates that sales of distressed homes have greatly increased across South Florida in August, a sign that more foreclosures are working their way through the court system. Four out of 10 Broward County sales last month involved homes in some stage of repossession, according to RealtyTrac, Inc. Foreclosure-related homes accounted for only 21 percent of Broward sales in August 2012. In Palm Beach County, 36 percent of August sales involved distressed homes, up from 20 percent a year earlier.

The figures are based on county deeds and include single-family homes, condominiums and townhomes. Broward’s median price in August for distressed homes was $112,150, up 24 percent from a year ago, RealtyTrac reported. Palm Beach County’s median for distressed homes increased 21 percent to $110,000.

Individual investors and large investment firms have been buying these foreclosed properties, usually paying in cash. In July and August, nearly seven in 10 sales across Palm Beach, Broward and Miami-Dade counties were all-cash deals, RealtyTrac reported. The investors add value through renovations, then turn around and sell the homes for a profit. Investment firms tend to rent the homes for a year or longer before selling.

According to real estate agents the demand has helped the market rebound from the housing crash, but has led to a shortage of homes and kept many young families from buying.

Click here to read more on the increase of distressed home sales across South Florida.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website at www.miamibankruptcy.com.