According to a recent article in the Sun-Sentinel, 69 percent of all South Florida home sales last month were cash deals. Across the state, 66 percent of home sales were cash, compared with the national rate of 40 percent- which many housing experts are calling “astounding.” With one of the nation’s highest foreclosure rates, South Florida has a large supply of bank-owned properties.
Lenders have become less interested in waiting for traditional buyers to qualify for mortgages, and instead, have opted to sell to investors who are willing to pay cash for properties. This in turn, has shut out many entry-level homebuyers.
So who are these cash buyers? Much of the cash buying in South Florida is from foreigners who view condominiums as safe investments. In the past year, large funds have entered the region, buying single-family homes and renting them out for a year or longer.
Among Florida’s metropolitan areas, the South Florida metro area — covering Palm Beach, Broward and Miami-Dade counties — was second only to Brevard for cash deals. One factor in cash buyers’ favor has been the tightening of mortgage requirements following the easy-lending standards that proceeded the 2007-09 recession.
Click here to read more on the increasing number of cash sales for homes in 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 website, www.miamibankruptcy.com.