South Florida home prices have increased by more than 20 percent in the past year, giving many underwater homeowners a sense of hope. According to Zillow.com, in the third quarter alone, more than 25,000 homeowners in Broward and Palm Beach counties saw their home values rise above what they owed, freeing them from “underwater” mortgages.
After peaking at $391,100 in November 2005, Broward County’s median home price plunged by more than 50 percent by the time the market finally hit bottom in early 2012. Palm Beach County’s peak median, $421,500, fell by nearly 60 percent for the same period. The steep declines, unleashed a wave of foreclosures. Many underwater homeowners opted for short sales, others were just stuck, continuing to make mortgage payments and unable to sell.
The market began to stabilize when investors and other buyers began looking for bargains. This rush eventually forced housing prices back up. Median prices in Palm Beach and Broward counties have jumped by double digits in every month this year, though the year-to-year increases have slowed since the summer. Analysts expect home values to appreciate closer to the traditional 4 percent a year by 2014.
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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.