Florida residential real estate market seeing fewer foreclosures

Florida residential real estate market seeing fewer foreclosures

Florida remains on the list of the top five states as far as foreclosure rates go. However, it has hugely improved from the mid-2000s, which was a dark time for the state in the area of foreclosures on residential properties. Not just Florida, but rather the entire nation, has witnessed an improvement when it comes to the residential real estate market and the number of foreclosures.

Recent statistics show a monthly drop of 15 percent in foreclosure starts in November nationwide. This is the lowest figure for starts since May of 2006. This falling trend has occurred for nearly half of the year of 2015, and the numbers of scheduled auctions are among the lowest they have been since 2005.

Although Florida's foreclosure rate is still the highest when compared to other states, the fact that the number of foreclosure starts has been dropping is good news. Foreclosures in the state are just slightly above 2004 levels and, thus, have become a non-issue. In addition, properties that have been foreclosed are being quickly absorbed back into the real estate market and are selling at much higher prices than they did only a few years ago.

The current state of the residential real estate market in Florida is promising particularly for home sellers. Since foreclosures are not in the mix, appraisals are higher, which means sellers can more easily make profits. Buyers may also benefit because they are purchasing properties in a market that is healthy once again. Proper legal guidance may help both sellers and buyers to navigate real estate deals in ways that are in their best interests in the Sunshine State.

Source: news-press.com, "SW Florida real estate market 'healthy' again", Patricia Borns, Dec. 10, 2015