Has The Housing Crisis Reached Rock Bottom? – New Signs Of Hope Arise.

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Florida still ranks #3 in the country with the 3rd most foreclosed state. Broward County finishes 1st in the tri-county area with the most amount of foreclosures followed by Miami-Dade & Palm Beach Countries rounding out 2nd and 3rd.

The good news here is mixed with the bad. Even though foreclosures still remain high, the amount of properties that have foreclosure judgments are declining. This does not necessarily mean that we have leveled out, but signs show the end is near.

Nationally speaking prices of homes have declined with the top 15 cities in the U.S. noticing a 15% decline in prices. This is great news for you potential buyers in the market. The resulting price decline shows that slowly prices are leveling out, which means that valuations for properties will for the first time be as close to real value as they have been in the past.

The government is urging people to spend, to buy and to refinance to help our weakened banking and financial systems. First time home buyers are now able to purchase homes easier than ever before. With lowered interest rates and federal tax credits, owning a home is now becoming a possible reality.

Home sales have fell 3% it may seem like a lot, but compared to previous months reports its lower than the past. This may mean that home prices are finally leveling out. It’s important to note that this does not mean the foreclosure process is over. Banks have been backlogged due to the ever increasing amount of past due mortgages and loss of job and incomes. Experts predict that the current crisis will finally meet its end come 2010 – in most likely the 3rd quarter of that year, according to RealyTrac.

Foreclosure properties have flooded the market and for many buyers this is great news. In some cases banks are cutting sales prices by 4% to attract more buyers to purchase. Good credit ratings as well as a good realtor will help you find these homes. The “great” deals are still out there especially in Boca, Broward and Miami – Dade. It takes a little time; a lot of patience and a knowledgeable realtor to make that dream of owning a house come true.

Want more information on the current South Florida foreclosure/ real estate market and opinions? Visit our website at http://www.g-sig.com/ and check back with us every Friday for a new blog about the latest trends and advice.