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During the second quarter of 2009 the average price of a single family home sold for $240,000 up from $229,200 in the first quarter of the same year, the Florida Association of Realtors said. Home sales also rose 8% from 1 year prior.
Foreclosure properties fell in Palm Beach County in the month of July says RealtyTrac. In July there are approximately 2,700 homes in some stage of foreclosure, this number is down 24% from July of 2008.
North of Palm Beach County, in St. Lucie County 1 in 87 houses were being foreclosed upon, the second highest rate in the state of Florida (Lee County #1). Statewide however, foreclosure filings rose 23% and nationwide foreclosure filings rose 32% from last year 2008.
Hope prices however dropped by 15.5% nationally from a year ago due to the amount of foreclosed properties in the market. As of today – the existing single family home has an average sales price of $174,100.
Many economist and real estate experts say that this is not the bottom, even though there are signs of an economy recovering again. The amount of foreclosure homes in the market is rising. However, the markets previously saturated with these foreclosures such as Broward, Palm Beach and Miami-Dade Counties no longer are on top of the list in the state. They have been replaced by counties such as St. Lucie, Lee, and Polk Counties.
Experts say that the first wave of foreclosures that hit these major U.S. and Florida cities is over. What is to come next is a second wave of foreclosure properties that will hit the secondary cities that were once on the bottom of the list.
After this wave is over and government initiatives take place to save homeowners much like they did for the Southern 3 counties, we can expect the real estate market to level off.
For more information on the foreclosure market, and real estate news check back with us weekly at http://www.gsigllc.com/
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