The Sun-Sentinel reported yesterday that Foreclosure filings down in Broward, Palm. Have we hit the peak of the foreclosure problem? Is our market showing signs of life?
According to a research report by CondoVultures.com, a South Florida real estate consulting firm, there was a 55% drop in Broward County and a 36% drop in Palm Beach County foreclosure filings.
The Squawk also also reported in our Monthly Parkland Market Update Report that there was a record 40 Parkland home sales in May, 2010 showing a significant increase in sales over the past few months.
RealtyTrac Inc., another foreclosure listing and monitoring company, believes that nationwide foreclosures will remain at high levels but sees foreclosures leveling off in the hardest hit areas around the country, including South Florida.
The reason for the optimism is that banks and lending institutions are starting to get with the program and are implementing better systems to help distressed homeowners through loan modifications and short sales. As a result, less people are walking away from their mortgages and avoiding foreclosures. Read our recent article: Should I Short Sale Or Let My Home Go Into Foreclosure?
Still, other real estate analysts believe the worst is not behind us yet. These skeptics think that that banks have not released all of their foreclosure inventory all at once in order not to flood the market with distressed properties. Banks fear that if more foreclosures are listed on the market, then there will be another major drop in prices causing nationwide panic.
The Parkland Parrot Real Estate Team sees the light at the end of the tunnel. We feel that the nation is not “out of the woods” just yet. But, we are confident that the South Florida real estate market is improving, especially in Parkland. As mortgage interest rates are now below 5% and low home inventory, it is the best time to purchase a real estate property in Parkland or South Florida. Please give your Parkland and South Florida real estate experts a call today at 954-609-0591.
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If you are interested in buying or selling a real estate property in Parkland or South Florida, please give us a call at 954-609-0591 or send a note to the squawk.