Over the last couple of years, South Florida has gained a reputation for its many foreclosed homes. But recent data suggests that that reputation is becoming increasingly inaccurate.
Foreclosures in South Florida dropped by more than 50 percent during the first quarter of 2011 when compared with that same period in 2010.
The greatest drop in foreclosures was seen in Broward County.
Statewide, foreclosures rates dropped by 32 percent year-over-year in the first quarter.
South Florida Real Estate
There have been steep and steady decreases in foreclosure filings in South Florida since last fall, suggesting that the real estate market is recovering.
Here’s an overview of each of the three South Florida Counties:
- In Broward County, foreclosures in the first quarter of 2011 dropped by 68 percent year-over-year, to 6,876 foreclosures.
- In Miami-Dade County, foreclosures in the first quarter of 2011 dropped by 64 percent year-over-year, to 7,257 foreclosures.
- In Palm Beach County, foreclosures in the first quarter of 2011 dropped by 57 percent year-over-year, to 4,734 foreclosures.
Investing in South Florida Real Estate
While it’s true that foreclosures are not viewed as a positive thing by interested South Florida home sellers, they can be a great opportunity for South Florida home buyers.
After all, South Florida foreclosures drive down home prices, which creates a South Florida home buyer’s market.
There truly are some great deals to be found on the South Florida real estate market right now.
But as foreclosures continue to decrease, home prices are expected to begin to rise again as we are already seeing in the market today. Especially in many waterfront communities.
Thus, if you’re thinking about entering the South Florida real estate market as a South Florida home buyer, now is a great time to do so!
Contact me, Scott Patterson, today and I’ll let you know about available listings in the area as well as answer any questions you might have.
I’ll also provide you with a number of helpful South Florida home buying resources, including:
- Buyer FAQs
- Buying South Florida Real Estate eBook
- Featured Properties
- South Florida area information
- And more!
Until next time,