Sales of Foreclosures in South Florida Decline

31 May 2013

Foreclosure sales in South Florida declined during the first quarter, according to a report from RealtyTrac.

Broward County had 3,157 foreclosure sales and 2,704 in Palm Beach, 3 percent and 13 percent drop, respectively. Foreclosure sales comprise of a quarter of the area’s residential transactions. These properties include homes and condos that are slated for auction, in default or bank-owned.

Broward County gained 14 percent to $139,988 during the first quarter in foreclosure prices. The average price in Palm Beach County increased by 21 percent to $136,196.

In Miami, 28 percent of all sales are foreclosure-related. All over the country, California and Chicago have the highest percentages, both with 35 percent, in terms of foreclosure-related sales.

Also from RealtyTrac, investors and buyers are reported to be competing for affordable homes as the housing market experiences a steady recovery pace. However, that competition is proving to be quite a hurdle for some. While many buyers are bidding for homes with offers way above the listing price, others are even topping previous bids with even higher offers.