Foreclosures in Florida Are Be Beneficial for Home Buyers

Frustrated home buyers are encouraged by the increased number of home listings as lenders repossessed 697 homes in Palm Beach County last April; 54% higher compared to last year. RealtyTrac listing firm says that the number is at its highest since August 2013. Broward County has 1,359 repossessed homes; 123% higher compared to last year and the highest number Broward County has seen since October 2011.

The properties repossessed are now up on the market, giving house hunters more options to choose from. Florida property management says that prospective buyers are happy with the increased number of listings since they have more choices and can get the best home value for their money. For the past 2 years the strong sales have reduced the number of homes on the market.

Although the number of foreclosed homes has increased in Palm Beach County last April, Palm Beach is doing well and is not facing pre-housing crisis levels. RealtyTrac noted that the number of foreclosure filings has reduced by 6% year over year in Florida. Across the nation, Florida has the highest foreclosure rates; one out of 425 homes experienced foreclosure issue last April. That is 2 and a half times greater than the national average.

Source: www.sun-sentinel.com