Real estate prices grew noticeably in South Florida during 2013, but a recent report from Core Logic shows that distressed homes had a negative impact on median sale prices in Miami-Dade and Broward counties. Distressed real estate refers to homes that are in the foreclosure process.
Miami-Dade in particular faced approximately a 4 percent hit due to the sales of distressed homes. Meaning that in a year-over-year analysis, home prices increased by 10.6 percent, however, if homes in the foreclosure process were eliminated from the mix the increase would have been 14.5 percent. This is valuable information because it shows that foreclosures are largely to blame for South Florida’s slow real estate recovery.
The best thing for the South Florida housing market is to see the foreclosures resolved. Many homeowners facing foreclosure want to keep their home, and it is possible. There are several alternatives to foreclosure including a loan modification. Unfortunately, lenders have been known to drag their feet with modifications. Don’t let your home be one of the mortgages that gets stuck in the foreclosure process, with an experienced foreclosure attorney by your side it’s possible to get your modification moving along.