CoreLogic, a real estate data and analytics company, confirmed that October marked another month of rising home prices in Miami. These statistics also include distressed properties that are facing foreclosure.
The year-over-year analysis conducted for October determined that home prices in Miami-Dade County appreciated by 8.4 percent. This jump is higher than the national average of 6.8 percent, which should not come as a surprise, since this market was one of the most impacted by the housing bubble collapse in the mid-2000s. On a month-to-month comparison, property prices rose 0.8 percent from September to October.
These statistics are gathered by evaluating home sale prices over a specific period, including distressed properties that are sold through means of a short sale or foreclosure. As the economy continues to uptick, more people are ready to purchase a home. Many home markets, including Miami, have not had enough supply to satisfy buyers, which creates upward pressure on property prices.
What does it mean for distressed property owners?
If you are involved in foreclosure and a final judgment has not yet been entered, then you might be able to benefit from increased property sale prices. First, you should contact a reputable Miami foreclosure defense attorney. Make sure that you have proof of all communications received from the mortgage lender and their attorneys, such as the letter of acceleration, complaint, and any other legal notices. If you have a detailed record of telephone conversations with your lender’s representatives, you should take that as well. The more you provide the attorney you speak with, the quicker he will be able to provide options.
Based on the evaluation of all your documents, communication log, and court docket— the attorney may be able to assist in defending your foreclosure case, and buy time to short sale your property. Now that homes in Miami-Dade are selling at a higher price, it may allow you to recover a higher percentage of your investment in the property, and potentially avoid having a deficiency, or owing anything on you mortgage once you close the sale.
At Graham Legal, our team will stand beside you every step of the way. The firm is dedicated to defending foreclosures, and we have built a stronger community along the way. Not only will we defend your foreclosure, but can recommend real estate agents that are familiar with short sales, and we will work together to reach your desired outcome. If you need a foreclosure attorney in Miami, call us today to schedule a free consultation.