Home sales are down in October from 2009 for most of the country. Most areas of Florida also saw decreases in home sales. A number of reasons were cited, including the boost in 2009 from the home buyer tax credit, and new stricter mortgage lending guidelines.
Interestingly, nationwide 29% of homes sold for cash and 34% were distress sales, including foreclosures and short sales, as investors line up to buyer distress properties at low prices. New Fannie Mae mortgage qualifying guidelines may keep many potential home buyers out of the market, putting further downward pressure on home prices.
If you have any questions regarding the Florida market, including the West Palm Beach area, please call Forbes Realty of South Florida at 561-337-4810 or email Rodney Forbes at Rodney@ForbesRealtyOnline.com
There is also much more on foreclosures and short sales at our South Florida Real Estate Blog.
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My specialty in south Florida is working with homeowners in distress to short sale their home instead of going through a foreclosure. I also represent banks in selling their REO properties.
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