Cheap Foreclosed Homes for Sale Aplenty in Florida
Cheap foreclosed homes for sale are in abundance in Florida, based on data from an online real estate research firm.
According to the firm, Floridians and out-of-state investors have been getting the biggest discounts when buying homes in the state. In major Florida cities, home buyers have been getting a median discount of $17,586 or seven percent lower than the median listing price in August.
Compared to the nationwide median discount of 3 percent or $6,525, the median discount in Florida in August was substantial. In July, the median discount nationwide was $7,018, representing a 3.3-percent discount from the asking price.
According to some economists, the negotiating power of home buyers in Florida, particularly in the metropolitan Miami-Fort Lauderdale area, has surpassed the national median in August.
The level of negotiating power indicates the level of home inventories, the economists said. In housing markets where there is low inventory, home buyers get low discounts, but in markets where the inventory is high, home buyers hold the upper hand. They possess the negotiating power.
Based on nationwide home sales data, the negotiating power of home buyers reached its highest level in January when home buyers obtained a median discount of $10,096, representing a discount of 4.5 percent from the asking price.
The economists also said that in other areas where price discounts are narrowing, foreclosures expected in the coming months may hinder their housing market recovery, putting more cheap foreclosed homes for sale into the market.
In Florida, based on data from a foreclosure tracking firm, more than 62,000 households were notified of delinquency or foreclosure in August, with one out of every 140 residential units put into the distressing foreclosure process.
With an increase rate of more than 10 percent compared to the previous month of July and a foreclosure rate of one in 140, the pace of foreclosure in Florida was the second fastest in August among all U.S. states. Florida was second only to Nevada, where one out of 62 households was put into the stressful foreclosure process.
One housing sector that has been worsening the foreclosure situation in Florida is the residential condo sector. Because of the glut of vacant condos in major cities in Florida, property owners have not been able to sell their condo projects, making them unable to pay their loans, pushing more condos into foreclosure and increasing the number of cheap foreclosed homes for sale available throughout Florida.
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