The South Florida housing market has been hit hard by the economic downturn. The Palm Beach Post had more evidence of this, as the newspaper reported that the short sale market in South Florida took off in 2010. The newspaper noted that a report by Miami-based Condo Vultures and CVR Realty showed that short sales increased by 49 percent last year over the previous year.
This report is the latest in a series of sobering pieces of information about the South Florida housing market. In November 2010, housing research site Zillow.com released data which showed that about 42 percent of homes in the area were in negative equity — otherwise known as being “upside down.” In addition, more than 47 percent of local homeowners who sold their houses in November 2010 did so at a loss. Click here for more information about Zillow.com.
The good news is that if you are in the market to purchase a new home, now is a great time. You can search short sale listings to find amazing real estate bargains. Click here to look for MLS listing in South Florida or anywhere in the United States.