Posted on Thursday, January 20, 2011
According to RealtyStore, a provider of local foreclosure listings and data, the median price of bank foreclosures in Miami-Dade County, Florida, are nearly half that of the current market rate.
RealtyStore analysis showed that 64 percent of all foreclosures for sale in the county are marketed by banks. The other foreclosures are listed for sale by government entities and include HUD homes and Fannie Mae and Freddie Mac REO inventory.
RealtyStore’s pricing analysis revealed that median prices for both bank and government foreclosures are significantly below the market median. The median price
of all homes for sale in Miami-Dade County is $209,999. Bank-owned foreclosures are priced at $109,900, or 47 percent less at their median.
When it comes to government foreclosure pricing, the Freddie Mac or Fannie Mae foreclosure median price is lower, 59 percent below the market at $85,500. Foreclosed houses from HUD offer the lowest median price in Miami-Dade at a median of $82,000, or 61 percent under the market.
“Foreclosure listings in Miami-Dade County total 6,000. This is a significant inventory given the area’s population,” said Peter Ranck, VP for RealtyStore.
Ranck continued, “Consider that Los Angeles County with a considerably higher overall population and housing count currently has roughly 6,700 foreclosure listings actively for sale. Miami-Dade has a much higher relative saturation of foreclosed homes in their market. Time will tell how the Miami market will work off this inventory.”
In addition to the 6,000 foreclosures currently for sale in Miami-Dade County, an additional 12,488 foreclosures have yet to be listed by banks and the GSEs.
These additional foreclosures may further affect the local housing market, according to RealtyStore.
By: Heather Hill Cernoch, DS NEWS