According to theÂ Miami Herald
Â this morningÂ the foreclosure lag has spurred home prices in South Florida.Â Â If you readÂ my blog you know thatÂ here in Coconut Grove weÂ have certainly seen homeÂ values stabilize and even increase in some segments of the market over the past year.Â At the same time we have also experienced a slowdown in the number of foreclosures.Â The question is, are we headed for a full recovery or will the foreclosures that banks are holding onto bring our market down again?
For quite awhile banks stopped releasing foreclosures to the publicÂ because theyÂ were takingÂ heat for robo-signing and cutting corners in the court system, butÂ eventually the buildup of foreclosures on their booksÂ will have to come to the market.Â Â
I ran the numbers on Realist todayÂ Â and itÂ shows that there areÂ a shockingÂ 100+ single familyÂ homes in Coconut Grove that are in pre-foreclosure or foreclosure.Â Â The term â€œpre-foreclosureâ€ typically means that the owners are 60+ days late on their mortgage payment.Â Â Yes, pre-foreclosure is the first step in the foreclosure process however it does not necessarily mean that the property will become bank-owned.Â There is likely a large portion of these properties that are in the process of getting a loan modification or are working on a short sale.Â Â Â It is inevitable howeverÂ that a percentage of these homes will comeÂ to the market eventuallyÂ as bank owned and that the banks willÂ begin to release the foreclosures theyÂ have beenÂ holding onto.Â Â Our market here in Coconut Grove is soÂ small that even aÂ handful ofÂ foreclosuresÂ could potentially have a largeÂ impact on home values.
I donâ€™t like to be an alarmist or doomsdayer, but if you are considering placing your homeÂ for saleÂ it may be a good time to list now while values are stable.
The Real Estate CoconutÂ isÂ the most comprehensiveÂ online source for Coconut Grove real estate information.Â Whether you are looking for the latest sales, trends or homes for sale in Coconut Grove,Â The Real Estate CoconutÂ has it all at your fingertips.Â BrowseÂ Coconut Groveâ€™sÂ gated communities,Â waterfront homes,Â villas,Â townhouses,foreclosuresÂ plus much more.
When listing or buying a home itÂ is essential to have a local Realtor who knows the numbers, tracks the market and canÂ value aÂ home correctly.Â If you are interested in selling your home I would be happy to give you a no pressure home valuation.Â Call me on my cell at 305.342.1623 orÂ send me a message here.
View Original Post Here:Â http://therealestatecoconut.com/2011/09/22/how-long-will-our-reprieve-last-should-you-sell-now/