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Miamiâ€™s housing market got another double-barreled dose of good news from the numbers crunchers Tuesday: Home prices in the greater Miami area are up from their bargain-basement lows, while the percentage of homes in the foreclosure process â€” though still at jawdropping levels â€” continues to shrink.
South Floridaâ€™s coastal condo market has officially entered a growth phase as of the second quarter of 2012.
Purchasing foreclosures also means discounts, but with the markdown is the price of repairs. According to RealtyTrac, foreclosures or REOs sold at an average discount of 27 percent compared to non-distressed properties in the first quarter of 2012. Through anÂ FHAÂ 203(k) loan, potential buyers who want to purchase a discounted foreclosure but donâ€™t have cash for the repairs may find a way to receive financing.
In order to be eligible, the property must be purchased as a primary residence or it can be for aÂ HUDÂ approved nonprofit. Also, the property must be a one-to four-family residence that has been completed for at least one year.
Miami, FL â€“ For the fourth consecutive month, Miami home prices posted strong gains in March.Â The median sales price of condominiums in the Miami-Dade County surged 46 percent to $141,700 in March compared to a year earlier, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.Â Â The median sales price of single-family homes rose 13 percent to $180,000. Â