Jacksonville Real Estate Market

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Broward County Banks Raising REO Prices

Posted on | January 19, 2011 | No Comments

A recent analysis report released related to bank foreclosure data for the 2010 year showed that in Broward County, Florida, of the 5,067 local foreclosure listings active marketed for re-sale, 71% are owned by banks. These Broward County bank foreclosures are listed at prices across a range of nearly $20 million.

Going on the record, Peter Ranck, Vice President of RealtyStore is quoted as saying, “Banks also currently offer a large number of foreclosed houses at similarly low prices, but many more are listed at significantly higher prices as well. Banks have posted enough upper scale homes for sale in Broward County to drive their foreclosure median price 6% above the market at large. This situation has not been seen in our other recent county studies, and it differs significantly from the last study of Miami-Dade county foreclosure trends. There, the bank foreclosure median price was found 48% below Miami-Dade’s overall median price.”

It is interesting to note that bank offered pricing of these HUD homes still are offered at the lowest median price for Broward County foreclosures. Publicly available HUD homes, currently range from $25,000 to $160,000 with a median price of $72,000. This is generally 55% below the market median. Further analysis shows that a small number of VA foreclosures are posted for sale in the tightest price range for foreclosed houses in the Florida area. Statistics show that VA offered homes are available with “asking prices” from $74,900 to $130,000 with a median price 25% under market, at $120,000. Rounding out the pricing information for REO’s we find that Freddie Mac / Fannie Mae foreclosure assets are listed from $11,000 to $424,900 and carry a median price of $74,900. This comes in at 53% below market home pricing.

Clearly we can see that Florida’s Broward County banks have started raising the prices of their REO inventory. This began in the last quarter of 2010. This is a sign that housing prices have hit the bottom and are starting back up in Florida.


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