Foreclosure Discounts Shrinking in South Florida

Heavy competition and diminishing inventory has led to a reduction in the discounts available for Foreclosure Properties

The past year has seen heavy competition between potential buyers of foreclosed homes. The result of this is that the average price for a foreclosed home in Florida is nearly the same as for a non-distressed home. Nationally, bank owned property price discounts fell to 7.7% from 9.1% a year ago. The smallest foreclosure discount has led potential buyers into bidding wars over the shrinking number of foreclosure properties available for sale. Buyers in Palm Beach, Broward, and Miami-Dade counties received just a 2.9% discount, down from 6.8% a year earlier. The Phoenix and Las Vegas markets have rebounded to the point of there being no discount for purchasing a foreclosed home. Pittsburgh and Cleveland have the best foreclosure bargains of 27.4% and 25.8% respectively.

If you have questions about foreclosure, loan modification, bankruptcy, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.