October Homes Sales in Florida Down, Foreclosures and Short Sales Still Dominate the Market

by Rodney Forbes on November 29, 2010

October 2010 home sales are down from 2009 for most of the country. Most areas of Florida also saw decreases in home sales. A number of reasons were cited, including the boost in 2009 from the home buyer tax credit, and new stricter mortgage lending guidelines.

Interestingly, nationwide 29% of homes sold for cash and 34% were distress sales, including foreclosures and short sales, as investors line up to buyer distress properties at low prices. New Fannie Mae mortgage qualifying guidelines may keep many potential home buyers out of the market, putting further downward pressure on home prices.

If you have any questions regarding the Florida market, including the West Palm Beach area, please call Forbes Realty of South Florida at      561-337-4810 or email Rodney Forbes at Rodney@ForbesRealtyOnline.com

There is also much more on foreclosures and short sales at our South Florida Real Estate Blog.

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