West Palm Beach Area Foreclosures to Increase

by Rodney Forbes on November 24, 2010

Bank foreclosure/REO property inventories are expected to increase in the West Palm Beach Florida area over the next 24 months. By how much nobody knows. However, according to the National Association of Realtors, as many as 4 million foreclosed homes may come on the market nationwide in the next 2 years. A normal year of sales nationwide is about 4.5 million homes.

Although an earlier post shows home prices in the south Florida area to appear very afforable, this news may keep prices down for at least the next 2 years. This is actually good news for those looking to buy over the next 2-3 years. Interest rates should stay at historic lows for now, and home prices should stay low.

How many of these foreclosures will be in the Palm Beach area? It hard to say, but the majority of the distress sales in the nation over the past several years have been in California, Nevada, Florida and Arizona. We are sure to have a large number of these foreclosures.

What do you think will happen to home prices in 2011? Please share your comments below.

If you are interested in buying or selling a home in the Palm Beach County area, specifically Palm Beach Gardens, Jupiter and West Palm Beach, please visit my Forbes Realty website. For frequently updated information on foreclosures, short sales, real estate news and market conditions visit my South Florida Real Estate Report blog. There are many free reports as well as free access to MLS listed properties. You can also call 561-337-4810.

Rodney Forbes is a licensed Realtor®, certified short sale/REO specialist and broker for Forbes Realty of South Florida Inc. Rodney has co-authored the book “Should I Short Sale My Home?”. Get your FREE copy at www.SouthFloridaRealEstateReport.com

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