Foreclosures & Distressed Real Estate

According to the real estate information provider ATTOM Data Solutions, the State of Florida ranked third in the nation as to the number of new foreclosure starts during the month of November. There were 1,709 cases filed throughout the state which exceed all but Texas (2,114 foreclosure starts) and California (2,244 foreclosure starts). Of those metro area that have a population greater than one-million, Miami ranked among the top 5 with respect to new foreclosure cases. New York, NY: 1,593 foreclosure starts Chicago, IL: 1,028 foreclosure starts Houston, TX: 685 foreclosure starts Miami, FL: 657 foreclosure starts Los Angeles, CA: 642 foreclosure starts Will the increase in foreclosures impact the Florida real estate market? While foreclosures are never good for the real estate market, most industry experts feel that the increase will have a minimal impact on the market as a whole. The increase could also present a buying opportunity for new residents. According to an article published by Fox Business, "Nearly 25% of U.S. homebuyers are looking to move out of their current metro areas, with many people turning their attention to cities in Florida as their next place to call home...". And per a study by the real estate Redfin, the State of Florida has half of the top 10 migrations destinations - these 10 destinations include: Sacramento, CA Las Vegas, NV Miami, FL San Diego, CA Tampa, FL Phoenix, AZ Cape Coral, FL North Port-Sarasota, FL Dallas, TX Orlando, FL Recent Florida Housing Trends Although residential home sales throughout the state have slowed from 2021, the number of transactions have remained above pre-pandemic levels. As of the third quarter 2022, there were 100,306 closed sales which was fairly consistent with 2019 (111,489) and 2018 (104,878) levels. Although the most recent quarter shows signs of stabilization, median sale prices continue to remain high throughout the state. As of the end of the third quarter 2022, the median sale price was $375,000. While this was down slightly from the second quarter ($380,188), it is up 16.3% year-over-year.