Fort Lauderdale Foreclosed Homes for Sale to Slash Prices
Filed Under (Uncategorized) by admin on 14-12-2009
Fort Lauderdale foreclosed homes for sale will continue to pull down home prices and real estate values in the area, according to several real estate analysts.
According to analysts at Fortune Magazine, home prices in Fort Lauderdale, Miami, West Palm Beach and Orlando will continue to fall in 2010 because of continued foreclosures in Florida.
These three Florida cities are among 100 U.S. cities where home price levels are expected to fall further, according to Moody’s Economy.com economist Mark Zandi.
In Fort Lauderdale, home prices will fall 30.1 percent, the third highest in the list. Miami will top the ranking, with an expected price drop of almost 33 percent. Orlando will be third, with a predicted drop of 30.7 percent. The city of West Palm Beach will occupy the fifth position, with a price drop of 23.8 percent.
Economy.com also predicted further price drops in 2011, with Miami still topping the list with an additional price drop of 4.2 percent. With continued housing market struggles, Fort Lauderdale foreclosed homes for sale will push down home prices further in 2011 an additional 1.6 percent.
Only West Palm Beach, among the four cities mentioned, will experience an improvement in home prices in 2011, according to Economy.com. Price levels in this area will improve 1.3 percent. Nationwide, Pittsburgh is the only one expected to experience increases in the next two years, with an expected rise of 0.4 percent next year and a predicted jump of 2.2 percent the following year.
Meanwhile, another report said that total home values in the Fort Lauderdale-Miami area declined a total of $46 billion this year. Nationwide, homeowners lost almost $500 billion in total home values.
The city that lost the most was Los Angeles, where homeowners lost a total of $60.8 billion. Chicago homeowners lost nearly $50 billion in property values while New York homeowners lost $49 billion.
Because of these billions in home value losses, more than 20 percent of owners of mortgaged single-family homes became underwater in the third quarter this year. While the percentage of underwater mortgages dropped from 23 percent in the quarter ended June, the expected rise in foreclosures and mortgage rates next year will continue to push down home prices and hamper price recovery in many areas.
Similar Posts:
- Hialeah Foreclosed Homes Comprised Majority of House Sales
- Fort Worth Foreclosure Homes for Sale Still Rising
- Miami Foreclosed Homes for Sale Put City 10th in Rate Chart
- Florida Foreclosure Homes Make State a Buyer’s Market
- Fort Lauderdale Mortgage How hard is it to get a FortLauderdaleMortgage?
