Hialeah Foreclosed Homes Comprised Majority of House Sales

Filed Under (Uncategorized) by admin on 01-12-2009

Hialeah foreclosed homes still comprised majority of homes available for sale in November, based on a report from a real estate services firm which analyzes multiple service listings in certain areas.

According to the firm, 65 percent or about 3,700 of all available homes for sale in Hialeah, as listed in multiple listing services, are foreclosure homes while the rest were resale houses and new homes.

The firm also reported that the average price for a single-family home in Hialeah in November was $128,410, down from the $135,854 average in October. Of the nearly 85,000 residential units in Hialeah, about 49 percent were occupied by owners and about 48 percent were occupied by renters.

Based on a report from another property research firm, homeowners with mortgage loans in Hialeah and other cities in South Florida have been struggling with negative equity. More than 387,000 owners of single-family houses in South Florida were underwater in the July-September quarter. The number represented over 46 percent of all mortgage borrowers in South Florida.

In the Miami-Dade area, where Hialeah is located, home values dropped by more than 24 percent to about $172,600, pushing more defaults and putting more Hialeah foreclosed homes into real estate listings.

Among the areas with the biggest losses in home values compared to the third quarter of 2008 were Hialeah Gardens, where prices had a 32.3-percent drop; Sunny Isles Beach, where prices fell by nearly 31 percent; Surfside, where prices fell by 30.5 percent; and Country Walk, where prices decreased by nearly 29 percent.

There are however areas in Miami-Dade County where home values climbed up, including Golden Beach, where prices rose by nearly 13 percent; Fisher Island, where prices jumped by more than 5 percent; Norland, where prices increased by almost 5 percent; and Opa-Locka, where prices rose by 2.3 percent.

To clean up overloaded Miami-Dade foreclosure listings, county court officials decided to launch an online auction site to sell off foreclosure properties in the county, including Hialeah. According to court clerk Harvey Ruvin, the auction site will start auctioning off properties in the second week of January next year, but the website will be launched on December 7.

According to Ruvin, Miami-Dade officials hope to duplicate the success of 12 other counties in Florida in reducing their backlog of foreclosed homes.

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