REAL ESTATE

Report: Miami among top cities to snag foreclosed homes

 

A new report ranking Miami as No. 12 among the nation’s best places to buy a foreclosure doesn’t account for the keen competition for good buys.

mbrannigan@MiamiHerald.com

Six Florida cities rank among the best places to buy foreclosures in 2013, according to a report by RealtyTrac.

Topping a list of 20 metropolitan areas is Palm Bay-Melbourne-Titusville, the Irvine, Calif.-based real estate data firm said.

RealtyTrac looked at four criteria in tallying the “best places:” the supply of foreclosure inventory; foreclosure sales as a percentage of all transactions; the average percentage discount on foreclosures; and the annual percentage change in foreclosure activity in 2012 compared with 2011.

Also among the top 20 metro areas for buying foreclosures is Lakeland (No. 5), Tampa (No. 6), Jacksonville (No.7), Orlando (No. 9) and Miami (No. 12), according to the RealtyTrac report.

The No. 12 ranking for the metropolitan area of Miami, Fort Lauderdale and Pompano Beach was based on the area having a 29-month supply of foreclosures, with foreclosures accounting for 28.7 percent of all sales during 2012. The average price discount on a foreclosed home in the Miami-Fort Lauderdale-Pompano Beach area was 31 percent in 2012, when foreclosure activity rose 36 percent from a year earlier, RealtyTrac said.

“Markets with increasing foreclosure activity in 2012 took the first step in finally purging delayed distress left over from the bursting housing bubble,” Daren Blomquist, vice president at RealtyTrac, said in a statement. “Meanwhile, the underlying fundamentals in many of those markets are slowly improving, making it an opportune time to absorb additional foreclosure inventory this year — and that is particularly good news for buyers and investors hungry for more inventory to purchase in those markets.”

The greater Miami area ranked fifth among U.S. cities in foreclosure filings in 2012, with 3.71 percent, or one in every 27 housing units, receiving some type of foreclosure filing during 2012. That compares with a national average of 1.39 percent of housing units getting a foreclosure filing during that period.

Anthony Askowitz, a broker with RE/MAX Advance Realty II in Miami, said the reality of the foreclosure market is more nuanced than such statistics suggest.

“The inventory of foreclosures on the market is very low. It’s highly competitive right now for a foreclosure or a property put out as a quote ‘good deal,’’’ Askowitz said. “Multiple offers is the norm.’’

Indeed, while the huge overhang of foreclosures has long been expected to constitute a downward pressure on home prices, robust demand for South Florida housing and a tight inventory of available homes for sale have so far trumped that force.

According to the latest Case-Shiller report released Tuesday , South Florida home prices rose 10 percent in November 2012 from a year earlier. That marked the 12th consecutive gain.

Read more Top Stories stories from the Miami Herald

  •  
 <span class="cutline_leadin">FAMILY BONDS:</span> The De Soto family, Dan, Marilyn and son Matthew, 13, help fill Easter baskets at St. Louis Catholic Church in Pinecrest, on Palm Sunday.  Volunteers from the church filled and delivered 1,800 baskets containing candy and snacks for children and toiletries and personal items for seniors. The church works with charities, hospitals and other churches.

    Easter Sunday

    South Florida faithful approach Easter as a time for service

    In the weeks leading up to Easter, church members have gone into overdrive, making goodie bags for the homeless, filling Easter baskets and distributing food to help those in need.

  •  
Miami Heat guard Dwyane Wade, left, and center Chris Bosh watch from the bench during the second half of an NBA basketball game against the Philadelphia 76ers, Wednesday, April 16, 2014 in Miami. The 76ers defeated the Heat 100-87.

    IN MY OPINION

    Greg Cote: Miami Heat odyssey this time could be dynasty or dismantled

    A Heat playoff run is the annual gift we slowly unwrap together, our two-month emotional thrill ride ever since LeBron James grandly announced he was “taking my talents to South Beach” that summer night in 2010. Well, buckle up again, South Florida. Prepare for exhilarating highs and work-productivity lows. Prepare for late nights walking drained from the downtown bayside arena. Prepare for hearts to soar or plunge on whether a basketball swishes through a nylon net or bonks off a painted rim.

  •  
Parishioners of The Assumption of the Blessed Virgin Mary Ukrainian Catholic Church in Miami hold a veneration of the Easter shroud during a service on Good Friday led by priest Andriy Romankiv.

    Easter Sunday

    Ukrainians in South Florida spend Easter praying for peace in homeland

    Catholic and Orthodox Ukrainians alike are praying this Easter for a Ukraine at peace. And peace, in their minds, starts with Ukrainian sovereignty.

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category