Florida has one of the highest foreclosure rates in the country, 1 in every 165 households, and ranked at number 4 by realty trac's June 2009 Foreclosure Market Report. If you all are wondering who ranks number 1 it's still Nevada followed by California at number 2! Miami has also encountered many foreclosures. According to Miami-Dade County Mortgage Foreclosure Filing Statistics from January thru June 2009 there were 34,679 filings. This is very fustrating for all of us as Miami homeowners, this has brought our market values down signicantly!
Late last year, in 2008, when a BPO (brokers price opinion) was requested by a lender they preferred for the comparables that were used to be good sales, not distressed properties (the term used for foreclosures or short sales). But, all of a sudden as more properties in Miami fell into delinquency and short sales as well as foreclosures became popular they were the only comparables available to base our market values on. No longer does it matter if it's a good sale or a distressed sale, values are based on what is selling, which the majority is foreclosure properties. It's very important to know what the values in your area are, or the values in the area that you would like purchase at. The bpo's and appraisals are being conducted using the last three months sales to determine the current market value, if there are none in the area within the last three months then they will extend it to the last six months sales, which is the norm in a normal market. It is imperative that every homeowner as well as every prospective homeowner is aware of their market value this is also important for property taxes which are based on this information. The number of foreclosure properties in Miami is high and will continue to grow.
If you would like FREE information on the values in your area, please send me an email zpc@zmiamirealestate.com.
http://www.zmiamirealestate.com
No comments:
Post a Comment