Palm Beach Real Estate

Palm Beach Real Estate News & Events

Archive for May, 2009

According to a recent survey by Zillow.com, three out of four U.S. homeowners think that the housing market has seen its worst days and a turn-around is near.  Zillow.com sampled almost 1,400 homeowners around the country in early April and asked where they thought the housing market was headed. About half of homeowners living in Southern states and about 60% nationwide said that their houses were worth less than they were a year ago.  Zillow.com estimates that actually about 70% of homes in the Southern region of the U.S. have lost value in the last year.

While people recognize that housing prices have been falling and the housing market is in a slump, they are far more optimistic about the future with three out of four homeowners believing that their homes’ prices will increase or remain flat over the next 6 months.  Homeowners are also eager to get back into the market with 30% saying they would be likely to put their house up for sale at the first sign of a market rebound.

This is great news for anyone looking for Palm Beach real estate.  Housing prices are already low and with homeowners eager to sell, it could mean an increase in inventory which would lower prices even more.  Fite Shavell & Associates has the professionals to help you find your dream home in Florida.  With the current trend in the housing market and people ready to sell, right now is the best time to buy a new home.

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According to RealtyTrac, a foreclosure data firm in Irvine, CA, foreclosure rates in Palm Beach County jumped 53 percent from January to February with an estimated 2,665 properties in some state of foreclosure.  Overall in Florida, foreclosure rates are up 14 percent from January. 

“The increase in foreclosure activity from January to February is somewhat surprising, given that many of the foreclosure prevention efforts and moratoria in place in January were extended through most of February as well,” says RealtyTrac CEO James J. Saccacio.  Though surprising, the increase in foreclosures is good news for prospective buyers of Palm Beach real estate.  More foreclosures mean more inventory at lower prices for buyers.

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