There has been good news for Florida housing recently. In Broward County far fewer homes are being sold at a loss, the drop in August 2013 being 17.8 percent lower than August 2012. According to one real estate agent in the region, Ron Rosen, “there is a confidence out there that when you buy a home, it will be worth more tomorrow than what it is today.”
One of the reasons attributed to this increase in Florida housing prices is that investors are reselling renovated homes much more quickly. This is escalating home prices and leading to greater profits. As a RealtyTrac Inc. spokesman, Daren Blomquist explained, “responsible flippers are serving a very useful purpose. They make these properties better and improve the values, and as the homes sell, they become the [comparable sales to be used in the next appraisal] for other homes in the neighborhood.”
In addition, there has been a decrease in the number of foreclosures throughout Florida. Some believe that this is due to the Florida law that came into effect in the beginning of July forcing lenders to have the paperwork before filing a case. As Sharon Bock, Clerk and Comptroller for Palm Beach County said, “I think the new requirements that took effect July 1 are the biggest reason for our substantial decline in filings here.”
Thus with less homes being sold at a loss and fewer foreclosures in the region, news for Florida housing is definitely looking more positive.