Find Bank Foreclosed Homes in Miami Where Prices Fell 47%

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Find bank foreclosed homes in Miami where the median price for new and pre-owned homes and condos dropped substantially to $155,000 in December 2009. The median marked a 22.5-percent decrease from the December 2008 median of $200,000 median and a sharp decrease of 47 percent from the $290,000 median price in June 2007.

The median home price in Miami has declined year-over-year for the past two years and three months.

For pre-owned condos, the median price in December was $105,000, same as the price in November but marked a 24-percent decrease from December 2008 and down by 55 percent from the $219,000 peak median price in July 2006. The lowest median for resale condos – $99,000 – was posted in September last year.

The median price for single-family homes increased slightly to $188,000 from the $184,000 median in November, but marked a 14.5-percent drop from December 2008 and a 44-percent drop from the $340,000 peak price in June 2007.

The low prices of distressed real estate properties pulled down the median prices and pushed the sales volume for houses priced between $50,000 and $150,000 by a stunning 99 percent compared to December 2008. Sales volume for this price range accounted for 48 percent of all house sales in December, a jump of 34 percent from the December 2008 percentage and an increase of 15 percent from the percentage in December 2007.

This year, investors can still find bank foreclosed homes at affordable prices because the pace of Miami foreclosures and tax deed sales continue to rise.

In 2009, the Miami-Dade metro area had 7.2 percent of all its households or a total of 172,894 homes put into the foreclosure process, marking a jump of 44 percent from filings in 2008 and an increase of 198 percent from filings in 2007.

In Florida, the foreclosure pace stepped up in 2009 by 34 percent from 2008, with a total of 516,711 mortgage borrowers given delinquency and foreclosure notices. This figure represented almost six percent of all homeowners in the state. Just like in other states, unemployment is the major cause of continued foreclosures. In December last year, the unemployment rate in Florida hit 11.8 percent, up from the November rate of 11.5 percent.

With the continued rise in defaults and foreclosures in Florida and with the continued popularity of Florida as a destination state for tourists and second-home owners, people have more reasons to find bank foreclosed homes in Florida and invest in them.