Prices of residential properties in southern Florida went after banks make a para © synthesis in foreclosures after discovering irregularities in documents used in court . Some banks have begun again foreclosures, but the pace is much mores slow.
A report by the Automobile Association of Realtors Estate Miami unveiled this time trend as banks will continue executions mores sooner or later and will return cost-to undergo changes as this pause also produces an increase inventory of properties - the buildup of properties that still have not been put on sale . With fewer low-value homes available , those with median prices increased .
The average price of a detached house in Miami -Dade arrived in October to $ 199.100 , s 5.9 % morethan in September. The price of condominiums in Miami -Dade climbed 8.4 % in the month , to $ 107.700 .
In Broward, single-family homes sold for a median price of $ 217.900 , up 1.7 % for the month. However, in Broward condominiums continued to fall in October, and the median price 5.7 % LOW .
The long- term brake on foreclosures is not clear. Some experts predict a waiting period of year or before the local housing market returns to normal , while others believe that the effects will be pause less traumatic it will attract the investment foreign and cash transactions.