Experts are announcing that the economy is slowly turning around, and housing prices everywhere are seeing the effects of this gradual improvement. While it’s still a buyers’ market, there is no denying that there are changes taking place all over the country. Miami housing market is experiencing even greater improvements in the single family housing as well as luxury ocean front condominiums, especially since the arrival of several sports and entertainment celebrities. Even as the profile of Miami is being elevated, however, foreclosures are still a reality.

For investors and new residents to the Miami area, this provides an opportunity to purchase Miami home at greatly reduced prices. Foreclosed properties in Miami are notoriously discounted, because banks do not want to keep properties for longer than necessary. Selling the homes for less than they are worth actually saves them money and time in the long run, because marketing and maintenance can seriously drain finances, even for a bank.

If you are thinking about purchasing Miami real estate

then now is the time to act. With the improvements in the economy, this trend may not last much longer. Your first step is to contact a real estate agent that is familiar with the Miami area so that you can find foreclosures in the best neighborhoods. Homes in popular areas are more likely to appreciate in value more quickly, so your investment would be a sound one.

Make sure that your real estate agent has plenty of experience with foreclosures, too, because there is a lot of paperwork and negotiation involved. The transaction can go smoothly if you are working with an agent that has great relationships with lenders and closing companies, and the added experience may save you even more time and money in the long run.

Study: a quarter of renters will never buy

Aug 18, 2010, 4:30 pm.

More than a quarter of people who rent their homes do not ever plan to buy a home, according to a survey by Trulia. The San-Francisco-based firm found that 27 percent of renters have no plans to purchase their homes at any point, and of those who do plan to buy, two-thirds will wait more than two years. Trulia said the delays in purchasing could slow the housing market's recovery. “Renters converting into buyers are crucial to turning around the housing slump,” said Trulia CEO Pete Flint. [SFBJ]… …
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Fitch downgrades Miami-Dade bonds, cites weak housing market

Aug 16, 2010, 3:00 pm.

Ratings agency Fitch has downgraded its outlook for several Miami-Dade County bonds to negative from its previous ranking of stable, citing a weak housing markets among the reasons for the decreases. Some of the bonds that received the downgrade were public service tax revenue bonds and public facilities revenues bonds. Fitch said that “the county's weakened financial profile” was greatly affected by the area's “severely stressed housing market,” and that it expects “further fiscal deterioration” in the county if “a persisting budgetary imbalance” isn't corrected. [SFBJ]… …
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Housing double dip a concern, experts say

Aug 16, 2010, 12:45 pm.

The nationwide housing market may not be out of the woods yet, according to real estate tracking group Radar Logic. “It is our belief that housing prices will decrease in the autumn, perhaps precipitously, and that may cause a second dip in the U.S. economy,” Radar Logic CEO Michael Feder said. Citing a recent report from Moody’s economist Celia Chen, which suggested that a double dip in the residential market had a one-in-four likelihood of occurring before the market recovers in 2012, Feder said that caution is key. “As we begin to see data for the Fall, we expect it will be soft, that volumes and prices will move lower,” Feder said. “If we need consumer confidence to generate the spending needed to revive our economy, housing does not seem to be a likely source.” TRD… …
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Report: Fewer `underwater’ on South Florida homes

Aug 10, 2010, 12:05 pm.

A report by a national real estate firm suggests that parts of South Florida's single-family housing market are showing modest improvements.

At the end of the second quarter, 44 percent of single-family homeowners owed more than the properties were worth. That's down from 47 percent a year earlier, Zillow.com said Monday.
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