The Real Deal Miami

Distressed home sales dwindle in South Florida

Broward, Palm Beach counties report significant declines in 2013

March 31, 2014 01:30PM

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foreclosureDistressed residential sales continue to dwindle throughout South Florida.

Palm Beach County’s residential sector had 3,598 short sales or foreclosure transactions in 2013, representing 23 percent of the county’s single-family sales, according to the Sun-Sentinel, which cited data from the Realtors Association of the Palm Beaches. Distressed sales represented 29 percent of the county’s transactions in 2012. For condos, 20 percent of sales involved a distressed loan in 2013, down from 24 percent in 2012.

Broward County posted 4,640 short sales and foreclosure transactions last year, representing 31 percent of the single-family sector, according to the Greater Fort Lauderdale Realtors. That was a steep drop from 2012, when distressed sales accounted for 43 percent of the sector’s transactions.

“The bargain days are gone,” Florida Realtors chief economist John Tuccillo told the Sun-Sentinel. “That’s the bottom line in all of this.” [Sun-Sentinel]Eric Kalis

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