The Real Deal Miami

Propelled by foreclosures, inexpensive Florida homes regain market share

November 09, 2009 02:47PM

Homes priced under $100,000, which in 2006 accounted for only 3 percent of Florida sales, are once again a dominating force in the state’s real estate market. Foreclosures and short sales currently account for one third of all Florida home sales, with 1,550 residential properties having been purchased from financial institutions this year. An additional 845 distressed residences were sold in the state. The median price of these distressed or foreclosed properties was $89,400, and the trend has propelled under-$100,000 homes to account for nearly 40 percent of sales, a share of the market not seen since the beginning of the decade. [Florida Today]