Distressed home sales dwindle in South Florida

Distressed 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