Miami leads US in percentage of short sales, report says

Short sales accounted for 11.2% of Miami residential property sales in November
December 31, 2014 09:45AM

Miami was also ranked third in highest percentage of distressed and short sales combined.

Miami leads the country in the highest percentage of short sales, according to a November RealtyTrac report.

Florida has six of the top 10 metro areas for foreclosure auction sales, which accounted for 1.4 percent of all residential property sales last month. Lakeland, Jacksonville, Orlando, Cape Coral and Tampa joined Miami, which led the country at 11.2 percent.

Miami was also ranked the third metro area with the highest percentage of distressed and short sales combined at 26.9 percent. Las Vegas and Stockton, California were first and second.

The median sales price of U.S. single-family homes and condos in November was $190,000, up 15 percent from 2013, according to the residential and foreclosure sales report. The median sales price of homes in foreclosure or bank-owned reached a high of $128,625, the highest since December 2009. — Katherine Kallergis