South Florida 12th-best region in the country to purchase a foreclosure

South Florida ranked 12th in the nation on best places to buy a foreclosure, and could see nearly 105,000 distressed homes hit the market in 2013, the Palm Beach Post reported based on a new national report from RealtyTrac.

Of the 20 most attractive U.S. metropolitan regions in which to purchase a foreclosure, six are in the Sunshine State, including the top-ranked Palm Bay/Melbourne area, the report stated.

Rankings were determined on four criteria: months’ supply of foreclosure inventory, percentage of overall sales that are foreclosures, foreclosure sales price, and percent change in foreclosure activity in 2012 from the previous year. The inaugural report was compiled as a way to help address the nation’s current lack of housing inventory, said Daren Blomquist, vice president of RealtyTrac.

“These are bright spots in the housing market where buyers will find more homes available,” Blomquist said.

Palm Beach County had a 5.9 months’ supply of single-family homes in December, according to the Realtors Association of the Palm Beaches. Moreover, there was a six-month supply of condominiums and townhomes. Palm Beach, Broward and Miami-Dade counties have 104,833 foreclosure homes — a 29 months’ supply — that are yet to be listed, the report stated.

Last year, foreclosures in South Florida sold at an average price of $129,941, a steep 30 percent discount from the average sales price of a non-foreclosure. [Palm Beach Post] –Hiten Samtani