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Friday, September 28, 2007

Housing market is bound to change!

I hear more and more negative news related to real estate in South Florida than I care to mention. Most of it comes from people who are only repeating what they heard from somebody, who heard it from someone, who heard it from their friend. Usually news from the grapevine shouldn't be trusted; but let's be clear, while it's true many people are losing their property and taking financial hits, there are loads of buyers acquiring condos, homes, commercial property and positioning themselves to get great deals. The trick is to understand your local market in relationship to the national market.

Here are a few good clips to give you a look at both the Miami South Florida Condo market and the Nation's situation.

Miami Real Estate March 07

Play the Crumbling Housing Market

Seeking Foreclosures Miami For Real Estate Investment
Written by EditorsChoice
Thursday, 27 September 2007
Foreclosures in Miami are appealing for a variety of reasons. Some people see them as retirement or vacation homes; others consider them terrific rental or investment opportunities. Buying a foreclosure in Miami for less than its true market value is a great way for someone to either get their present home at a discount or secure income for their future.

Homes end up in foreclosure, no matter which financial institution--HUD, the VA, or a bank--holds the mortgage on them. As soon as information on foreclosures in Miami is made public, it generates considerable interest.

It's not always possible for homeowners, evening Miami to sell their homes before they go into foreclosure. As desirable the housing markets in some sections of Miami may be, foreclosures can happen before the homeowners have time to find buyers for their homes on their own.

Those homeowners who have not accumulated sufficient equity in their homes and have them go into foreclosure in Miami will often not have enough time to attract buyers qualified to assume the balance of their loans. Those homeowners may become so desperate to sell that they accept offers which are too low, only to have them turned down by their mortgage holders. So the homes are put into foreclosure, and even if they sell for less than what was offered to their owners, the lenders are assured of recovering the full amounts of their loans.

Investors In Search of Turnarounds

Investors see foreclosures in Miami as a prime target, buying when of job shortages and force more homeowners to fall behind on their payments, and selling when real estate prices recover. They will study the listings of foreclosures in Miami for the properties most likely to generate the largest profit in the shortest time.

If those purchasing foreclosures in Miami do not have to put any money to the properties they buy, they will often sell them for only slightly more than the foreclosure price, still getting a profit without having to maintain the properties any longer than is necessary. For more info see http://www.foreclosureshomeguide.com/Pre_Foreclosures on real estate investors.

There are other investors in foreclosures in Miami, however, that look for properties in poor condition and but them at dock-bottom prices. They put enough money in the homes to make them presentable, and sell for their costs plus a nice profit. So many undesirable foreclosures in Miami eventually become transformed once again into desirable homes.

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