Mixed news for FL real estate market

05.16.09
By Timothy Jones

Drops in home prices and the emergence of more affordable mortgage loan rates sent many people back to the market to look for new property - a significant number of them being first-time homebuyers.

Florida, one of the hardest hit states in the residential housing market crash, is one place where people are showing interest in scooping up reasonably priced homes.

Florida Association of Realtors president Cynthia Shelton said, "Typical homebuyers are realizing that now is the time to buy - they can find the Florida home of their dreams at a cost they can afford. Homeownership has always offered a wide range of benefits, including building financial security and increasing a sense of community, but the advantages offered in today's market are unique."

According to the Florida Association of Realtors, sales of existing single-family homes in the state jumped 25 percent in the first quarter of the year when compared to the same period in 2008.

But it's not all good news for residents of the sunshine state. PropertyShark.com is reporting that in April, new foreclosures in Miami increased by 9 percent from March figures and by 13 percent since April 2008.

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Home sales and foreclosures make headlines in Florida