Half of Miami homes sold as short sales – half of Miami homeowners underwater – homes worth half of market highs

CBS 4 is reporting that home values continue to plummet in South Florida, with struggling Miami homeowners being among the hardest hit.

Nearly half of all home sales in Miami were short sales. The banks are evolving and getting smarter as the real estate slump grinds on. The best way to stop foreclosure in Miami is to move aggressively to protect your rights with the help of a Miami real estate attorney. Mortgage relief and principal reduction programs are not the same for everyone. By negotiating from a position of strength, you can best protect the financial well-being of you and your family.
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Zillow.com reports South Florida is one of the 20 worst areas in the country for falling property values and struggling underwater homeowners. Zillow reports that the average home price in Miami-Dade is $144,700 — down more than 20 percent from last year. In Broward County, the average value is $134,800, a decline of nearly 14 percent from a year ago.

In Miami Dade, prices have dropped 55 percent from the peak of the housing bubble in 2006 — meaning your house is likely worth less than half of what it was four years ago. In Broward County, prices have dropped 54 percent.

When it comes to negative equity, 44 percent of South Florida homeowners owe more on their home than it is worth in the current market. And nearly half of all homes sold in June in South Florida were sold for a loss.

Zillow found that Tampa and Orlando is in even worse shape than South Florida.

If you are facing foreclosure in the Miami area or are considering home-loan modification, short-sale, strategic default or other options in South Florida, contact Barakat, Jacobs & Associates for a confidential appointment to discuss your rights. Call (305) 350-5055.