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Thursday, August 20, 2015

If the Brevard County, Florida Real Estate Market Has Shifted Why are There Still Foreclosures?

Every article one reads in 2015 seems to say the same thing...residential markets have heated up and favor the seller!

If that is true then why are there still foreclosures for sale in Brevard County, Florida?

The reality is there have always been foreclosures for sale.  A few years ago there was indeed a spike in distressed sales.  Foreclosures and Short sales became a common occurrence.

In the current Brevard County, Florida MLS system there are 2,264 single family homes listed as active today.   Of these 220 are listed a foreclosure, REO or auction properties.  If my math is correct that means about 1 in 10 single family home listings in Brevard County is a foreclosure/REO/auction sale.

As for short sales there are 56 single family homes listed as active short sales (less than 3% of all homes for sale).

So while there are still foreclosures for sale in Brevard County the majority (almost 90%) of homes for sale are standard / fair market listing.

While the above numbers represent the active listings in the Brevard MLS system.  The graphic here shows the Brevard County, Florida single family closed sales in July 2015 by type of sale.

The graphic above shows the trend since 2011 with short sales slowly disappearing as well as foreclosure numbers shrinking.

But there will always be some foreclosures.  Lives and circumstances of owners change.  Hardships, loss of jobs, family changes, divorce....all impact the housing market.

Ready to buy a home in Melbourne or Viera, Florida?  Call me at 321-693-3850 or send me an email if I can help!

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