U.S. FORECLOSURE ACTIVITY RISES

via themortgagepoint.com—The U.S. foreclosure market experienced a notable uptick in July 2024, with foreclosure filings increasing by 15% from the previous month, according to the latest report from ATTOM Data, a land, property, and real estate data firm. A total of 31,929 properties across the nation faced foreclosure actions, which include default notices, scheduled auctions, or bank repossessions. This marks a slight 0.2% increase from the same period last year.

Rob Barber, CEO of ATTOM, highlighted the significance of these developments. “July’s foreclosure activity reflects a slight shift in the housing market,” Barber said. “With an 18% increase in foreclosure starts and a 14% rise in completed foreclosures from last month, these shifts may highlight growing pressures in certain areas. However, soaring home prices continue to spike the value of homes across the nation, boosting equity for homeowners at virtually every stage of paying off mortgages. Monitoring these next few months will help us better understand the implications for the real estate sector”.

California, Florida, and Texas lead in foreclosure starts

Lenders initiated foreclosure proceedings on 21,870 U.S. properties in July 2024, an 18% increase from June and a 4% rise compared to July 2023. California led the nation with 2,342 foreclosure starts, followed by Florida (2,339 starts) and Texas (2,222).

Among major metropolitan areas with populations over 1 million, New York City topped the list with 1,286 foreclosure starts. Chicago, Philadelphia, Miami, and Los Angeles also saw significant numbers of foreclosure initiations...READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-nine (39) active listings in the MS/VG market this week. Over 40% of the active listings are over $1,000,000.00. Two of the listings are spec houses that have not yet been built— their list prices range from $2.5 million to a whopping $3.2 million! We do not use spec listings in calculating market values for this report. Inventory has hovered around 35+/- listings these last months. Increased inventory is better for Buyers, but prices remain strong for Sellers. We are truly in a unique market! The market appears to be slowing down a bit, but demand in Miami Springs and Virginia Gardens continues despite high interest rates and high prices. Will inventory continue to increase in the months ahead? We think so! Please refer to the articles posted on our website for more insight.

There are sixteen (16) active listings over one million dollars. Eighteen (18) of the active listings have had a price reduction; six (6) this week. There are no new pending sales this week. We have been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes still makes it difficult for Buyers. The high interest rates also create a difficult situation for Sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Sales activity has slowed down a bit and properties are staying on the market for longer. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates are around 6.5%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers still happen in some cases. The number of days properties are staying on the market is averaging 55 days. There are no properties listed under $500,000. The limited options for entry-level homes, higher interest rates, and homeowner insurance costs make it difficult for first-time Buyers. There are two (2) listings priced between $500,000-$600,000; three (3) listings are priced between $600,000-$700,000; eight (8) are priced between $700,000-$800,000; five (5) are priced between $800,000-$900,000; five (5) are priced between $900,000-$1,000,000; fourteen (14) between $1-2 million; and two (2) are priced for over $2 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of August 9, 2024 through August 16, 2024, there were reported 2 new listings, 4 closed sales, 0 pending sales, 2 active with contract, 0 expired listings, 0 cancelled listings, 1 temp off market, 6 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of August 16, 2024. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  [email protected]

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