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South Florida home and condo prices appear to be bottoming out. Some say that banks are controlling the release of foreclosures -- the lowest-priced homes -- to the market as a way to shore up prices.
BY MONICA HATCHER
On the surface, South Florida's home prices appear to be bottoming out, but a dip in the number of bank-owned properties for sale is leading analysts to conclude that lenders may be slowing the flow of foreclosures to the market as a way of stanching
Over the past six months, however, intriguing trends have begun to emerge in the month-to-month numbers.
The median single-family home price in Miami-Dade has, in fact, risen for the past three months, climbing from $177,000 in April to $194,700 in May and $211,400 in June. In Broward, the median in April was $191,300, followed by $190,000 in May and $204,800 in June.
where the average American’s wages can actually allow them to comfortably afford a medium priced home?
Does it make sense to keep prices artificially high in those markets or to let the true market set the prices by not trying to manipulate the market?
Originally posted by sligtlyskeptical
I have no issue with banks holding back foreclosures. That is exactly what is needed. I do think the banks should be liable for giving people loans that they couldn't afford and be forced to renegotiate at terms they can now afford. There are programs but anyone who bought or refinanced in florida the last 3 years are so far underwater they don't qualify.
What I really have a problem is with banks raising credit card rates and minimum payments to levels above what the borrower could have afforded when they were approved for the credit in the first place. I think a class action suit could have some effect in this respect. A hungry lawyer could make a name for themselves and a big bundle of cash as well, if they pursued this angle.
What I really have a problem is with banks raising credit card rates and minimum payments to levels above what the borrower could have afforded when they were approved for the credit in the first place.