Realtor.com reports that homes, condo and townhouses for-sale inventories shrunk for 4th month in a row to 19% less than a year ago among the 146 markets most searched by Realtor.com users. Miami, Orlando and Fort Myers had declines of nearly 50%. 11 of the 20 markets that whose inventories declined in August were in Florida.
This may reflect a slowdown in homes moving thru the foreclosure process. Areas with high unemployment rates and many seriously delinquent borrowers could swell up inventories. Realtor.com states that , “Florida is a judicial foreclosure state that’s been ground zero in the robo-signing scandal.” Fears remain of a foreclosure glut.
Median list prices were up by 1% in 64 of the 146 markets tracked, down in 49 and unchanged in the other 33, a steady improvement trending. In 14 Florida markets, the median price list was down.
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