Archive note, October 2026: This post discussed foreclosure and short sale figures for the second quarter of 2010 and what they meant for home buyers in South Florida. The post gives no date. For the firm's current work in this area, see foreclosure defense.

The housing market and home prices remain fairly stagnant in South Florida. Many people are still under or at risk for foreclosure or are turning to short sales to avoid being forced into foreclosure. But consumers are now beginning to scoop up single-family homes and condos across the United States, and that trend is no different in south Florida Confidence in the housing market is starting to slowly come back even if home prices are not going up . A total of 151,290 bank-owned properties were sold in the second quarter of 2010, up 3 percent from the previous quarter but down from the second quarter of 2009. Bank-owned property sales were 15 percent of all property sales in the second quarter of 2010, down a little from the19 percent of all sales in the previous quarter and down from 20 percent in the second quarter of 2009. In Florida, 34 percent of all home sales are foreclosures or short sales. Throughout 2010, purchases of homes were are the rise and should continue to do so in 2011.

So how does high foreclosure and short-sale rates help home buyers? It means big discounts on homes. Particularly in the current economic climate, banks do not want to foreclose if they can avoid it. The only way for the bank to recoup some of its money is to sell the home, and it is usually sold at a deep discount, some times as much as 43 percent off.

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Aaron Resnick has handled business disputes in Miami since 1998 and is a fourth generation Miami attorney. He works hands-on on every case; the client gets Aaron on every major litigation issue, not a junior partner. The Law Offices of Aaron Resnick represents large corporations, Miami businesses and their owners, professional athletes and entertainers in Miami Dade, Broward and Palm Beach counties and across Florida in business litigation and business counsel. Call 305-672-7495 or request a consultation.

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