"Shadow Inventory" Hurts South Florida Real Estate
Another setback for South Florida's struggling housing market lies is just beneath the surface – thousands of homes that make up the so-called "shadow inventory."
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Another setback for South Florida's struggling housing market lies is just beneath the surface – thousands of homes that make up the so-called "shadow inventory."
South Florida's sagging housing market has drawn a lot of attention from overseas buyers hoping to cash in on distressed real estate prices.
For years we have seen real estate prices in South Florida tumble, but for the first time it appears that trend is reversing.
While the foreclosure crisis still has a stranglehold on the South Florida real estate market; it is leaving some great deals out there at local auctions that could put you in a great house for not much cash.
An index of home prices in big metro areas, including South Florida, has reached its lowest level since 2002, driven down by foreclosures, a glut of unsold homes and the reluctance or inability of many to buy.
If you've got the cash, then the South Florida real estate market is ready to reward you with some large bargains. From Homestead to Coral Springs, real estate agents are starting to see a slow turnaround in the depressed Florida home market.
The home market has been the foundation of the Great Recession in South Florida for years. While sales of homes and condos may be increasing, the chances of the average Joe getting some of these great deals remains slim.
Downtown Miami's once depressed condo housing market may be turning around, if one building is any indication.
Home values in South Florida fell nearly 13 percent in the first three months of this year, compared to the same period last year, according to real estate tracker Zillow.com.
Existing home sales continue to rise in Florida. The figures show that sales of homes and condos increased 36 percent from February to March.
As the economy continues to ebb along with slight signs of improvement, many have wondered if the housing market is finally on the road to recovery.
Mortgage fraud. It's a growing crime that federal prosecutors now say costs taxpayers, legitimate homeowners and banks billions of dollars every year. The fraud has become so bad that experts say it has driven up the cost of any loans you might need.
The latest figures show that the total number of home sales have increased to 7.7 percent in February compared to a year earlier.
Foreclosures in January increased by just one percent from December numbers and were 17 percent less than in January 2010. It's the latest signal that the real estate market may finally be stabilizing.
There's encouraging news about the state's housing market. Real estate experts are showing some renewed optimism in Florida's home sales, but they're waiting for potential buyers to agree.
Realtor.com found that Miami was the fifth most searched city when it comes to real estate.
While South Florida's real estate market continued to struggle in 2010, area which boomed was "short sales".
The latest economic indexes show 2011 is already looking much better than the start of 2010 with improvements in consumer spending, manufacturing and continued gains on Wall Street.
South Florida realtors revealed that pending home sales in Miami-Dade and Broward County jumped by almost 29 percent this month compared to December 2009.
Plaintiffs argue the deal violates the Constitution's Domestic Emoluments Clause, an anti-corruption measure intended to prevent sitting presidents from profiting from government-related transactions.
While city officials say new affordable housing will help keep the community in place, some neighbors say they feel like they are being forced out.
The incident took place last June when officers fired at a vehicle, wounding suspect Eric Chase in the knee. Chase survived the shooting.
Tamarius Davis appeared in court on Wednesday, where he told the judge he intends to take responsibility for the shooting that killed 21-year-old Dustin Wakefield on Ocean Drive nearly five years ago.
President Trump and Chinese President Xi Jinping are meeting in Beijing, as the two countries aim to stabilize their trading relationship and grapple with uncertainty over Iran.
Plaintiffs argue the deal violates the Constitution's Domestic Emoluments Clause, an anti-corruption measure intended to prevent sitting presidents from profiting from government-related transactions.
While city officials say new affordable housing will help keep the community in place, some neighbors say they feel like they are being forced out.
The incident took place last June when officers fired at a vehicle, wounding suspect Eric Chase in the knee. Chase survived the shooting.
Tamarius Davis appeared in court on Wednesday, where he told the judge he intends to take responsibility for the shooting that killed 21-year-old Dustin Wakefield on Ocean Drive nearly five years ago.
President Trump and Chinese President Xi Jinping are meeting in Beijing, as the two countries aim to stabilize their trading relationship and grapple with uncertainty over Iran.
In courtroom testimony, Shandelle Maycock recounted the harrowing night her daughter was abandoned in the Everglades, describing the horrors they endured.
A former prison guard trainee has been sentenced to death for the 2019 execution-style killings of five women inside a Florida bank.
Florida coach Billy Napier is getting a fourth season to try to get the Gators back to their winning ways.
A Florida man has filed a federal lawsuit against Jacksonville sheriff's officers who severely beat him last year after he ran from a traffic stop.
The Marion County Sheriff's deputy told authorities that he accidentally shot and killed his girlfriend while cleaning his gun.
President Trump and Chinese President Xi Jinping are meeting in Beijing, as the two countries aim to stabilize their trading relationship and grapple with uncertainty over Iran.
For decades, U.S. presidents have remained steadfast in their defense of the tiny Asian ally from its neighboring giant.
DHS Secretary Markwayne Mullin said the department has no plan to shut down Alligator Alcatraz, following reports that companies hired by Florida to operate the detention center were told it would close.
Commerce Secretary Howard Lutnick said he was unaware for years that Jeffrey Epstein was a registered sex offender, according to a transcript of testimony released Wednesday.
Secretary of Homeland Security Markwayne Mullin told CBS News that ICE arrests at the FIFA World Cup are not off the table, but the agency will not be at the global sporting event for the purpose of immigration arrests.
CBS News Miami has confirmed from multiple sources that the Miami Dade State Attorney's office is investigating A3.
State Senator Rosalind Osgood is urging Wasserman Schultz not to run in Florida's 22nd Congressional district.
In an interview on Facing South Florida, Wasserman Schultz said the Governor's efforts to redraw the maps will almost certainly violate the Fair Districts constitutional amendment voters in Florida passed in 2010.
Several commissioners have raised questions about how the center would be funded in future years.
The center – which was promised to voters back in 2004 – would take mentally ill individuals out of the jail and move them into a place where they can receive comprehensive treatment and support.
The head of the World Health Organization says "our work is not over" to contain hantavirus after evacuations from a cruise ship hit by a deadly outbreak of the illness.
An American on the repatriation flight began showing symptoms of hantavirus and another "tested mildly PCR positive for the Andes virus," the Department of Health and Human Services says.
More than 100 people from a cruise ship dealing with an outbreak of the rare and deadly hantavirus are set to be disembarked.
In 2002, Zermeño found out he contracted hantavirus after cleaning the family house following the death of his mother and sister. He had been exposed to rodent droppings and became infected.
Three passengers have been evacuated from a cruise ship hit by a hantavirus outbreak, as related cases are confirmed in Switzerland and South Africa.
AARP is sounding the alarm because it is so easy to fall for these schemes, but there are simple things everyone can do to protect themselves.
A lawsuit filed late last month took Chicago-based McDonald's to task over the McRib sandwich, calling its name a form of false advertising.
Florida insurance policyholders could be seeing some form of relief in their wallets thanks to market reforms made statewide, Gov. Ron DeSantis said.
The company said Tuesday that 85% of its retail products and "nearly all" of its school offerings are already made without "certified colors."
Less than two days after Delta Air Lines offered $30,000 to each passenger on board the flight that crashed and flipped in Toronto on Monday afternoon, the company is facing its first two lawsuits in the incident — and they likely won't be the last.
"The Devil Wears Prada 2" edges out "Mortal Kombat II" at the North American box office this weekend.
A trial in the lawsuit between Blake Lively and Justin Baldoni was set to begin later in May.
The performance followed similar shows by Madonna in 2024 and Lady Gaga last year on one of the world's most iconic waterfronts.
Attending this year's Kentucky Derby meant more for thoroughbred expert Mark Toothaker, who suffered a seizure from laughing at a whiffed NFL field goal attempt that led to a lifesaving diagnosis.
David Allan Coe also had hits with "You Never Even Called Me By My Name" and "The Ride" among others.