North Miami Town Homes

Sales of Town Homes in North Miami, Fl have picked up over the past 2 months. With the battle raging between straight owner sales vs the Shadow Inventory from banks this is a positive news. While most Real Estate experts believe that the current crisis in housing will last for another 3-5 years it is good to highlight good news when there is some available. In North Miami there have been 14 sales over the past 2 months. The median sales price for a town home was $149,750.

None of the 14 sales that occurred in the past 2 months are Foreclosed properties. These were all traditional sales. What is interesting about this figure is that it is win in the battle against the shadow inventory. Kevin Brungardt, who formerly held positions at Citigroup's  Citi Mortgage and Fannie Mae and is currently the CEO of RoundPoint Financial Group, a Charlotte, N.C.-based mortgage banking, servicing and investment firm, says while borrower defaults have fallen "significantly," the so-called foreclosure shadow inventory remains "stuck," This decline in distressed assets from banks is going to directly effect the supply demand model.

As the shadow inventory stays on the market longer the banks are going to be forced to keep lowering their prices. Since the forecast for the next few years is not great economically in the US the supply of foreclosed properties is going to go up and drive prices down. This is going to bring a lot more buyers who have been renting the past 5 years off the sidelines and into the arena of home ownership. 

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