Bargain Hunters On Your Mark.....

According to http://www.realtytrac.com/ the foreclosure rate in Miami jumped 97% from the second to the third quarter of 2006.That would be 1 foreclosure per every 91 households.

Back when the going was good foreclosures were hard to come by because people could just refinance or sell before the lender could take it over. The problem now is that there are fewer buyers and a lot of high leverage mortgages out, resulting in an increase in distressed residential real estate.

These distressed properties typically sell at a discount relative to the general market. And as inventories rise, the discounts also rise, according to a study by First American Real Estate Solutions.

Distressed homes during the first half of 2006 sold at a 14 percent discount to their estimated market value. Two years ago the discount on those properties was 12.5 percent.

If foreclosure is staring you in the face, refinance if you can or sell and cut your losses (Chalk it up to the price of doing business.)

For those looking for bargains in Coral Gables, sorry, don't get your hopes too high. This market is very independent of other surrounding markets. Foreclosures do exist like in any other market but are rare. So when you read reports of Florida and Miami, it does not include Coral Gables unless specifically broken down so.

Coral Gables bargain real estate most likely wont be advertised but I can lead you to them.

For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group