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Despite recovery, distressed home sales continue

Distressed home sales increased sharply across South Florida in August, a result of more foreclosures working their way through

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Distressed home sales increased sharply across South Florida in August, a result of more foreclosures working their way through the court system, a new report shows.Four in 10 Broward County sales last month involved homes in some stage of repossession, according to RealtyTrac Inc. Foreclosure-related homes accounted for only 21 percent of Broward sales in August 2012. In Palm Beach County, 36 percent of August sales involved distressed homes, up from 20 percent a year earlier.“This is expected, given that over the past 18 months in Florida, we’ve seen foreclosure starts increase, and that’s now translating into actual sales,” said Daren Blomquist, a RealtyTrac spokesman. “This is a necessary step that the market needs to go through to clear the distressed inventory out and get it in the hands of new homeowners.”
The figures from RealtyTrac, an Irvine, Calif.-based listing firm, are based on county deeds and include single-family homes, condominiums and townhomes.
The firm defines a distressed home as one in foreclosure or already owned by a lender. So-called short sales, in which the owner unloads for less than the mortgage amount, are considered distressed properties.
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