One Florida region made it into RealtyTrac’s top 10 housing recovery list, and it wasn’t the tri-county area of Palm Beach, Broward and Miami-Dade.
No, the sunny beaches of the Atlantic got beat by its Gulf of Mexico sister, Cape Coral, which ranked second overall nationally in a 100-region rating of how fast real estate is turning around.
South Florida came in a middling 43rd place. Port St. Lucie took an even more dismal rank of 82.
The rankings were based on seven different factors related to the health of the real estate market. They include unemployment rate, underwater loans, the change in foreclosure activity, distressed sales, investor purchases and median home price.
Taking the top spot was Rochester, NY, which had a June unemployment rate of 7 percent, but only 7 percent of homes underwater. Rochester’s foreclosures were 68 percent down from the peak of the real estate crash and investor purchases were 4 percent of the market.
In Cape Coral, unemployment was at 7.4 percent, and 42 percent of mortgages were underwater, but foreclosures were down 91 percent and cash sales made up 70 percent of all purchases.
“The Cape-Coral-Fort Myers market is being driven by strong home price increases, which are being fueled by a high percentage of cash and institutional investor purchases, along with sharp decreases in foreclosure activity,” the RealtyTrac report notes. “The Cape Coral-Fort Myers market ranked second on the list despite an above-average percentage of underwater homeowners and distressed sales.”
South Florida had a 7.6 percent unemployment rate and 43 percent of homes underwater. Distressed home sales made up 43 percent of purchases, although foreclosures were down 57 percent. Home prices were up 40 percent from the bottom, while cash sales made up 64 percent of the market.
Four Florida cities posted recovery index scores among the 20 lowest: Pensacola-Ferry Bass-Brent, Tallahassee, Ocala, and Port St. Lucie. All four cities had above-average percentages of underwater homeowners along with below-average participation by institutional investors.
This entry was posted
on Monday, August 19th, 2013 at 8:35 am and is filed under Foreclosures, Housing affordability, Housing boom.
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