For South Florida real estate market, a hopeful sign
Fueled by foreign buyers and distressed sales, South Florida pending home
sales were up in July compared to last year.
South Florida's housing sector asserted its independence from national
trends in July as a key measure of the real estate market improved
year-over-year, with the region's international buyers and still-drooping
prices propping up the local housing market.
South Florida sizes up well when compared to the national picture, where the
pending home sales index hit a record low in June, according to the National
Association of Realtors.
``We are encouraged by the statistics for pending home sales in the South
Florida real estate market'' chairman of the board of the Miami Realtors
said. ``Pending sales are significantly higher than they were a year ago.''
Pending home sales refer to the number of housing contracts that have been
signed, and offer an early indicator of sales activity because typical sales
have a one- to two-month lag between a sales contract and a completed deal.
With financing still difficult to obtain, all-cash buyers and deep discounts
on distressed properties are propping up sales.
About 60 percent of South Florida sales have gone to foreign buyers, who are
more likely to pay with cash.
Posted: 8 August 2010
Source: Miami Herald
original article no longer available online
