Some indicators show the real estate market has begun to turn a corner. The National Association of Realtors reported on September 2 that pending sales of existing houses increased 5.2 percent from June to July. According to the median of 37 forecasts in a Bloomberg survey, economists had estimated a 1 percent decline.
Nicolas Retsinas, director emeritus of Harvard University's Joint Center for Housing Studies, said during an August 31st interview on Bloomberg Television's that ''The market is starting to show some signs of stabilization but a robust recovery is a long time away.''
Lender Processing Services Inc., a Florida-based mortgage servicing company, reported on September 2nd that as of July 31st the number of U.S. homes in default or foreclosure fell to 7.04 million from a high of 8.12 million in January.
As of July, defaulted mortgages took an average 469 days to reach foreclosure, up from 319 days in January 2009. That's an indication that lenders, with the help of the government loan modification programs, are delaying resolutions and preventing the market from flooding with distressed properties, said Herb Blecher, senior vice president for analytics at LPS.
''The efforts to date have been worthwhile. They both helped borrowers stay in their homes and kept that supply of distressed properties on the market somewhat limited'' Blecher said in a telephone interview from Denver.
Call MLR Realty at: 1-305-673-3303 for information regarding Miami Beach homes or other Miami real estate properties for sale.
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