Santa Barbara, CA  (MMD Newswire) January 18, 2011 — A new analysis of foreclosure trends in Broward County, Florida shows bank foreclosures are more likely to exceed market median prices than government foreclosures. RealtyStore (realtystore.com), the premier provider of residential foreclosure listings and data in America, performed the analysis of its database of the 10,221 foreclosures recorded for Broward County. Of the 5,067 local foreclosure listings active marketed for re-sale, 71% are owned by banks. These Broward County bank foreclosures are listed at prices across a range of nearly $20 million.

“Home buyers can still find plenty of selection from HUD homes or a Fannie Mae foreclosure well below the market median price in Broward County,” noted Peter Ranck, Vice President, RealtyStore. “Banks also currently offer a large number of foreclosed houses at similarly low prices, but many more are listed at significantly higher prices as well. Banks have posted enough upper scale homes for sale in Broward County to drive their foreclosure median price 6% above the market at large. This situation has not been seen in our other recent county studies, and it differs significantly from the last study of Miami-Dade county foreclosure trends. There, the bank foreclosure median price was found 48% below Miami-Dade’s overall median price.”

A closer look at REO foreclosure pricing in Broward County illustrated the diverse price points offered on foreclosure listings from both government entities and banks. In terms of government foreclosures, HUD homes offer the lowest median price for Broward County foreclosures. HUD homes, all available for purchase by the public at large, currently range from $25,000 to $160,000 with a median price of $72,000. This is 55% below the market median. A small number of VA foreclosures are posted for sale in the tightest price range for foreclosed houses in the area. VA homes post asking prices from $74,900 to $130,000 with a median price 25% under market, at $120,000. Freddie Mac / Fannie Mae foreclosure inventory is listed from $11,000 to $424,900 and shows a median price of $74,900, or 53% below market.

Broward County foreclosures are dominated by bank sellers, which account for 71% of all foreclosure listings in the area, as well as 78% of all foreclosures recorded in the county. A total of 3,619 bank owned properties are currently listed for sale. Prices of these Broward County bank foreclosures start at a low of $9,900 for a condo, and top out at $20 million for a waterfront estate. It is also important to note nearly 20% of all bank foreclosure listings are priced over $400,000 in Broward County. Across the board, Broward bank foreclosures register a median price of $169,000, which is 6% above the overall market median home price of $159,900.