The Miami housing market continued to be
largely two different market segments: distressed
sales, defined as short sales and foreclosures,
and non-distressed sales. The “robo-signing”
scandal in late 2010 and the recent settlement
agreement between the major loan servicers
and the government has kept a large supply of
distressed properties from entering the market over the past year-and-a-half. However, we
anticipate an increase in distressed sales activity
over the next few years. While distressed and
non-distressed sales are not separate types
of housing, distressed condos and 1-family
property sales averaged 26.3% and 31.1% more
square feet, respectively than their distressed
sale counterparts in the first quarter.