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Elliman Report: Miami Sales 1Q 2012

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.

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