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Latest Home Prices Report Shows Boom For Miami; Bust For Other Parts Of Florida

 
Latest Home Prices Report Shows Boom For Miami; Bust For Other Parts Of Florida
Posted August 31st, 2014 @ 6:24am

ORLANDO, Fla. (AP) _ The latest data on home prices is a mixed bag for Florida.

A report released by the research firm RealtyTrac shows that while Miami had some of the biggest increases in home prices, other parts of Florida had among the highest rates of distressed sales.

Median home prices in Miami were up 19 percent in July compared to a year ago.

However, Lakeland and the Fort Myers area had among the highest rates of distressed and short sales. The rate was 30 percent in Lakeland and almost 28 percent in Fort Myers.

A property sale is distressed if it involves foreclosure, and a short sale occurs when a home is sold for less than the amount owed on the property.

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