Florida foreclosures 'mean more falling prices'

Parts of Florida are set to see more property price falls as the US foreclosure crisis rumbles on, it has been stated.

Speaking to NWF Daily News, chief executive at Beach Community Bank Tony Hughes said: "In general, as there are properties in foreclosure by a variety of lenders, that can mean more property than buyers, so prices go down."

Such a situation could mean more bargains becoming available for those looking to buy a property in the US.

The news provider pointed to locations on the Emerald Coast of the state as being examples of places where foreclosure numbers have risen, based on figures from the most recent Metro Market Trends report.

It noted that the first four months of 2009 showed year-on-year increases of 36.2 per cent in Walton and 34.6 per cent in Okaloosa.

Lower prices may be helping to increase sales in Florida, with the number of transactions in the state in March up by 30 per cent on the same month in 2008, according to data from the Florida Association of Realtors.

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