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West Palm Beach Florida Real Estate - West Palm Beach, Florida Real Estate Market Overview

foreclosure prices price rates

Like many other communities located in southern Florida, West Palm Beach has been hit extremely hard by falling home prices and high rates of foreclosure. Since early 2004, the housing price trends in the West Palm Beach real estate market have been swung dramatically. In 2004, the median household sales price in West Palm Beach was around $200,000. Thereafter, housing prices increased dramatically before leveling off around $275,000 in early 2007.

Since early 2007, the housing bubble and overall economic collapse have been devastating to the West Palm Beach, Florida real estate market. The median sales price in the West Palm Beach, Florida real estate market has fallen off significantly since then and hit a 5-year low at around $165,000 in early 2009. While the housing prices in the West Palm Beach real estate market have fallen significantly, they do appear to have leveled off as prices have remained stable for the past three fiscal quarters.

While prices have remained stable in the West Palm Beach, Florida real estate market, one of the largest threats to that stability is the high rate of foreclosure. West Palm Beach, like other cities in Florida, has one of the highest rates of foreclosure in the country. In February 2010, one in every 105 households city-wide received a notice of default from their lender. The high rate of foreclosure threatens the median sales price because the median listing price for a foreclosed home in the West Palm Beach real estate market is only $105,000.

While the rate of foreclosure is high throughout the West Palm Beach, Florida real estate market, certain pockets of the city have even higher rates of foreclosure. Overall, zip codes 33412 and 33411, which are located towards the west of the city, and further from the Atlantic Ocean, have the highest rates of foreclosure. These zip codes have notice default rates of around 1 in every 60 homes.

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