2011 was a good year for buyers of real estate

Results are in for Broward County, Fort Lauderdale and its surrounding areas. Florida Realtors confirms that 12,817 single-family homes were sold in 2011. This is almost at the same level as in 2004 when 14,226 properties were sold that year. Remember that 2004 signaled the beginning of rising prices and the decline of inventory.

In 2011, the average selling price of these homes stood at $ 186,000, the lowest price since 2001.

On the other hand, total sales of condominiums reached 16,714 units compared to 15,049 in 2010. The average selling price of these condos is $ 78,200, down 3 percent compared to 2010 and now the lowest price since 1975.

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The most important news that made the financial circles this week is the report from the Chairman of the Federal Reserve System, Ben Bernanke, presented to the Board.

The solution Mr. Bernanke advocates to overcome the banks’ problem of too many foreclosed properties on their hands is to rent these properties. He is right because there are so many people who are unable to purchase a home because of their bankruptcy and still need a place to live.

According to Mr. Bernanke, this solution would allow banks to consolidate their real estate assets and emerge from this economic crisis. One source of information on this report: the Huffington Post.

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