Florida Property Sales are being held back by lack of funding

There are encouraging signs that the US property market is recovering with sales significantly improving during the final three months of 2010. However some experts believe that the recovery would be more robust if better funding were available.

A property expert in Florida has blamed the lack of finance available for foreign buyers and the fact that it’s taking 4 to 5 months to finalise finance for US buyers.

The tax breaks during the first quarter of 2010 did help make things easier and the estate agents were correspondingly busier. After the tax breaks expired the number of sales declined once more before steadily increasing throughout the year.

Florida property is being seen as an increasingly good investment, with a number of hedge funds putting together deals to buy properties in recent months. Inventory levels for homes in Orlando have hit a five-year low and prices are definitely beginning to rise once more.

The property market in Florida is also being held back by sluggish sales throughout the US and over 1000 people used to move to the area every day but are now unable to sell their own homes and complete the move. Florida remains an attractive prospect for many people as it offers a good quality of life, sunshine and good employment opportunities. There are still distressed properties available for sale and an online foreclosure auction service was launched last month in Florida by the Orange County Clark of the Court. It enables buyers to bid on a property from anywhere in the world once they have registered and placed a deposit before the sale.