Fiserv: Foreclosures may hurt S. Fla. home prices

Sun Sentinel

Average home prices in Broward and Palm Beach counties could fall through the third quarter of this year before rebounding in 2014, according to a report Monday from the Fiserv financial services firm.

Although values have increased in recent months across South Florida, Fiserv forecasts a 6.7 percent drop in Broward and a 6 percent decline in Palm Beach County. David Stiff, chief economist for the firm, said he’s bullish on Florida, but not until the Sunshine State clears a backlog of foreclosed homes.

Local real estate agents have said that foreclosed homes hitting the market would not dramatically affect prices because demand is so strong. Stiff didn't discount the theory, saying the Fiserv forecast might be too pessimistic.

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