Palm Bay a hotbed for foreclosed homes

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PALM BAY, Fla. - While many states are enjoying a drop in foreclosure filings, Florida's filings actually jumped last year and Channel 9's Melonie Holt learned Brevard County's largest city is a hotbed of foreclosure activity.

In Palm Bay, homes once listed at $200,000 are selling for closer to $70,000.

According to a report released Thursday by RealtyTrac, Palm Bay was one of the most active areas for foreclosures in Florida.

Right now, foreclosures make up about half of all home sales in Brevard County.

But, don't expect the banks to give away these homes: Tim Harber of Harber Realty said overall inventory is still down.

"Less inventory, less days on the market, higher prices," he said.

This time last year, the average Brevard County home stayed on the market for 65 days. That number is now closer to 41 days.

A year ago, the median home price was $107,000, but it has jumped to $120,000.

Still, RealtyTrac is predicting Palm Bay will be one of the most active metro areas in the county this year for short sales and foreclosures.

"Palm Bay was overbuilt in its heyday," said Barber. "There average home price was $220,000, $230,000. Now, it's $70,000."

And Harber said that makes Brevard County a bargain when buyers compare it with Miami or even Orlando.