A continued flood of foreclosures is ensuring that Florida property prices go on dropping, it has been observed.

Chief executive at Beach Community Bank Tony Hughes told NWF Daily News: "In general, as there are properties in foreclosure by a variety of lenders, that can mean more property than buyers, so prices go down."

He was speaking as the news provider noted that the latest Metro Market Trends report showed a rise in Florida property repossessions in many Emerald Coast areas.

These showed rises of 36.2 per cent in Walton and 34.6 per cent in Okaloosa during the first four months of 2009, compared to the same period last year.

It may mean that the bottom of the market in this part of Florida has not yet been reached, the paper commented, something that could interest bargain hunters.

Transactions across the state were up by 30 per cent in March this year from the same period in 2008, according to the most recent figures from the Florida Association of Realtors.

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