Florida Grabs Second Spot for Highest Foreclosures

Posted on October 23rd, 2008 in Florida by Johnny

Closely following the state of Nevada in terms of foreclosure rate, Florida is certainly getting pummeled and beaten by the crisis in the housing industry. According to reports released by RealtyTrac, the Sunshine State leapfrogged ahead of California and Arizona based on its month-over-month foreclosure activity, placing it at the #2 spot. Compared to last August, Florida recorded a 9 percent increase in foreclosure filing.

Miami, Florida

In addition, there was also 44 percent increase in year-over-year foreclosure activity, with one filing for every 178 homes. Fort Lauderdale topped the list of metropolitan cities with the highest foreclosures with 18,316 filings. This figure is 17.7 percent more last August.

On the other hand, Miami placed at the 13th spot with 14,050 foreclosure filings. It was a 7.93 percent drop from the previous quarter but a 37.3 percent increase from last year. Palm Beach came in at the 19th spot with 7,515 filings, up by 5.25 percent compared to the second quarter and 65.3 percent from the third quarter of last year.

The good news is – national foreclosure rate for September declined by about 12 percent compared to August, with one filing for every 475 homes. Comparing it to last year, the foreclosure activity across the nation actually jumped by 21 percent.

According to the online marketer, the 12 percent decline can be attributed to the numerous state laws which were passed to slow down the foreclosure crisis. There were states that required lenders to notify the troubled borrowers several times before proceeding with a foreclosure filing while there were states that extended the number of months a distressed homeowner can negotiate with their lenders.

Last October 3, a $700 billion bailout program was approved to address the crisis in the financial market, which is tied to the housing industry. Despite this, experts and analysts are still worried that the collapse in the finance sector will result to more homes entering foreclosure.

Related Posts:

Florida Foreclosure Listings - Going Once, Going Twice, Going Three Times, Gone.

Posted on August 11th, 2008 in Florida by Johnny

With home rates in Florida plummeting, thanks to the increasing number of Florida foreclosure listings, people wanting to but their first homes and investors alike, see this as a good time to get good deals on properties. Auctions on properties that have been foreclosed by banks are known to provide the buyers with opportunities to buy at well below the market price; this is mainly because lenders are not very keen on hanging on to the foreclosed properties.

Miami, Florida

Between the 12th and the 17th of August, the auction firm, Hudson & Marshall, are set to auction close to 700 homes that have been foreclosed by banks. Cities where the auctions would be held include Orlando, Fort Myers, Tampa and Jacksonville amongst others.

On the 13th of August Tampa will see around a hundred homes being auctioned. Over two hundred homes will face Auction on the 13th of August in the Fort Lauderdale and Miami areas. Orlando is to witness auctioning of about a hundred homes on the 17th of August. Bidders successful at these auctions will need to put down a deposit for $2500 in either certified funds or cash. With all properties involved the sellers would have taken care of paying the title insurance.

Hudson & Marshall’s, Dave Webb, said that the notion till not so long back involving foreclosed properties was that either the property was distressed or in bad shape, but now that notion has been lifted. Knowledgeable buyers now see homes that are part of Florida foreclosure listings as a chance to buy a home that look just like the ones across the street, only at a fraction of the price, he added.

The properties that are being auctioned are being sold on a ‘as is’ basis. Therefore, the sensible thing for buyers to do would be to inspect the property before any bids are placed. August 9th and 10th have been scheduled to have an open house from 13:00 hrs to 15:00 hrs. Listing agents can also be contacted in order to schedule a time to look at the properties.

Related Posts: