The short sales are still in the pipeline and providing buyers opportunities in Florida. Hopefully, lenders will act rather than ad to the foreclosure backlog.
Florida and California cities accounted for 17 of the top 20 cities with housing facing foreclosures in the US. Unemployment is now creeping up as a primary reason that these numbers are increasing and the forecloses have now shifted away from speculators who are turning over properties to banks to primary homeowners who can no longer keep up with monthly housing costs.
It is now widely believed that we are entering a new wave of foreclosures that will be driven by pure economic hardships and unemployment than what initiated it, otherwise known as subprime loans that started the downfall in 2007.
Las Vegas remains at the top where 12% of households have received a notice of default, auction or repossession in 2009, more than 5 times the national average. Cape Coral-Ft Myers had the second highest rate of foreclosure filings.
Other Florida cities with very high filing ratios included Orlando, Port St Lucie, and Miami- Ft Lauderdale and Pompano Beach, all at the top end of filings.
These statistics definitely reinforce the need for a much more proactive approach to sell property including short sales, auctions and banks taking a more aggressive approach to getting bad loans off the books by selling REO inventory.
To learn more about non traditional sales methods that can make a difference in selling your property, Pease visit www.Auction-Generation.com
Troy Fowler Lic. Real Estate Broker & Lic. Real Estate Auctioneer #AU3595
Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.
Read my blogs Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.
Not much of a surprise there. It's nice to know we are good at something :)
Gary I hope your market starts to see improvement this year. I know all the foreclosures makes that difficult. My Grandfather in done in the Fort Lauderdale area and his property has lost over 70% of its value in the last few years. It is just amazing!!
I hope so, Bill. This is pretty rough on sellers..and real estate professionals and lenders..and inspectors..and movers...
Gary, you mean Jacksonville is not on that top list? That is good news for us because the last article I read had us up in the top 10 and once it was in the top 3. It is definitely rough on all of us. It isn't fun to have a short sale with a family who is losing their home, but it is better for them than a foreclosure.
Sharon - Short sale definitely beats the foreclosure. Thanks.
We were supposed to have a wave of foreclosures in April/May 2009, but I didn't detect that it ever hit. Now they (and just who are "they"?) say that "another" wave of foreclosures is going to hit in April/May 2010. I hope it's as good as the last wave!
Russel - The unknown that "they" predict has a lot of people sitting on the fence. Thanks.
Hi Gary, Well we are certainly staying busy. The entry level buyers, first timers, investors and out of the area buyers are scooping up the attractively priced properties. It will be interesting to see if dropping the 90 Day Waiting on flips will get more buyers out there for the properties in poor condition. We'll just have to hang on for the ride.
Sandy - You are right. I think the relaxing of the flip rule may help a bit.