| According to the popular press, Florida foreclosures are still showing an alarming upward trend, the state of Florida being ranked only behind California in total properties in foreclosure, and there is little relief in sight in the near or distant future. Lenders, financial experts and homeowners alike are worried because of the high Florida foreclosures rate and its impact on the local real estate market conditions.
According to a recent real estate report the number of Florida foreclosures is up seventy-seven percent as compared to the same time period last year. For example, the numbers of Florida foreclosures in Miami-Dade County which are located on Florida's southeast coast have tripled during the first six months of the year, according to data from the state's counties. The other Florida counties are also reporting more homes going into foreclosure than the ones being sold. This is certainly an alarming trend, and the general opinion amongst realtors and financial experts alike is that it may get far worse before any reversal in this trend will be seen. No one can pinpoint this much anticipated turn-around, but the consensus is that it may be years ahead.
There are several factors that reside behind the surge that is currently fueling the growing number of Florida foreclosures; they are a dramatic increase in property taxes, skyrocketing insurance costs, and would-be investors being forced to walk away from properties for which they have no buyers and no means of making the mortgage payments. As it is with all other states, Florida foreclosures are proceedings governed by statutes where lenders file with the county court in an appeal to take back real estate property when the homeowner is unable to conform to the mortgage contract.
One day this situation will correct itself, but in the meantime the best plan may be to lay low, decrease your expenses, increase your cash flow, and try to weather this thing out.
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