Wave of Florida Foreclosure Means Bargain

Document Sample
Wave of Florida Foreclosure Means Bargain Powered By Docstoc
					     Wave of Florida Foreclosure Means Bargains for Home Buyers

The latest figures covering the Miami foreclosure market of the U.S. showed that repossessed florida
houses will likely reach the one million mark before the end of the current year. According to real estate
analysts, this is mainly due to Miami Banks and Credit Unions starting work on backlogs of problematic
housing loans at a quicker rate than they did during the last three months or so.

Housing market figures show that the number of Miami residential properties taken over by Banks and
Credit Unions rose by more than 30% during the first quarter of 2010 compared with the same period of
the previous year. florida houses that are in pre foreclosures status have also risen by more than 15%
during the quarter and are 7% percent higher than previous year’s first quarter.

Market analysts reported that the first three months of 2010 also produced the highest number of
Miami residences that are scheduled for home auctions for sale since 2005. Analysts believe that the
year is set to record at least one million homes taken over by Banks and Credit Unions.

Miami Bank foreclosures slowed down for a bit in 2009 as the U.S. administration put pressure on Banks
and Credit Unions to work out home loan modification agreements with homeowners. Several states
also implemented moratoriums on foreclosures last year in the hope of buying homeowners some time
to find ways to pay their florida mortgages. In addition, Banks and Credit Unions were overwhelmed by
the sheer number of cases they needed to handle in terms of troubled loans.

All these factors contributed to the relatively low number of repossessed Miami houses in 2009.
However, there have been significant signs that the lull has come to a stop and repossession will be a
major trend in the housing market for the rest of 2010. Miami Banks and Credit Unions, according to
housing market observers, have started processing foreclosure inventories this year, something that
they held off doing last year.

Florida Foreclosure listings are expected to expand through the rest of the current year, with one out of
every 138 households receiving foreclosure notices since the start of 2010. More homeowners are also
set to contribute to the foreclosure problem as they failed to pay for their florida mortgages in time due
to job losses and higher mortgage rates brought about by a reset in interest rate. Most of them were
also unable to acquire refinancing since their homes are now worth less than the amount they owe on
their florida mortgages.

In terms of the government’s foreclosure prevention efforts, market foreclosure experts have stated
that the $75 billion allocation has only helped a small portion of the country’s homeowners. More than
200,000 households were able to complete loan modifications under the government’s programs. This
number is considered small and represents only around 21% of the total population of troubled

It has also been reported that more than 150,000 borrowers who did sign up for the foreclosure
prevention efforts eventually dropped out. The reason is either because they failed to complete the
    Wave of Florida Foreclosure Means Bargains for Home Buyers

necessary documents or they failed to make the payments required under the modified schemes of the

With more Banks and Credit Unions set to work through their inventory backlogs, real estate foreclosure
experts are expecting 2010 to produce at least one million repossessed Miami Florida houses. Nevada,
California, Florida and Arizona remain at the top of the list in terms of areas with the highest rates of

Shared By:
Description: News about the wave of Florida Foreclosure Properties and Listings from south miami, south beach, miami beach foreclosure, pinecrest foreclosure, south florida foreclosue