Florida Tops Foreclosure List
The latest numbers from RealtyTrac are in and as expected Florida is the #2 state for foreclosures in the United States, second only to California. This comes as no surprise to me as I have observed the housing market closely for the past 5 years and saw the conditions becoming very favorable for foreclosure investors.
On Friday, November 30th 2007, The Orlando Business Journal stated the following: "The Sunshine State reported 30,190 foreclosure filings for the month, or one foreclosure filing for every 273 households, says RealtyTrac's monthly U.S. Foreclosure Market Report. That was 9 percent less than September, but still up nearly 165 percent from October 2006. Florida trailed only California in total filings for the month, which notched 50,401, while Nevada and California took the top two spots for the highest October foreclosure rates nationwide."
The housing market and home appreciation skyrocketed in late 2004 and early 2005 after Hurricane Ivan devastated the Gulf Coast. The same year the southern and central parts of the state were hit by several named hurricanes and tropical storms. The destruction of homes, along with a rising population sent up the demand for homes greatly.
This higher demand together with lower interest rates at the time, created very aggressive home lending tactics. Since then, interest rates have risen and the many who took adjustable rate mortgages (ARMS) are now taking the hit on higher mortgage payments of which many cannot afford to keep up with.
Scott Young
http://www.homeforeclosurelist.net/
On Friday, November 30th 2007, The Orlando Business Journal stated the following: "The Sunshine State reported 30,190 foreclosure filings for the month, or one foreclosure filing for every 273 households, says RealtyTrac's monthly U.S. Foreclosure Market Report. That was 9 percent less than September, but still up nearly 165 percent from October 2006. Florida trailed only California in total filings for the month, which notched 50,401, while Nevada and California took the top two spots for the highest October foreclosure rates nationwide."
The housing market and home appreciation skyrocketed in late 2004 and early 2005 after Hurricane Ivan devastated the Gulf Coast. The same year the southern and central parts of the state were hit by several named hurricanes and tropical storms. The destruction of homes, along with a rising population sent up the demand for homes greatly.
This higher demand together with lower interest rates at the time, created very aggressive home lending tactics. Since then, interest rates have risen and the many who took adjustable rate mortgages (ARMS) are now taking the hit on higher mortgage payments of which many cannot afford to keep up with.
Scott Young
http://www.homeforeclosurelist.net/
posted by Irrigationman at
9:13 AM
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