Florida Foreclosure Report- Florida Leads the Nation in Foreclosures!

On October 11, 2012, in Uncategorized, by Katerina Gasset

Florida Foreclosure Report- Florida Leads the Nation in Foreclosures! 

The first thing to know about this report is that even in Florida, all real estate is local. So just because Florida is the highest Foreclosure state in the nation at this time- September Housing Market Report, that does not mean that this is true in every town in Florida. 

This data is based on September foreclosure filings in Florida and collected by RealtyTrac Inc. 

South Florida is hit the hardest with Broward county being the highest in the entire nation at a rate of a foreclosures being one out of every 192 homes with new cases skyrocketing at 136%! 

Florida continues to feel the crash of the housing boom of 2005. 

“Southeast Florida was the epicenter of the speculative flipping and adjustable-rate, toxic mortgages that were destined for failures and foreclosure.” Jack McCabe, a housing analyst said. 

One in every 318 homes in the state of Florida is in some stage of the foreclosure process right now. That is more than twice the national average and the first time that Florida holds that top spot in the nation since 2005. 

In Palm Beach County one in every 346 homes is in foreclosure. There was a 16% increase in new cases because the robo signing situation is over. 

There is also a shortage of homes on the market and buyers are complaining that they can not find a home. The real estate community would welcome these foreclosures coming on the market soon. 

We are starving for inventory. The REO brokers are starving for inventory. There are VERY FEW FORECLOSURES ON THE MARKET. 

The states that had the biggest drop in foreclosure rates were California, Arizona, Nevada and Michigan because they are non-judicial foreclosure states. The lenders in those states don’t need a judge’s approval. 

Florida and 25 other states use the judicial process. We do not want to lose our judicial process rights so even though it slows down the inventory it is still best as citizens to have this added private property protections. 

It taks an average of 858 days to go through the court system in Florida. 

If you have been living in your home for the last 3 and 4 years without making your house payment this may be coming to end soon for you. The banks do intend on taking your home if you don’t make your mortgage payments. This may be your best time to do a short sale. 

The foreclosures that the banks are pushing are not the ones where you are just a month or two behind in your mortgage. The banks are however beginning to be more aggressive at filing lis pendens against the homeowners who are years behind on their mortgage payments. 

Contact Short Sale Agents Nestor Gasset and Katerina Gasset at 561-753-0135 to find out if a short sale is an option to foreclosure for you. Rarely is a Florida foreclosure your best option. Your call is confidential and it is NOT recorded. 

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