43 Urban Village Live + Work New Construction written by: Frank Vigliotti, Realtor®, Global Sales…
Miami Beach Real Estate News | Wilton Manors Foreclosures | Henri Frank
Frank Vigliotti, REALTOR®, PA, CDPE, DAILY DOSE – FORECLOSURE NEWS SOUTH FLORIDA”
National Foreclosure Report’s data on United States foreclosures is out for the month of September. Last month’s report says that Florida had 91,898 foreclosures over the last year (which ended in August), the equivalent to the 118% of the 781,898 total foreclosures for the United States.
In Florida houses, the total amount of homes in any state of foreclosure in comparison to homes that are under a mortgage is currently at 11%, while the national average was 3.2%. The national average for foreclosures of properties has dropped .2% and the moment Florida’s foreclosure inventory is well below the national average at 1.1%.
Although Florida is among the top highest 5 states with foreclosure there are four states in the USA trailing behind it:
- New Jersey 7.3%
- New York 5.3%
- Illinois 5.2%
- Nevada 4.9%
In a more detailed view, cities are also being looked at and it may come to no surprise that 2 of the cities within a 25 city area looked at by CoreLogic are in Orlando. The first being the Orlando, Kissimmee, and Sanford are. Those cities alone had 11.1% of their homes in foreclosure. In the last year (that ended in August) it had totaled to 11,463 complete foreclosures and the inventory dropped to 1.4% year-to-year. The other city that fell under Florida’s radar was the Tampa-St. Petersburg-Clearwater area. Their year also ended in August and in that there were 13,094 foreclosures and alongside that were 11.3% of homes with a mortgage in the process of going through foreclosure – making the foreclosure inventory drop .8% year-to-year.
The president and CEO of CoreLogic, Anand Nallathambi, has made a statement saying “The continuing downward trend in foreclosures along with a gradual clearing of the shadow inventory are signs of stabilization and improvement in the housing market.” In addition, Mark Fleming, chief economist for CoreLogic made a statement that, “Homes lost to foreclosure in September 2012 are down 50 percent since the peak month in September 2010 and 22 percent less than the beginning of the year, while there is significant progress to be made before returning to pre-crisis levels, the trend is in the right direction as short sales, up 27 percent year-over-year in August, continue to gain popularity.”
CoreLogic is a financial, property and consumer information, analytics and services company. CoreLogic services enables national and global customers to solve their business challenges of risk and opportunity management in the housing market. From condominium services like reducing excessive homeowner and condo fees, evalutaing a tenant appliction CoreLogic services can help. With regard to the mortgage industry, whether approving a loan, managing fraud or mitigating property hazard or just comparing sales in a neighborhood, the information and services needed to do the job are with CoreLogic. Florida is known as a judicial state, meaning foreclosures must go through the court system – this plays a large role in their high foreclosure inventory results. Additionally, the court system clears foreclosures from the South Florida Real Estate market and all throughout the State of Florida at a much slower rate.
“Many of the buyers at the Henri Frank Group are still seeking foreclosure properties to purchase,” Co-Founder of the Group, Henri Vezie says, “and although the South Florida foreclosed upon single family homes, Fort Lauderdale condominiums, Miami Beach condominiums, Wilton Manors townhomes and villas are available in our Real Estate market, as Florida REALTORS®, we are encouraging buyers and investors to look at all properties in the South Florida Real Estate Market.”
South Florida foreclosure homes and foreclosure condomininiums are possible to purchase, but too are short sale properties and properties being sold by the traditional seller are great buys. The Henri Frank Group at Remax Preferred are Florida REALTORS® serving cities across the South Florida region, including Fort Lauderdale, Wilton Manors, Plantation, Hillsboro Shores, Miami Beach, Boca Raton, Wellington, Del Ray, and Coral Springs, Florida.
Visit the Henri Frank Group website at https://henrifrank.com