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Rise and Fall of Foreclosures in South Florida

Rise and Fall of Foreclosures in South Florida
Homes and Underwater Mortgages

The Foreclosure market Report released by RealtyTrac shows that the amount of foreclosures in the United States have increased in 125 of 212 metropolitan regions within the first half of this year.  This statement may seem like a shock to some but when compared to last year’s foreclosure rates in cities with populations of 200,000 residents or more, the amount of foreclosures has fallen in 125 of 212 city areas.

Cities located in California accounted for 7 of the 10 areas with the highest foreclosure rates throughout the first 2 quarters of the year and Florida cities made up 4 out of the top 20 cities with the highest foreclosure rates. Cities in Illinois make up 2 of the top 20 metropolitan areas while Arizona, Nevada, Colorado, and Georgia all had one metropolitan area in the top 20 for foreclosure rates.

The amount of foreclosures in the first 2 quarters of this year has surpassed the amount of for the last 2 quarters of 2011 due to an increase in the amount of foreclosures filed. Although daunting news for the homeowners affected, this influx in foreclosure activity has been good news for investors and buyers in markets with little to no housing inventory. These areas that have experienced increases in foreclosure activity are projected to post more short sales and see an increase in the amount of homes owned by lenders as this year closes.

Listed below are 10 Cities with the highest foreclosure rates in the U.S. in the         first half of 2012:

• Stockton, California:  2.66% of housing units
• Modesto, California:  2.61%
• Riverside-San Bernardino-Ontario, California: 2.59%
• Vallejo-Fairfield, California: 2.56%
• Merced, California: 2.15%
• Orlando, Florida
• Cape Coral, Florida
• Lakeland, Florida
• Tampa-St. Petersburg, Florida
• Clearwater, Florida: 47% (Highest Increase)

Of all these cities no where is Miami, Fort Lauderdale, Boca Raton or West Palm Beach, demonstrating the foreclosure crisis in our area is getting “cleaned-up”. The inventory of distressed properties is shrinking, whether it be a short sale or foreclosure. These facts suggest that it may be the time for you to purchase your dream home or for investors, adding real estate to your investment portfolio.

For more information on real estate news contact the Henri Frank Group at REMAX Preferred. Located in Fort Lauderdale, Wilton Manors, Hillsboro Shores and Plantation. Call them at 954-604-9999 or visit their website at  https://henrifrank.com

 

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