This news from the Florida Realtors Association: The state of Florida has “reclaimed” the title of America’s foreclosure capital last month, but it’s partly because of a positive development. Lenders are taking more homes to foreclosure. A rush of home investors has created a strong market for foreclosed homes which has encouraged lenders to move on these properties in an effort to dispose of them. Eventually this will help lenders clear out the huge backlog of homes that have been stuck in the foreclosure process as well as those properties that have already been foreclosed upon
Florida previously ranked second in the nation behind Nevada. Florida always looks bad in foreclosure rankings because foreclosures here have a longer, more complicated process as they wind their way through our court system. Most other states have a speedier, less judicial foreclosure process. There were 11,606 notice of foreclosures mailed out by lenders here during the month of October.
Even in the short term, this is good news for the real estate market here in Florida. There is no other avenue available to dispose of these distressed properties other than through the foreclosure process. NOW has always been the best time to get these done. This will also create an environment that will be attractive to many investors and investment groups looking to purchase properties at great prices.
If you are interested in finding out about out local foreclosures and the 30a real estate market then give us a call 850.687.1064