The rate of repossession of homes in the Sunshine State has declined during the past year. An estimated 13 percent fall on foreclosures was noted over the area including Tampa, Miami, and Jacksonville. In fact, the numbers were so good that it ranked second in the national scene with foreclosure filings falling by 16 percent from June last year.
However, it seems to be puzzling residents as to how the case is different from Central Florida. It has been reported by RealtyTrac, a real estate research firm that in Metropolitan Orlando alone, an increase of 20 percent was seen in its foreclosure filings compared to what is was a year ago. A total of 2,663 notices were received by homeowners in June of this year alone. It also seems that Metropolitan Orlando is not singled out in this turmoil as the Volusia and Polk counties are also experiencing the same dive.
Data shows that recent buyers of homes in Metropolitan Orlando are not those that comprise a big chunk of the foreclosure filings. Specifically, 60 percent of the foreclosure notices were received by homeowners who have acquired their properties in 2005, 2006, and 2007 when the housing market was still booming. Meanwhile, only 6 percent of those who have acquired their property during the last three years received the notice.
Baffling as this situation may be, experts are saying that the reason behind this fall is that lenders have become impatient about waiting and holding on to properties that are lagged in their mortgages. This is especially so since homes and their values are not increasing during this period. According to RealtyTrac Vice President Daren Blomquist, it has made lenders uninterested in sitting on almost-empty residential asset pools.
What is also appalling is that even if banks are repossessing houses and disposing them, they still incur losses because of the stagnant pricing trend of homes in this area of the state. This means that the prices for homes is not going up. To be specific, about $100,000 worth of losses is being shouldered by them for every house disposed.
On a general note, it is said that eight out of the top 10 foreclosure markets in America for June were found in Florida. In fact, there is one legal notice for every 409 homes. But Florida is trying its best to change this trend throughout the state and improve its standing in the real estate industry.
Statistics released have shown that the State of Florida is right there at the very top of the foreclosure rates this April. Even though, the rates of foreclosure showed a decrease compared with the figures of April last year that has not stopped Florida from emerging tops. RealtyTrac, a research firm, released the details of the report. The figures revealed that the current rates fell by 9% as against last year but the state clearly has the highest number of foreclosures in the country.
In order to appreciate the scope of the issue on the ground, figures released by RealtyTrac showed that one in 400 homes in Florida had actually filed for a foreclosure in April. The research was done to cover metropolitan areas in the United States that had over 200,000 residents. When the final figures came in, it was discovered that 11 of the 20 cities that had the highest rates of foreclosure were located in the Sunshine State.
A deeper look at the survey showed that Orlando was the undisputed champion of foreclosure while runners-up included the Daytona Beach Area, Jacksonville, Metro Tampa, South Florida and the Space Coast area. Others that also got mentioned Metro Sarasota and Lakeland.
A lot of people know or have heard about the Everglades as one of the largest wetland ecosystems in the world. However, only few really know and understand its major role on wildlife and the whole ecosystem. To educate and help people understand the great importance of this vast wetland, the Museum of the Everglades hosts an annual festival celebrated every February.
The one-week celebration for the Florida Everglades or called the Marjory Stoneman Douglas Festival will feature a lot of fun activities and interesting presentations.
At the opening of the festival on February 18, Janina Birtola will give a presentation about the environment perspectives of Marjory Stoneman Douglas.
Marjory Stoneman Dougles was an environmental crusader and a journalist who wrote the book entitled The Everglades: River of Grass released in 1947. It’s because of her work that the beauty of Everglades were revealed to the world as well as the many issues it is facing especially the large part of the wetland that has already been destroyed. That same year, President Harry Truman dedicated the Everglades National Park for the recovery and protection of the fragile ecosystem of Everglades.
Alan S. Maltz, a fine art photographer, will also present his latest book entitled “Journey Through Paradise” which will feature the best images of Everglades.
Visitors can also do a lot of fun activities during the festivals like canoeing, kayaking, and boating. You will find a diverse collection of fauna and fauna like more than 350 species of birds, reptiles and the most endangered types of mammals, and of course, different types of plants, trees, and beautiful, wild orchids.
The Everglades is truly a great place to appreciate nature and definitely a crucial ecosystem that must be protected. Explore this secret paradise called “Florida Everglades” and be amazed with you will discover.
The Everglades are a very convenient attraction to visit. The drive from any For Myers real estate (www.fortmyersrealestate.com) location to the Everglades is no more than an hour or so. Don’t miss out on the opportunity to be amazed at Florida’s natural beauty.
2013 bodes well for real estate. Homebuyers are pouring in again. The generation of baby boomers has spurred the spike in real estate activity on late quarter of 2012 and rose to its highest in 6 years on the second quarter of 2013. Although, some speculates on how long such positive influx will continue to prevail. With low interest rates, many homebuyers are grabbing the opportunity before interest rates hikes up again.
During the last decade, this region was famous for the major influx of retiree migration in the country. Around one in four retirees aged 55 and over have made the decision to move to Florida where the weather is pleasant, the amenities are well suited to a more senior group of people and the wholesome, fun activities are enjoyed by a vast majority of retirees. But recently, a shift is noticed regarding the newer residents of this sunny tail end of the US East Coast – more and more middle aged folks and their families have decided to call Florida their new home. This is mainly due to the fact that these middle income families realize the opportunity of purchasing real estate which has the highest potential to skyrocket in value in a few years.
Not only is the increase in value worth the investment – so do the potential of interest rates. Simply put, it is better to purchase high quality homes at lower costs right now, when the interest rates are at their lowest. Push back your battle plan a few years and you will have to suffer the consequences of almost twice the interest rates. You may feel the effects of interest rates more when you decide to purchase a larger home.
Another reason the increase in real estate purchases has been prevalent in the last few years is the prospect of retirement. People do not want to wait until they retire to plan their move. They are actually thinking of retirement right now – even if the prospect of retiring maybe some 20 to 25 years away. The economy is beginning to bounce back and people are feeling secure about their jobs again, so now is the right time to focus on the future.
If you are on the lookout for worthwhile real estate investments in the Southwest Florida region, check out the area around Naples, Fort Myers or Marco Beach, where builders are working almost round the clock to build the home of your dreams.
Feeling like there is no other option but foreclosure can be an overwhelming experience. Know that you are not alone. Thousands of homeowners in the United States are facing the same challenges as you every single day. Now more than ever before there are solutions.
You need help, guidance, and someone who understands the difficult choices you are facing about your home, your family, and your life. Quite often a homeowner facing a foreclosure thinks they have to go through the process alone, forced into a daunting situation caused by unforeseen circumstances beyond their control. Facing damage to your credit, and the possibility of not being able to purchase another home for 10 years can be a tough future to face, but by tapping into the expertise of a knowledgeable real estate agent, there are options available for you and you’ve come to the right place.
We provide you with information about how to avoid a foreclosure, explain the effects it can have on you and your family, and offer other options that may be available to you. This includes a short sale, and we can help you determine if you qualify.
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Specializing in helping homeowners use a Short Sale to avoid home foreclosure in the St. Petersburg, Florida real estate market.