Florida Foreclosures – An Overview

As per recently released figures by a leading foreclosure listings agency, Florida saw a total of 450,588 filings for foreclosure in November, 2008. This, in comparison to a year ago, is an increase by 82%. Filings across the nation during the same period increased at an average of 44%.

With many of Florida’s adjustable rate mortgages (ARMs) set for an increase this year, consultants in the real estate field feel that more homes are going to join the already existent foreclosure home band wagon. Also, with an increasing number of people facing unemployment, more home owners stand to lose their homes.

Even though banks are trying to soften the blow by negotiating repayment terms with home owners, the Office of Thrift Supervision reported that in excess of half the home owner’s who received this assistance in the early part of 2008 have fallen behind in making their monthly payments already.

The large volumes of home foreclosures in Florida has therefore resulted in a steep decline in the prices of homes, as there are a large number of distressed homes are being offloaded in ‘fire-sales’. According to recently gathered data, median home prices in Polk were down 20% in year on year comparisons; in Ocala there was a 12.3% drop; and Gainesville saw a 7.5% drop.

While this obviously isn’t going down very well with the home owners, people who have been waiting to buy homes are now thinking of getting themselves some good deals. With almost every neighborhood in the state being involved in foreclosure, the buyers are indeed spoilt for choices.

If you plan to buy amidst Florida foreclosures, do try to go through all the resources that can be made available. The internet is a great place to begin searching. Foreclosed homes in Florida are part of every major foreclosure listing site, and you should have plenty of options.

Contacting banks and real estate professionals is also a good idea. Going through news papers and news letters to look for foreclosure notices and advertisements can also be fruitful.

With Florida right up there when it comes to filings, second only to California, you have plenty of homes to choose from in buying a foreclosure home. Do your research well, and there is a good chance that you can end up getting a great deal too.