Foreclosure Connections Blog

One of the states that topped the list of foreclosed homes for sale was Florida. The hardest hit homeowners in Florida are the ones who are staying in far flung areas or in suburbian Florida. There are incidents where home buyers have stretched their financial abilities to buy homes that they can’t really afford and have ended up borrowing almost 100% of that home’s value. This is one of the primary reasons why we see such a high degree of Florida foreclosures.

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They were on the rise and they are still on the rise. Not too long ago, the Florida’s real estate market was considered red hot, but today it stands as a state with the highest number of delinquencies in the country. Statistics show that in February, 2007 the number of bank foreclosures in Florida was 19,144 which are almost double of what it was a year back and a sharp increase of 63.5% as compared to January 2006. The irony is that in Feb 07, the rate of foreclosures fell sharply in most of the states except in the Sunshine State.

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Orlando is one of the favorite tourist destinations in the US as well as Florida but the increasing number of Orlando bank foreclosures is causing damage to its economy. It is a destination that every child in the US wants to visit due to the Disney World and the water world and hence a favorable place to reside in too. But off late, as homeowners have started to loose their grip on mortgage payments, there has been a rise in delinquency causing the rate of Orlando foreclosure homes to shoot up.

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Admit it, you want a vacation home. You were watching MTV Cribs or some other show and decided you needed a vacation home just like Snoop Dogg. But here’s the problem. You aren’t a millionaire. To the rescue come Hialeah foreclosure homes.

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Looking for great investment deals when scouring at Florida foreclosure homes. There is no other time to make a real estate bargain than now. You can definitely enjoy the lowest possible cost with Florida home foreclosures, which means excellent profit margins and returns for the investors.

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The dramatic increase in Florida foreclosures rate over the last year has made the Florida Association of Mortgage Brokers worried. The organization believes that the licensing requirements for mortgage brokers are not difficult enough. With the thousands of Florida foreclosure homes in the market, these mortgage brokers have played a major role in the current market condition.

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Suffering from a 51.59 percent increase in foreclosure homes rate from April, the state of Florida comes in at number four for the month of May, with one filing for every 336 homes. The total number of filings for this state reached 21, 704 households. If you compare it to last year, it was a whopping 143.92 percent increase. Almost 17,000 of these Florida foreclosures filing were due to default while 1,521 homes became real estate owned properties.

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As of the end of 2006, Florida foreclosures rate remains high compared to 2005’s rate. Among the counties, which experienced a considerable increase, are Hillsborough, Pasco and Pinellas. The Mortgage Bankers Association of Florida is also blaming the relaxed lending guidelines that were practiced during the housing boom of 2003-2005.

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