Fort Lauderdale foreclosure listings still feature lower-priced condo units as foreclosures continue to rise in condominium complexes, based on data from the Florida Association of Realtors.
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From the category archives:
Foreclosure Rates
Falling foreclosed property prices in the Tristate have been cutting down home appraisal values and have been hindering some mortgage loan applications.
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Default rates on prime loans have increased in the first quarter, escalating the number of houses added to foreclosed home for sale inventories.
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Over 6,000 properties in Dallas-Fort Worth Metroplex in Texas were added on repo homes listings scheduled for auctions in July. The figures were 62 percent higher than the same month last year.
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Short sales represent a way out for distressed homeowners who want to avoid putting their properties on repo homes listings. In short sales, homeowners will sell the house at less than the total amount of mortgage they owed.
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Foreclosures in California and Florida have dropped significantly from December to January.
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The past year saw erratic mortgage rates, reflecting the country’s national housing crisis and foreclosure problem.
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The increasing foreclosure rate has in part been blamed on the Bush Administration for failing to make the problem a top priority. Added to that, Treasury Secretary Henry Paulson refused to use a part of the $700 billion financial grant to help homeowners Avoid Foreclosure.
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During the first quarter of 2008, the Riverside-San Bernardino area of California experienced the second highest foreclosure rate of any other metropolitan region in the country, according to reports. The area has long been a leader in the foreclosure rate category, but new statistics show that the first part of the year vaulted the local foreclosure inventory to new heights.
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December 2007 ended with 45,327 homes being repossessed by banks and January 2008 started with a jump of 57% on bank foreclosures across the nation. In total, the number of homes affected by foreclosure in January was 233,001, which is a straight increase of 8% since December 2007. The good element in an otherwise depressive state of affairs was that the month-to-month filings have not shown any rapid appreciation. But the question is: is that good enough?
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