Central Florida Foreclosures
Central Florida foreclosures are all over the news. The entire country has been hit hard, and Central Florida is inching it’s way up to the top. The state is all ready listed as a top state facing the most foreclosures. What does it look like across the country?
It has been reported that 84,868 families or individuals lost their homes to foreclosure in October 2008, an increase of 25 percent from the number of home foreclosures in October of 2007. It is said that one in every 452 U.S. homes received a foreclosure filing in the same month.
A total of 766,000 homes received at least one foreclosure-related notice from July through September 2008, up 71 percent from 2007 according to foreclosure listing service RealtyTrac Inc.
According to them, we can expect more than a million bank-owned properties to have piled up on the market at the end of the year. That number will represent around a third of all properties for sale in the United States. Central Florida foreclosures are climbing at an alarming rate.
In October 2008 alone, 279,561 borrowers received foreclosure filings which include default notices, notices of auction sales, and bank repossessions. The number is a 5 percent increase from September of 2008.
Still according to Realty Trac, more than 250,000 properties were actually repossessed by lenders nationwide in the third quarter of 2008. Out of these, 81,000 were taken back only in October 2008.
Six states, namely, California, Florida, Arizona, Ohio, Michigan and Nevada, accounted for more than 60 percent of all foreclosure activity in the third quarter. California alone made up more than a quarter of all U.S. foreclosure filings during that period.
On the other hand, CNNMoney.com reports that a total of 936,439 homes have been lost to foreclosure since August 2007 when the housing crisis hit.
Worse, it is said that nearly 12 million of the 52 million Americans with a mortgage owe more on their mortgages than the current fair market value of their homes. That number accounts for 23 percent of the total, according to Moody’s Economy.com.
Despite growing talk and efforts towards federal and state interventions to provide relief to homeowners, there is no indication that there will be drastic changes in these numbers in the coming months. It is more likely that we will see continuing foreclosures of homes as the economy continues tread on a recession. Count Central Florida foreclosures into that mix.
With this prognosis, what can the poor homeowner expect in the coming months and year? Basically, he or she can expect that there will be not much of a relief coming from federal and state efforts. More likely, the relief may come only in the form of an additional period to stall impending foreclosures.
Also, considering the growing number of foreclosed and bank-owned properties, real estate prices are more likely to stay low than go up. Short selling properties to pay off impending foreclosures will mean selling them at discounted prices.
What is clear is that home foreclosures in great numbers will be with us for quite some time. Homeowners struggling to make their mortgage payments will have to devise ways for them to be able improve their cash flow, make the payments and avoid foreclosure. Central Florida foreclosures are hitting cities as well as suburbs and rural areas. So many families are struggling.
The fact that we will soon have a new president who promised to provide relief to people in the Main Street provides us some hope. But until concrete steps are taken, homeowners will have to fight off foreclosure with their own two hands.
Originally posted 2008-12-06 12:19:03. Republished by Old Post Promoter
