florida foreclosures: South Florida Foreclosures Topped Nationwide List for First Half - 08/02/10 03:40 AM
Florida foreclosures continue to post record numbers during the first six months of the current year. Since the housing market crisis started, the state has recorded high foreclosed property numbers and is one of the regions in the U.S. hit hardest by the foreclosure problem.
Although the metro area of Miami did not top the nationwide list of regions in terms of having the highest foreclosure and bank owned house listings rate during the first half of 2010, it still made it to 10th place, which shows that Miami is still reeling from the impact of the housing market crisis.
The … (0 comments)

florida foreclosures: More Lawyers Needed to Help Homeowners Facing Florida Foreclosures - 07/29/10 07:25 AM
An Associated Press report showed Jacksonville, Florida foreclosures rising in May 2010 by 57% compared with April. When compared with May 2009, the rise is at 42%. This means that more residential property owners are losing, or about to lose, their homes to foreclosures. This also means that more people are in need of legal assistance from lawyers who knew all about the foreclosure market.
Households who receive notices of home foreclosures are commonly advised to seek legal assistance. In Jacksonville, Florida, those who do not have the means to hire an attorney usually approach the Jacksonville Area Legal Aid (JALA) … (4 comments)

florida foreclosures: Another New State Effort to Contain Florida Foreclosures - 06/22/10 03:34 AM
As Florida foreclosures surged in May after slowing down in April, state officials continue to find ways to address the causes and effects of defaults and repossession.
In addition to unemployment, option ARM loans and low property values, mortgage fraud has been one of the major drivers of lender and government foreclosures in Florida. Therefore, to address this, the state Office of Financial Regulation decided to freeze its mortgage licensing operations for three months starting July 8 and overhaul its background checking system for mortgage brokers, mortgage lenders, correspondent mortgage lenders and mortgage brokerage firms applying for a license or for … (1 comments)

florida foreclosures: Florida Foreclosures Worth $1.77 Billion Taken Back by Banks - 05/24/10 02:41 AM
The total value of Florida foreclosures repossessed by banks in the state increased by nearly 8 percent in the first quarter to $1.77 billion, based on figures from the Federal Deposit Insurance Corporation.
These properties in bank owned listings also contributed to the downfall of a lot of banks in Florida. On May 7, the FDIC closed the tenth Florida bank to tumble this year and as of March 31, a total of 24 Florida banks were struggling from undercapitalization.
The FDIC has already lost almost $1.3 billion to pay claims arising from Florida bank failures this year, in addition to … (0 comments)

florida foreclosures: Realtors Say Prices Still Influenced by Florida Foreclosures - 05/20/10 08:50 AM
Home prices are still weighed down by Florida foreclosures, based on sales records from Florida Realtors.
In the first quarter, the median price for all single-family houses sold dropped to $133,800, a five-percent drop from the $140,900 median in the same quarter last year.
The year-over-year price decrease for condos was even bigger, as cheap distressed properties for sale pushed down sharply condo prices. The median price for pre-owned condos fell by 13 percent to $95,800, compared to the first quarter median of $110,000 in 2009.
Despite the price decreases, real estate analysts at the University of Florida said that the … (0 comments)

florida foreclosures: Five Reasons Why Foreigners Prefer Florida Foreclosures - 05/10/10 12:17 PM
There are at least five reasons why foreign investors prefer Florida foreclosures. A study conducted by a national realtor organization found that about 4 percent of total home resales in 2009 involved non-resident foreign investors and that nearly one-fourth of all foreign property purchases in the U.S. in 2008 and in 2009 involved properties in Florida.
Additionally, a survey by an organization of foreign investors showed that Miami, Orlando and other cities in Florida are among the top investment destinations for foreign property buyers.
The five reasons for the popularity of Florida as a property investment destination are the continued increase … (2 comments)

florida foreclosures: Job Losses Still Driving Surge in Florida Foreclosures - 04/19/10 05:28 AM
Job losses are still among the major drivers of the continued surge in Florida foreclosures. In March, the unemployment rate in Florida hit12.3 percent, the highest level reached by the state since 1970 when the state began monitoring jobless rates.
In addition to jobs lost in previous months, another 4,000 jobs in Florida were eliminated in March. The 12.3-percent jobless rate was 0.1 point higher from the 12.2-percent reached in February and was far above the 9.7-percent national unemployment rate. Economists also contended that the rate could increase in the latter part of the year.
In February, the state of Florida … (2 comments)

florida foreclosures: Florida Foreclosures and NSP Funds Are Both Chart Toppers - 01/31/10 10:57 PM
Record numbers of Florida foreclosures put the state second in number of filings and third in foreclosure pace among all states in 2009, based on data from a California real estate information provider.
Florida also topped the second funding round of the Neighborhood Stabilization Program of the Housing and Urban Development Department in total amount received, getting a total of $348.31 million to rejuvenate its foreclosure-battered neighborhoods.
In 2009, Florida posted almost 517,000 foreclosure filings, a 34-percent jump from filings in 2008 and a 213-percent rise from postings in 2007. Its foreclosure rate of nearly six percent was the third highest … (1 comments)