Experts predict the bottom for Florida's housing market will develop in the final quarter of 2010.
The pro-longed economic downturn is taking years to reach a full turn for the better as housing values continue to decline due to the epidemic of foreclosed properties.
The foreclosure market is robust, and forecasts indicate the number of foreclosures available for sale will increase in the coming months. It takes a long time to sell-off a record excess inventory of bargain properties.
The surplus is at an all time high and the troubled lending industry is cutting prices to attract buyers. Experts predict another 3.6-million properties will be foreclosed through 2010.
There is more of a risk purchasing foreclosed properties since lenders require that the properties sell "AS-IS'. Replacing paint, carpet and appliances are common. However, pitfalls also include high repair cost from structural damage including roofs, foundations, and mold.
The inventory of foreclosed properties is expected to rise in the next few months as moratoriums, put in place by big lenders expire, and more than 3-million adjustable rate mortgage payments increase for the homeowners.
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