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Location Factor In Home Sales, Foreclosures

By
Real Estate Agent with Coldwell Banker

 

I was reading this one particular article that i find very interesting.  There is still a lot more buyers out there however more inventory.

Where you live has a lot to do with whether you're able to sell your house right now even if you're at risk for foreclosure.The mortgage crisis that's gripped the nation has hit especially hard here in Central Florida.Most homes in foreclosure are neat as a pin, concealing families in considerable financial trouble and emotional anguish, WESH 2 News reported.
 

 County is for sale. Celebration is feeling the same pain because 50 percent of the homes there are for sale.Moss Park, east of Orlando International, where nearly 9 percent of the homes are in foreclosure, 8 percent in the ZIP code west of Palm Bay and 7 percent in Poinciana.In fact, the most homes in foreclosure are in ZIP codes that didn't exist five years ago."And there is a certain amount of humiliation and embarrassment that goes with that," Schram said.So how did so many people end up in this fix?"They didn't really look at the quality of the people who could afford to pay the loans," Randy Martin of the Orlando Association of Realtors said.Mortgage brokers signed people up for the biggest, fanciest house possible, offering low rates to buyers didn't truly understand."I've had clients come in and I've told them that they had an adjustable rate mortgage because I read their mortgage to them. They had no idea," lawyer Rosalyn Dunlap said.Many people are now so desperate they'll try anything to get out of the mess they're in. They are trapped in homes they can't afford and can't sell.Some mortgage companies and lenders don't want you to know how bankruptcy lawyers can help, telling you bankruptcy is for deadbeats.In bankruptcy, retirement savings and 401(k)s are protected. You can be freed from second and third mortgage obligations. Some lawyers are even negotiating directly with lenders, which has never been done."It just absolutely breaks my heart when I have a couple who wiped out a humongous retirement account nest egg before they came to see me," bankruptcy lawyer Lori Patton said.There is some encouraging news: more houses are being shown, more contracts are being written.There are great deals on new homes -- pristine houses in established neighborhoods.On the flip side, some neighborhoods are practically bulletproof when it comes to foreclosures, like Winter Park near Rollins College, South Daytona, Casselberry and Lady Lake.These neighborhoods, where the homes are older and the schools are strong, seem to be immune to foreclosures.

 

Feel free to contact me at anytime or visit my site at

www.ehomewide.com

 

 

Comments (1)

Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

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