What is going on in today's foreclosure market? Based on the most recently released report from Realty Trac, the website that keeps us abreast of what is going on in the foreclosure market, things are just moving down the road. Foreclosure activity is up 14% in the second quarter of 2008:
"Florida documented the nation's fourth highest state foreclosure rate in the second quarter, with one in every 78 households receiving a foreclosure filing during the quarter - more than twice the national average. Foreclosure filings were reported on 109,433 Florida properties during the quarter, the second highest total of any state and an increase of nearly 25 percent from the previous quarter.
This definitely is placing a lot of activity of Buyers/Investors looking for great deals of which we are complying with the public's needs. Sellers want to sell and Buyers are looking for great deals and getting them."
Lenders have had a challenge to get the mortgage appraisals to agree with the current pricing but things are working as sales are closing. I strongly encourage that you work with a Real Estate professional who is highly experienced in assisting you with these pre-foreclosure and foreclosure purchases as many deals are not completed because of the lack of knowledge and understanding of what needs to be done in these transactions. I have dealt with these properties for over 25 years and know they change daily as to what needs to be done with each financial institution.