There has been SO much speculation regarding foreclosures and the market bubble bursting, etc., etc.--I want to know what's happening in YOUR area, because, as professional Realtors I don;t have to tell you (because you already know), that every market IS different, and what's happening a couple of counties away may or may not be happening in your local market.
In Florida, job losses and overbuilding have contributed to the overall market collapse, according to the MBA (Mortgage Bankers Association), putting our state in the #1 foreclosure position, with 7.32% of Florida homes in foreclosure at the end of the thrid quarter of 2008. Many economists have predicted a levelling and stabilization after subprime interests reset in 2009, yet many doomsdayers are predicting further market mayhem once the Alt-As and Option Arms adjust.
With one in six homes already in some state of foreclosure, the chief economist for the Labor Department of MBA states: "Nationally, about 575,000 homes entered foreclosure in the third quarter, with more than one in six in Florida, on track to hit roughly 2.2 million foreclosures by the end of the year...In addition, 6.99 percent of all loans were either 30 days or more past due. In Florida, the percentage was 9.11, up from 7.86 percent the previous quarter." My question is--how many more homes CAN go into foreclosure? SOMEbody's got to be paying their bills...
Some third-quarter Realist statistics for Pasco County, Florida:
There are currently 594 BANK-OWNED homes in Pasco County. 25% (149) of these are located in New Port Richey; 18% (105) are in Port Richey; and 12% (69) are in Holiday. These three areas alone account for more than half (55%) of Pasco County foreclosures.
Since June of 2008, there have been 518 MORE homes auctioned on the courthouse steps, along with 5,494 filed Lis Pendens (pre-foreclosures) currently on file in Pasco County.
The GOOD news is that there is plenty of help available now for those who are in default on their mortgages, and many have already taken advantage of new programs being offered by lenders to help them save their homes. For more information on these programs, please email: HelpSaveHomes@gmail.com
Rainers--what's it like where you are?
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