Florida and California cities accounted for 17 of the top 20 cities with housing facing foreclosures in the US. Unemployment is now creeping up as a primary reason that these numbers are increasing and the forecloses have now shifted away from speculators who are turning over properties to banks to primary homeowners who can no longer keep up with monthly housing costs.
It is now widely believed that we are entering a new wave of foreclosures that will be driven by pure economic hardships and unemployment than what initiated it, otherwise known as subprime loans that started the downfall in 2007.
Las Vegas remains at the top where 12% of households have received a notice of default, auction or repossession in 2009, more than 5 times the national average. Cape Coral-Ft Myers had the second highest rate of foreclosure filings.
Other Florida cities with very high filing ratios included Orlando, Port St Lucie, and Miami- Ft Lauderdale and Pompano Beach, all at the top end of filings.
These statistics definitely reinforce the need for a much more proactive approach to sell property including short sales, auctions and banks taking a more aggressive approach to getting bad loans off the books by selling REO inventory.
To learn more about non traditional sales methods that can make a difference in selling your property, Pease visit www.Auction-Generation.com
Troy Fowler Lic. Real Estate Broker & Lic. Real Estate Auctioneer #AU3595