Florida Foreclosure Rates Decline...that is, they are not growing as fast as in the past.

By
Real Estate Broker/Owner with Blackburn Coastal Realty

According to Realty Trac, the Florida Foreclosure Rate is gradually slowing down its rapid ascent.  After several years of foreclosure rates increasing at an increasing rate in Florida, the first half of 2010 had only 277,073 new foreclosure filings up only 3% from the same period in 2009.  This is, hopefully, the beginning of better news. 

Mortgage modifications in Florida are seldom approved due to the degree of market decline.  We had a short sale closing this week at $183k on a mortgage of over $510k.  It is hard to modify such a loan.  We believe that we negotiated the best deal for all parties including the lender. The majority of trial modifications are ultimately rejected by the "bank" for a variety of reasons so negotiated settlements with the lenders in usually in everyone's best interest...short sales.

There are reasons for optimism on several fronts in the Florida Residential Real Estate market.  The market, although still declining, is declining at a much lower rate than the past few years.  New government programs to encourage short sales are starting to work.  This is a necessary step to recycle the hundreds of thousands of "underwater" homes in Florida but, again, the good news is that it is happening. 

For those of us that specialize in this area, there is much work to be done.  We expect it to take some years to work through the mess that we find ourselves in.  To get some ideas and alternatives check www.StopFloridaForeclosureNow.com.

 

 

Posted by

William B Blackburn, Broker

Blackburn Investors Realty, Tampa Bay, Florida

JD, GRI,CDPE,CIPS

www.BlackburnInvestors.com

727-322-2900

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Rainmaker
791,277
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

Thanks for the positive input - I prefer to focus on the improving real estate market, rather than focusing on the negative. 

Jul 20, 2010 02:17 AM #1
Rainer
148,720
William Blackburn
Blackburn Coastal Realty - Redington Shores, FL
Blackburn Coastal Realty, We work at the beach.

Thanks for the feedback, Carol.  I used to live in Atlantic Beach...loved it.

Jul 20, 2010 05:09 AM #2
Anonymous
Martin

avoid financial hassles arising from foreclosures\ with the help of florida
foreclosure.For details pls log on to http://www.floridaforeclosurehelp.us

Dec 20, 2010 06:41 PM #3
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Rainer
148,720

William Blackburn

Blackburn Coastal Realty, We work at the beach.
We live and Work at the Beach....we know the Tampa Bay Beaches
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