Foreclosed residential properties present a good opportunity to acquire a new home at a much lower cost. Among the best of such prospects are to be found in Florida. State estimates show that 300,000 homes are vacant following the building boom there early during the last decade. Real property buyers were then encouraged by the relatively easy credit terms. It also helped that the Sunshine State of Florida is a perennial favorite of home buyers because of its warm climate and beach vacation destinations. A home anywhere in Florida can be no farther than 60 miles away from a beach.
The economic crunch in more recent years, however, resulted in many home mortgages being foreclosed not only in Florida but in the rest of the US as well. Florida, however, was reportedly hit the hardest by the real estate crash following the economic downturn. It was estimated that delinquency rate in mortgage payments was highest in Florida during the 2008 third quarter, hitting the 7.8 percent level, the highest in the US. Home loans that were delinquent by the third quarter of 2009 were placed at close to 280,000, and of these more than 80,000 were foreclosed during that period alone. On the average for that quarter, an existing house has a price tag of $131,000, 7 percent lower than the same period in 2008.
Given this price discount, it is certainly attractive to look into the possibility of acquiring a foreclosed home. Many banks are now in a rush to sell the real estate properties and residential units that have been foreclosed. For these banks, the foreclosed properties are non-performing assets which have to be liquidated and the proceeds channeled to more productive investments. Bankers are now mustering all their available resources to avail of the opportunities presented by the US economic recovery that started in the middle of last year. The good news also is that many lending institutions are proving easy loans to those with outstanding credit rating to finance the purchase of foreclosed properties.
In Florida, searching for available foreclosed bank properties is very attractive in the cities of Bradenton and Sarasota. The real estate available in these two cities affords the opportunity to live in a cosmopolitan community that has retained a small-town charm. Within these “Friendly Cities” are sites devoted to the arts and the history of Florida.
One of the most notable city attractions in Bradenton is the Village of the Arts. This is an expanding community composed of cottages providing homes, studios, and galleries not only for local artists. Also within the neighborhood are small businesses like restaurants that come even more alive in an ArtWalk event each month. Also to the city’s south is the Greater Tampa Bay, host to many resorts and vacation places that make a search for Bradenton foreclosures worth a firm pursuit.
Likewise with Sarasota, you have the Arts and Culture District, Home to many live performance theatres and the Rosemary District, home to many large condominium developments offering some of the best Sarasota Foreclosures opportunity. This area of Sarasota is highly desirable and the foreclosures in these condos go quickly.
For more information, my Bradenton foreclosures website features nothing but foreclosure listings for Bradenton and Sarasota Florida. If Purchasing a Foreclosure is something you would rather not contend with, My Bradenton Real Estate website features all MLS listings for Manatee, Sarasota, And Charlotte County, Florida.
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