Florida foreclosures up by 71 percent over the same time last year!
St. Lucie County foreclosures nearly quadrupled in April as compared to a year ago! Palm Beach County remained at approximately the same level, according to RealtyTrac
Lucky Martin County had an almost 50 percent decline from the same time last year.
Nationwide, foreclosures fellbelow a two-year high set the previous month, but rose 62 percent from April 2006 in the wake of falling home prices and the subprime mortgage mess, analysts said.
Florida had the second-highest number of filings in the nation with a total of 14,318 households entering some stage of foreclosure last month, as reported by RealtyTrac. California is No. 1 with 30,505 filings.
Although I am not usually a pessimist, I believe we are only seeing the tip of the iceburg and expect to see a continuing rise the Florida foreclosres.
The formula of record inventory levels, declining prices & all the "creative" financing people jumped into will continue to squeeze homeowners trying to get out from under.
The National Association of Realtors recently predicted that home prices would fall in 2007, the first such drop since the Great Depression.
Florida ranked second in the nation with a sales drop of more than 25 percent in the first quarter of this year, NAR said. Nevada ranked No. 1 at 27 percent.
In Palm Beach County, the median price of an existing home fell 4 percent in the first quarter compared with the first quarter of 2006, the Florida Association of Realtors said Tuesday. That put the median price at $378,200, compared with $392,900 in the first quarter of 2006, FAR said.
Palm Beach County home sales dropped 20 percent, a troubling double-digit decline.
In the Treasure Coast, the median price of an existing single-family home fell 8 percent in the first quarter, FAR said, to $240,000 from $260,200. Treasure Coast sales dropped a staggering 36 percent compared with the first quarter of 2006.
Of course, all this wonderful news upset the stock market and leaves investors feeling unsettled.
So, will sales continue to fall? Will Florida actually provide property tax relief? Will the Fed lower rates? Oh, and what about those insurance rates & that pesky hurricane season looming around the corner?
I guess we'll have to stay tuned!
Coastal Commercial Group, LLC