Statistics released by foreclosure listing service Realty Track report by year end, one-third of all properties for sale nationwide will be sold by banks.
Third Quarter 2008 foreclosure filings were up more than 70% from same time last year. Â Almost 766,000 homes received foreclosure notices between July and September.
Approximately 60% of all homes in foreclosure are in Florida, Nevada, Arizona, Ohio and Michigan. California accounts for 1/4 of all US foreclosures. The Fort Lauderdale Real Estate market has certainly seen its share of foreclosures and short sales .
Florida ranks 2nd for nationwide foreclosures per the Tampa Bay Business Journal and Fort Lauderdale ranks 5th in the top 100 metropolitan cities with the highest foreclosure rate.
Ohio and Michigan foreclosures can be attributed to the high rate of unemployment and the job crisis related to the auto industry.
Florida, Arizona, Nevada and California foreclosures are attributed to the enormous unsustainable housing appreciation sometimes in excess of 50% per year.
In a FOX News interview with Barry Habib, Chairman of the Board of Mortgage Success Source, Mr. Habib advised “anyone heading into foreclosure may stall the process by asking for proof of payment history when served. Since the loan may have been sold a few times, asking for proof of payment history may give you some extra time.”
The most important thing to remember is to communicate with your lender. Banks want to work with you and avoid foreclosure if possible.
When asked if now was a good time to buy real estate, Mr. Habib replied that “this is a great opportunity to buy real estate. The reason why there are few rich people is because it is hard to do what everyone is saying not to do.” He went on to say while everyone is saying real estate is bad, advising to stay out of it, perhaps it is the right time to get in.
He added, buyers are in the driving seat, able to buy properties 10-15% or more below market value. Even if prices come down another 5-10%, so what? There is plenty of inventory for buyers to choose from. Since the average person holds on to a home for 14 years, when the market recovers, there is the potential for a great profit.
For more information about buying or selling a home in Fort Lauderdale, or Fort Lauderdale Condos for sale, contact John Sabia at 954-850-2397.
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