Archive for the 'Florida' Category

Orlando foreclosed properties increased in number in the July to September quarter, based on data released this week by a foreclosure tracking firm.

A total of 22,700 residential properties in the Orlando-Kissimmee metro area were notified of foreclosure actions during the quarter, representing 2.57 percent of all housing units in the city. With one in 38 residential units put into the foreclosure process, Orlando ranked 11th in a chart of 203 major metro areas in the country based on foreclosure rates.

The pace of foreclosure in the Orlando metro area in the July to September quarter increased substantially from the pace during the same period last year, climbing up by almost 42 percent. Compared to the previous quarter, the pace increased by more than 5 percent.

In the foreclosure ranking, two Florida metro areas were in the top ten – the Fort Myers-Cape Coral area, which ranked third, and Port Saint Lucie, which ranked tenth. Orlando was ranked 11th.

The Cape Coral area had more than 13,200 foreclosure filings while Port Saint Lucie had more than 5,400 filings. Cape Coral had a foreclosure rate of one in 27 while Port Saint Lucie had a rate of one in 38.

Because of the continued increase in number of Orlando foreclosed properties, home prices in the area continued to fall. In September, the median home sales price in Orlando plunged to $120,000, based on data from the monthly housing report of Associated Press and Re/Max and data from the National Association of Realtors. The median dropped by around 33 percent from the median in September 2008.

Other Florida cities where home prices dropped significantly in September were Miami, where the median fell by 33 percent to $150,000, and Tampa, where the median dropped by 17 percent to $133,000.

Nationally, the median home sales price in September was $153,500, according to NAR. The price marked a nearly 8-percent drop from $166,200 in September 2008.

Because of further price declines, the number of investors and homebuyers in Orlando and other Florida cities increased, pushing up home sales in Orlando by 65 percent in September compared to the same period last year. Home sales in Miami climbed up by a staggering 71 percent from sales last September.

According to realtors in Miami, Orlando and other foreclosure-hit cities in Florida, majority of their home sales in September were foreclosure sales and distressed sales.

Tampa foreclosed properties did not increase in number as fast as in other metro areas in Florida in the July to September quarter, based on a report released this week by a foreclosure tracking firm.

The pace of foreclosures in the metro area covered by Tampa, Clearwater and Saint Petersburg slowed by almost five percent from the same three-month period last year and by over six percent from the April to June quarter this year.

More than 17,000 residential units in the Tampa area received foreclosure filings, representing 1.3 percent of all households in the area. With a foreclosure rate of one in 77, the Tampa area ranked 34th in a listing of the 203 largest U.S. metro areas with the highest rates.

Despite the still high foreclosure rate, the Tampa area improved the most among major metro areas in Florida. Tampa ranked below 11 other Florida metro areas still struggling from foreclosure increases, including 18th-ranking Lakeland, where the pace of foreclosures stepped up by more than 41 percent compared to last year.

Foreclosure analysts said that the major factors for increases were high unemployment rates and the resetting of exotic mortgage loans such as Alt-A pay option adjustable mortgage loans.

Unemployment in the Tampa area rose to 11.7 percent from the August rate of 11.4 percent, driving more Tampa foreclosed properties, although at a slower rate than in other Florida areas.

The highest foreclosure rate among Florida metro areas occurred in the Fort Myers and Cape Coral area, where over 13,000 households went into default or foreclosure, representing one out of every 27 houses in delinquency or foreclosure. The pace in the area slowed compared to previous data, but still, it surpassed the rates of other Florida metro areas.

Meanwhile, in September, based on data from Tampa Bay Realtors and other realtor associations in the area, home sales in Tampa Bay increased by 11 percent, but the increase rate was much lower than the 34-percent increase in home sales across Florida.

The median home sales price in the Tampa area dropped by almost 5 percent to $137,800 in September, down from $144,600 in August. For most of the past 12-month period, home prices hovered at $140,000. The inventory of houses for sale dropped to 14,433, with around 6,000 single-family properties for sale.

Cheap home foreclosures in Marion County, Florida have been attracting buyers, according to an online real estate research company and the Marion County Association of Realtors.

The average home price in Marion has fallen in September to $128,304, a decrease from $138,086 in August. The median home sales price dropped by 27 percent from September last year to $98,677 this year.

Because of the increasing level of home affordability, home sales have been rising in Marion. Over the past 4 months, the number of houses sold averaged 310 units, a sharp increase of 34 percent compared to the same period last year.

Bert Meadows, head of the realtor association, said that people who are still waiting for home prices to go down may be waiting too long. They may be missing great opportunities to buy at great prices. He also reiterated that bargains are not available forever.

Meadows also explained that the major factor for the price declines is the still high number of cheap home foreclosures entering the Marion market. In September, a total of 731 foreclosures were posted, an increase from 886 in August. Over the last 12 months, the highest number occurred in April, when 1,019 were filed.

Throughout Marion County, there are currently 4,758 residential units in foreclosure, with most of them in Ocala. Ocala has been battered most among Marion areas, with a foreclosure rate of one in 176 homes. Based on sales data, the average home sales price in Ocala in September was $98,168.

Additionally, Meadows explained that more and more local banks have been welcoming back home loan applications and re-examining their restrictions. While other banks still reject a lot of refinancing and purchase applications, these smaller banks are now willing to review qualified applications.

Credit scores have been a problem for many because of the downturn, but local banks have been looking at other factors to evaluate eligibility for home loans. According to Bert Meadows, loan refinancing accounted for majority of mortgage applications in September.

Based on data from the Mortgage Bankers Association, more than 67 percent of all home loan applications in the week ended October 9 were home refinance applications. This share marked an increase from 66.3 percent in the previous week.

But according to analysts, many refinancing applications from distressed homeowners are not approved because of financial difficulties, ultimately leading to the entry of more cheap home foreclosures into the market.

A report from the Florida Center for Fiscal and Economic Policy (FCFEP) showed that based on the performance of key economic indicators in Florida, the state should braced itself for more troubles in the future.

Just like many housing counselors nationwide, short sale professionals in Florida also advise distressed homeowners to try to protect their credit record from too much damage in case they are unable to prevent foreclosures.

Filing fees on several civil lawsuits in Florida have been increased in an effort to generate revenues to boost the waning finances of the courts system. And the biggest increase is made on filing fees for repo properties.

Condos in the 420-unit CityPlace South Tower in the central area of West Palm Beach, Florida could soon appear in foreclosed home search after the Bank of Nova Scotia foreclosed on the developer of the condo complex, CityPlace South Tower LLC.

The crisis of foreclosure properties not only downed developers of purely housing properties; it also downed developers of mixed-use properties.

The fees to turn delinquent assets in Florida into foreclosure properties will be increased under a measure expected to be approved by state legislators.

Two months after President Barack Obama announced his foreclosure prevention plan, the increasing number of repo homes in Florida still remained unabated.