I am in contact with many people who are looking to invest in distressed properties (i.e., short sales and foreclosures). One reason there has been a lot of interest from investors is because Florida has the highest foreclosure rate in the country.
According to 247wallst.com, the top five states with the most foreclosures is as follows:
1. Florida 11.9% foreclosure rate; 5-year price decline of 49%
2. New Jersey 6.4% foreclosure rate; 5-year price decline of 22.6%
3. Illinois 5.4% foreclosure rate; 5-year price decline of 29%
4. Nevada 5.3% foreclosure rate; 5-year price decline of 59.3%
5. New York 4.6% foreclosure rate; 5-year price decline of 13.6%
One of the primary reasons is the length of time it takes for the forclosure process to be finalized. The average in the US is 140 days for a foreclosure; New York has an average processing period of 445 days. The longer processes usually involve the court system and all of the legal proceedings that are associated with it.
In regards to Florida, about 12% of Florida's homes with a mortgage were in foreclosure in 2011, according to 247wallst.com. Home prices have fallen nearly 50% over the past five years and 17.4% of people with mortgages in Florida were 90 days or more late with mortgage payments, according to 247wallst.com.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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