MIAMI, Fla. — The number of foreclosures for sale remained near record levels for the month of August according to real estate industry reports. Prices continue to drop on foreclosure listings as market levels remain at record lows. “Whether people are seeking to buy or sell, now is the time to take action,” Alex Rolim, real estate investment advisor for ForeclosureDataBank.com, says. In Florida alone, more than 62,000 properties received foreclosure filings in August – the nation’s second highest state total and an increase of more than 10 percent. Initial default notices in Florida increased 12 percent from the previous month, and scheduled auctions increased 13 percent.
Florida foreclosure listings are an excellent way for real estate investors and first home buyers to find the best, inexpensive bank foreclosure on the market today. These properties range from repo homes to government foreclosures.
“For people who have always wanted their own home, but could not afford it, now is the time to make a move,” Rolim says. “Home ownership can become a reality.”
In addition to rock bottom foreclosed home prices, mortgage rates continue to hover at approximately five percent for a 30-year fixed, only adding to the incentive to buy.
And, with prices ranging anywhere from five to 40 percent below market value, savvy real estate investors also have many financial opportunities at their fingertips.
On the flip side, for people who want to avoid foreclosure, selling may be the best option. There is a good chance that more may be owed on the property than it is actually worth in today’s market.
“At this point, selling a home will most likely involve a short sale,” Rolim explains. “A short sale is when a lender accepts less than what is actually owed. For example, if $175,000 is owed, the home could list for $150,000 and maybe even sell for less. However, lenders will forgive the difference and because of new tax laws, the seller will not owe taxes on the difference.”
ForeclosureDataBank(R) is a resource for buyers and sellers. It provides a databank of foreclosures by state and breaks down each state into specific regions. Finding optimal foreclosure listings has never been easier.
For more information, visit: www.ForeclosureDataBank.com.