Foreclosure listings are still on the rise in Florida
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by: ClintJhonson
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The news from Florida about the house marketing continues to look bad at least for home owners. Foreclosure listings have been very high in the state. In fact, Florida rated the highest in terms of foreclosure listings on the market. Unfortunately, Fort Lauderdale foreclosures are the highest in the entire state. That may be bad news for current owners and for sellers but it could be excellent news for home buyers. For many prospective home buyers, owning property in the city probably seemed like a fantasy that would never come true. By 2004, home prices in Fort Lauderdale had increased by 45% and the city was considered one of dozens of so-called Boom Towns throughout the United States where housing costs were going through the roof thanks to increased demand and easier access to large loans. Now many of those boom homes can be found in foreclosure listings. Among Florida cities, Fort Lauderdale foreclosures are the highest. In July 2008, RealtyTrac announced that 1 in every 51 homes in the city was headed for the foreclosure listings. That’s compared to the rate of 1 in every 171 homes in the rest of the United States and 1 in every 707 in the entire state of Florida in 2006. Obviously, this dramatic change is flooding the market with properties in need of home buyers. Home buyers have many good reasons to consider taking advantage of the Fort Lauderdale foreclosures. One of the best of these reasons is the city’s climate. Unlike most of the United States, this part of Florida has a true tropical climate with 70 degree highs in the winter and low 90 degree highs in the summer. Because of this incredible year-round weather, Fort Lauderdale has always had a booming tourist industry and that means the area would be the perfect spot for a vacation property or even an investment. After all, the foreclosure listings aren’t going to be swamped with properties forever. Now that Fort Lauderdale foreclosures have risen so high and show no signs of abating in the near future it can be the perfect time for eager home buyers to get into the market and to find the perfect location they’ve always wanted. Many of the most wonderful properties have ended up in the foreclosure listings and can be purchased for a fraction of what they will be worth once the housing market starts its inevitable road to recovery. |
About the Author
You can learn more about Fort Lauderdale foreclosures by looking at foreclosure listings in Florida.
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