Florida Is The Foreclosure Capital – Good News For Buyers

foreclosure noticeFlorida is the number one foreclosure state in the US and Miami is the foreclosure capital.  The first quarter of 2013, Miami had the highest foreclosure activity of any large city in the country with one in every 79 residences receiving some type of foreclosure filing, as reported by Realty Trac.

In the first quarter of 2014 Florida ranked number one in the country with more homes receiving foreclosure filings than any other state also reported by Realty Trac.  The company also stated that 85,671 Florida residences got some kind of foreclosure filing in the first quarter.  That is one in every 104 residences.  This rate is nearly three times the national average of one in every 296 residences.

Why The Increase In Foreclosures?

The increase is due to more activity by lenders who had held off on foreclosing because of the “robo-signing” scandal where it was shown that there were many foreclosures that were handled incorrectly.  Last year there was a settlement between 49 state attorneys general and five big banks and now lenders have more defined parameters on how to handle foreclosures and can process their backlog.

How Does This Benefit Buyers In Naples Florida?

As a buyer in Naples Florida, this is a great benefit to you.  Our inventory has been steadily declining over the last few months as more buyers flood into our market.  Bank owned properties are usually priced at below market value because of the amount of work that needs to be done on the property.  This gives a buyer who isn’t afraid of “fixing up” a property or who wants to update a property, an opportunity to purchase a home at a great price.  There are many buyers who are not interested in working on a new property and want to move in and enjoy their new home and we have an inventory of properties for them also.

Multiple offers are becoming a common occurrence in our market as there are more buyers eager for a home at an attractive price than there are homes to accommodate them.  Even with the number of bank owned properties in our market, our prices are increasing at a slow but steady rate.

What Should You Do?

If you would like to enjoy the benefits of home ownership in Naples Florida now is the time to start your property search or you can call me at 239-601-3174 or contact me and I can start the search for you.

Remember it is always toasty in Naples and you deserve your piece of Naples sunshine.

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