September is the month when we usually enter a seasonally slow real estate market and it normally continues until about January of next year., August numbers show that foreclosure activity rose by 77% over the month of July. We expect continued record increases in the foreclosure rate in October. In total almost 34,000 foreclosures were filed in Florida, or one in every 243 households filed for foreclosure. While some so-called experts predict that the Florida real estate market will recover by the end of 2008, each new monthly report shows we are not on the path to recovery.. certainly at least not yet.
Reports also show that, based upon the number of home buyers that took out adjustable interest rate loans back in 2004 to 2006, many of whom are bow nowing into foreclosure, more and more home buyers will face financial difficulty and be forced into foreclosure. I believe this adjustable rate mortgage crisis will keeping forcing homes into foreclosure for many many months to come, maybe even for a few years. We could be looking at as much as four more years of declining Sarasota home prices, not just one year.
Buyers can get it great deal on a house right now but one ought to understand what is involved. Foreclosure real estate isn't usually that cozy little home in perfect shape you may envision. Read my article on buying foreclosure real estate to get an appreciation of what is involved..
If you find yourself needing to buy or sell real estate anywhere in Tampa Bay or Hillsbough County, Florida, call upon me. I'd be happy to help.
5 comments:
There have been very few foreclosures here on Longboat Key so please don't assume that the problems you're having in Tampa Bay affect the more affluent real estate markets.
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