In today's housing market it's no secret that Florida ranks among the top states in foreclosure activity and in property value decline. After a year of government spending, bailouts and intervention that distinction remains unchanged. Last month Florida received the 2nd highest amount of new foreclosure filings nationally, second only to California. Other than steep declines in home values and drastically reduced sales activity little else has changed in the Florida housing market through 2009. Although the new year promises a (different) housing market, current foreclosure trends indicate that the pace of foreclosure activity will continue.
Information obtained through RealtyTrac shows that foreclosure filings over the past 2 months in Palm Beach County, FL have increased. County wide, home prices have declined since June and apparently remained unchanged since September. RealtyTrac reports that 18,096 homes in Palm Beach County received some form of foreclosure filing. Interestingly the greatest value or savings as indicated by foreclosure sale price to average sale price was in Boca Raton where sales trends indicate an average sale price of $244,300 while average foreclosure sale price was $164,750. A difference of 34-35%.
Changes in the short sale process (selling a property for less than what's owed) now scheduled to become effective April 2010 may help some homeowners. Legislation has already been passed simplifying the short sale process by requiring lenders to make the application process uniform from lender to lender thereby reducing the time involved in closing a short sale and hopefully making them a bit more appealing to a ready, willing and able buyer. Many would be buyers shun short sales due to the lengthy process and lack of response by lenders to short sale requests, although when properly submitted the process does work.
If you or anyone you know are interested in buying or selling a property in South East Florida please call 561-306-6736 or email me for a no obligation discussion of todays foreclosure market and the short sale process.
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