Florida Foreclosures are Back!!

Written by admin on 09 May 2009

March activity showed a record level of foreclosures hitting the market. Third quarter filings are at 46percent higher than the same period last year.

This surge has a known cause though. Lenders have lifted the temporary moratoriums and resumed legal actions against delinquent mortgage holders.

Default notices, auction sale notices and bank repossessions were reported on 341,180 properties in March, 46% more than a year ago and 17% more than February’s total.

Experts have reported nearly 804,000 homes nationwide, or one in 159 U.S. housing units, received at least one foreclosure-related notice from January through March. This amount was up from about 650,000 in the same period a year earlier.

The unstable job market and faltering economy are magnifying the housing crisis, as delinquent mortgages and foreclosure inventories continue to grow.

With the Obama plan details now available big mortgage finance companies such as Fannie Mae and Freddie Mac’s temporarily halted foreclosures, the mortgage industry has begun foreclosing on ineligible borrowers.

Nevada, Arizona, California and Florida continue to top the nation’s foreclosure rates. Expectations were that there would be a spike of foreclosures in March, but the numbers were much higher than previous months.

This is a great opportunity for home buyers and investors who qualify for loans to get great bargains on bank-owned foreclosures.

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