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Florida’s Foreclosure Crisis Over…

DECEMBER 13, 2013 by ge.admin

Brevard Foreclosures

Dec. 12, 2013 – RealtyTrac’s Foreclosure Market Report for November shows foreclosure filings – all default notices, scheduled auctions and bank repossessions – decreased 15 percent from the previous month and 37 percent year-to-year across the country.


In Florida, the percentage drop in owners receiving a first-time foreclosure notice was also dramatic. The state had 6,744 foreclosure starts in November, an 18.02 percent decline month-to-month and a 45.9 percent drop year-to-year.

The number of Florida foreclosure completions – the final step where a lender takes back the home – also dropped in November, though not as dramatically. Completed state foreclosures were down 2.72 percent month-to-month and 15.59 percent year-to-year.

Florida foreclosure activity in November – starts, in progress and completions – decreased 15 percent from the previous month and 23 percent from a year ago for the fourth consecutive month with an annual decrease. However, the state still has the nation’s highest state foreclosure rate: one in every 392 housing units with a foreclosure filing.

Among metro areas with a population of 200,000 or more, those with the highest foreclosure rates were the Florida cities of Jacksonville, Miami, Port St. Lucie and Palm Bay, along with Rockford, Ill.

“While some of the decrease in November can be attributed to seasonality, the depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed,” says Daren Blomquist, vice president at RealtyTrac.

ACROSS THE NATION – Biggest drop in 3 years

The 15 percent monthly decrease in November was the biggest month-over-month decrease since November 2010 when U.S. foreclosure activity plummeted 21 percent in one month following the revelation of the so-called robo-signing scandal in October 2010.

 While the drop reflects all homes somewhere within the foreclosure process, a decline in the number of homes receiving their first foreclosure notice reflects a stronger improvement. A total of 52,826 U.S. properties started the foreclosure process for the first time in November, down 10 percent from the previous month and 32 percent from a year ago, hitting its lowest level since December 2005.

“While foreclosures will likely continue to stage a weak rally in certain markets next year … it is highly unlikely that there will be a foreclosure comeback that poses any major threat to the solid housing recovery that has now taken hold,” concludes Blomquist.

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Things are Looking Up! 3 Positive Brevard County Real Estate Trends

MAY 31, 2013 by ge.admin

brevard mls trends

It is hard for most to believe it has been about five years since the national real estate market crash of 2008.  Though homeowners and homebuyers alike have seen some low points in Brevard County real estate sales, recent surveys have shown that consumer confidence is once again on the rise.  Trulia compiled a list of real estate market trends concerning the remainder of the year for Brevard County property as well as properties nationwide.  Following are just a few of those big trends for 2013.

1.  Home Prices Rise

At the top of the list of real estate market trends is the rising prices homebuyers will find on the market.  Since the crash in 2008, new home construction has been at an all time low, which has created somewhat of a shortage of available properties on the market.  Many analysts say that 2012 was the year the market began to turn around, and we can expect to see prices continue to rise through this year and continuing into 2014.  Home prices are expected to rise about 5 percent this year.

2.  Short Sales Up

In short sales news, property owners and buyers can expect to see an increased number of short sales in Florida.  More and more banks are trying to avoid foreclosure procedures by reaching out to homeowners and offering foreclosure assistance. New rules have reduced the documentation that borrowers have to show to demonstrate hardship, and borrowers now aren’t necessarily required to pay the difference between what they owe on the mortgage and the final sales price. Homebuyers should look on or ask their agents about short sales to find some great deals on today’s market.

3.  Rental Demand Increase

Finally, this is a great time for investors, as property management continues to boom.  Three to five million young people (most 20-30 years of age) have been riding out the shaky economy by moving back in with their parents or staying with friends.  As they start to get jobs, they’re looking for their own apartments. This pent-up demand will drive up rents as well.  Many investors have been buying Brevard County foreclosures and other distressed properties to turn them around as rentals.  As investors continue to get great deals on such properties, they are turning to management companies to maintain such properties, putting a high demand on their services.

Expect these trends and more in 2013 as the Brevard County real estate market turns around.

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Source: The Fiscal Times