Lisa Simpson
Jun 3,2009
In: Bank Foreclosures

Bank Foreclosures in Florida

Florida

The tourist to Florida has always been lured by alluring talks about the beauty of the State just waiting for the visitor to make the best of his or her vacations. There are magnificent beaches with all the facilities a tourist can dream of. There are jumbo shopping centres, spas, cruise trips to nearby islands, eateries and entertainment joints. Today another thing that will draw attention in a negative sort of way are bank foreclosures in Florida.

The tour brochures assure the visitor to the Sunshine State projecting into the ocean cradled by the Atlantic Ocean on the east and the Gulf of Mexico to the West, peace, sun and sand. Another kind of visitors are descending in numbers from all corners of the world – New Zealand, Europe, Britain, Canada etc, to view the innumerable bank foreclosures in Florida. The staggering numbers have made it a buyer’s paradise and the prices of bank foreclosures in Florida are at an all time low. The banks are desperate to sell of these units that are draining their resources and offering heavy discounts. Some of the discounts offered for bank foreclosures in Florida are nearly 60%. Bank foreclosures in Florida are offering many the chances to move into affordable houses.

There has been no let down on bank foreclosures in Florida and this is causing many to be fearful of 2009. It is apprehended that bank foreclosures in Florida could increase by 100% this year. Most of the bank foreclosures in Florida are in South Florida. So far the government attempts have not shown any visible positive results.

According to Jack McCabe of McCabe Research and Consulting across USA 2.4 million houses have been lost to foreclosures. The current trend indicates that the numbers in 2009 will double – with Florida being one of the worst affected states. Even allowing for errors the numbers are extremely and dangerously high.

The figures released by Condo Vultures show that the numbers increased by 128% in 2008 in USA compared to 2007. In South Florida there were 33,154 foreclosure filings in 2007. It shot up to 75,730 in 2008.

The data collected by Florida Association of Realtors show that from January to October 2008 there were 78,676 units (single family houses and condos) in foreclosure. In Palm Beach County there were 24,091, in Broward County 32,271 and Miami-Dade County 22,314 foreclosures.

McCabe explained that unless policy changes were made there may be as many as 150,000 foreclosures in Florida in 2009.