Now is a very exciting time for real estate investors looking for a foreclosure in Florida. Home owners have stretched themselves very thin over the past 5-10 years when lenders were making credit readily available for individuals. One only needs to look at the fact there are now 35 year mortgages, and interest only mortgages being the latest craze. This helps individuals get into that house they really can not afford. But, there does come a time, when the cash gets tight, and the house gets foreclosed upon. And if you are looking to move, or invest in Florida, then buying a foreclosure in Florida should be a good deal for you.
The numbers in Florida are pretty staggering. In counties such as Sarasota, Manatee, and Charlotte, the number of foreclosures have doubled over the past year. This year so far there are about 2,220 homes being foreclosed on right now. Last year at this time, there were only 1,106. It is numbers like this, which are making investors excited about foreclosures in Florida.
Florida currently has an average of 1 out of every 382 homes are foreclosed. This dose not compare very well at all to the national average of 1 out of 884 homes. Most of this is due to many people getting over their heads in 2004 and 2005, and now can’t make the ends meet. The markets have scaled back so much, they owners can not sell, and must let the lenders foreclose on them. This is not to say the overall market is bad.
If you are looking for the good investments, now is probably the best time. With the foreclosures at an all time high, there might not be a better time. Investors can get in now at a very low cost, and set themselves up for either reselling properties or renting them out.
The experts still predict the Florida population to grow, so investing now will get your foothold in the market. If you are looking for a good deal, a new house, or some residual income, you might want to take a look at a foreclosure in Florida.
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