Loretta Maimone
(352) 357-2400
Menu

Foreclosures Decline Good News for Florida Homeowners

NEXT
PREV
By Loretta Maimone   Follow me: Loretta Maimone on Facebook
Mon, May 26, 2014 at 7:49AM

 

  • One Reason Why

Rising prices mean that more people have positive equity in their homes. In the second quarter of 2013, 2.5 million of the homeowners who’d been underwater found themselves back in positive territory. As property prices continue to rise in 2014, more homeowners are moving out of the negative equity trap.

  • Many Foreclosed-On Homeowners Still in Their Homes

Although the 2007 downturn led to a surge foreclosures, many homeowners have stayed in their properties. It’s estimated that currently half of all bank-owned properties are occupied by either the original owner or the tenant.

  • More Work for Investors

A significant proportion of Lake County buyers in the post-2007 market were investors bold enough to capitalize on bargain prices for properties. When national and Florida foreclosures decline, it indicates that fewer distressed properties will come up for sale. That means more competition for them, and fewer acceptances for lowball offers. Ultimately, it signals a shift toward more owner-occupiers.

  • Drop Isn’t Everywhere

While the national charts show a steady decrease in the number of foreclosures, the trend is not universal. And there’s another reason investors can still find some opportunities. The number of scheduled foreclosure auctions in the judicial process hit the highest level in three years in 2013. This suggests that, while fewer homes are falling into foreclosure, more of those in the works are getting close to reaching the end of the line. It’s a painful process, but when the smoke clears, will serve to help rebalance the real estate market.

The drop in foreclosures is a good indicator of the health of the current market. Rising property prices and an improving economy mean that fewer homes are ending up in the hands of the banks—news that all homeowners should be happy to hear. For an update on the foreclosure activity in your Mount Dora neighborhood, contact me today for a detailed property pricing report.


Bookmark & Share



User Comments


Be the first to comment on this post below!


Popular tags on this blog

Affordability | Central Florida Homes | Florida Fall | Home Improvement | Real Estate Agent Tips |
Loretta Maimone
Loretta Maimone
Broker Associate

600 North Donnelly Street,
Mount Dora, FL 32757

(352) 357-2400

Map to Loretta's Office


View Larger Map
Loretta Maimone
Loretta Maimone
Connect With Us

Facebook Google+
600 North Donnelly Street, Mount Dora, FL 32757
(352) 357-2400

©2018 Loretta Maimone - all rights reserved.
Site Map | Privacy Policy | Google+

Web Design by Zgraph, Inc. Orlando Web Design

All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. The source of the listing data is as follows: My Florida Regional MLS (updated 2/21/18)

Loretta Maimone reviews