Florida is one of the hottest markets for buying foreclosures today. The number of Florida foreclosures has increased multifold over the last few years with 2008 making a huge impact. At the end of the final quarter of 2008, Florida had reported 40,770 foreclosures with 5,594 REO’s, 10,433 NFS, and 24,743 LIS. The rate of foreclosure in Florida was 1 in 214 homes. This year is no different for Florida foreclosures as the number keep soaring thanks to a prolonged period of recession. According to Trulia, as of last week, Miami, FL has recorded 8,494 foreclosures and is amongst the top cities in the state as far as availability of foreclosure homes are concerned. The median sales price for foreclosure homes in Miami in the first quarter is $193,000.
Following on the list is Orlando with 5,217 foreclosures at the end of last week with a median sales price of $143,500. Some of the other cities with high rate of Florida foreclosures include Boca Raton with 907 foreclosures, Clearwater with 932 foreclosures, Cape Coral with 5,379 foreclosures, Coral Springs with 1,324 foreclosures, Fort Lauderdale with 2,041 foreclosures, For Myers with 3,962 foreclosures, Jacksonville with 4,169 foreclosures, and Tampa with 6,886 foreclosures. With such a high number of Florida foreclosures, it is heaven for first time homebuyers as well as real estate investors.
In fact, in order to control some of the foreclosures from happening, the Obama government has offered tax break proposal and it is to be seen how much this can help in bringing down the rate of Florida foreclosures. The truth is that till the time there are foreclosures properties available in Florida there will be opportunities for those who are unable to afford buying expensive homes. A home that is worth $300,000 in the real estate market is available through Florida foreclosures for as less as $210,000. The most thing is that you can find all types of homes from single family to townhomes, beach homes, and modern condominiums.
Apart from that, the foreclosure sale involves a public auction so any one can participate and bid for the home. This has made things easier for a large number of first time homebuyers to participate in the process of buying Florida foreclosures. The crux of the matter is that there are thousands of beautiful and spacious homes available in Florida due to foreclosures and you might just be able to find one for you and your family.
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Written by Alex Rolim.
