Florida Foreclosures Could Increase by 100 Percent in 2009
South Florida foreclosure rates are expected to increase between 50 percent and 100 percent in 2009 based upon the efforts of the federal government to help homeowners of distressed properties, according to Jack McCabe, a real estate analyst and chief executive officer of McCabe Research and Consulting.
He noted that about 2.4 million families across the United States have lost their properties to foreclosure. And based on the current trends, McCabe predicted that filings will double in 2009.
He estimated the actual number of foreclosed properties to be between 36 percent and 38 percent of actual foreclosure numbers. He pointed out the duplication in the counting of filings.
Meanwhile, data released by Condo Vultures LLC showed that the number of homeowners who were in some form of foreclosure process increased by 128 percent last year compared with figures in 2007.
Peter Zalewski of Condo Vultures pointed out that South Florida filings in 2007 were 33,154, which increased to 75,730 in 2008.
On the other hand, Florida Association of Realtors released a data which showed that about 78,676 single-family home and condominium owners filed for foreclosure between January to October 2008.
In Palm Beach County, about 24,091 filings were posted, 32, 271 in Broward County and 22,314 in Miami-Dade County.
McCabe added that, unless changes will happen in the outlook, South Florida could expect as much as 150,000 filings in 2009. He cited some major challenges facing the housing market, including payment options resetting and the big proportion of mortgage loans and adjustable teaser rates.
Meanwhile, Foreclosure Response Team principal Scott Colony believes that a loan modification between the lender and the borrower could reduce filings in 2009. In loan modification, the loan’s interest rate and/or principal are reduced.
He said that in 2008, 950,000 loans were modified nationwide and over 2 million loan modifications are expected in 2009.
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January 24th, 2009 at 8:19 pm
Very Informative Article!
This is a sad situation for many home owners; unfortunately there is sometime little we can do in tough economic times. Letting your home go to auction in a foreclosure is depressing and embarrassing. However, if you do end up losing your home to foreclosure don’t be sad, it’s just your time to make some healthy credit reduction changes in your life. Buying a new more affordable home with bad credit, is easier than one would think.
L J Sutherland
February 19th, 2009 at 2:24 pm
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February 19th, 2009 at 2:39 pm
[...] Florida foreclosure rate is the third one in the U.S.. To help homeowners in Florida who are facing the threat of foreclosure, mortgage lenders and Governor Charlie Crist have agreed to impose a 45-day moratorium on foreclosures during holidays. [...]
February 19th, 2009 at 2:43 pm
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February 19th, 2009 at 2:49 pm
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February 19th, 2009 at 2:59 pm
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February 19th, 2009 at 3:03 pm
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February 19th, 2009 at 3:06 pm
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