Foreclosure activities have risen in the first half of the year with many metropolitan areas affected with distressed properties. Florida is one of the states that occupies 4 spots in the top 20 list of places where the foreclosure activity in highest in the second quarter of the year.
Some consider this good news as there are more inventories that are becoming readily available to home buyers. This would generate more short sales and more banks owned properties that would be ready for sale within the second half of 2012. These newly release figures were reported by RealtyTrac., a well-known reporting company that keeps track of the real estate market.
In the first half of the year, there were a total of 12,644 filings of foreclosures in Lee County SWFL. With this figure, this area has ranked in 6th place in the Sunshine state.
Collier and Charlotte counties both reported one third of the number of foreclosures in their area. Collier County listed 3,480 foreclosure notices while Charlotte County had 3,281 listings. These figures all happened within the first six months of the year.
Florida as a whole has taken 4 spots out of the top 20 areas with high foreclosure activities. Orlando takes the 12th spot while Miami ranks at top 13th. Both Cape Coral
and Fort Myers have tied for the 17th spot of areas with high foreclosure notices.
Market experts would agree that as long as the unemployment rate is still climbing, this can directly affect the number of foreclosures in a specific area.
Banks have to undergo a self-imposed break where all foreclosure notices needs to be thoroughly checked before they can be considered included or excluded in the number of inventories. This has placed a hold on some of these properties before undergoing the foreclosure procedure. Given these circumstances, buyers are given an opportunity to buy a new home or use them as investments.
However, the true turning point of this situation would be if the foreclosure process in Florida started to speed up. This would cause a ripple effect and help property values pick up faster. With this latest increase in foreclosures in Florida, hopefully a resolution in the mortgage crisis may be found sooner than later.