The Steady Growth of Home Auctions in Florida

Home auctions in Florida are steadily on the rise. In April of 2011, Florida made history by having the second highest repossession rate in the county and consequently the highest rate in terms of home auctions as well. Most of these foreclosed properties for auctions are single family homes and condominiums. With the 32 percent upsurge in April, one in every 374 homes received auction notices. Aside from foreclosed properties gearing for auctions, the other trend that helped increase home auctions is repossessed properties. Commercial foreclosures have caused worry among the watchers in the real estate industry with a number of distressed commercial properties that are marked for foreclosure auctions in major areas of Florida. Still a number of real estate officials are optimistic that this barb will not significantly affect the whole industry or will make a mark on a national degree. This is not to say that newly constructed businesses in these areas will not be affected by the foreclosures.
As to home auctions in Florida statistics clearly show that more than 1,500 owners of homes within the Flagler and Volusia vicinities received default, repossession and auction notices early this year. This is a significant increase from last year’s filed default notices in the same month. The Volusia County had a 65 percent increase of filed default and sale notices as compared to last year’s 774, meaning one in every 193 homes received a notice. Because of this, Volusia which is one of the 67 areas in Florida became the 22nd spot in Florida in connection with the rate increase. However, another county in Florida is dropped by eight percent in terms of filed notices. Flagler County dropped from 244 to 242 which, means that one in every 200 homes received notices of default. This occurrence puts Flagler country on the 24th spot in terms of sales in foreclosed home auctions.
These statistics for home auctions in Florida is significant as they represent millions of dollars that are generated from the foreclosed home sales. Most of these auctions are conducted by reputed auction companies in Florida that have been in the industry for quite a while. This is also a boost in the industry as the increases in sales in home auctions in Florida represent the continued interest among home investors and buyers of residential properties that are discounted. So despite the dismal circumstances of foreclosures, home auctions do the million dollar turnaround giving the industry a great advantage.
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