There are dark clouds hanging over the Sunshine State of Florida because of Florida foreclosure listings. Florida foreclosure listings? It seems impossible. Just a few years ago there was a scramble to own properties in real estate agent.
Most of the Florida foreclosure listings are from Lee County hugging the Gulf Coast. It is now like a hangover from the partying that went on during the housing boom. There are now more than 19,000 Florida foreclosure listings and this is causing the real estate market to crash.
In February the highest number of Florida foreclosure listings came from Fort Myers-Cape Coral metropolitan zone. In March it ranked 5th. The number of Florida foreclosure listings fell from 955 in March 2006 to 445 in February while the sales price average dropped to $211,500 from a peak of $286,500 in May 2006. It can be citied as a typical bubble in the real estate wherein the market gets bloated and bloated until it bursts and collapses. Much of the blame for Florida foreclosure listings is due to the feverish activities of speculators who grabbed properties, confident that prices would continue to rise. The cash came in from the sub-prime mortgages. Most were outside investors.
Now that the prices have dropped Florida foreclosure listings are on the rise. The price of the houses is often less than the loan amount and this prevents refinancing. The result is that victims of Florida foreclosure listings are just walking away. There is a backlog of over 19,000 houses that have remained unsold. It is six times the number of last two years. The Florida foreclosure listings are not just fact and figures – each residential unit has a sad tale to tell. It is the speculators who deserve little sympathy. Slowing down of the economy is miring the problem of the foreclosure issue.
