Florida Foreclosures ? a Real Estate Comparison | Stop Foreclosure

Posted by stopfor on Saturday, June 25, 2011 ? Leave a Comment?

The real estate market in Florida is a bit soggy, to say the least. Florida once boasted some of the most expensive homes in the country but is now among the leaders in foreclosures and short sales. A glut of property on the market and the impact on sale prices by the multitude of short sales and foreclosures make Florida a buyer?s market.

Real Estate Crisis

The stronghold Fannie Mae and Freddie Mac had on the America?s lenders, pushing them to meet loan quotas or risk denial of continued access to the government-backed loan packages, pushed the real estate market over the edge as the economy dipped into a recession. Foreclosure sales reduce the appraised value on nondistressed properties, causing a share the pain scenario for all homeowners seeking to sell.

Gulf Coast

Florida?s Gulf Coast is a haven for retirees and vacationing families. The area is not glitzy and filled with amusements like the Florida?s Atlantic Coast but offers miles of pristine and tranquil beaches. The housing market crash has been felt the hardest in the southwestern Gulf Coast region from Sarasota to Cape Coral. Peak housing market prices from 2006 and 2007 are long gone, replaced by flea market-style price tags even on beachfront properties. A Cape Coral, Fla., three-bedroom, two-bath home that sold in 2006 for $196,000 is now available for the low price of $56,500. According to Realty Trac, Cape Coral has 2,280 homes in foreclosure. Sarasota fares a little better but still faces 1,340 homes on the auction block. Fort Myers remains a popular vacation destination but is losing the housing market battle with 2,527 homes listed as short sales or foreclosures.

Atlantic Coast

Daytona Beach is perhaps the largest vacation spot on the Atlantic Coast, attracting thousands of college students and families each season. The city has a much smaller residential area than many parks of Florida due to the massive number of hotels, but still features 440 home foreclosures. Jacksonville is teetering on the edge of a real estate collapse with 5,343 homes in foreclosure. Properties in the Jacksonville heading to the auction block range in price from modest starter homes to small mansions. The real estate demise and economic downturn has hit virtually all income levels. A two bedroom, two bath home in Jacksonville which sold for $185,000 in 2006 now features a starting price of just $65,000.

Article source: http://news.yahoo.com/s/ac/20110625/us_ac/8698675_florida_foreclosures__a_real_estate_comparison_1

Source: http://www.stop-foreclosure.info/florida-foreclosures-a-real-estate-comparison/

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