Florida Foreclosure Rates No Cause For Investor Alarm
(PRWEB UK) 15 July 2013 -- Colordarcy highlight research from Foreclosure analysts Realty Trac Inc which places Florida metropolitan areas in 5 of the top six spots in nationwide rankings for foreclosures, yet also reveals a downward trend in the volume of foreclosures in cities such as Orlando, Miami and Tampa Bay.
Foreclosures in Tampa Bay for example are down 17.9% from the first quarter of 2013 (Source: Tampa Tribune.com 5 of 6 Florida cities top foreclosure list; Tampa is 6th, July 11th 2013)
Commenting on Florida foreclosure statistics, Loxley McKenzie, Managing Director of Colordarcy said, “It comes as no surprise that one of the hardest hit states in the USA post 2007 continues to occupy the top spot for foreclosure rates nationally.
It can take as much as 3 years for homes to reach the foreclosure stage and there is clearly still a large number of homeowners who will sadly be forced into the position of having their homes repossessed.
The silver lining however is that property prices are now reported to be rising rapidly in the metropolitan areas of cities like Orlando and Miami.
Homes were devalued by between 50 and 60% in Miami alone until the market reached bottom in 2011. What we appear to be seeing now is a greater willingness to speed up the foreclosure process and get better price for homes than would have been the case two years ago.”
Florida's proportion of homes in foreclosure stood at 8.8 percent of its mortgaged homes in May, which was more than triple the U.S. average of 2.6 percent. (Source: CoreLogic Inc).
Colordarcy analysts believe that the number of foreclosures will continue to fall as home values move rapidly towards the long term average rates of growth.
Stock levels in cities like Miami and Orlando are tightening considerably meaning that this new influx of foreclosures will have little effect on dampening the current surge in property prices in Florida.
Notes to the editor:
Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide. Colordarcy investment property portfolio includes some of the best properties for sale in Brazil, Florida, Turkey and the United Kingdom.
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Brett Tudor, Colordarcy Investment Ltd, http://www.colordarcy.com, +44 (0) 207 100 2393, [email protected]
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