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Florida, along with California and Nevada, lead the nation in foreclosure rates. As of October 2007, Florida's foreclosure rate amounted to one filing for every 95 households according to RealtyTrac. Within the state, Fort Lauderdale and Cape Coral-Fort Myers register the sixth and seventh highest foreclosure rates for metropolitan cities in September 2007.
As homeowners struggle to meet payments and face the possibility of foreclosure, mortgage lenders are bracing for another wave of defaults as many adjustable-rate mortgages (ARMs) that originated in 2005/2006 during the height of the housing market boom reset to higher interest rates. If you have an ARM, find a lender to discuss refinancing and other mortgage options.
With home sales in decline and prices down, many homeowners face foreclosure because they can't afford to sell their homes after falling behind on payments. If you find yourself in this situation, act now before there are any credit consequences.
There are a number of options that may help prevent foreclosure including selling your home for a short sale.
The flip side of the mortgage housing crisis is the opportunity it provides for investors. Depressed housing sales have resulted in significant inventory in many markets. In Miami-Dade County, the estimated supply of condos is enough to last about 57 months at the current sales rate, according to Esslinger-Wooten-Maxwell Inc., a large Florida real-estate brokerage firm. The supply of single-family homes in Miami-Dade is 38 months, and in Orlando, 28 months. Find Orlando or Miami foreclosures using ApartmentStores Moving and Relocation.
Whatever your housing and moving needs, find resources and solutions with ApartmentStores Moving and Relocation.
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