Boy there are tons of foreclosed properties in FL on the BoA site.

[Midlodemocrat]

:scared:

Anyone know why so many in FL, GA and CA? :shrug:

[Reverend_Smitty]

1. I think there are many everywhere...

my dad recently took another job for a little extra cash driving around Cape May County, NJ and inspecting foreclosed homes for the mortgage company (only 1 company) and he has literally hundreds of homes to do. This is one county in a pretty rural area, so I think this crisis is pretty wide-spread

[Parche]

2. The South Wont Rise Again?

:shrug: :hi:

[JCMach1]

3. Florida has a long history of boom and bust since the late 1800's

[Droopy]

4. I think it's like that all over, Midlo

A lot of people were granted loans on their homes that they could barely afford in the first place. Then the economy turned south. That's a recipe for foreclosure.

I live in Ohio and we are setting records for foreclosures. The flip side to it is that now is an excellent time to buy if you can afford it and your job is secure. There's some really good deals out there.

The rental property market is booming here because of all those people getting foreclosed on. But would you want to rent to somebody who has a foreclosure on their credit report? Apparently, a lot of landlords are.

[Midlodemocrat]

5. I don't understand that either.

One of my neighbors, someone I don't know, had her house foreclosed on. She then promptly rented something in a more expensive neighborhood. :wtf:

I can't imagine that the rent was less than the mortgage. Really weird times.

[siligut]

6. Why aren’t you in bed?

:hi:When we bought this new house a few years ago, the mortgage company tried to tie an ARM on us. We knew we didn’t want one, but it was “hidden” in the agreement, you know how long those are. Luckily, my DH caught it and we had to wait for another agreement to be drawn up.

We could have handled it, but why? However, if they did it to us, how many other people did they do it to? People who couldn’t handle it?

I agree, the myth of the American dream, and our younger friends did feel the pressure to buy a house, and sub prime loans preceding inflation and unemployment; somebody is making money at the expense of our country’s stability.

I have to wonder if there is a concern that with global weather change, that some of those coastal areas will be underwater in the next ten years?

[flvegan]

7. Speaking for Florida

Real estate is still big business in this state, and what you're looking at are REO's from houses that were taken in '07, most likely (it takes 120 days at least to f/c on a home in Florida). The housing boom up through 2005 drove up prices in Florida at a crazy rate at the same time lenders were lowering qualifications for borrowers. You are now seeing the backlash of ARM resets in a very big way.

One Florida law firm does 6,000 new foreclosure filings each month in Florida. It's pretty bad.

But, if you can, it's a good time to be a buyer.

[Midlodemocrat]

8. I'm thinking of buying a vacation property, but I don't know if I can

get past the foreclosure thing. I think it would bother me to profit from someone else's misfortune.

[flvegan]

10. I can always run a full search on anything you're considering

and disclose the entirety of the events leading to the f/c. Some are flips gone bad, and there's been a LOT of fraudulent lending here. You may just be reimbursing the bank somewhat for a loss they took in good faith. Also, some are going to be foreclosed if taxes and insurance were too high, and the homeowner couldn't afford the PITI broken out.

Any idea what part of the state you're looking in? You seem to half-live in Orlando as it is...

[Midlodemocrat]

11. Not yet. I'm in the early stages of looking.

Thanks. I will definitely take you up on that.

I would prefer something near the beach, Mr. wants the mountains. He's looking at stuff in WV at the moment. :rofl:

Little does he know he has no say.

[flvegan]

15. Clearwater has lovely beaches

and some fine neighbors a half hour away.

Just sayin'...

Oh, also, Florida prices are at what will probably be their lowest point right now. Caveat: insurance and taxes are higher, but Citizens (our state run insurance co) is allowing competition now, and other companies have been retained to make offers, so that high insurance may come down.

Just sayin'...

[Zavulon]

9. Insurance rates there are awfully high.

Probably not a good explanation, just my first thought.

[LaraMN]

12. I know nothing of the real estate markets in those states,

but my realtor BIL just started driving a Schwann's truck. He hasn't sold a house in months.

It ain't so great here, either.

:scared:

[TexasBushwhacker]

13. Lots in Texas too

http://www.bidselect.com/

This site has government foreclosures as well as bank owned properties. I'm sure it's not all of them for every state, but for Texas it's over 2000.

[Tommy_Carcetti]

14. Unfortunately, overspeculation by greedy developers.

The worst part is once the land is torn up for the tract housing, it can never be returned to its natural state.

Florida homebuilders are the worst enemy this state has ever seen. And unfortunately, state and local governments let them get away with murder.