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| Another Foreclosed Property |
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Continuing bad news of Florida's market:
Fort Lauderdale ranks sixth in the nation with one in every 51 households facing some form of foreclosure. Miami follows at No. 10, Orlando at No. 13, Sarasota-Bradenton-Venice at 14th, and Palm Beach at 18th.
"Although much of the fallout from foreclosures is being driven by rampant activity in a few states such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity," said James J. Saccacio, chief executive officer of RealtyTrac, in a release. "Forty-eight of the 50 states and 95 out of the nation's 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter."
Florida was fourth in the nation in terms of foreclosure rate with 109,433 filings, representing a rate of one in every 78 homes facing some type of foreclosure action. That was a 24.5 percent increase over the first quarter of 2008 and 181.8 percent over the number of foreclosures filed a year ago.
(source Tampa Bay Business Journal 7/25/08)
However, now that prices are nearing preboom levels housing affordability is again within reach.
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| Palm Beach Island Condo. Apt. |
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Some areas of south Florida have fared better than others but most have experienced declines year to year in the 10-20% range from 2007.
While on the other side of the Intracoastal Waterway on Palm Beach Island, prices have been steady and record breaking in some cases like Donald Trump's recent $95,000,000 to a Russian Billionaire. The photo at left is of a recent condo. unit that sold on the Ocean in $2 million range.
Only a few miles away in downtown West Palm Beach, developers, investors and owners are struggling to sell existing units as there is a glut of available properties.
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New FHA and government initiatives look to transform the lending landscape in the near future as traditional lending resources have been battered and credit markets have tightened. All of our State Certified appraisers are FHA Approved and poised to assist with FHA appraisal assignments in all of our coverage areas.
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