Foreclosure news in Florida reveals that the number of foreclosed properties that are up for sale is still at almost record levels in August 2009. And as market levels lingered at record lows, the prices for homes continued to fall as indicated in the foreclosure listings. In the month of August, the state of Florida witnessed more than 62,000 foreclosure filings. For the Sunshine State, this represented a more than 10 percent increase and was the second highest number of foreclosure filings. Initial default notices during this month increased by 12 percent while scheduled auctions rose by 13 percent. Therefore, for home buyers who are seeking very low priced homes, such as real estate investors, foreclosure news in Florida remained encouraging.
Foreclosure news and listings are a great way to locate those properties that are being sold by banks and government-backed agencies at substantially lower prices compared to their market values. These houses are either classified as repo homes or government foreclosures. These developments may be regarded as negative events for those who are losing their properties but they are positive developments for those who could not previously afford the home prices. And aside from the drastically reduced home prices, the mortgage rates are quite low at about five percent for the fixed mortgages with a 30-year term. Foreclosure news at the moment is good news for home buyers because the values of foreclosed properties have dropped to values that are five to 40 percent lower compared to their actual market values. Thus, this is a situation that real estate investors have been waiting for.
But on the other hand, home sellers may also benefit from this kind of foreclosure news in which there are a lot of home buyers searching for bargain prices. But home sellers will have to consider the short sale where the selling price is lower than the amount that they still owe the lender. For the short sale to work, the lender has to accept the proceeds as payment for the loan balance and forgive the difference. Thus, this kind of foreclosure news may also be positive for the home seller because he can avoid foreclosure after the short sale. New tax laws also mean that he can also save on the tax that he would have been required to pay because the amount forgiven would have been regarded by the IRS as income for the seller.
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