Nov. 28, 2011 – Some housing markets are still battling high numbers of foreclosures that continue to put downward pressure on overall housing prices. Many cities are facing the highest foreclosure spikes also have high unemployment rates, underwater borrowers and low median family income.
In 2011 the Orlando area market along with most of the state of Florida experienced a great decrease in number of new foreclosures to be sold in the open market. During the 3rd quarter of the year there has been a great spike in number of foreclosures listed and sold and this momentum is continuing into the 4th quarter of 2011.
We feel strongly that the foreclosures will continue to dominate most of Florida’s market places through 2015, potentially much longer. Recently RealtyTrac has estimated a whopping 3.5 million foreclosures in shadow inventory, plus there are millions of properties that have been in default for 1-2 years that are yet to be foreclosed on.
Whether we like it or not, foreclosures will be a big part of our Real Estate market for some time now. We will continue to do our part to decrease the number of foreclosures by helping one home owner at a time that is behind on their mortgage payments to avoid a foreclosure by means of a short sale.
6 cities where foreclosures are increasing
SARASOTA, Fla. – Nov. 28, 2011 – Some housing markets are still battling high numbers of foreclosures that continue to put downward pressure on overall housing prices. Many cities facing the highest foreclosure spikes also have high unemployment rates, underwater borrowers and low median family income.
24/7 Wall St., using data from RealtyTrac, found that the following cities saw the biggest increases in foreclosures – 30 percent or more – between the second and third quarters of 2011:
1. Albuquerque, N.M.
Quarterly increase in foreclosures: +151%
Number of foreclosures in third quarter of 2011: 1,358
Percentage that home values have dropped from peak: -14.9%
2. Boston-Cambridge-Quincy, Mass.
Quarterly increase in foreclosures: +67%
Number of foreclosures in third quarter of 2011: 2,003
Percentage that home values have dropped from peak: -15.8%
3. Sarasota-Bradenton-Venice, Fla.
Quarterly increase in foreclosures: +57%
Number of foreclosures in third quarter of 2011: 1,673
Percentage that home values have dropped from peak: -51.4%
4. Cincinnati-Middleton, Ohio-Ky.-Ind.
Quarterly increase in foreclosures: +55%
Number of foreclosures in third quarter of 2011: 1,956
Percentage that home values have dropped from peak: -15.9%
5. Jacksonville, Fla.
Quarterly increase in foreclosures: +49%
Number of foreclosures in third quarter of 2011: 2,559
Percentage that home values have dropped from peak: -39.3%
6. Palm Bay-Melbourne-Titusville, Fla.
Quarterly increase in foreclosures: +44%
Number of foreclosures in third quarter of 2011: 1,039
Percentage that home values have dropped from peak: -53.4%
Robert Jerome
Vice President of Growth & Developement
Exit Realty Central
