Houses In Foreclosure In Florida

Interested in Florida Foreclosures? Now Is a Great Time to Buy One
By Jerry R Piotrowicz

There's no doubt that most of the smart money is now veering toward the real estate market which has stabilized considerably. This following the start of the US economic recovery perceived as early as June last year. In particular, foreclosed real estate properties in Florida are of particular interest to investors. Let's take a look on the wisdom of investing in Florida foreclosures.

Recession or no recession, Florida has always been a magnet for investments not only in real estate but also in other businesses as well. The Sunshine State draws investor interest for many reasons, among which are: a year round warm climate; a vast expanse of coastal areas for leisure; vibrant tourism industry; business-friendly state policies; rapid appreciation of real estate values.

Most of these factors contributed to a building boom in Florida during the first few years after the start of the new millennium. However, the bubble burst with the US economic recession. From peak levels in 2005, housing prices started to slide in 2006. In Florida, there was a surplus in construction so much so that, according to government figures, there were 300,000 vacant homes in the state.

The high unemployment resulting from the economic crunch resulted in many home mortgages going sour in Florida as well as in the rest of the US. In one comparative analysis, it turned out that the mortgage delinquency rate is highest in Florida. Nearly 8 percent of mortgages in the state were delinquent by at least sixty days, according to a report for the 2008 third quarter. The situation on loan delinquencies has not improved. Almost 300,000 mortgages were reported delinquent in the 2009 third quarter alone, and Florida foreclosures hit more than 80,000 for that period. The prices of houses that were financed and already built have declined by 7 percent, averaging $131,000 as of the third quarter of 2009.

This declining trend in prices of existing houses is reason ample enough to encourage looking into Florida foreclosures. Banks are now eager to dispose of the real estate properties that they have foreclosed. Fundamentally, these properties are idle assets which are onerous in terms of taxation and depreciation cost. It would be advantageous for these banks to cash in on these properties and invest the sales proceeds to better-yielding investments.

The Bradenton-Sarasota area has its share of many foreclosed houses in Florida. And certainly, Bradenton foreclosures can be the apple of the eye of the most astute of home buyers. Settling in Bradenton means living in a place which prides itself as a "Friendly City." It has an ambience that is cosmopolitan and yet with the charm of a small town. The appeal of a Bradenton real estate acquisition extends to Sarasota. Having a place here means close proximity to beaches like Siesta Key, considered one of the best in America. This alone can be reason enough to seek the Florida foreclosures that can be a gateway to not only a home but also to such a fabulous vacation place as Siesta Key.

Jerry Piotrowicz is a real estate broker in Bradenton Florida. His business website features all Bradenton real estate for sale.

For those seeking foreclosures, Jerry's Bradenton Foreclosures website provides free information on all foreclosed properties in the area and is very popular with investors.

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