Archive for the 'Florida Articles' Category

Fort Lauderdale foreclosure auctions are getting speedier as Broward County, where Fort Lauderdale is located, has been conducting its public auctions online since March.

The auction website offered over 500 homes on its launching and over 175 more units were readied for the next auction date. Before the launch date, over 2,200 people has registered to participate.

In May, foreclosure filings slowed down in Broward, but the total number was still high compared to other counties in the country. Nearly 6,800 Broward homes entered foreclosure in May, a relatively high number, but it was lower by 41 percent than the total in May 2009 and lower by six percent than the total in April.

Last year yielded nearly 52,000 foreclosure cases in the county, prompting county officials to look for ways to cut down the backlog and cut costs. So far, the easier access of prospective buyers to auctions foreclosures in Broward has helped cut down the number of cases.

Despite the role of online Fort Lauderdale foreclosure auctions in cutting case backlogs, they have been criticized by some housing advocates as a factor in the failure of a number of loan modification efforts. Homeowners trying to rescue their homes no longer have enough time to negotiate because the auction dates are getting earlier sale dates.

There are already 12 counties that are holding online home auctions in Florida, and the latest was Broward. In South Florida, the counties which are holding their auctions online are Broward, Miami-Dade and Palm Beach. The auctions are being conducted for them by the private contractor that has been running the auctions of their tax liens for many years.

So far, these counties have been reporting that the online systems have cut county costs and have cut their case backlogs. They just needed to put more warnings on their sites to prevent novices from committing mistakes in bidding.

It is hoped that the online Broward County public auctions will help accelerate the sale of properties listed for Fort Lauderdale foreclosure auctions.

Buyers are still getting huge discounts for Orlando home auctions for sale despite the slowdown in foreclosure filings.

In April, based on sales figures from one of the biggest residential auctions houses in the country, winning bidders got huge discounts of as much as 92 percent. A house on Robert Trent Jones Drive with peak appraisal of $254,000 was sold for only $22,500, a staggering drop of 92 percent from the peak price. Another house, located along Lee Vista, was sold for only $25,000, a steep drop of 82 percent from its peak price of $135,000.

On Valley Drive, a house which was previously priced at $370,000 was sold for only $157,500, a sharp decrease of 68 percent.

In May, this auction firm again offered bargain home auctions for sale in Orlando at the Orlando World Center. One of the most attractive deals was a 2,285-square-foot house on Tuscan Oak Drive previously appraised at $340,000, which had a starting price of only $89,000.

Based on the most recent foreclosure reports, metro Orlando has fallen from its top-ten ranking in metro foreclosure rates. In April, Greater Orlando, which includes the counties of Orange, Osceola, Lake and Seminole, the total number of homes in foreclosure decreased to 6,480 homes, down by 24 percent from the 8,586 filings posted in March and down by almost 25 percent from 8,606 distressed homes in April 2009.

Similarly, the number of home auctions for sale in Florida in April declined. A total of 9,259 homes were repossessed by lenders during the month, representing 19 percent of the 48,384 homes that entered the foreclosure process. Despite the slowdown, Florida moved up one place over the month in the foreclosure charts to third place.

In contrast, Greater Orlando moved down to 11th place in the metro foreclosure rate rankings. In April, Cape Coral was the only Florida metro area left in the top-ten list. Nonetheless, the foreclosure decline has not wiped out opportunities for buying bargain-priced Orlando home auctions for sale.

Search Florida foreclosed home auctions:

• Miami foreclosed home auctions
• Jacksonville foreclosed home auctions
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• Pompano Beach foreclosed home auctions
• Cape Coral foreclosed home auctions

Single-family house and condo sales spiked in the first quarter as online Miami home auctions for sale put further downward pressure on prices.

Sales of single-family houses in Miami rose by 12 percent to a total of 1,530 units in the first quarter, compared to the 1,372 units sold from one year earlier. Condo sales spiked, posting a 46-percent increase from 1,311 units sold one year earlier to 1,920 in the first quarter.

Among the reasons for the spike is the continued affordability of homes, with prices still declining compared to prices in 2009. The sales price median for single-family houses in Miami dropped by 6 percent from $203,700 one year earlier to $191,200 in the first quarter. Condo units were priced at a median of $136,100, down by 9 percent from the $149,000 median one year earlier.

In nearby West Palm Beach, sales of single-family houses shot up to a total of 1,949 units in the first quarter, up by 20 percent from 1,625 units one year earlier. The sales price median for condos dropped by 9 percent from $102,900 to $93,500 while the median for single-family homes increased by three percent from $229,200 one year earlier to $236,100 in the first quarter.

In Fort Lauderdale, single-family house sales rose by 7 percent from 1,647 units one year earlier to 1,756 units in the first quarter as condo sales also spiked by 45 percent from 1,893 to 2,739 units. The single-family median price dropped by six percent from $210,200 to $196,700 and the condo median price fell by 9 percent from $102,900 to $93,500.

The launching of online Miami home auctions for sale also contributed to the increase in sales and the continued drop in prices. The online auctions increased sharply the access of prospective buyers to distressed properties and advertised widely the availability of lower-priced homes in the Miami area.

Since 2008, the Florida counties that have launched their online foreclosure auctions have sold a combined total of more than 20,000 online, prompting other counties to also consider launching their online auctions.

Statewide, the median price also dropped by 5 percent, as homes and condos continued to get posted for foreclosure auctions in Florida. The sales price median fell from $140,900 to $133,800 over a one-year period.
During the quarter, nearly 154,000 homes in Florida became distressed, including over 88,000 units in default, over 43,000 posted for public foreclosure home auctions for sale and over 22,000 listed for bank home auctions.

Another online real estate firm reported that 20 percent of all homes sold in the Miami metro area had their price reduced once in April, a bit better than the 22-percent nationwide share. The average price cut in Miami was 15 percent, with the total amount of reduction reaching almost $170 million.

With the continued reduction in prices, it is expected that more residential units will enter lists of Miami home auctions for sale as sharply reduced home values have been pushing a significant number of underwater borrowers to default and walk away from their mortgages.

Search home auctions for sale in Florida cities:

• Home auctions for sale in Orlando
• Home auctions for sale in Jacksonville
• Home auctions for sale in Fort Lauderdale
• Home auctions for sale in Pompano Beach
• Home auctions for sale in Fort Myers

Five foreclosed homes auctions to be held in August in 5 cities across Florida will sell almost 200 bank owned foreclosed houses.

More properties are getting added to foreclosed home auctions in the Orlando metro area because of growing job losses in the city, based on real estate data in Florida.

First American CoreLogic released its market data showing an 8.1 percent increase in house repossession rates in Orlando-Kissimmee area in Florida in March of this year. Last March’s foreclosure rates were more than twice compared to the same month figures the previous year.

Spokespersons for Governor Charlie Crist announced that the governor is planning to get relief for Florida homeowners in trouble due to foreclosures. The plan is intended for desperate residents sacrificing everything they can to avoid foreclosures and not exorbitant Floridians who bought excessive homes during the housing boom years.
The plan would be based on California [...]