State reports have looked in on homes for auction in Orlando, Florida and in other key areas of the state, but have so far only found Orange County investors to be practicing this so-called price inflation tactic. According to local officials, artificially inflating property prices sold at auctions results in higher investor profits and also misleads lenders and homebuyers. However, they did admit that they are not sure what the benefit would be for investors involved.

Officials reported that those who inflate the prices of properties offered at foreclosure Florida home auctions pay higher documentary stamp tax rates on these properties to boost the prices of houses recorded at the Property Appraiser's Office. Some have speculated that the purpose is to give lenders and buyers an impression that they paid only a little more to purchase these properties. The reports emerged after sales records in two different housing agencies showed different sales prices in 16 of the most recent sales closings in the county.

Housing market experts explained that inflating the sales prices of properties offered at bank and tax deed auctions is possible in Orange County because the Comptroller's Office and County Clerk of Courts have separate powers. This is also done by paying more taxes which would then inflate the selling rates since taxes are used in calculating residential prices.

The wide ranging effect is that sales prices of properties at foreclosure auctions are showing higher levels, which could eventually influence the overall asking prices of real property agents who usually rely on records of property sales and values to come up with comparable rates. A number of local officials have stated that the solution to this issue will probably require a regulation or statute change. Meanwhile, local housing agencies involved in recording the sales have stated that they are doing everything they can to follow the law.

The alleged inflation of housing prices offered at bank auctions and tax deed auctions has yet to affect other counties of Florida. However, officials have stated that further scrutiny is needed to determine the real reason behind the inflated rates and whether there are other markets showing such inaccuracy.

Suspicion of Inflated Prices Among Foreclosure Tax Deed Auctions is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

The number of homes that are in danger of falling under Tampa foreclosed auctions has remained high and is expected to increase further for the rest of the year as underwater loans continue to increase in the region. Data from CoreLogic showed that 328,449 mortgage loans in the area are considered underwater, representing 49.1% of total home loans in Tampa during October-December 2010. The figure is around the same percentage posted during the July-September 2010 quarter.

Meanwhile, more residential properties are in danger of ending up in home auctions in Florida as more than 28,500 mortgages in Tampa are hovering near the negative equity or underwater level. These high-risk loans account for around 4.3% of the total number of mortgages in the metro area. The number of underwater loans in the region is double that of the nationwide figure, with around 23% of mortgages in the U.S. categorized as underwater in the fourth quarter of the previous year.

This means that more than 11 million U.S. households are in danger of losing their properties to bank foreclosures, HUD repo homes and other types of foreclosures. The nationwide figure for the fourth quarter of last year was up from the 2010 third quarter when 22.5% of total housing loans were considered underwater. The third quarter figure represents 10.8 million of the nation's households.

For the whole state of Florida, around 46% of mortgages were considered underwater in the 2010 fourth quarter. According to housing market analysts, a negative equity often prevents a homeowner from selling his property, particularly with tough competition from cheap public foreclosure home auctions for sale. They also explain that underwater loans usually increase in number when housing prices decline. During December of 2010, 11 of the 20 biggest metro areas in the U.S. posted their lowest housing price levels since the foreclosure crisis started around five years ago.

Analysts further added that mortgaged properties with negative equity are in great danger of becoming foreclosed or ending up as bank or HUD repo homes since owners are often not allowed to refinance. More often that not, their only option is to continue paying their loans and hope that their houses regain their values, analysts said.

Number of Foreclosures and HUD Repo Homes at Risk of Rising Further is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

As the number of foreclosure Hollywood home auctions and foreclosure sales in various markets of Florida increased, the number of rescue companies also jumped considerably in the area. This also led to more cases of fraud wherein these businesses reportedly charged homeowners for services that were not even provided. To stop such practices, legislators in Florida enacted laws that prevent rescue firms from charging upfront fees.

However, recent reports revealed that complaints from homeowners facing risks of losing their homes to Florida foreclosure auctions have increased. Currently, the state's Attorney General's Office has around 2,600 complaints, with 78 of these cases being actively investigated. According to reports, the American Residential Law Group is one of the firms involved in a case with 48 complaints filed against the firm.

Homeowners complained that the firm charged them as high as $3,000 for services that will help stop foreclosure on their properties, including negotiating with lenders. However, homeowners reported that they received hardly any assistance after paying the fees. So far, the Attorney General's Office has five lawsuits ongoing in South Florida and another four in Orlando against firms that offer mortgage modification services.

Meanwhile, the Florida Bar has also addressed the issue, reporting more than 160 cases that involve lawyers. In 2010, the bar was able to close more than 250 loan modification cases and issued sanctions on seven lawyers in 84 cases related to services for preventing properties from getting sold at foreclosed homes auctions. Consumer advocates have weighed in on the issue, stating that the robo-signing controversy has overshadowed the rescue company issue in the past few months.

They added that these rescue firms are still operating in large parts of the state, with most offering services to stop foreclosure without any intention of providing them. They did admit that although cases are still being reported, the frequency has somewhat declined, mainly because of new laws put in place.

Complaints Filed Against Firms that Help Stop Foreclosure is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

According to real estate brokers, they received a memo from Fannie Mae instructing them that Fort Myers foreclosure auctions and other home auctions involving the mortgage giant's properties in various parts of the state can now resume. However, house lockouts and evictions remain on hold.

The sales resumption is expected to release thousands of dwellings that have earlier been held back from Florida home foreclosure auctions. This will allow home buyers who already have contracts to complete the purchase process and will get some of the stalled properties out of the Florida market.

Reports reveal that the mortgage firm has also instructed agents and brokers to get in touch with home buyers who cancelled transactions following the delay and ask them if they still want to purchase Fannie Mae foreclosed homes. According to realtors, a huge number of buyers decided to cancel negotiations when contract completions were delayed due to the moratorium. The decision of the government-sponsored agency to resume sales was announced following a property acquisition review.

Market reports have claimed that the review included Fannie Mae properties on offer at foreclosure listings auctions and those handled by the so-called foreclosure mills. According to reports, foreclosure cases handled by the firm David J. Stern were also re-examined. The company was supposedly one of the foreclosure mills operating in the state.

Local reports further stated that Fannie Mae has distanced itself from the foreclosure company after the emergence of sworn statements from some of Stern's employees. These statements claimed that illegal practices, such as forging signatures in foreclosure-related documents and covering up questionable files, have been committed in the firm. Currently, David J. Stern is being investigated by the Florida Attorney General's Office.

Meanwhile, some homeowner advocate groups have stated that questions remain unanswered on whether Fannie Mae foreclosed homes were processed properly and legally in the state. They added that most buyers are still reluctant to close purchase agreements for fear of not getting a legitimate property title.

Selling of Fannie Mae Foreclosed Homes Resumes in Florida is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

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.

Fort Lauderdale Foreclosure Auctions Getting Speedier Online is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

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
• Fort Lauderdale foreclosed home auctions
• Pompano Beach foreclosed home auctions
• Cape Coral foreclosed home auctions

Huge Discounts for Orlando Home Auctions for Sale is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

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

Online Miami Home Auctions for Sale Making Prices Attractive is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

In Orlando, 57 houses will be auctioned off and another 57 homes will be sold in the Miami/Fort Lauderdale area. In the Tampa and Saint Petersburg area, 19 homes will be sold and 6 homes will be sold in Melbourne.

A total of 14 houses will be auctioned off in Jacksonville and 13 homes in Fort Myers. Seven homes will be sold in Fort Walton Beach. All these auctions will be held by Texas-based real estate firm Hudson & Marshall.

Foreclosure auctions are being held by real estate investment firms every now and then in Florida because of the record numbers of foreclosed homes across the state.

Since the collapse of the housing market, Florida has been topping foreclosure charts. In a nationwide study of foreclosures in the first half of 2009, Florida posted more than 268,000 default and foreclosure notices. With more than 3 percent of all housing units in Florida hit with default notices or foreclosure cases, the state was third among the states with the biggest foreclosure rates in the first 6 months of 2009.

In June, nearly 53,000 housing units in Florida received default or foreclosure notices.

In the first 6 months of this year, 35 cities in Florida, Nevada, California and Arizona were among the 50 largest metro areas with the highest foreclosure rates.

Auction participants need to register before the start of the foreclosure auction and winners of bids need to post a deposit of $3,000 in cash or in certified check for every property won during the bidding. A five-percent buyer’s premium would be added to the sales price.

Dave Webb, executive of Hudson & Marshall, said home sales have been increasing in many areas of the country because of low home prices, low mortgage rates and the federal tax credit. Sales of bank-owned repossessed homes have been contributing to homes sales increases nationwide, especially in foreclosure-battered states like Florida.

Prospective buyers of foreclosed homes in the auctions are advised that all units are sold on an as is basis and they should inspect the homes they want to buy before the auctions. Buyers can inspect the homes days before the auctions or they can call the listing agents to set inspection appointments. Buyers are also given the opportunity to buy the units before the auctions.

Florida Foreclosed Homes Auctions to Sell Nearly 200 Units is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

In May, sales of existing single-family houses and units from foreclosed home auctions in Orlando increased to 1,949 units, a jump of about 31 percent from the total of 1,489 pre-owned home sales in May last year.

Orlando mirrored statewide sales of existing homes, as 12,044 previously owned units were sold statewide in May, a nearly 16 percent increase from April sales.

Inventories of foreclosed home auctions are set to increase further as manufacturing companies have announced more layoffs. Based on studies by the University of Central Florida, the metro area will lose around 3,600 jobs next year.

The manufacturing sector has already lost almost 10,000 jobs since 1999, when the sector employed nearly 52,000 workers.

In the counties of Seminole, Orange, Osceola and Lake, manufacturing companies are expected to cut down their nearly 40,000 total of jobs to around 36,300 by June next year.

The university researchers also predicted that the business and professional services sector will lose a total of 6,000 jobs by December 2009, lowering the total number of jobs in this sector to 182,800 by December 31 this year.

With these job losses, many households whose breadwinners are in the business services and manufacturing sectors are expected to see their houses get added to foreclosed home auctions. Mortgage lenders refuse to modify the home loans of borrowers who are currently unemployed or who have spotty employment history.

As unemployment rose and foreclosed home auctions grew, home values in the Orlando metro area dropped. In May, the median sales price for existing single-family houses dropped by 34 percent to $142,400, compared to the $215,500 median in May last year.

The drop in the median sales prices for previously owned condo units was even bigger – 60 percent. In May, the median sales price for condos was extremely low at $49,600, compared to the $124,800 median in May last year.

The record low condo price must have been the major purchase factor for a lot of condo buyers because sales of previously owned condos in May increased to 472 units, compared to only 154 in May last year.

Statewide, the median price for previously owned homes in May, including units from foreclosed home auctions, was $144,400, a drop of 29 percent from the $203,800 median in May 2008.

Orlando Foreclosed Home Auctions Growing Due to Job Losses is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

The foreclosure rate among Orlando-Kissimmee’s outstanding mortgage loans was higher compared to the national house repossession rate of 2.1 percent in March of this year.

Meanwhile, an estimated 15.8 percent of loans in the area were behind in mortgage payments 3 months or more last March, more than double the rate of 6.7 percent for the period the previous year.

The Orlando-Kissimmee area registered 61,833 filings of foreclosures between April of last year to March of the current year. Public records of filings of foreclosures include notices of default, foreclosure and bank repossession.

On the other hand, home sales in Orlando-Kissimmee area jumped by 42 percent. About 50 percent of these home sales were distressed properties or bank-owned. According to the Orlando Regional Realtor Association, home sales in the area continue to take a plunge.

Statewide, the total number of properties that received filings of foreclosures reached 119,220 in the first three months of this year. The figures represented a 12 percent decline from the last quarter of 2008. However, the figures were still 36 percent higher compared with those reported in the first quarter the previous year.

According to the RealtyTrac U.S. Foreclosure Market Report, one out of 73 homeowners in Florida received filings of foreclosures in the first quarter of 2009. This made Florida the fourth state in the country with the highest foreclosure rate.

The March foreclosure filing rates were reported on 47,131 houses, a 2 percent jump from February and 56 percent from the 2008 March total.

RealtyTrac Chief Executive Officer James J. Saccacio cited the over 400,000 number of jobs lost since last year, the drastic decline in house prices and a large inventory of unsold homes as key factors driving the foreclosure crisis in the state.

Five counties in Florida accounted for 47 percent of the overall foreclosure activity in the area in the first quarter of 2009. Lee County has the highest house repossession filings with 13,875, 12,793 filings in Broward County, 12,420 in Miami-Dade County, 9,667 in Orange County and 7,555 house repossession filings in Hillsborough County.

8.1 Percent Increase in House Repossession in Florida Area is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.