Buyer's Market Intensifies as Florida Struggles with Mounting Foreclosures

Miami-Dade Circuit Judge Jennifer Bailey was recently quoted as saying the biggest challenge the system faces is "to keep morale up." In 2006 Miami-Dade saw 3,474 foreclosure cases. For the first six months of this year, they have handled 34,417.

That's not a misprint.The scary part is the first three months of this year, bankers were under a wink-wink order from Obama to hold off on foreclosures . . . as if that would somehow help matters. It has not. In fact, Miami-Dade could see more than 50,000 foreclosures during the last six months of 2009, bringing the total close to 100,000 or almost 30 times what it was in 2006.

And this is not just Miami-Dade. The Port St. Lucie market and the Martin County market are facing similar issues.

OPPORTUNITY - Banks are so screwed up at this point, that most of them are either over pricing properties, hoping for a miracle, or they are under-pricing properties . . . leaving HUGE opportunities for first time buyers, relocating buyers, investors and flippers.

Comments

[notsosmart:]

its not only banks that are screwed up its the whole system.im not sure it will ever recover as the world now knows the USA cant be trusted after that phony AAA rated crap papered many countries.a society cant exist pushing paper around.those investing in the fla. condo market better be careful as the common charges & insurance cut into any possible profit.

Oct 18 10:54 AM

[keithfeather:]

Issues may be that typical Florida residential land is still over $500K an acre, property taxes are 3% of real value, and the majority of homes up for sale are second homes.

Oct 18 09:20 PM

[Briber:]

I can tell you that after driving down A1A thru St Lucie county this weekend that at least every forth property on the ocean had a for sale sign and at some points it was easier to count the properties that didn't. Yeah, we're in a recovery........

Oct 19 10:13 AM