It actually looks that way!
Florida’s rate of foreclosure filings in August was down 4.11% from July (but it was still 29.67% higher than August of last year!) so while it appears to be slowing down, it is still quite a large problem and unfortunately, we’re seeing it right here as we see the Seminole County foreclosure market still continue to be a large part of our market. In August, Seminole County had 877 filings, the 2nd highest number all year, and we’ve had 6,309 filings so far this year! We are on track to have an annualized rate of 6.78% of all households or 1 out of every 14.75 houses!
Also, the Ft. Myers/Cape Coral market, which was #1 in the NATION in July, fell to 6th in August. Let’s all look at these little indicators as the beginning of the end (hopefully). In Florida in August, 1 out of every 194 households had some kind of a foreclosure filing against them. Wow.
To read the article that Forbes Magazine just ran on this topic, click here.
If you are looking to purchase a home in this market and you’ve been waiting for it to hit bottom, it looks like it might be time… please call me first…I’ll give you all the pros and cons to buying a foreclosure so you can make an informed decision. I can be reached at 407-842-7700.
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