Thursday, August 13, 2009

Foreclosure Fallout Continues

Between 2006 - 2008 statewide foreclosures rose an average of 400%, representing 623,570 properties. Through May 09, another 175,612 properties have entered the pipeline. Florida's coastal communities were hit the hardest, the aftermath of the most speculation and investors. The Herald Tribune shows a map of Florida and the percentage increases in foreclosures during this time period. http://www.heraldtribune.com/apps/pbcs.dll/article?AID=/20090813/GRAPHICS02/908079918/2107/BUSINESS&template=graphics
Port Charlotte, Fort Myers and Cape Coral had the largest increase in filings, up 788% while Tampa increased 356%. It is well known that speculators were the first phase of defaults. The problem has spread due to the recession and impact of unemployment. The next phase is just beginning. These are homeowners who are discouraged who either bought at the peak or bought at a good time and borrowed against their homes, and thus are upside down. These owners are increasingly expected to walk. What does this mean to the overall real estate market? Remember - these homes that are foreclosed on eventually make back to the market for sale at very reduced prices. They become the comps for other sales and hence lead to the devaluation of homes and neighborhoods. We have to rid ourselves of this inventory before the market can turn around.

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