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Foreclosures still rampant in 2010

Foreclosures still rampant in 2010

Andres Larin
Post by Andres Larin March 27, 2010

The First American Core Logic mortgage data firm has stated that the foreclosure market does not look good for a recovery in 2010.  3% of home owners who have a mortgage have filed for foreclosure or their homes have already been repossessed by their lender and are now considered REO’s (Real Estate Owned).  The national average of foreclosures are up 2.2% from 2009 and are up to six times that amount in certain cities.

Foreclosure sign

There is an abundant amount of homeowners who are in at least a 90 day delinquency and heading towards foreclosure. Out of the 3.5 million mortgages in the country, around 2 million are in a 180 day delinquency. Being realistic, our foreclosure industry is on the rise this year.

Miami, Fl is by far the worst in the country with a delinquency rate of 28.8%, while th rest of Florida has an average of 16% delinquency rate.  What does this mean?  Inventory is up and available and even the banks are releasing the REO’s (Bank owned real estate) into the market.   The good deals are starting to be released into the market and this is great time to take advantage of Short Sales today.

While the government is making efforts to keep many of these foreclosures from going into REO’s and have tried to help the distressed homeowners try to keep their homes. Great news for the real estate investors was the announcement from HUD that the 90 day title seasoning requirement on FHA, Fannie Mae and Freddie Mac loans was waived which started February 1, 2010 and will continue for one year.

Additionally there are 3,546 unsold Brickell condos which make up 51% of the entire inventory of unsold condos in Miami-Dade county.  The interesting thing is that most of the remaining units are concentrated in only a couple buildings, most notably Icon Brickell condos, Infinity condos, and Mint at River Front condos.

 

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