Florida has the Nation’s Highest Foreclosure Rate

Florida foreclosureFlorida now has the highest foreclosure rate nationwide, and it is becoming a major problem.

Of the 10 metropolitan areas with the highest foreclosure rates, seven are in Florida. In 2012, foreclosure filings jumped 20 percent, and one in five mortgages in the state are currently delinquent.

According to the Orlando Sentinel, Seminole County Judge Alan Dickey had, at one point, scheduled 300 foreclosure cases in three days. He said if everyone showed up, he would have enough time for 30 seconds per case.

The foreclosure process currently takes more than 600 days to run its course in Florida, which is adding to the problem of the courts being backlogged.

The latest bill introduced to correct this problem, HB 87, was filed in Tallahassee at the beginning of January, but it is already being attacked by consumer advocates. This is the third attempt by the state legislature to correct this problem, and each has been met with consumer outcry.

If you feel like you may be facing foreclosure, don’t wait until it is too late and you are sucked into the court system; contact Boyer Law Firm today to discuss your options. We have successfully helped clients lower their payments and avoid foreclosure through either an in-house loan modification program or government program.

Source: http://www.miamiherald.com/2013/01/04/3167640/new-florida-bill-would-speed-up.html

A New Generation of House Flippers

The housing market is starting to show signs of life again, attracting a new generation of “house flippers.”

Areas of the country that were greatly affected by the housing crash are beginning to regain strength. According to the research firm RealtyTrac, the number of flips nationwide rose 25 percent during the first half of 2012, and the average gross profit was $29,342.

Florida is doing especially well in the recovery process, coming in second to California. Miami, in particular, is ranked the 4th most popular city in the country for flipping houses. There are numerous investors and home buyers competing for a small number of listings, which has led to bidding wars and exuberant offers. As a result, RealtyTrac has found that the average gross profit for flipping a home in Miami is $38,943, well above the national average.

Investors are able to get great deals on foreclosures and short sales, and buyers are eager to take advantage of today’s record-low interest rates. Loan applications have tripled in the past few months and the market shows few signs of slowing, according to Justin Konz, an executive at Restoration Capital, a “hard-money” lender that provides fast, short-term financing for flippers.

The old generation of house flippers relied solely on time to appreciate the value of their houses, but the new generation is buying distressed realty, fixing it up, and then selling it to make a profit. Not only are the flippers benefiting from this, but they are also providing an important function towards the recovery of the housing market.

If you have questions about house flipping or other real estate matters, please contact Boyer Law Firm. We will be happy to help!