Florida foreclosure rate among top in the nation

Still harboring the effects of the global economical and banking crises, American homeowners across the nation are continuing to face difficult times with consistently high foreclosure rates all over the country. However, Florida specifically is enduring the worst of the financial storm.

For the months of July, August, and September, Florida foreclosure rates actually dropped 7 percent from the previous quarter but were still double the national average. The trend is consistent with a national drop in foreclosure but Florida is unable to match other state’s ability to efficiently clear distressed homes from the market. States such as California and Arizona have speedier foreclosure processes and more demand from real estate investors, leaving Florida foreclosures lasting an average of 929 days.

Southern Florida has been hit especially hard. Tampa Bay saw foreclosure on 1 in every 120 housing units. The Miami – Dade County saw 1 for every 264. Broward County say 1 for every 372. Compared to the 20 largest metropolitan areas, Miami and Tampa hold the first and second highest foreclosure rates. Still, all parts of the Sunshine State are experiencing drastic amounts of foreclosures.

Most experts predict that Florida foreclosure rates are beginning to drop, though the change will be gradual. Although other states are on their way to stable foreclosure rates, Florida has a long way to go before the current wave is complete. While property owners anticipate the inevitable conclusion to their fear of foreclosure, potential real estate investors should see this as an opportunity to enter the market.

The current stats seem to suggest that Florida is past the darkest point and will eventually improve. A wise business person should take this as a prime incentive to begin collecting and improving upon properties available because of Florida foreclosure policy. Although the overall local economies are still suffering, cheap labor and materials sourced from other foreclosures make for a potent combination of renovation and preparation. As the housing situation improves, those who own desirable properties in the area will hold a position of power in the next phase of Florida’s economy.