Foreclosing Fast In Florida

It is hard to believe that foreclosures in the US could be higher this year than

they were last year but that is the emerging reality according to foreclosures tracking outfit RealtyTrac. The latest data from the outfit shows that while repossessions fell 5% in the first half of this year compared to the previous 6 months, that the total was still 8% higher than the same period last year.

According to the data Florida had the third highest number of repossessions during the 6 months, with 3.15% of all houses receiving a foreclosure filing during the period, which is 1 in every 32.

There could be method in the madness though, international property investment consultancy Property Frontiers believes that the banks could be moving more aggressively on foreclosing Florida property for sale because of rapid sales in the region.

The firm's theory is backed up to some extent by the Realty Trac data, which also found that:

"The pace of properties entering foreclosure slowed as lenders pre-empted or delayed foreclosure proceedings on delinquent properties with more aggressive short sale and loan modification initiatives. Meanwhile the pace of properties completing the foreclosure process through bank repossession quickened as lenders cleared out a backlog of distressed inventory delayed by foreclosure prevention efforts in 2009," said James J. Saccacio, chief executive officer of RealtyTrac.

Explaining Property Frontiers' theory in more detail, director of the firm David Cox said:

"According to the latest data from the US National Association of Realtors, foreign buyers spent $41 billion on distressed US property in the year to the end of March; a huge chunk of this went into Florida property. It is a possibility that the banks are acting more quickly on taking ownership of Florida property because they know there are buyers there."

Property Frontiers is currently marketing several top quality properties for sale in Florida, including The Village at Town Centre which is an absolutely extraordinary opportunity to purchase top quality new 2 bedroom condos near Florida's main attractions, including Disney World for just 35,000.

Properties like that are prime examples of why sales of Florida property are currently so strong. The offer details include the fact that some of the units are tenanted and their owners currently achieving 10% net rental yields. Usually you would scoff at such speak because it sounds too high, but looking at the low prices, the properties and their location the reaction for many is to wonder why the net yield isn't even higher.

by: Aiden Rankin

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