Hi folks. Here’s an update on the foreclosure situation in Florida. I read an article earlier today on our Florida Association of Realtors website stating that Florida has 77,000 homeowners in foreclosure!!! This is second only to California.
I also spoke to a loss mitigation negotiator at Countrywide yesterday who mentioned Countrywide, or I guess Bank of America now, has 76% of the Nation’s foreclosures and that they are expecting this number to increase in August when ARMs (adjustable rate mortgages) are set to adjust again. EDIT:< Is this figure accurate? I don’t know but it does line up with what I am seeing in my particular market, Poinciana FL.>
Then there was a report recently on channel 9 in Lakeland that mentioned one in every seven homes (15%) in Poinciana FL. was in some stage of foreclosure.
My last Poinciana market report, for the first half of 2008, showed that 70% of the homes that have sold this year were either REOs (banked owned) or Short Sales (pre-foreclosures). It also showed that values in Poinciana are down 48% since late 2006.
So folks, it is evident that we are in this mess for quite a while. BUT…..there is some help available if you are struggling with keeping your home. 10,000 Attorneys, throughout the State of Florida, have now partnered with Florida Legal Services to provide free legal services as part of an effort to keep Florida homeowners in their homes. Here’s what I read today:
“Florida Legal Services and the Florida Bar Association have partnered in establishing a toll-free hotline – (866) 607-2187 – that consumers can call. They’ll be asked a few initial questions about their situation to ensure accurate placement, and then be sent to a free attorney. The attorney will then negotiate with the lender on behalf of the client to keep the home from being foreclosed.”
I have not called them yet but will early next week to see what additional information I can get. I will be posting it here on my blog so…….ya’ll come back now, ya here!!!! How cool is that?
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