Realtors Taken Unaware By The Rising Foreclosure Numbers

Posted in Foreclosure, February 8th, 2008 |

Patrcik Flanary of NBC2 has been trying to find the common thread that runs through the fate of foreclosure victims. Jeff Tumbarello of Real Estate Investors Association comments that already during the first month of the year too many houses have been foreclosed – something that is not expected. It seems that the legal body was not prepared for it and is now fumbling for answers.

Tumarello and his colleagues are in the market for selling property – if required to a distant part of Europe. Of late local calls have been coming through – heart rending calls that have a common theme. Many have lost jobs and none have been prepared that one calamity will go hand in hand with another.

Figures show that all the 1,833 foreclosed houses were not occupied. Only three out of ten units had families living in it. Thus most of the properties belonged to speculators who bought during the days of the housing boom sure about big gains in the future. Some had not paid a dime towards down payment.

After the various measures that have been taken the number of delinquencies is falling. The numbers still coming in are of those that left behind by the speculators. They have just stopped paying about a year ago, the moment they realized that it is not good business and walked away abandoning the houses.

To cite an example – one house on Cape Coral has been lying around empty for many years according to the neighbours. The bank has very recently foreclosed on the house.
With the rate cut by the banks the market is just beginning to turn and southwest Florida has begun to be affordable again. Now one can afford to live in North Cape. The realtors are hopeful that foreclosures will recede into faded memory and the market will soon bounce back to activity.

With the world having become a global village the plight of the world’s biggest economy is bound to affect all. With the lenders themselves suffering badly and government losing out on taxes a concerted effort has been made to make things take a U turn. The politicians are alarmed about large chunks of disgruntled voters. The law is not far behind trying to find loopholes to book the offenders. From all fronts a concerted effort is being made which hopefully, according to the realtors is already having an impact.