Sarasota Infected By 11% Foreclosures

Posted in Foreclosures, August 30th, 2007 |

According to surveys conducted in June this year on the residents of Sarasota County 11% were either directly or indirectly affected by foreclosures. Banks and other lenders had taken back a huge chunk of property due to failure on the part of the borrowers to pay back dues. This was a fall out from rising interest rates. 46% of the locals were keen to get an opportunity to buy back the houses they had lost. 22% were against it.

Interest and indifference to buying back seemed to be related to income figures. 71% of the surveyed individuals with an income of at least $100,000 were agreeable to the idea of buying up a foreclosed property. The information has been released by reliable sources connected to the insurance industry.

Apart from income another deciding factor is the location. More people – about 66%, residing in Miami-Dade County, 65% of Naples respectively are positive about purchasing a foreclosed unit. In Gainesville, famous for being the location of the University of Florida, the percentage of positive thinkers is fairly high. Here 29% have been involved in some way or the other with the foreclosure burps.

In Florida the picture is different. Here the yardstick is not connected to either location or income. In each market survey 10% and 15% of each of three different income groups have somehow been related to the foreclosure happenings

According to current statistics Sarasota County continues with its lead in Foreclosure listings. There have been 383 notices – inclusive of default, auction and repossession in July this year. Of the 67 Florida states it ranked 16th. The figures have been compiled by a top tracking online group who has been pioneers in this field of survey.

Manatee and Charlotte Counties with 264 and 123 listings ranked 21st and 24th respectively. Taking into consideration the total foreclosure numbers in relation to number of households Sarasota County had one foreclosure for every 564. In Manatee it is 1:609 and in Charlotte 1:744.

The figures of Florida as a state showed a per-capita average of 1:431. Thus this Sunshine State ranks 7th in the country with 1.6 times the national standard. A survey conducted by The Attorney’s Title contacted 1,415 house owners focusing on Sarasota County, Tampa, Fort Myers-Naples, Gainesville, Miami-Dade County, Orlando, Tallahassee and West Palm Beach. The errors in sampling are not more or less than 2.6%.