“There’s
so much inventory out there that the buyer can pick and choose,” said
Susan Sirles Fidler, a Realtor at Re/Max 10, Oak Lawn. But she cautioned, “The
stuff that’s almost free is almost free because it’s going to cost you an
arm and a leg to put it back together. It’s not buyer beware as much as buyer
be smart.”
found at chicagotribune.com.
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Foreclosures data rise in Florida, soar nationwide
Home foreclosures rose in Florida data and nationwide
during 2006, up 42 percent nationwide and 2 percent in Florida, according
to a national survey released Thursday by RealtyTrac, a California-based
company.
While Florida's rate of increase trailed the nation's for the year, the number
of Florida homes entering some stage of foreclosure ranked third nationally
because of the state's size and population.
Florida had 124,721 filings during the year, RealtyTrac said, or 1.7 percent of
all households in the state. That foreclosure rate was the seventh highest
nationally, down from first place in 2005.
Texas had the most filings of any state -- 156,876 -- during 2006, up 14 percent
for the year.
Metro Orlando had 12,271 filings, RealtyTrac said, or about 1.8 percent of
households. That ranked Orlando, which was the 30th-biggest metro area as of the
2000 census, 26th in terms of foreclosure rates.
The worst foreclosure rates were in Detroit; Atlanta; Indianapolis; Denver;
Dallas; Fort Worth, Texas; Las Vegas; Memphis, Tenn.; Fort Lauderdale; and
Miami.
While the 42 percent jump in foreclosures nationwide -- to more than 1.2 million
-- "bears watching," the nation has been through periods when
foreclosures were occurring at even higher rates, said Rick Sharga, a RealtyTrac
vice president.
"It is important to keep that in perspective," Sharga said.
"Historically, about 1 percent of all mortgages go into foreclosure. Right
now we're probably running at 1 percent to 1.5 percent. There have been times in
the past when we've been over 2 percent."
Sharga said RealtyTrac's database goes back only about two years. But mortgage
data from previous years and decades, collected by other groups, show that
foreclosures have been higher during recessions and weak economic periods.
"What makes 2006 different is that we've seen the increase [in
foreclosures] despite low unemployment and a growing economy," Sharga said.
"So that bears watching," because many adjustable-rate mortgages will
adjust higher in the coming year, and the overall effect of the housing slowdown
and slower equity appreciation will ripple through the economy.
Jerry W. Jackson can be reached at jwjackson@orlandosentinel.com or
407-420-5721.
related articles:
Foreclosure Data RealtyTrac today released
its U.S. Foreclosure Market Report containing year-end data for 2006.
Nationwide, 1.2 million properties entered some stage of foreclosure during
2006, a 42-percent jump from 2005. The report also indicates that one of every
92 households across the country filed for foreclosure.
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“There’s so much inventory out there that the buyer can pick and choose,” said Susan Sirles Fidler, a Realtor at Re/Max 10, Oak Lawn. But she cautioned, “The stuff that’s almost free is almost free because it’s going to cost you an arm and a leg to put it back together. It’s not buyer beware as much as buyer be smart.”
