Foreclosures are on the rise all over the country. As people are losing jobs and as wealth vanishes, even mortgages that are not subprime are going into default. Yet, as more people abandon their homes because they cannot pay their monthly mortgage costs, hungry investors with cash are scrambling to purchase those homes at bargain rates.
According to the Boston Globe, recent foreclosure proceedings from lenders “approached historic highs.” Lenders started over 2800 foreclosure proceedings in July, as opposed to the 500 or so that were filed in June of 2009 and a year ago in July of 2008.
In Florida, where I sell real estate, the Miami Herald reports that 23 per cent, or almost 807,000 loans, were either past due or in foreclosure by June of this year. Unfortunately for Florida, we lead the nation in foreclosures in this category: 12% for us versus just over 4% for everyone else. complete story
Source: Hulig News
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