2007 Foreclosure Report
February 28, 2008
On Feb. 13th, 2008 RealtyTrac released it’s year end 2007 Metro Foreclosure Report. I found it interesting enough to highlight some of it on in My Blog because I believe these stats affect each of us on some personal level. None of us are immune or isolated from the current global economy, which is a direct result of the mortgage market mess we are in. However, we always have opportunity.
Surprise ! …… foreclosure rates in Florida aren’t quite as bad as some other major metropolitan areas throughout the country. Leading the foreclosure pack of top 100 largest metro areas are:
#1 Detroit,
#2 Stockton California
#3 Las Vegas
These areas according to RealtyTrac had, at some point during the 2007 year, as many as 4.91% of it’s households entering some stage of foreclosure. That is an absolutely amazing statistic.
Two South Florida cities, Miami and Ft. Lauderdale were in the top 10, but the percentage of households reaching that point were much less at 2.72 & 2.64% respectively. Orlando and Palm Beach, FL were #20 & 21. Tampa/St. Pete and Sarasota followed at 23 and 24 on the list.
From a savvy investors point of view these statistics represent outstanding investment opportunities. This is where and when real money is made in real estate.
Opportunities are running wild throughout the state and the country. As these areas begin to stabilize there will be a long continuous rise in value and appreciation, and they will begin to stabilize just as any turbulence ever does. That’s when we’ll listen to the “if I had only bought one” and the “should’ve/could’ve” stories.
Simple logic comes into play here. Anyone using it may understand that absolute perfect timing is not logical. General recognition is and in general, all of the favorable elements are in place for purchasing property. Rates on mortgages are extremely attractive, prices of residential real estate is extremely attractive, and tax benefits are extremely generous.
Anyone looking for perfection may recognize it, after it’s passed by. There is a ton of opportunity out there everyday just waiting for us to dig in. Please feel free to call me directly or contact me through this website or through my company website listed below if you’d like to discuss this article or anything real estate related.
George Sinacori is a Licensed Real Estate and Mortgage Broker in Florida. Practicing and investing in residential real estate in South Florida since 1990. Previously involved in residential, commercial and business investments in NY, he presently operates GES Real Estate, LLC a discount real estate brokerage in South Florida. He is a military vet. He holds a bachelor degree in business management.
GES Realty LLC is small and experienced with 4 broker/agents in 3 counties including himself.
Contact him at 877-566-2430 or 561-306-6736. You can reach George on the web at www.ges-realty.com
You can also email George at george@ges-realty.com
[…] Lou Minatti wrote an interesting post today onHere’s a quick excerpt13th, 2008 RealtyTrac released it’s year end 2007 Metro Foreclosure Report. I found it interesting enough to highlight some of it on in My Blog because I believe these stats affect each of us on some personal level. … […]