Informatin News

Foreclosure news in Florida reveals that the number of foreclosed properties that are up for sale is still at almost record levels in August 2009.   And as market levels lingered at record lows, the prices for homes continued to fall as indicated in the foreclosure listings.  In the month of August, the state of Florida witnessed more than 62,000 foreclosure filings.  For the Sunshine State, this represented a more than 10 percent increase and was the second highest number of foreclosure filings.  For this particular month, scheduled auctions jumped by 13 percent while initial default notices rose by 12 percent, compared to the previous month.  Therefore, for home buyers who are seeking very low priced homes, such as real estate investors, foreclosure news in Florida remained encouraging.

An effective way to search for those homes that have been foreclosed by government-backed agencies and banks and are in the market at bargain prices when compared to their market values, are foreclosure news and listings.  These properties are either government foreclosures or repo homes.  While this is certainly bad news for people losing their homes, it is good news for those who are planning to acquire a home but cannot afford it.  And on top of the much lower prices, mortgage rates are also staying within the five percent range for fixed 30-year mortgages with fixed rates.  Foreclosure news at the moment is good news for home buyers because the values of foreclosed properties have dropped to values that are five to 40 percent lower compared to their actual market values.  Therefore, real estate investors have been waiting for such a situation.

But on the other hand, home sellers may also benefit from this kind of foreclosure news in which there are a lot of home buyers searching for bargain prices.  But home sellers will have to consider the short sale where the selling price is lower than the amount that they still owe the lender.  For the short sale to work, the lender has to accept the proceeds as payment for the loan balance and forgive the difference.  Therefore, this type of foreclosure news may also prove to be beneficial to the home seller because he can evade the negative effects of a foreclosure.  New tax laws also mean that he can also save on the tax that he would have been required to pay because the amount forgiven would have been regarded by the IRS as income for the seller.