Florida Real Estate - Foreclosures Increase Again in October According to Default Research

Just last month, the Florida foreclosure rate across the state increased by 21%

RISMEDIA, November 10, 2006—Despite the negative press on the housing market, some experts say that the time to buy real estate in Florida is now with the rising foreclosure rate. Just last month, the Florida foreclosure rate across the state increased by 21%, according to Default Research (www.defaultresearch.com), the rapidly growing real estate research company for foreclosure properties.

“The holiday season is coming up – south Florida condominiums could be the bargain of the season,” said Serdar Bankaci, president and chief executive officer of Default Research, Inc. “There were a lot of condos bought for investment purposes, and with the downturn in the real estate economy, many investors are being forced to sell their condos for much cheaper then what they paid for them.”

The highest increases in the foreclosure rate came in Clay County (40%) and Lee (38%). The increase in the tri-county region of southern Florida: Palm Beach (26%), Miami (25%) and Broward (23%). Bankaci does not see this trend slowing down anytime soon.

“This large inventory of homes creates an excellent opportunity for investors to buy homes below value, specifically condos,” said Bankaci, whose company provides foreclosure data that arrive two to three weeks ahead of the competition. “South Florida, in the long run, will be home to many baby boomers looking for retirement residences or families looking for seasonal housing. “

Bankaci explained further that the condos provide an excellent living space with minimal maintenance, elevator and many amenities. Also, Palm Beach, Broward and Miami-Dade have excellent airport access for those residences that want to use these areas to make their seasonal homes.

“Don’t give up on the South Florida market at all,” said Bankaci. “To tell you the truth, with Default Research’s pre-foreclosure information, many investors or even those individuals looking to purchase a second home or condo for below market value can really profit.”

While Default Research offers the freshest foreclosure leads for the entire state, one area where foreclosure activity is down in Orange County. According to Bankaci, the Orlando region is not being hit with the explosive foreclosure activity because their real estate prices did not rise as drastically as in the southern part of the state.

More information about Default Research can be found at their Web site: www.defaultresearch.com.

 

 

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