Although Florida foreclosures are becoming more few and far between than they were say a year ago, there is still ample opportunity to buy property in Florida at bargain prices. Not only in Florida foreclosures, but in short sales and even the traditional property market too. It is quite unbelievable how property prices have dropped in Florida in the past few years, and according to statistics, the prices are still dropping.
Lenders in Florida and indeed the whole of the US are being compelled to allow more short sales to take place, to try and quell the glut of Florida foreclosures coming onto the market as this is bad for the economy. At one time short sales were only granted by a lender under extreme duress.
Florida home sales are increasing and this is because low housing prices are allowing new home buyers to purchase property that they could not afford when the housing boom sent real estate prices rocketing. Interest rates are at and all time low and a 5year ARM can be obtained for as little as just over 3percent.
Just remember that ARMs were one of the causes of the foreclosure crisis, as people purchased property with these kinds of loans. When the economy became bad owners lost their homes because of them.
The fixed rate mortgage is a much better proposition, this is because one interest rate is negotiated and it stays the same for the entire life of the mortgage loan. This means people are better able to plan when the economy is poor, and this puts far less property at risk. Interest rates for these are at about 4 to 5percent today and this is nothing compared to what interest rates have been in the not too distant past.
Although Florida foreclosures are now few and far between, investors may still take advantage of short sale and traditional property at bargain prices. While this pricing slump lasts in Florida, we see that second home buyers in this state are in the majority from other states, and even foreign investors who have take advantage of a weaker dollar.
If you think that foreign buyers, buyers from the Mid West, Mid Atlantic and New England form the majority of second home buyers in Florida, this tells us that there is a distinct advantage to buying investment property in this state.
This will not last long, but for the time being the market is not bottoming out.
To learn the latest about foreclosures in Florida, you need to find the right web page. There are many websites that can cover fl foreclosures that you need to know about. FL foreclosure is a important subject for anyone that needs information.
Tags: foreclosure, investing, legal, make money, real estate, real property