Regional Stock Reports

Real estate and Florida foreclosures and their growth and impact on the Sunshine State’s property markets has been notable as a phenomenon for well over a year now. For a time, Florida was able to avoid the very worst of the crash in property values that many parts of the country experienced (especially over in California and out in Las Vegas), but it seems that the state is now experiencing many of the same issues other states have for some time.

Much of why the real estate markets have suffered so much lately has to do with more than a few faulty assumptions made by investors and home buyers in this very populous state. For a time, the understanding that all economic cycles go through boom-and-bust movements was put to the side, and home buyers thought that prices would just continue to rise forever.

At the time all this buying and selling and flipping (buying an investment property, oftentimes with little money down, and then selling later for a nice profit) was going on it seemed reasonable to continue that the sand which formed the basis of the foundation upon which much of the housing market in Florida and elsewhere was built on would be stable enough for long enough.

Sooner or later, the traditional boom-and-bust cycles of economic activity in real estate and other areas of the economy were bound to reappear and they did. A correction ensued and though there are many reasons for why it began to occur it’s still a fact that many people were sitting on homes that they paid far more for than they’re now worth in the Florida real estate market.

Nobody actually expected to be investing in homes and properties that would soon begin losing value with each month. However, this is exactly what happened and many property owners have been caught out unawares and with loans that are beginning to adjust upwards in terms of interest rates and payments. These homes, though, are worth less than the market will pay for them.

In reality, with the exception of maybe the northern panhandle region in Florida, no market in the Sunshine State is now immune at present from these drops. Homes costing a half-million dollars or more are going unsold and unable to find buyers willing to pay even half of that amount. However, some economists now believe that much of the worst is past and prices may begin to rebound gradually.

Other financial experts, though, maintain that the market is headed for what they call a “double-dip.” What they mean is that the market has seen a drop, will see a slight rise and then we’ll see a steeper drop in the future before beginning to rise again. What this foretells when it comes to Florida foreclosures is yet to be determined, though an investor who believes that a double-dip is coming can actually profit from it through smart purchase and sale activities, it must be said.

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Florida foreclosures and how they affect property taxes down in the Sunshine State need to be studied by anybody in charge of handling tax revenues down there, no matter how reduced those revenues end up being. With an increasing number of foreclosures — and more on the horizon — Florida is coming to grips with the problem other states have had for a while and which it’s been able to duck for so long.

Think of it like this; a person who turns in his keys and walks away from his home has no obligation for any future taxes, though quite a few cities and towns are going after these people for taxes they owed. The loss of these revenues, which often aren’t made up by the banks who now own the properties, can hit a city or town hard. And the likelihood of any fast sales have evaporated lately.

The problems in real estate in general, and not just in Florida, is that there was a quite-lengthy boom. It helped to insulate Florida from the issue of a general decline in property values(and taxes on those properties) for longer than what was the the case in most states, fortunately for the Sunshine State.

However, when the bottom falls out of a market, or when the inevitable bust finally follows the boom (as it has, not only in Florida but in most other states as well), such speculative investment can hurt more than might normally be the case. For example, consider the ocean of people who’d bought into homes they couldn’t afford with the expectation that they’d “trade up” after selling their old home for a handsome profit.

Many of these owners looked at the properties they were buying into and gambled that they’d be able to get out of them with a nice profit before the low interest rate loans or adjustable-rate mortgages they took out to get the property began to adjust upwards. But the bottom of the market fell out from under everybody quickly, meaning these homes are now unable to be sold for at least what they were purchased for.

Nowadays, many of these homes are being held by people who realistically can’t make their agreed-upon monthly payments once those adjustable-rate mortgages began to move upwards. They may have suffered job loss in the recession as well. It can be a vicious cycle and there is really no facet of economic activity that is immune from the cycle, including tax collection and sales.

It seems certain that the rate of FL foreclosures will continue to be a cause for concern at least until local and state government can work out ways to help people stay in their homes and avoid foreclosure, usually by taking advantage of certain federal programs. Until that occurs, though, the property tax revenues that funded many schools, police and fire services will be lower. Whether relying on property taxes was smart is a different question, though.

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The impact of Florida foreclosures on property values is wide and varied, it has to be said. For one, anybody who knows anything about real estate and how property values behave understands that a foreclosure of a home can have an affect on a whole neighborhood. Add in several or more foreclosures in a community and it’s easy to see how trouble can brew quickly.

Though it managed to stave off this problem for while, Florida has joined most other states that have been hard hit by the present recession. Its real estate market, propped up by the fact that the state has no personal income tax and benefits from a good climate, has now seen a decline in home values exceeding 40% in some markets, as a matter of fact.

These declines have caught many homeowners or property investors (sometimes called “flippers”) out short. This means short on cash due to greatly reduced or lost income, short on the ability to meet monthly payments — many of which increased upwards based on an adjustable rate mortgage — and short on patience.

Many people also have no patience for sitting out the current bust in the real estate markets and they may actually not be able to because they really can’t afford the homes they got into. For a time, they would have been able to purchase the home at a low interest adjustable rate mortgage and then sell it for profit. Now it’s going to be several years before prices increase, unfortunately.

Because many of these homeowners either don’t want to sit out the current recession or have become panicked by it, it’s often the case that they’re considering foreclosure before anything else rather than to try to work with a lender to keep the home. The foreclosure rate, as a consequence, in Florida has increased by a noticeable amount over the last year, it seems.

For any investor out there who can stomach a wild ride, the current real estate market in Florida actually presents a few opportunities. Remember; the Chinese character for “danger” is actually partly composed of a Chinese character for “opportunity.” There’s always an opportunity in any real estate market, and especially in Florida’s market as long as investors go into it with eyes wide open.

FL foreclosures and how they’re affecting property values in Florida has been a problem of late, and the rate of such foreclosures now threatens to equal that of the rate out in California or elsewhere. However, a smart investor or home buyer looking for a nice place in the state featuring a good climate and no personal income tax would do well to keep Florida on the list of places in which to purchase real estate, it has to be said.

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A question on the minds of many economists is “Are Florida foreclosures presenting a crisis for Florida lately?” For sure, most economists would say yes, though they’re really not sure how hard these foreclosures are going to impact the Sunshine State, which has been a recipient of much in the way of booming real estate and employment for years, though both those markets have gone south lately.

Florida has always been known as a state that can adapt and improvise with the best of them and which benefits from a population base that’s open to entrepreneurial risks, especially in real estate. Unfortunately, land and property speculation is suffering because much of the property inventory in Florida has lost significant value, much as land or property around the country has.

This has led to a condition where property foreclosures have increased noticeably over the last year or so, and certainly more than they did back when most of the rest of the country began to be hit by steep drops in property values. California led the way, followed by New York City (Manhattan, actually), Las Vegas and other once-hot markets. All saw significant drops in the value of property. And their owners weren’t amused, it must be said.

Unfortunately, many home buyers over the last decade or so engaged in at least minor-league speculation, leveraging themselves to get into homes that they actually couldn’t afford. They did this because they assumed that home values would continue to increase and that they’d be able to get out of their homes with a nice profit before an increase in their mortgage payments occurred.

Banks and other financial lenders backed these buyers because they — just like the buyers — figured that home values really had no upper limit. Everybody thought that many of these homes would continue climbing steadily upwards and that the supply of buyers would continue on into infinity. Everybody now sees the fallacy of that belief, and many homes are listing for sale for much less than is owed on them.

For an investor these days with a ready supply of cash or good financial backing, there are a number of opportunities in such a market. What will be required, though, is a fair amount of patience that many investors in the past — when it came to Florida real estate — hadn’t been able to demonstrate adequately enough. Whether they can do that these days remains to be seen.

Many experts looking at Florida’s vast real estate market believe that it will be several years or more before any significant increases in property values will lead to a restoration of old home value levels. This means, unfortunately, that Florida foreclosures may continue to be higher than they once were in the past. For an investor, understand that buying and selling will still occur, though adjusting to the new market reality will take some work.

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Can the Sunshine State manage Florida foreclosures to prevent a wider problem in its economy? That question, while still open for examination, has forced the state’s leadership to look at how to take what is turning out to be the worst real estate crisis in a generation and figure out how to prevent it from spreading out into the much broader economy. Knowing this and then correcting the issue will be very important.

Nowadays, there’s little point to recrimination when it comes to figuring out how Florida ended up in the same predicament that California, Las Vegas, New York or San Francisco has, though it must be admitted that real estate speculation played a large part. In Florida, one could get into a home and then sell it soon after and for a nice profit, usually.

Many other people moved to Florida for its generally sunny climate and moderate weather, which also fueled a boom in real estate speculation and prices. These folks all looked at Florida and saw a good opportunity to get into a home, nice weather and a sunny disposition and if they were paying more than these homes were worth, it was probably the case that it would turn out all right in the long run.

Every boom, though, must come to an end or even a bust, and real estate in Florida began to experience this effect late in 2008. Now, the markets are continuing a downward correction in terms of home prices with foreclosures on the rise, though the state is working hard to get people into federal programs that can help them avoid foreclosures before the problem takes on firestorm proportions.

The housing crisis also has a direct impact on the broader economy, most especially, which is something many people might not realize. When a home goes into foreclosure or corrects downward in market price or appraised value, municipalities and counties collect less in tax revenue, meaning that schools and other services also receive less in terms of funding.

One thing the state can do is make sure all property owners are aware of the programs to prevent foreclosure that the federal government has been offering over the last year or so. Surprisingly, many homeowners have failed to take advantage of these programs, not only in Florida but in the rest of the country as well. Why this is so is a mystery to most financial experts.

Florida has been working for well over a year to take the steady increase in Florida foreclosures and put a damper on it as soon as possible. Working with federal leadership and getting people into the right programs will probably help in the long run. If this can be accomplished effectively, it might be possible to get home values back up to where they once were, though that may be a struggle for a while.

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