Are Florida’s Foreclosure Deals Good for Second Homes?
Posted by Chris Brown on November 19, 2008
Foreclosure – especially in Florida is a hot topic among the press lately and it is interesting to see a staggering number of the sales in today’s market are comprised of foreclosures and/or short sales… especially in South Florida. It’s hard to turn on the TV or open up a paper without seeing a sensationalized story about it.
But what’s even more interesting about the foreclosure situation is that they appear to be consolidated in certain areas of the country. Of the four primary states… two of those were head and shoulders above the others. [Woo hoo... we never do anything half baked here in FL!] Okay, sorry, that wasn’t funny.
Drum roll please: California, Florida, Arizona, and Nevada take the cake. Something worthy of note about these states is that they share some similar characteristics:
- They all have relative [no pun intended] popularity with retirees
- Popular with real estate investors
- They have had large home value jumps during this decade
This creates some extraordinary opportunities for folks looking to buy a second home in Florida.
Everyone else… yeah… they are normal. the other 46 states account for the remaining 48.8% of foreclosures, or a mere 1.06% average per state of October’s foreclosures.
Now, this isn’t meant to make light of the impact of these foreclosures on the economy — nope. Foreclosures…
Read the rest of this kick-butt article:
