2. Florida – The Sunshine State Foreclosed homes seem to be a reoccurring effect throughout the United States, however Florida has one of the highest rates. The reason for Florida’s high rate of foreclosures is due to the outstanding number of unemployed, ranking #2 behind Detroit. Florida is however starting to get back on track; over the last year there has been a much larger growth in home sales.
3. Government Aids Florida! Florida along with several U.S. states have been aided by the federal government’s, first time home buyers tax credit. Although with aid Florida’s home sales have risen, sales prices continue to decline.
4. Miami Thriving? Miami has become one of the country’s largest hot spots, bringing in new buyers. Miami has been growing rapidly over the past 5 years. Bankers have taken over huge condo and housing developments, abandoned by the developers. BUT, many South Floridians are having trouble through the economic woes.
5. The Miami Auction Auctioneers are feasting in Miami, with foreclosed home sales, creating a “bargain hunter’s” dream. However buyers are not coming, because mortgages are very hard to find right now in Miami. Miami’s housing market is struggling right now with a 24.2% value decline.
6. Palm Beach Just Staying Afloat The Palm Beach housing market is suffering greatly due to the economic crisis, and Wall Street scam artist, Bernie Madoff. Madoff desecrated the economy of Palm Beach, ripping off billions of dollars from scammed investors, causing struggling client’s homes to be foreclosed.
7. Madoff’s a Scab Foreclosure rates have soared since the devastating scam. This allowed home sales to be greater, but it is causing the value of the homes to plummet 15.1% in 2009.
8. Steady Naples The Naples market is becoming more and more stable as time goes on. Naples is one of Florida’s higher end markets, which means they are used to the market’s peaks and valleys. In 2009 Naples’ housing value decreased 14.2%.
9. Fort Lauderdale Almost at Rock Bottom The bottom of the market looks to be close in the FTL. Condo developers are selling their remaining properties any way they can, but the bottom of the market won’t be seen till then. Home values fell 11.9% for 2009.
10. No More “Devil” Ray in Tampa Tampa’s home sales are increasing as the foreclosure listings grow. A large demand for vacation homes are helping the sales get back to stability. Not only are the vacationers helping to increase sales, but first time buyers are too, thanks to the $8,000 federal tax credit.
11. Jacksonville Needs Tebow’s Help Aggressive banking practices is the central reason behind Jacksonville’s steady increase of foreclosures. The local economy is hurting because of bankruptcies and business closings, and are looking for that one boost to bring them back. Jacksonville’s housing values diminished 13.6% in 2009.
12. Not So Much Fun In Disney World Orlando is getting hit hard by the foreclosure rate, in an area that is the nation’s top vacation spot. Thousands of empty properties sit, driving the prices down, some of which not ready to be sold. Housing values fell 16.7% in 2009, due to simple supply and demand issues.
13. Seminole Chopped Florida’s capitol, Tallahassee, is seeing some increases in home sales due to government aid. The mortgage crisis is still impacting the capitol city, driving housing values down 11.8% for 2009.
