Calvin Sibley

http://www.youtube.com/watch?v=BV7VDflAK0E

Copy and paste to your browser to watch.

Two of the top 10 metro areas in the U.S. that experienced the highest of foreclosure rates in 2008 were in south Florida, according to a recent report released by www.realtytrac.com. The Ft. Lauderdale area came in at number 6 with 47,387 total filings for 2008. This represented 5.95 percent of the total housing units in the area, the foreclosure rate. This was a 128 percent increase in the number of foreclosure filings as compared to 2007. The Miami area came in at number 8 with 49,697 total filings for 2008. This represented 5.21 percent of the total housing units in the area. This was a 96 percent increase increase in the number of foreclosure filings as compared to 2007. Other notable Florida areas include Orlando, which came in at number 7 with 47,387 filings and Palm Beach, which came in at number 16 with 23,399 filings. According to some market experts there is no end in sight as the downward spiral of job losses, poor consumer confidence and a tight credit market continue to force homeowners who are unable to afford their payments to default on their payments, sending their properties into foreclosure.

For more information on foreclosure opportunities in south Florida, contact Calvin Sibley at (305)978-0682 or at calvin.sibley@gmail.com.

http://www.youtube.com/watch?v=BV7VDflAK0E

REO's Flood the south Florida Market

November 17th, 2008

A recent wave of foreclosures in south Florida has flooded the market with REO's. REO is an acronym for Real Estate Owned, a term that lenders use to refer to properties for which they currently hold title. This increase in REO's is due largely to a perfect storm of conditions in the Miami real estate market created by over-building, over-speculation and loose lender guidelines.

To illustrate this point, here are some recent statistics about the south Florida market:

1. REO inventory has jumped 190% in the first three quarters compared to last year.

2. REO inventory is up 134% to 7,100 properties in the third quarter alone over last year.

3. REO inventory will reach 18,960 properties by the end of this year.

4. In the first nine months of this year Miami-Dade county had 8,656 bank-owned properties, a 188% jump over last year.

5. Broward had a huge increase to 7,370 properties, up from just 2,339 in all of 2007.

6. Palm Beach had 2,934 properties in the first three quarters of the year, up 1,197 properties over 2007.

7. Number of houses taken per day by lenders in south Florida during the first nine months of the year- 69.

This last statistic is particularly staggering, almost 70 properties per day were taken back by the bank. Although this glut of REO properties is sure to make the real estate recovery, and in turn our national economy, take longer it does provide for some excellent buyer opportunities!

For more information on REO properties in south Florida, please contact Calvin Sibley at calvin@mlr-realty.com or at (305)978-0682

Please see my website for more information on real estate in south Florida:

www.miamibeachandbeyond.com

Thanks see you there!