Yes, there are still too many foreclosures in Brevard County. The Titusville-Melbourne-Cocoa-Palm Bay areas are still in the top ten, nationally, at number three. One of every 404 homes were foreclosed in July.
While the foreclosures in Florida have dropped 30 percent since last year, the state still leads the nation; and has for the last 10 months. One big difference now over two years ago is that mortgage lenders are offering the foreclosed houses at market value. The days where a buyer could submit a “low ball” offer and win the contract are mostly over. However, there are still properties that can be purchased for a very good price. I see two big reasons for the market change. First, while there are still too many foreclosures, the number of folks getting into the investment/flipping business has increased greatly, making for tough competition. Second, the lenders were tired of leaving money on the table by allowing properties to sell under street value.
If you educate yourself about the local market and specific areas, you can still find investment properties.
In a subsequent blog, I will explain why it takes seemingly forever for a foreclosure to make its way through the court system. You can contact John Bond by email at firstname.lastname@example.org or simply call him on his cell phone at 321-298-1118.
Keywords: Brevard, Florida, Cocoa, Cape Canaveral, Port Canaveral, Titusville, Cocoa, Palm Bay, Foreclosure, Investment.