More Foreclosures All over the State of Florida
All over the Tampa Bay area, homes are going under foreclosure. Some individuals that will buy a foreclosed home will be able to purchase at below market value.
Florida reported 21,704 foreclosure filings, the second biggest state total. Foreclosure activity in Florida increased 52 percent from the previous month and 144 percent from May 2006, raising its foreclosure rate to one foreclosure filing for every 336 households - fourth highest among all the states.
"After a barely perceptible dip in April, foreclosure activity roared back with a vengeance in May," said James J. Saccacio, chief executive officer of RealtyTrac. "Such strong activity in the midst of the typical spring buying season could foreshadow even higher foreclosure levels later in the year. Certainly not every community nationwide is seeing an increase in foreclosures, but foreclosed properties are becoming more commonplace and adding to the downward pressure on home prices in many areas."
Source: Realytrac
