The term ‘foreclosure’ is one that many Americans are all too familiar with. In basic terms, a foreclosure occurs after a certain number of mortgage payments have been missed, forcing the bank to take possession of the property.
The foreclosure crisis in the US has claimed nearly four million homes since 2007, putting many families in dire situations. A study conducted by a coalition of progressive grassroots organizations across the US found that Americans lost $192.6 billion in wealth last year as a result of foreclosures, or an average of $1,700 per household. Considering how long the foreclosure situation has been claiming homes across the US, this finding may indicate that many Americans might still be suffering from the housing bust, which many argue was the result of lenders pushing loans on borrowers who they knew couldn’t afford them.
But good news is on the horizon, particularly in certain spots of the country, including the Space Coast of the state of Florida. According to a 2013 MidYear US Foreclosure Market Report, foreclosure activity in the US as a whole has decreased 14% this past June to the lowest level we’ve seen since 2006.
Florida has at one point been a victim of many foreclosed properties, given the long court processes required that have delayed the progression. However, experts agree that the problem in Cocoa Beach and Brevard County in Florida is improving, giving not only buyers a great opportunity to get into the market at a promising time, but also giving sellers more confidence in upholding specific listing prices for their properties.
There is an increase in judicial foreclosure auctions, showing that the foreclosures that have traditionally been so delayed in many parts of Florida are now being dealt with much more quickly through the foreclosure process.
Considering the fact that selling prices for properties are rising in the Cocoa Beach and Brevard County market, the time is now for lenders to start disposing of these distressed properties, whether by foreclosure auctions, third-party buyers, or even repossessing the property and selling it as a bank-owned home. For the US as a whole, the foreclosures are down 19% from the last 6 months, and down 23% from the first half of 2012. In Florida, new foreclosure starts dropped by 26%, which is significant.
As of June this year, the foreclosure rate is the lowest it’s been since 2005. Given this proof that the real estate market is picking up the pieces and showing strong signs of growth and strength – as well as the low mortgage rates still being offered – the time is now for buyers to get into the real estate market in Cocoa Beach and surrounding Brevard County.
In fact, buyers can select from a number of bank-owned properties in Cocoa Beach, some for as low as $17,510, and some short sales as high as over $1 million for a property in Lansing Island.
Of course, before buyers or investors jump on the foreclosure bandwagon, it’s important to have a team of experts behind them in order to know if a deal is a good one, and if there are any inherent risks associated with getting into such a deal. There are plenty of experts out there who have mastered the ropes of buying foreclosed properties. Competent assistance from such professionals as realtors, lawyers, seasoned investors and other experts in this field should be consulted with thoroughly before diving into a foreclosure deal.
Based on the climate of the economy and the real estate market in Cocoa Beach and surrounding areas in Florida, the foreclosure crisis seems to be improving, translating into an decreasing number of foreclosed properties available to be snagged up by a savvy buyer or investor.
One thing is for certain – no matter what way you are able to get into the market in Cocoa Beach – be it through foreclosures or straight-forward deals – life on this ‘Space Coast’ is nothing short of amazing. With all the amenities, attractions, employment opportunities, gorgeous climate and incredible oceanfront and riverfront properties, Cocoa Beach makes for the ideal place to live, work and play.