Homes Facing Foreclosure Jump 57% in January (http://www.foxbusiness.com/markets/industries/real-estate/article/homes-facing-foreclosure-jump-57-january_494536_17.html - broken link)
I happen to live in Florida and the numbers are getting higher and higher. Our community is like several other communities, build in 2005. I know people who have had appraisers coming out after closing to get a higher appraisel and get a second mortgage or line of credit to get the equity out and use the money for a pool, extra car, etc. In the next year we will see more trouble for these home owners. Very sad but since the house market went down you can see some shops have closed (with small furniture), a lot of illegals have left the area because there is no work in the building sector and less in the mowing and yard sector. (In the winter the grass doesn't grow that much so there is less work, and now there is more competition) So the ball is not staying in place, but unfortunately going down wards. The other day I was in the mall in Tampa and even the small sections in the middle were empty. No ventors, less buyers and it was on Sunday at 2.30pm the best time.
Could be a 1 time thing, I hope, but it could be a sign that the market is going down even more. The numbers are telling it. But in every market there are winners and loosers. Buyers can get even better deals I guess.
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