Lake County Foreclosure Crisis
Posted on July 10, 2008
Filed Under Repo Homes | 1 Comment
In Lake County, Florida, foreclosures overtake 2007 numbers. During the first half of 2008 the number of repo houses has risen to 2,100 – creating a record for six months high. In June the unofficial figure totals to 2,191 breaking a record of 12 months. In the last 12 months lenders had honed in on 2,080 foreclosed units. The story does not end here – it is getting worse.
In June the lenders filed foreclosures against 423 houses – the second running month with increases. By the term foreclosure is included all the stages of the judicial process from default notices to auction and bank repossessions.
The foreclosure race picked up in 2007. At that time most of the offending house owners were ‘flippers’ – bought houses with the aim of selling it for high profits within a short span of time. But slowly the character of the foreclosure is changing according to Shannan Buttner the work of whose firm is to deliver foreclosure notices. Recently the families caught in the net are victims of the economic slump – either they have lost jobs or cannot manage their incomes with rising fuel and food prices. Buttner referred to one instance where a woman had two jobs but even then could not cope with the mortgage.
The increasing number of foreclosures has put a lot of pressure on courts. The administration has divided the foreclosure related cases to seven judges. Last year four judges had handled the load easily. Every weekday auctions are held. Previously it used to be once a week. The foreclosure crisis is taking its toll on marriages said Circuit Judge Lawrence J. Semento who sees to foreclosure and divorce cases. Economic pressure makes it difficult for couples to adjust. Without a house to call a home where will the nest be built?
Foreclosures are making things worse by pulling down the price of neighbouring houses, remarked Frank Royce the chief deputy property appraiser of Lake County. He said, “It’s a difficult market to put your finger on.” There are still many houses that are being sold for more than the price of the previous year. The price slab covers a wide range. But side-by-side it is being noticed that many foreclosures and short sales are pulling down the value of property. It seems that ultimately property values will continue to stumble and keep falling. It does not point to happy times.
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