Archive for July, 2007

Despite considerable increases in foreclosure activity, Florida is still one of the states in the nation where real estate properties where considered as good investment. The state ranked 7th in the list if states with highest foreclosures rate for the month April but jumped to number 4 for May, with 21,704 foreclosure filings. Fortunately, not every city in the state has problems with foreclosures. For example, the number of Lakeland bank foreclosures has been reduced considerably compared to 2006.

Despite the foreclosures situation in most metropolitan areas in Florida, including Orlando, economic growth is not hurt according to the Institute for Economic Competitiveness Director of the University of Central Florida. The institute reported that by the year 2036, the gross metro product for the Orlando area will reach $272 billion. While statewide, gross product will be $3.7 trillion.

In Massachusetts, top mortgage lenders and state officials are expected to meet this day in order to sit down and finally tackle the worsening foreclosures condition in the state. As of May this year, the state has the 11th highest foreclosures rate in the nation, up from the 18th spot in April, with the rate doubled. The said meeting was said to be initiated by the Secretary of Housing and Economic Development, Dan O'Connell. No agenda was identified in the letter sent out to the leading mortgage lenders but does this mean that the growth in number of Massachusetts bank foreclosures will somehow slow down?

The Mortgage Bankers Association has reported that mortgage applications decreased by almost 2 percent - a far cry from the anticipated high sales activity associated with the spring season. Compared to 2005, the housing sales were 20 percent lower despite the large inventory of Daytona Beach bank foreclosures for sale.