Pretty scary stuff. The wave that's coming..the prime borrowers that put down 20% and are now so under water they will just give up. The original purchase price they paid may not return for many many years, so what the incentive to stay put. This means even lower values which in turn will cause more jingle mail. There's not the in migration to Florida that occured in the past so who will be the new buyers? Dosen't look pretty.
Rush to clear Lee County foreclosures not popular with all
The attached quotes are from a recent News-Press article regarding the court system addressing the Lee County backlog of foreclosure actions.
The Lee County court system is amping up its processing of foreclosures - good news for neighbors of some abandoned homes but carrying with it an added risk of driving down prices in an already declining market.
Lee County is among the hardest-hit areas in the country when it comes to foreclosures: The Fort Myers/Cape Coral area was first in Florida among metropolitan areas with one in 72 households getting a foreclosure in September, according to statistics released this week by RealtyTrac, an online marketplace for foreclosure properties. Fort Myers/Cape Coral is third in the country for foreclosures, behind Merced, Calif., and Las Vegas.
The real urgency in speeding things up is that many of the homes being foreclosed on in Lee County are decaying as vandals, mold and heat take their toll, county Clerk of Court Charlie Green said.
"How long do you want to stretch this agony out?" he said. "You don't want those properties out there decaying. You want them turned, you want people in them."