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Bank Owned Properties Still Soaring in Manatee Area

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By : John Cutts    99 or more times read
Bank owned properties are still surging in the Manatee area, based on a foreclosure report released by a California real estate firm.

In January this year, foreclosure postings in Manatee County, Florida climbed up to 1,144, a staggering 150-percent increase from filings in January 2009. The sharp increase prompted analysts to think that the predicted wave of foreclosures this year might begin earlier.

In Sarasota County, filings jumped by 20 percent compared to a year ago to 1,219 and in Charlotte County, filings climbed up by 44 percent from January last year to 761. Both figures, however, marked a decline in filings compared to the previous month.

The three counties were among the worst performing Florida markets in terms of foreclosure rate in January, with Charlotte ranking fifth, Manatee ranking eighth and Sarasota ranking 14th among the 67 counties of Florida.

Sean Snaith, an economist at the University of Central Florida, has been predicting further increases in foreclosures over the past months because of the unemployment situation.

Another analyst pointing to unemployment as the main culprit for the surge in bank owned properties this year is Lewis Goodkin, head of Goodkin Consulting in Miami. He said that the housing market in Southwest Florida will not recover or stabilize fully until 2012 because of the challenges that must be overcome to improve the employment rate.

Statewide, total foreclosure notices in January dropped from December to 47,069, but they marked a 15-percent jump compared to January 2009 filings. Florida had almost the same foreclosure rate as California, which was one unit in every 187 residential units.

Two Florida metro areas were among the ten most foreclosure-battered areas in January. Ninth-ranking Cape Coral area posted a foreclosure pace of one unit in every 121 while tenth-ranking Orlando posted a rate of one unit out of every 143.

Real estate professional Michael Moulton, who specializes in high-end properties, said that foreclosures will increase in affluent neighborhoods. He added that he has just closed a real estate sale involving a $1.7 million repossessed home, which was listed for $3 million during the boom.

In the meantime, other resourceful and cash-rich investors are taking advantage of the rise in foreclosures. They buy bank owned properties in bulk numbers and then resell them fast at bargain prices. In Manatee, condo units purchased at bulk prices are being sold off at only $140,000 each, far below their original $435,000 price range.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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