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Still a Lot of Cape Coral Foreclosed Homes to Choose

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By : John Cutts    99 or more times read
There are still a lot of Cape Coral foreclosed homes to choose from as the pace of residential mortgage delinquency and foreclosure activity in the area is still surging.

According to data from a real estate analysis firm, the number of foreclosure filings in Cape Coral in February this year increased by 6 percent compared to total postings in February 2009.

Similarly, the number of foreclosed homes for sale in Florida is still rising. Florida was still second in the county in number of foreclosure postings in February. While other foreclosure-battered states like California and Arizona have posted declines in foreclosure activity, Florida still posted a 14.8-percent jump in foreclosure filings compared to the previous month of January.

Of the more than 54,000 homes that were notified of delinquency or repossession statewide in February, almost 7,000 were already taken back by banks and listed in their REO books. These REO figures included duplex foreclosed homes, single-family homes, condo units and townhomes.

The rise in number of Cape Coral foreclosed homes has been contributing to the still strong pace of foreclosure activity statewide as shown in the rise of mortgage defaults in the area. The rate of delinquency in the Cape Coral metropolitan area has jumped up to 23 percent of all mortgages in the area from only 20 percent in February last year.

The rate of foreclosure among current mortgage loans has also surged to 13.5 percent, an increase of one percentage point from 12.5 percent in February 2009.

Despite efforts by the state of Florida and local government agencies to help rescue distressed homes in Cape Coral, in addition to the federal foreclosure prevention schemes, there are still high numbers of families losing their homes to foreclosure because of unemployment.

Homeowners who do not see any improvement in the values of their homes have also given up and just let their properties enter listings of Cape Coral foreclosed homes.

They figured their personal financial recovery has a better chance if they just use whatever money they have as renters. With these strategic defaults, prospective buyers have more distressed units to choose from.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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