The local foreclosure problem continues to weigh down the housing market as the Pompano Beach bank owned homes for sale volume remains high. However, the local condition can be said to be in a better position when compared with the rest of Florida.
Foreclosure rates and bank owned properties in Florida continue to dominate housing market headlines, with even the most affluent homeowners affected by the housing crisis. The latest news reveal that even politicians are not spared from the impact of foreclosures, with GOP Senate hopeful Marco Rubio becoming the latest prominent figure facing foreclosure.
Bank REO houses have become common scenarios in the state’s housing market and it seems that Rubio’s property in Tallahassee is soon to be part of a long list of bank foreclosed homes in the state. Reports stated that the political candidate is five months behind on his mortgage payments for a house he purchased in 2005 with Representative David Rivera.
Like most Pompano Beach bank owned homes for sale, the politician’s home is at risk of being taken over by its lender bank. According to local filings, Deutsch Bank National Trust has already started foreclosure proceedings on Rubio’s home last June 11, 2010. The GOP candidate, along with co-owner Rivera, allegedly stopped paying the mortgage for the three-bedroom house in February 2010.
Court documents revealed that the two politicians bought the property in March 2005 for $135,000 and currently owe a mortgage balance of over $134,000. The property is currently valued at $136,500 and has been on the market since April.
Rubio’s camp told state newspapers that the politicians stopped paying their monthly mortgage due to an ongoing dispute with Deutsch over the terms of the mortgage. However, the camp revealed that the co-owners already sent $9,525 to Deutsch as payment for the late dues but the amount has yet to reflect on court filings.
According to housing market analysts, the foreclosure problem facing Rubio is just an example of how indiscriminate the housing crisis has become. At the local front, the status of Pompano Beach bank owned homes for sale can be said to be an insignificant issue when compared with statewide housing problems.
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