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Lists of Government Foreclosures for Sale Lead to Higher Refinancing



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By : John Cutts    99 or more times read
As the number of bank foreclosures increases and lists of government foreclosures for sale expand, more and more people attempt to get their mortgages refinanced in an effort to save their properties. Florida recorded the highest increase in refinancing applications among all 50 U.S. states between October 15 and November 15, 2010.

With Miami and Fort Lauderdale foreclosure listings having some of the highest numbers of properties, it is not surprising that recent mortgage refinancing reports are showing these cities as the places with the highest jump in refinancing applications. During the period covered, Fort Lauderdale and Miami both recorded a 71% rise in the number of people requesting to have their loans refinanced.

The number of Florida foreclosures for sale is among the highest in the whole U.S., hence the higher percentage of homeowners seeking refinancing. Aside from Miami and Fort Lauderdale, Orlando also recorded a significant increase in terms of mortgage loan refinancing applications. The metro area posted a 47% increase in applications between October 15 and November 15, 2010.

According to some housing market analysts, despite the high number of bank foreclosures and lists of government foreclosures for sale in the state, the increase in refinancing requests might be a sign that values of residential properties in Florida are starting to stabilize. However, a recent report showed that almost 50% of homeowners in the state are still holding mortgages that are worth more than the actual value of their homes.

This scenario is not exactly something that can stabilize values of newly built homes and properties under foreclosure list. However, analysts believe that one local market differs from the next. In some areas of Florida, values of houses might be stabilizing, while in others, values might be experiencing further declines.

In the whole U.S., Florida is ranked third during the 2010 third quarter in terms of negative equity or the number of homeowners having a mortgage worth more than their homes. According to reports, the state has a negative equity of 46%, behind only Nevada which has 67% and Arizona with 49%. Despite the high percentage of underwater borrowers and the huge supplies of bank foreclosures and lists of government foreclosures for sale, some areas of the state are believed to be doing better than last year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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