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2010: The Year for Buying Fixer Upper Homes and Repo Houses



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By : John Cutts    99 or more times read
For those buying fixer upper homes and repossessed dwellings, South Florida was a good destination last year as the region's repossession numbers jumped when compared with the previous period. Based on regional housing data, the number of properties taken back by lenders in 2010 was the highest ever recorded since the start of the housing industry crisis.

Repo homes for sale in Fort Lauderdale and in the rest of Broward County totaled 20,400 in 2010, giving the region the second highest repossession total among counties in South Florida. A total of 54,000 properties was repossessed by lenders and banks in South Florida in 2010, representing an increase of almost 80% when compared with 2009 figures. The highest number was posted in Miami-Dade, with Broward coming at second place and Palm Beach County at third place.

The number of repo houses in Florida last year was one of the highest ever recorded in the state for four years or so. In South Florida, 2010 repossession figures were the highest ever posted since the start of the industry crisis in 2007. It was also way higher than the previous year's total of 30,400.

Back in 2008, investors buying fixer upper homes and repossessed dwellings found 26,250 property units in the region seized by lenders, more than double the 10,100 foreclosed and repossessed properties recorded in 2007. Analysts are predicting that in 2011, the figure might decline slightly as the number of properties that entered the foreclosure process for the first time in 2010 declined by 41%.

Analysts also stated that majority of repossessions recorded last year might be products of one or two-year-long foreclosure actions. They stated that a repossessed house might have ended as such after procedures were started against it in 2008 or 2009. One positive development observed by real estate analysts is that, as the number of repossessed houses increases, the vacancy rate among rental homes decreases.

They stated that a big number of investors buying fixer upper homes and repossessed residences is trying to take advantage of the rental housing growth by converting their purchased properties into rental dwellings. Further growth in rental homes is expected in 2011.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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