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Residential and Commercial Foreclosures Activity in Florida Drops

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By : John Cutts    99 or more times read
Florida is certainly looking at a possible housing recovery with the number of residential and commercial foreclosures dropping for the fourth straight month. January records showed there were only 21, 671 properties which entered some stage of foreclosure; this is the lowest figure ever recorded in the last 42 months.

There is also good news for the Sunshine State. Based on the same report released by a realty tracking firm, no Florida metropolitan areas were included in the list of metros with the highest foreclosure filings. Previously, 9 metro areas of the state topped the said list.

And even with the high volume of foreclosed homes in Cape Coral and Fort Myers area, it was not enough to rank them among the highest. The said metro area came in second in 2009 for the most foreclosure filings, but it was ranked 52nd in 2010, with one filing for every 428 households.

The drop in the number of foreclosed homes in Florida can be attributed to the courtís stricter policies, which involve requiring the lender to properly process the foreclosure paperwork before deciding to file. Most of the nationís largest lenders were ordered to address the robo-signing issue and they are now making sure all paperwork is checked.

For 2011, the state can expect more residential and commercial foreclosures, but not as many as before. In addition, more short sales and loan modifications will be approved, which will certainly make the current year a good one for the entire industry.

With over 68 million Americans about to retire and a significant number of baby boomers, Florida can also expect a healthier housing market activity since most of these individuals and families will look to reside in this state. Those who are looking for affordable housing will likely be pleased with the selection of foreclosure houses for sale and businesses will have more than enough choice of commercial foreclosures.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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