Florida's housing market is awash with cheap houses for sale. But often, nonprofit groups are one step behind cash-rich investors in purchasing foreclosure properties.
Bank of America has filed a $20 million condo foreclosures case on developers of a condominium complex in Florida. The case was a result of nonpayment of last year’s property taxes and $22.4 million loan principal, plus interest and late fees.
Prospective buyers can find foreclosure homes in Manatee County, Florida and get big discounts as defaults and foreclosures continue to climb up in the county. More than 1,100 homes were put into the foreclosure process in January this year, a 150-percent jump from filings in January 2009.
The housing market continue its woes in Florida as more foreclosures stack up, which is aggravated with the spikes in gasoline prices and more people losing jobs.
Repo properties for sale dominated the housing market in Manatee County, Florida in February. Nearly 60 percent of home resales were foreclosures, pushing down the median price to $154,000.
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