Florida Is Swamped with Foreclosures – And Deals on Distressed Homes
Ah, Florida. It’s celebrated as the land of sunshine, snow birds, theme parks, and beaches. This year, it’s also considered the hottest state for snatching up foreclosed homes on the cheap.
For deals on distressed homes, look south. According to a new study from the foreclosure-tracking firm RealtyTrac, Florida was home to 8 of the country’s top 20 metropolitan areas for highest foreclosure rates last year. By no small coincidence, 5 of the top 10 “Best Places to Buy Foreclosures in 2013″ also just so happen to be in Florida.
To come up with its “Best Places”—one of the few “Best Places” lists cities would prefer to not be associated with—RealtyTrac uses data points including the number of months of inventory of foreclosure homes, the percentage of total sales that are foreclosures, and the average foreclosure discount percentage. Tally up the numbers and the hottest market for scooping up distressed properties at major discounts is the Palm Bay-Melbourne-Titusville area of Florida. RealtyTrac summed up the market’s top-ranking data this way:
Topping the list of best places to buy foreclosures in 2013 was the Palm Bay-Melbourne-Titusville metro area in Florida with a total score of 394: 34 months’ supply of inventory, foreclosure sales representing 24 percent of all sales, average foreclosure discount of 28 percent, and a 308 percent increase in foreclosure activity in 2012 compared to 2011.