By Jennifer Maldonado
jmaldonado@adahchere.com
Foreclosure filings in South Florida fell 21 percent the first quarter of 2010. According to a recently published report, Dade, Broward and Palm Beach counties all saw fewer filings than during the same three month period a year earlier.
Some could reason that the fall in foreclosure filings goes hand in hand with the federal government programs in place to help struggling borrowers stay in their home. For example, the government plans to spread taxpayers’ money around liberally. For instance, it had previously planned to give homeowners that sell their homes rather than let them go into foreclosure a “relocation assistance” payment of $1,500. The plan announced this past Friday increases that amount to $3,000.
According to the New York Times, another new program strays the farthest from the government’s previous approach. Borrowers who owe more on their homes than they are worth will get a chance to cut their debt - providing the investor or bank who owns the loan agrees.
Buyers looking to purchase homes in foreclosure and at distressed prices are on the rise however. If you are on the fence about purchasing a foreclosure, you may want to think quickly because the inventory may be increasingly lowered. Also, if you are under contract before the deadline of April 30th and close by June 30th, you will have access to the $8000 tax credit offered by the “First-Time Home Buyer Tax Credit”.
For a list of all available foreclosures in South Florida, please visit www.adacheREO.com. For commercial real estate opportunities, and real estate bulk sales in Florida, visit us at www.AdacheREO.com/bulk.
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