Banks haven’t been foreclosing as aggressively in West Palm Beach during 2011 compared to previous years.
Why? Between legal issues with lost and forged documents, and an aggressive push to work with homeowners willing to ‘short sale’, most banks simply didn’t file as many foreclosures this year.
Is last month’s 50% increase in foreclosure filings in Palm Beach County a new trend?
Most people agree it signals the start of a new wave of foreclosures that will continue throughout 2012. The demand to buy most foreclosures has been extremely strong this year. While that trend continues, the impact on our market values should be minimal. The rest of the world knows that South Florida doesn’t go on sale very often, and they’re scooping up deals as quickly as they become available!
There’s a few problematic areas and developments that should be avoided due to high crime or horribly managed community associations. Each week we’re meeting foreign investors who have just bought ‘great deals’ on the assumption that they’ll rent easily. We’re then given the task of explaining that they bought in terrible communities that will be really hard to rent! What’s the solution? Buy your investments from an investment management company like ours!
I’ve been following real estate trends in our areas since Jimmy Carter was president, and I KNOW what to buy – and what to AVOID like the plague! Don’t buy somewhere else and then come see us – buy here today! Our staff of well trained agents and managers is busy helping smart investors acquire and manage portfolios of profitable rental properties, and we’re ready to help you too.
To learn more and tailor your investment strategy, contact me at 1-800-999-6608 or at Investment Opportunities in Palm Beach County.
Further reading: Palm Beach County Foreclosure Filings Up 51 Percent Last Month
