Statistics indicate that Brevard County Florida foreclosure numbers dropped for February 2009, compared to previous months. The Clerk of Courts office indicated there were 807 filings. January numbers were 875. The numbers for these 2 months is a 14% increase compared to January and February of 2008.
We had heard that many lenders across the nation had been holding off on foreclosure filings, waiting to see what the government bailouts would bring. They were also hoping to try to work directly with homeowners on loan modifications or special payment plans.
The government is hoping to reduce the number of foreclosures going on the market, as the large inventory tends to drive home prices down.
A homeowner must usually be at least 3 months behind on their mortgage payments for them to receive a foreclosure notice. Not all foreclosure notices that are mailed out turn into homes that go actually go into foreclosure. An owner can work with their lender to see if they can work out a plan to avoid the foreclosure.
This article is authored by
Sandy Shores Realtor, Melbourne FL Real Estate
Brevard County Real Estate & Investing
Palm Bay Florida Real Estate News
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Hi Sandy: It goes without saying that we need some positive signs in our market....let's hope the trend continues. The sadness of people losing their homes in unbearable :(
Hi Gail, Let's keep our fingers crossed together that this is a positive trend for us here in our market. It is terribly sad to see those that lose their homes.
Hi SS,
Glad to hear the foreclosure rate is dropping where you are! It's always bothered me to make a commission on someone else's misfortune.
Hi Tony, Hopefully we will continue to follow this trend. I hope that it's not just a fluke.