As of October 2013, Florida reclaimed the title of the top foreclosure states. With one in every 332-housing unit receiving a foreclosure filing, there are more homes taken to auctions more than ever before. This will allow more inventories of reduced priced homes, which makes it more appealing to investors and homebuyers that are willing to pay a low price for a distressed property. With buying a foreclosure property in Florida, it is always important to do research on the home and area to make sure you are getting the best value on your very important investment.

Florida Foreclosures and Real Estate Trends

Foreclosures in Florida account for 24 percent of all sales, and activity for foreclosures increased at least 22 percent in the past year. The median price of existing homes sold in Florida was $156,000 in October. According to Florida Realtors, the markets with the highest percentage of foreclosure auction sales included Orlando at 8.6 percent and Miami at 6 percent.

In the last month, there were 11,606 notices of foreclosure sales filed in Florida, which reached a three-year high. It seems that lenders are more willing to sell foreclosure homes, rather than letting them linger in the court system.

As more and more buyers are looking for a home to live in for a long time, finding a home at a great value with potential to add more value is an important attribute. Typically, distressed homes need more work compared to non-foreclosed homes, but can allow the homebuyer to customize their home the way they want, adding additional value to the home in the long run.

Looking in Orlando for Florida Foreclosures

First time foreclosure filings increased 38 percent, which may have been tied to a new foreclosure expediting law that went into effect in July of this year. Recently, the economy in the Orlando area has been improving, as jobs are increasing steadily. As a result, homebuyers have an opportunity to find a home at a reduced rate by looking into foreclosures. As a tourist location, seasonal and vacationers can consider a foreclosed home to reside in, making it a positive investment.

Looking in Miami for Florida Foreclosures

Finding distressed homes in Miami, Florida is plentiful, as the economy in this area is at a struggle. Condominiums show to be the most popular property type in this area. As condominiums show to be in desirable places, homebuyers and renters flock to these areas. Also, Miami is a top location for those who visit on a vacation or seasonal basis. Finding a foreclosed home may be a good option for a seasonal resident as it can be an investment for renting out in the off season, and a place to stay when they are in the area.

Foreclosures in Florida is the leading state with these type of properties has many homes that could be bought, fixed up and sold at a reduced price. As there are different foreclosure phases, it is important to be aware with at what stage the foreclosed home is in. With many foreclosure auctions, one can purchase a home at a very good price, just as long as they are aware of what they will be getting themselves into. It is important to keep in mind that with diligent research and awareness, a foreclosed home can be a positive experience as well as a great return on investment.