How Do Florida Foreclosures Impact Daytona Beach Real Estate?
It’s prices not foreclosures hurting the Daytona Beach Homes market.
Foreclosures in Florida continue to headline news stories, and nationwide over 1,000,000 homes are in foreclosure. Daytona Beach Homes have been impacted, but not nearly as much as other areas in Florida.
Here are some of the numbers for comparison (1 foreclosure for every x number of homes)
Florida Foreclosure Rates for April 2008
Volusia (Daytona Beach/Ormond Beach/Deltona/Port Orange) 1 foreclosure for very 350 homes
- Flagler (Palm Coast) 1 in 204
- Seminole 1 in 356
- Orange (Orlando) 1 in 222
- Osceola (Orlando) 1 in 109
- Pinellas (St. Petersburg, Clearwater) 1 in 513
- Dade (Miami) 1 in 161
- Hillsborough (Tampa) 1 in 264
- Sarasota 1 in 248
Counties in the Panhandle region of Florida are in the best shape with over 1 foreclosure for every 1,000 homes. (Source: Realtytrac.com)
In general, Volusia County and Daytona Beach are in better shape than many of the other counties in Florida. Florida, overall, is second in foreclosure rates behind California.
Sadly, these high foreclosure rates are not going to go down significantly for a couple of years. 5/1 ARM sub-prime mortgages without income verification were being issued through 2005 and will not come due until 2010. The biggest problem, in our view, is that prices have dropped and we have not had an