Florida Foreclosures Increase

April 18th, 2008 | Tags: Foreclosures

In Bay County, Florida, foreclosures rose steadily – with 61, 119 and 160 postings in March 2007, February 2008 and March 2008 respectively. In Walton County the foreclosure figures were 49, 53 and 60 foreclosure listings in March 2007, February 2008 and March 2008 respectively. In Washington County the foreclosure figures were 4, 10 and 7 in March 2007, February 2008 and March 2008 respectively.

The jump in Bay County in March is a pointer to what Florida can continue to expect in the forthcoming months. In Bay County the rise was by 162% in March 2008 from what it was in March 2007.

Across the country foreclosure numbers jumped by 57% in comparison to March of the previous year. These numbers are inclusive of all the states of foreclosure – default and auction sale notices as well as bank repossessions. Even if there has been some slowing down elsewhere the market seems to the agonizingly the same in Florida. Florida ranked third in the national foreclosure race following behind Nevada and California. In Bay County the proportion was one out of every 594 houses was in the foreclosure zone.

Increasing foreclosures mean busy hours for Joe Baronowski who manages a short sale business centre. Short Sale Gurus is based in Carillon Beach. It links buyers and sellers and also opens communication lines with lenders like the banks to make the going easy for all. Short sales involves the selling of the property even though the value of the unit is less than the loan amount. It can be done only with the permission of the lender.

Joe Baronowski was introduced into this world by Keller Williams of Panama city. Personal involvement with financial difficulties while tackling construction projects regarding water colour and water sound developments made him understand the ins an outs of the business. The projects would not sell and he learnt why and how to defend foreclosure attacks. His team includes contractors, real estate agents, apart from his own staff. Short Sales have to be steered through a maze of paper work and numerous powwow sessions with the bank. Baronowski takes up each short sale related issue as a ‘project’. Currently he is sorting through 90 projects – the maximum number since he made his entry in this field. He opines that this trend will continue for the next couple of years.