Sell Fast Fair Offer, a local Miami Home-Buyer, has announced what appears to be an uptick in foreclosures in Miami, Opa Locka and Miami Gardens. The company is still waiting for more conclusive data to come in so that it can place the news in the proper context.
Although foreclosures posted a drop in 2018, there were signs of distress which progressively returned to the 2018 housing market, according to an article by Attom Data. In fact, foreclosure starts increased in more than 33% of all state and local housing markets.
While natural disasters drove some of the distress in the market, Houston (which saw a 61% increase in foreclosures) was at the forefront, this does not explain increases seen in cities such as Milwaukee, Austin, Detroit and Minneapolis-St. Paul, to name a few. All of these markets posted increases in foreclosure starts in double digits in 2018.
Bank Repossessions and Florida:
There’s no doubt that REOs (completed foreclosures) are on the decline. However, Florida bucked the downward trend by posting a 13% increase. Other states that posted increases include Delaware (+ 2%), Louisiana (+ 5%), Michigan (+ 15%), Texas (also + 15%) and Minnesota (up a staggering 29%).
Although there’s a downward trend in foreclosures and repossessions, Florida is not part of the trend. The explanation in the paragraph above could be the reason why Sell Fast Fair Offer has noticed an uptick in foreclosures. According to Dee Garcia, closing coordinator for Sell Fast Fair Offer Home Buyers, “We’re down in the trenches on a daily basis with people who have distressed properties. We’re seeing more people who are facing foreclosures or bank repossessions. While hard data is not yet available, I’m basing my opinion on what I hear from people in Miami, Opa Locka and Miami Gardens every day.
She continued, “I mentioned during our last interview that we are in areas that have serious problems. It stands to reason that these would be the places that would be hardest hit if another bubble were to take place. We’re hoping it doesn’t happen and that this is just an anomaly. But we’ll be there to help if it’s needed.”
The company will continue to expand into areas such as the ones mentioned before so that the staff can better serve the community who needs the services the most. While sometimes you cannot help everyone who needs it, the company is dedicated to ensuring that people in these communities get good advice if the time to sell a distressed home ever comes up.
To this end, Sell Fast Fair Offer provides free evaluations for sellers without pressing the seller. If anyone needs help, they can simply click here and visit the website. They can also call (305) 590-8500 to speak one of the staff members who is standing by to try to help.
For more information about Sell Fast Fair Offer, contact the company here:
Sell Fast Fair Offer
Miami, FL 33138