About Short Sales

Florida foreclosures and how they affect property taxes down in the Sunshine State need to be studied by anybody in charge of handling tax revenues down there, no matter how reduced those revenues end up being. With an increasing number of foreclosures — and more on the horizon — Florida is coming to grips with the problem other states have had for a while and which it’s been able to duck for so long.

Think of it like this; a person who turns in his keys and walks away from his home has no obligation for any future taxes, though quite a few cities and towns are going after these people for taxes they owed. The loss of these revenues, which often aren’t made up by the banks who now own the properties, can hit a city or town hard. And the likelihood of any fast sales have evaporated lately.

The problems in real estate in general, and not just in Florida, is that there was a quite-lengthy boom. It helped to insulate Florida from the issue of a general decline in property values(and taxes on those properties) for longer than what was the the case in most states, fortunately for the Sunshine State.

Real estate booms and busts affect states differently, no matter the size, and in a state like Florida — which experienced its share of real estate speculation that was very robust and lengthy — the inevitable bust can be particularly hard-hitting in terms of how owners who thought they’d be able to get out of properties they really couldn’t afford are able to deal with the issue.

The calculation they made was that the real estate boom would continue for a long time and that they’d be able to buy into property and then sell it off at a profit before any mortgage notes readjusted in interest rate or the like. Sadly, the bottom fell out suddenly and many people were caught out sitting on properties that no longer were worth even up to half of what they had paid for them.

These days, many homes in the Sunshine State are being held by folks who are unable to meet the monthly payments due to mortgages that have adjusted and they may also have lost jobs during the recession as well. It’s kind of a fairly vicious cycle and there’s no area of the economy that goes untouched by it, including and most especially in the matter of property taxes and sales of homes.

It’s anticipated that Florida foreclosures will stay on a generally steady upward path unless and until state and local government leaders can find a way to keep people in their homes, most likely by taking advantage of certain federal programs. Until then, property taxes that funded police, fire and school services will be diminished. Whether relying so heavily on property as a tax revenue generator was smart is another question altogether.

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Florida real estate markets and the phenomenon of Florida foreclosures have lately come into sharp focus down in the Sunshine State. It has much to do with a lot of the speculation in land and properties that’s been going on down in Florida for many years, to tell the truth. Unfortunately, speculation can always lead to an inevitable decline in property values, which it’s done in Florida of late.

Why this ended up surprising as many people as it did is a bit of a head scratcher, it must be said. This is because it’s always been the case that prices for real estate had generally been on a dynamic upward curve for well over a decade until about 24 or so months ago. Economists trace the decline to the beginning of the latest recession in December of 2007, though Florida didn’t begin to feel the affects until just recently.

Florida was generally able to duck many of the issues that surrounded the bursting of the housing bubble which affected states like California or cities like Las Vegas, for example, and where home values have crashed badly in the last few years. It might be because Florida had no personal income tax and continued to attract steady in-migration for longer than many other states, most of whom have seen decreases in population lately.

“Out-migration” is when a state begins to experience a population decline due to people picking up stakes and relocating to another state altogether. California had been experiencing this migration on a small level for last decade (it’s lately turned into a noticeable decline, of late) but Florida continued to attract people drawn to it by the weather, relatively low taxes and high unemployment.

It should come as no surprise, however, that even Florida would not be immune to the effects of such migration and recession forever. The steep recession finally, in fact, began to hit Florida beginning in late 2008. With unemployment up and property values down, those who bought into quite-frankly overpriced real estate are now seeing their homes worth much less than they paid for them.

Of course, this has seen people holding onto real estate now being forced to confront the fact that the real estate they’re holding is worth less than they can hope to recoup in the near future. With a general increase in unemployment, many people are also now finding themselves with fewer options that will allow them to hold onto their property, which means foreclosures have also begun to increase.

It doesn’t have to be that way, of course, because there are numerous programs, both at the state and federal level, aimed at putting a stop to the increasing number of FL foreclosures. It’ll depend on how rationally the real estate markets are going to behave over the next year or so, of course, and on an equally-inevitable return to real estate as an ever-increasing investment vehicle. Whether that happens soon remains to be seen.

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Sunshine State real estate markets and how Florida foreclosures affect them would make for a good case study in most business school economics classes, for sure. The main lesson that would probably be drawn is that all economies go through booms and busts, no matter how long it takes to move from a boom to a bust. Florida, being the state it is, managed to duck that bust for a while though the natural cycle appears to have asserted itself again.

There’s a problem with this current bust, though, because the drop in real estate values (sometimes as steep as 50% or more in certain parts of the state) has been particularly notable and very far flung. This might be because a great deal of Florida real estate didn’t seem to be valued rationally, probably because demand was so unrealistically high for quite some time, though it’s now dropped off greatly.

The onset of an actual and sharp recession was the match that lit the kindling that became a widespread drop in home values. With buyers out there beginning to restrict their activities in order to ride out the recession, fewer people found other people willing to buy these overpriced homes. Soon enough, values declined and they were stuck with properties that were worth less than they owed.

When looked back upon with a clear eye, it’s easy to see how real estate prices looked to be on the rise pretty much forever. Many people bought their homes on this expectation and took on adjustable-rate mortgages in the belief that they would be able to sell their homes for much more than they paid well before the mortgages would adjust and leave them with a payment they might not be able to afford.

Many people sitting on these low interest rate mortgages with low payments experienced a classic supply and demand conundrum. With no demand in sight because of a recession, they were left with homes that now featured steep payments and little in the way of possible sales for what they owed on them. It’s only natural, then, that foreclosure rates would begin to increase.

In the old days, foreclosure was looked at as a desperate act of last resort. However, the attitude about foreclosure has started to shift and many people are actually considering it first before looking at other alternatives that might be able to keep them in a home. People, of course, now live in a disposable culture and are starting to look at their homes in much the same fashion, sadly.

Whether this attitude is good or bad remains to be seen, and how much of an effect it will continue to have on FL foreclosures and whether they increase or not in number is also uncertain. There is some hope in Florida that it’s will still one of the best places to be when it comes to finding a good home in a nice climate. If any state can rebound, most experts say it’ll be Florida, which is something nice to consider, at least.

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