When it comes to judging a real estate market, there’s no question that foreclosures and the foreclosure percentage in a county or city can say a lot about the overall real estate situation in any given area. This is a mixed bag as a large number of foreclosures definitely indicate that homeowners in one area were hurt, but it also means there are a wide variety of very good deals available for new buyers looking to get a good home. The surge of purchases that comes because of this is a part of the recovery process of a real estate market in an area.
According to a report by RealEstate.Aol.com in 2011 Brevard County was one of the 10 worst counties in the United States when it came to foreclosures, coming in at 6th. The actual numbers showed the full level of the issue, with 1,039 recorded in the third quarter alone in the year 2010.
The situation was very serious as there were even worse numbers for those who had bought during the height of the housing boom. Estimates came in claiming that almost half the houses in the entire county were worth less than the mortgages, which was made possible since the average home price had dropped a stunning 53.4% compared to the top prices that were there during the housing peak.
2012 wasn’t any better as Brevard went from 6th up to the single highest foreclosure rate in the entire United States of America. This did result in what some people might consider a silver lining, which is that because of the spike in foreclosures and huge drop in home values for those looking for a house, the area became one of the best in the country to find a dream house for a reasonable price.
The Recovery Is Slow
While there are many people taking advantage of the great market and backlog of quality homes to see, there are still far more homes than buyers with an estimated over 10,000 still on the market. This means there are plenty of homes and it remains a buyer’s market, however it’s important for more homes to get off the market and increase the local population once again to fill in those homes.
While the recovery continues to march forward, this area is still going to be a buyer’s market for the foreseeable future.