In the last year there have been close to 280,000 home foreclosures in Florida. This state ranks second with the highest number of foreclosures in the nation. This is nearly a 300% increase over 2006. People have gotten into too much of a house for their pay possibilities and this has caused them to have to pack up and move on.



Lenders and banks don't like sitting on empty houses. These don't produce money and they require a lot of maintenance. This means that there are lots of opportunities in the Florida real estate market and these are sold at great savings for buyers. This is a great opportunity for people that want to find investment property.

There are many different types of property in Florida that are great buys now! There are all kinds of property to choose from. You have your pick of commercial real estate, land, homes, condominiums, etc.

So, what is wrong with these properties? Why are they so cheap? Why is all this property being foreclosed on? When someone buys a property or home, they usually finance most of that home and the financing comes from a bank or a lender. This lets people pay the seller for the property or home, and lets them pay a monthly payment to the bank. Some years ago people were choosing homes that were really out of their price range based on their income levels, and using other types of financing besides a fixed interest loans. These are variable interest loans or ARMS that start out with smaller payments, and over time the payments would increase. Unfortunately they did not expect the interest rates to go up so quickly. Now they have been stuck without being able to make their monthly payment.

These high mortgages, a loss of job, or rising interest rates cause people to not e able to pay for their home, so they have to return the property or home to the lender.

They have no other option except to declare bankruptcy. The lender has no other choice, but to confiscate the property, but this lender doesn't want to be saddled with the property. A property takes maintenance and that means more money out of pocket for the lender.

The lender needs to sell the property off quickly and will sell it directly or through an auction, which means that they will usually sell a property off at a discount and this discount can even be up to 20% off.

This is why there are a large number of real estate bargains in Florida, and why these properties are so great for real estate investors, or for people that are thinking of moving to Florida and starting a new life.