Foreclosure sales hit Florida hard

Dave Webb Surging foreclosures in Florida are sending home prices south and luring buyers back into the market. According to the Mortgage Bankers Association, the rate of foreclosure starts in Florida more than tripled between the fourth quarter of 2006 and the fourth quarter of 2007. As home prices keep diving, more buyers are flocking to foreclosed real estate auctions to find great values on homes.

On April 7-13, America's largest foreclosure auction firm, Hudson & Marshall will auction over 500 foreclosed or bank-owned homes throughout cities in Florida. About 200 homes will be auctioned in Miami alone. Nearly a hundred will be auctioned in Orlando and about 80 in Tampa. Valued from $34,000 to over $700,000, all homes come with guaranteed title insurance paid for by the sellers.

"Over-building and the disproportionate number of foreclosures in Florida compared to other states has severely weakened Florida's real estate market," said Dave Webb, principal, Hudson & Marshall. "But for buyers who were priced out of the market during the boom years, foreclosed homes are a great deal because banks don't want to continue holding these bad mortgages on their balance sheets and are willing to sell them at discounts."

COURTESY PHOTO The Standard & Poor's Case-Schiller Home Price Indices found in January that home prices of single family homes in the US continued their downward trend. Of the 20 metro areas tracked, Las Vegas and Miami reported declines of 19.3 percent, the steepest decline among metro areas nationwide.

Hudson & Marshall will auction over 500 homes throughout Florida on the following dates: April 7 in Destin; April 8 in Fort Myers and Jacksonville; April 9 in Daytona and Port Charlotte; April 10 in Port St. Lucie, Melbourne and Tampa; April 12 in Miami/Fort Lauderdale; and April 13 in Orlando. All homes are sold "as-is" and prospective buyers should preview all properties prior to placing bids.

There will be an open house for all properties April 5 and 6 from 1-3 p.m. Buyers may also contact listing agents to schedule appointments to inspect properties.

Complete auction details and property listings may be found at www. hudsonandmarshall.com or by calling 866-539-4172.

Winning bidders will be required to make a cash or check deposit of $2500 or 5 percent of the total sales price, whichever is greater. Prior to the auction, buyers can purchase property online by visiting www.hudsonandmarshall. com and clicking on the Bid Now icon. Sellers usually respond to offers within 24 hours. This is a reserve auction, which means the sellers have the right to accept or reject any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.