The Foreclosure Report

Auctions Pick Up In Nevada, Florida, Colo.

From Tampa Bay Online in Florida. "More than a year after launching one of the area's most expensive condo conversions, Bay Communities is trying a novel approach to unload its unsold units at The Hamptons in Tampa Palms. The developer will sell 100 condominiums on Dec. 9 at a public auction, 40 condos will be sold 'absolute' - awarded to the highest bidder with no minimum bid."

"The developer owes the county $1 million in back taxes. The Tampa Palms Owners Association also has a lien on the property for unpaid dues."

"The Hamptons has 315 units, and they were the priciest conversions in New Tampa. As of this summer, Bay Communities had sold just 70 units. With 13 condo conversions in one year, most New Tampa developers gave up and started leasing the units again."

The Palm Beach Post. "Florida led the nation in foreclosure activity for the third quarter of this year as adjustable rate mortgages came home to roost, a report shows. The number of households in foreclosure throughout the state spiked 55 percent compared with the second quarter of this year, and rose 26 percent over the third quarter of 2005."

"In Palm Beach County, one in every 153 households was in foreclosure in the third quarter, up 26 percent over the third quarter of 2005. Foreclosures rose 38 percent over the previous quarter."

"St. Lucie County foreclosures jumped 68 percent over the same quarter a year ago, and 65 percent over the second quarter of this year."

The Review Journal reports from Las Vegas. "Looking for an affordable home? Your chance to buy a foreclosed home at below-market value in Las Vegas comes Nov. 19 at the JW Marriott. Hudson & Marshall is offering nine Las Vegas homes valued from $275,000 to $460,000. They're among more than 100 homes on the block in the foreclosure-battered states of Colorado and Nevada."

"The homes are 'real estate owned,' or REO, property taken back by national lending institutions and asset management companies after every effort was made to work with the borrower. 'Posting a foreclosure doesn't necessarily mean foreclosure,' principal Dave Webb said. 'These homes are in foreclosure, not default. Realtors have already had their shot at (selling) them.'"

"Rising interest rates have forced many homeowners with adjustable-rate mortgages to default on their loans because they no longer can afford the rising mortgage payments, Webb said."

"'We've had some large sales in Las Vegas. I'd say we did two to three (auctions) a year in Vegas from 1999 to about 2003 with a big inventory, 40 to 50 homes,' he said. 'Then the market took off. You were building like crazy. There were very few foreclosures from then until about the last six months.'"

posted by Ben Jones @ 9:08 AM