Where Are Families Moving, that are Short Selling or Going into Foreclosure?

By
Real Estate Broker with M & M Realty of Brevard Inc. BK629999

Where are families moving, that are going into short sale or foreclosureRental applications in many areas are down by about 15% to 20%. It seems that the number of phone calls from prospective tenants has declined quite a bit.  And, I have to stop and wonder why.

In some areas of Brevard county as many as 60% of sales are short sales.   If their short sale is approved, we know that these owners won't be purchasing another home. Or, if their home slips into foreclosure, they won't be able to buy.

So, these families should be out looking for good, clean affordable rental houses, right?

But, the number of empty rentals has increased, and the number of phone calls on rentals has decreased. 

Has the number of empties increased because some rental house owners are still reluctant or unwilling to rent to people with blemished credit? 

As a landlord, I have rented to a number of previous owners that faced short sale or foreclosure. Many are good, hard working people, that got in over their heads.  Next week, I have a family moving into one of my rentals, that has just gone through a short sale.

The number of empty rentals is high, the number of rental calls are low, and we have a high percentage of owners going into short sale or foreclosure in our area.  We have heard that some families are moving in together.  Sons and daughters, with their small children are being forced to move back in with their parents, for financial reasons. 

But, where are the rest of these owners going? 

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County, Florida's Space Coast Real Estate & Investing

I specialize in Residential, Investment & Relocations. I can help with Short Sales and Foreclosures.

I buy, sell, rent, own and manage Investment Property.

 

 

 

 

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Sandy Shores, Broker   

M & M Realty of Brevard, Inc. 

Residential, New Construction, Relocations & Investment

Brevard County FL Real Estate 17 Years

Brevard County FL Resident 38 Years 

Melbourne FL Real Estate / Brevard County FL Real Estate

Serving Melbourne, Palm Bay, Suntree, Viera, Rockledge, Cocoa, Canaveral Groves, Merritt Island, Mims, Cape Canaveral, Cocoa Beach, Satellite Beach, Indian Harbour Beach, Indialantic & Melbourne Beach

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Tags:
empty rental homes
where are the short sellers moving to
multi generational families moving in together

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Rainmaker
448,934
Wendy Rulnick
Destin FL Real Estate
Rulnick Realty, Inc.

Sandy - Being on the Emerald Coast of Florida, we are seeing the same thing.  There is a school closing in Niceville due to declining enrollment.  People are moving out of state.  My part of Florida does not have much employment other than service industries or military,

December 14, 2009 06:37 PM
Rainmaker
599,425
Sandy Shores Broker, Melbourne FL
Brevard County FL Real Estate
M & M Realty of Brevard Inc.

Joel, I agree with you and your friends.

Elizabeth, That's interesting that you've noticed renting out rooms has increased dramatically.

Mary, Great point - if they can't pay their mortgage, many couldn't pay rent if it's due to a job loss.

Lou, Interesting, thanks for your feedback.

Mike, I'm with you, I thought the same thing.  I thought that the demand for rentals would go up, but that just hasn't been the case.

Carole, We are hearing about this in so many parts of the country.

Bob and Carolin, I think that many are moving back in with their families.

December 15, 2009 10:12 AM
Rainmaker
599,425
Sandy Shores Broker, Melbourne FL
Brevard County FL Real Estate
M & M Realty of Brevard Inc.

Caren, I feel your pain, We are in the same situation. We are having a difficult time finding good tenants for some of our empties.

Gary, There are many landlords that are still unwilling to consider an owner that has been through short sale or foreclosure.  It depends on the individual's situation. Are their other payments current? Or have they paid nothing.

Nick, It's interesting to hear what's going on around the country.  Many are moving out of state to move in with relatives.

Hi Paul, Good point -some are doing lease backs.  You are correct, in that these people will be living with the blemished credit for some years to come.

Rob, I have also seen people moving to where the work is.  I have seen several tenants lose their jobs, unable to get a new one. Times are tough for so many.

Wendy, Hmm, we have been hearing that some people are moving out of state.  It would be interesting to see a real "count" on the numbers of people leaving.  It's tough, in areas such as yours.  Hang in there.

December 15, 2009 10:19 AM
Rainmaker
383,895
John Walters
Licensed in Louisiana
Frank Rubi Real Estate

Sandy my guess is a lot of them are moving in with relatives for now.  If you don't have a job you can't pay your bills.

December 15, 2009 01:39 PM
Rainmaker
690,263
Ann Hayden
SelectAnn.com
Prudential Select Properties-St. Louis Missouri

Sandy,

More and more families are getting back together in a good way??

Merry Christmas,

Ann Hayden in Wildwood, MO

December 23, 2009 10:42 PM
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Rainmaker
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Sandy Shores Broker, Melbourne FL

Brevard County FL Real Estate
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Melbourne FL Real Estate and Brevard County FL Real Estate - Residential, New Construction, Relocations and Investment. _________________ Sandy Shores on Zillow Sandy Shores…