Bank Owned Homes in Brevard County Florida

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

In Brevard County Florida there are currently 359 bank owned homes for sale through the Multiple Listing Service.   The good news is that 148 foreclosed homes have contracts to purchase on them and 240 bank owned properties have sold since the beginning of 2008.

At this same time last year there were less than 80 bank owned homes for sale through the MLS.

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Location:
Florida Brevard County Melbourne
Tags:
multiple listing service
melbourne florida
foreclosed homes
brevard county florida
bank owned homes brevard county

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Rainer
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Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate

Interesting statistics Sandy.  Are you seeing an end in sight?

May 12, 2008 03:49 PM #1
Rainmaker
653,313
Sandy Shores Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Hi Diane,

We have seen our market pick up in the past couple of months.  We are seeing more showings on properties, and more offers (not always accepted offers).

Actually, I was a bit surprised with the high number of bank owned homes currently under contract, compared to the number that are for sale. You asked if the end is in sight...I don't think we have seen all of the homes go into foreclosure that will be foreclosed on. I also think there is a certain amount of "curiousity" for some buyers in foreclosures.  I have seen many sell, that were priced too high and needed thousands in repairs. There are some that are deals, though. 

I also don't think we have seen the end of the market decline in our area.  The projections are that we may continue down through the end of the year. But how much? However, it may not be beneficial to wait to purchase. The Fed Funds rate cuts are not having as big an effect on our mortgage rates as some anticipated.  So, if rates begin to inch up, with the price declines, buyers may find it a wash.  They may find their payment is the same if they buy today or buy in a year.

May 12, 2008 04:21 PM #2
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Rainmaker
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Sandy Shores Realtor®, Melbourne Real Estate

Brevard County Real Estate, Florida's Space Coast
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