It's Hurricane Season....The Real Estate Market Does Not Need A Storm
Mon, Jun 22, 2009
It's hurricane season in Florida once again and with the abundance of neglected and empty forclosed properties it could mean a huge problem. No one has ever gone through a storm with so much empty property. Keeping the property in good repair is the banks main financial motive in order to resell the home for a reasonable return. Real estate markets have fallen so low in many markets that the cost of repairing a heavily damaged house may be greater than its resale value. Emergency repairs need to be done immediately after the storm or the subsequent damage from wind, rain and mold could add to the cost of repairs. There are approximately 3,600 foreclosed properties worth about $522 million in Orange County, FL and about 1,200 have been resold.
Insurance companies are also concerned about the hurricane season in Florida. State Farm has discontinued property insurance in Florida. No one wants a repeat of the 2004-2005 hurricane season when eight storms caused $33 billion in damage.�
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The source of the listing data is as follows:
My Florida Regional MLS (updated 6/18/18)