S.E. Florida Forclosures, continue to rise and the figures are astounding. The greatest impact is in the commom interest community IE: condos, HOA's and related communities. The
loss of income from Maintenance fees are causing sever strain on many
communities, the larger communities are not feeling the pinch, however
the small communities many are in a choke hold. They cannot afford
services and cannot afford to move forward with forclosure proceedings.
To
top this off numerous Banks, loan companies and mortgage companies are
failing to make their legal requirment to pay the maintenance fees
which are capped at $10,000, so they can afford to hold back and be
sued for the difference of what is owed and what they are required to
pay.
In 2000 the state of Florida was receiving 900 new families
a day moving into the sunshine state, due to the high cost of fuels,
food, utilities,taxes,insurance, rents coupled with lower salaries we
are now seeing a reverse trend, the daily net average is 1200 families
moving out of Florida. We are slowly loosing our support services,
causing a dramatic increase in over all costs, those remaining are
demanding higher salaries to meet the over charging by landlords, the
higher cost of gas, food, housing, insurance, medical care and in
general just living in the sunshine state is no longer sunshine. The
sunshine tax has become a sunshine penalty.
BlockShopper's foreclosure algorithm analyzes sales data to determine
when a home went into foreclosure and who bought that home out of
foreclosure. The algorithm has a very high accuracy rate, albeit not
100%. The labels given by BlockShopper should be deemed as an
indication of foreclosure.
Keep
in mind, we are talking the blue collor and mid level management that
is hurting and the subprime market is just devastated. These
are the teachers, mechanics, police, checkers at the supermarkets,
bartenders and waitress, utility workers, for our industry it is the
on site managers, portfolio managers, building maintenance,
housekeeping, and all those others, that many homeowners take for
granted.
Three
years ago the average manager was earning $42,000 per year today that
same manager has to make $65,000 to $70,000 to maintain his/her cost of
living and life style.
Yes!
The industry is also changing gone are the days of the book keeping
manager, today the managers are much more highly skilled, knowledgeable
in insurance, contracting, maintenance and engineering, landscape, H R,
staff management and much more, this to adds to the increase in salary.
We
are not discussing the CAM manager who was working for Burger King last
month, but rather those who have spent decades in the industry.
Want
to know the real loss to our communities add the monthly losses and see
how many forclosures really have occured in 2007 ad to this a 31%
increase in March of 2008 alone..................
25.0%
-76.9%
