Brevard County Foreclosure Has Touched 850

October 13th, 2008

It has been found that the number of foreclosure in Brevard County has soared to 850 in the month of September. This has been reported by Scott Ellis, the Brevard County Clerk of Courts. This has a really bad effect on the economy hitting hard the real estate of the region at the same time. In the month of August the number of mortgage foreclosure filings stood at 744. Ellis has said that the closedown of the offices of the Brevard County for 3 days in the month of August from Tropical Storm Fay have reduced the number of foreclosure filings for that month and led to an increase in the number of foreclosure filings in September.

It was recorded that in the month of June, Brevard County had a total number of 848 foreclosure filings. This dropped to 826 in the very next month. However, the number of foreclosure filings has crossed the previous records in the month of September. Last year, the total number of foreclosure from January to September stood at 5,153. This figure from January to September this year has increased to 7,014. This is something very huge and alarming. This has put the real estate industry of the county into a big trouble.

There are some filings that really do not end up into foreclosure. The buyer and the lender can chalk out a deal like the short sales. However in other cases, the tenant or the homebuyer has the option to move out before the actual foreclosure action starts. The homeowners are finding it very tough to do away with the problem. As the number of foreclosure filings has gone up, office of Ellis has doubled the number of foreclosure auctions from two to four per month. He has said that at times the deals are chalked out minutes before the auction.

Ellis has further said that nearly 85 properties out of 100 properties that are designated for a foreclosure auction are blocked at the last moment. The current economic downturn has left the real estate people into a great desperation. If this downtrend continues, then there will be more of foreclosures in the near future. Proper steps are needed to be taken immediately to fight away the problem of foreclosure in the Brevard County. If people could be made more aware of the problem, then there will be surely some ray of hope in the coming days.