Collier County Foreclosure Rate High in September

Collier County has been reported with a high rate of foreclosure in the month of September. It was 674 in August, which rose to 751 in September. The highest was recorded in the month of June when the number of foreclosure filings stood at 716. However, a further increase in the month of September has put the real estate of the county in serious problem. The number of foreclosure filing in Lee County went up to 2,447 in September from its June record of 2,518. The number of foreclosure filing went down to 2,155 in this county in the month of August. It was expected to drop further.

Wendy McCabe, a civil supervisor for the clerk office of Collier County said, “We did hear some of the balloon payments are coming due again. But we can’t tell from the filings,” With the strict adjustable rate mortgages, the people in Southwest Florida are loosing their jobs. They are unable to make their monthly payments for their real estate property. The percentage of unemployed people in the Collier County went to 8.4 percent in August which was 9 percent in the Lee County.

According to the US Labor Department, the scenario nationwide is also not good. There has been an increase in the number of new applications for unemployment benefits. This is mainly due to the slump economy and the destruction caused by Ike and Gustav Hurricanes. The small business entrepreneurs in Southwest Florida are facing the brunt due to the cringe in credit. The condition is also bad for the big firms.

Russ Weyer, a senior associate of Fishkind & Associates has said, “Our unemployment rate is higher now. That is causing the increase (in foreclosure filings), as well as the continuation of the subprime market,” People have been asked to look out for their own ways till the time the revenue market becomes fine. The foreclosure sales are still going up despite the increase in the number of foreclosure filings. People are showing their interest in short sales and foreclosure sales.

It is not clear to Phil Wood, a real estate expert, that how the $700 billion relief program is going to aid the distressed homeowners in their mortgage payments. Charlie Green, Lee County Clerk of Courts, has said that if the number of people becoming unemployed begins to rise then there will be a further surge in the number of foreclosures.

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