Overgrown Backyards A Common Sight In Florida

June 2nd, 2008

Speeding up foreclosure sales may be in the best vested interest for each home owner. However, treating it as the silver bullet is really not the way. According to Dustin Hobbs, a spokesperson of a California based Mortgage Bankers Association the best of the lot in the case of any borrowers’ home can be saved with refinancing or loan modification. In fact, more benefits are more likely to be reaped now than at any other time. The industry’s efforts are also geared towards saving money to generate an extra effort in saving one’s homeownership but not clearing the inventory.

As vacant homes with “for sale” or “for rent” signs frequent more and more of the streets of Florida, one can see rummaged premises with knee-high weeds and deserted looks all over. And the sad part is, these disconcerting sights continue to grow. Neighborhoods like Carriage Pointe in Florida happened to be spectacular points for buying foreclosed houses, a place where you could find your neighbors evacuating in truck loads overnight, and the next morning you don’t get to see them at all!

Greg Gibbons, who lives in one of these neighborhoods recounts what a depressing spell this has been. The entire nastiness of the foreclosure crisis has vastly disrupted normal community bonding. Homeowners stretched with mortgages that have fluctuating rate financing, have been particularly hard hit. As their homes become a product of their mortgage interest rate, and the foreclosing of properties become a more or less rapidly frequenting feature, the Bay Area has seen their long-lasting imprints left on it.

As much as 69% of the 381 homes in the entire county of Carriage Pointe got owned by people who came from other neighborhoods in the last few years, due to the massive housing boom. County officials have estimated that this year around 31% of the homes have dwindled into foreclosures and many other homes are rapidly on a downward slope with their daily dithering struggling to make ends meet, and meeting their mortgage payments. Altogether more and more homes face failure in meeting rising mortgage payments as the interest rates keep getting unexpectedly higher. This has still been a poignant problem even though some landlords have drastically cut rents.

With the entrance to the Carriage Point, on Symmes Road near the Interstate, one gets to notice the following placard, stating “homes starting in the low 200s”. That’s the phase that was at some point promised to include a swimming pool as well as an amenity center, but builders now seem to realize that such a home-buying boom period is over for the time being.