Melbourne Area Blog

Brevard Foreclosures

As is in most parts of the country the foreclosure rate in Brevard is very high compared with past years.

What is interesting is that in the past two years there have been 14,000 + foreclosures in the county. What is most interesting.... is that of the 14,000,  fewer than 1,100 have been homesteaded (primary residences). The vast majority of foreclosures have been on homes bought on speculation or investment.

A note on interest rates.... two weeks ago the rates fell below 5%, a week ago, rates were 5.12% and as of last Friday rates were just below 5.5%. The trend is for rates to continue to rise, at least in the short term.

Comments or questions?

sandy@sandylegere.com