If you’re looking to buy in sunny Florida, there’s (almost) never been a better time than right now.
While we can’t guarantee that things won’t get better for the would-be buyer with good credit and a taste for swampy tract housing, right now the mortgage rates are pretty sweet and there are an awful lot of unhappily motivated sellers.
The average rate for a 30-year fixed mortgage was 3.32 percent in the week ended today, down from 3.34 percent, McLean, Virginia-based Freddie Mac said in a statement.
That’s just a tick above the record low of 3.31% set last month. And what can you do with that all-but-free money? Well, one in every few hundred homes in the Sunshine State is in some kind of foreclosure.
Florida posted the nation’s highest foreclosure rate in November for the third month in a row, with foreclosure starts climbing 6 percent over the year before, data released today from RealtyTrac shows….
Florida housed seven of the 10 highest metropolitan foreclosure rates last month, including Jacksonville, Miami, Sarasota and Gainesville, RealtyTrac data shows. Tampa Bay ranked No. 12, with one in 294 homes facing foreclosure.
Mortgage Rates in the U.S. Drop to Near-Record Lows [Bloomberg]
Foreclosure filings rise again in Florida and Tampa Bay area [Tampa Bay Times]
Foreclosures surge in area, state; fall in U.S. [Sarasota Herald-Tribune]