DAVENPORT Fl is one city that was hit the hardest because Davenport was considered the heaven of investors, snow birds and especially by foreign investors. Its proximity to Disney World, golf courses and attractions was a big factor in home purchases. Also, lots of new homes and communities were built between 2004-2009 and in a variety such as single family homes, town homes and condos. Most of the properties in this area are considered short term rental properties.
In the last year 1440 homes sold in this community and about 51 percent of the distress sales there went in foreclosure. 13 percent qualified for short sales by showing evidence of hardship, such as a job loss, illness or death in the family. 36 percent of the sales were regular sales but 64 percent were short sales and foreclosures.
From March of 2009 until March of 2010 there were 1440 sold properties out of which 64% were either short sales or bank owned. From September 2009 to March 2010 there were 748 sold properties out of which 65% were either short sales or bank owned. From December 2009 to March 2010 there were 376 sold properties out of which 65% were either shorts sales or bank owned.
In this area the rate of foreclosure stayed higher than the rate of the short sales. A year ago there were 733 foreclosures versus 195 short sales, 6 months ago 370 foreclosure versus 117 short sales and 3 months 182 foreclosures versus 62 short sales. Also prices went down about 15% from a year ago.
The employment market has still not seen the improvement that we all hoped for but buyers are taking advantage of the tax credits, low interest rate and low prices. Also, investors who were able to see the downturn of the real estate market and waited for better deals now are coming out and buying real bargains.
