Thirty-one states now have non-current loan rates (i.e., delinquency plus foreclosure rates) ranging from 10% in Missouri to as high as 22.7% in Florida.
Mortgage Orb: Content / Mortgage Servicing / LPS: Loan Deterioration Ratio Tops 3:1
This article was discussing the non-current loan rates, which, in Florida, are over 20%! So, how would you like to undertake a little recessionary tourism?
You could take one of the florida vacations and have a relaxing time as you shop for undervalued property in the Florida Market. When you’re done for the day, relax and have a little fun at your holiday resort.
It sounds tempting because if you shop carefully, you could easily pay for your trip by striking a good deal; and making a bundle of money.
Truth is, there are many people losing money at this moment; and, as terrible as that is, there are also excellent opportunities to buy all kinds of assets, from stock prices to real estate. Buying something ‘in the sun’ might be a great little pied-a-tierre for you.
Of course, if you don’t buy anything, you’ve still had a terrific little trip! The only danger is feeling compelled to buy something in the time available. Don’t. Never buy a property in that way, because you won’t have time to do your due diligence!