Panama City Beach Condo auction. It could be called the summer of the auction in Bay County, with real estate auctions popping up on what seems like a weekly basis.
A Dallas-based firm has scheduled an auction Tuesday for five area properties, but with a different wrinkle. Hudson & Marshall of Texas Inc., one of the country's leading foreclosure auction companies, will be auctioning off one Wewahitchka and four Panama City Beach bank-owned foreclosure properties. The auction, scheduled for 7 p.m. at Panama City Beach's Hampton Inn, is one of several Hudson & Marshall will conduct between Aug. 12 and 17 in Florida.
Hudson & Marshall spokeswoman Crystal Wright said the company will auction off nearly 700 homes during that time frame, with auctions scheduled for properties in Ft. Walton Beach, Jacksonville, Gainesville, Tampa, West Palm Beach, Fort Myers, the Miami/Fort Lauderdale area and Orlando. "Over the last two years, we've been pretty heavy across the country," Wright said.
Bay County's foreclosure filings rose 201 percent in the second quarter of 2008, with 504 filings compared to 167 in the same quarter of 2007, according to figures released by Irvine, Calif.-based foreclosure tracking firm RealtyTrac. There were 81 Bay County foreclosure filings in the second quarter of 2006, according to RealtyTrac. By comparison, Florida's 2008 second-quarter foreclosure filings rose 181 percent compared to the second quarter of 2007, and 24 percent compared to the first quarter of 2008. Filings include default notices, auction sale notices and bank repossessions; some properties with multiple mortgages received more than one notice. Wright said she didn't remember Hudson & Marshall holding any previous auctions in the Panama City area. However, the company has held several foreclosure auctions in Florida this year and auctioned off 500 homes throughout the state, the bulk of those homes in the Orlando area, from April 7-13. "So, obviously, the numbers have increased," Wright said, referring to the 700 Florida homes scheduled for foreclosure auction this week.
With foreclosure rates so high across the country, Hudson & Marshall has kept a busy schedule, Wright said. A look at the company's Web site shows it has a packed August auction schedule, with auctions planned in Florida, Georgia, Indiana, Illinois, Missouri, Texas, Nevada, Colorado and Arizona. Wright said each state's foreclosure rate and economic climate is different. She said the continuing rise in foreclosures and auctions have been driven by resetting adjustable rate mortgages and enduring fallout from bad subprime loans. Hudson & Marshall's auction Tuesday is a reserve auction, Wright said, with the banks holding the right to accept, reject, or counter any bids.
A full list of properties and additional information about Hudson & Marshall's auction can be found at the company's Web site, www.hudsonandmarshall.com.
Anyone have an idea when the market will bottom out?
Best Panama City Beach Condos for Rent
Saturday, August 9, 2008
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