Bay County Market Comments for Lynn Haven, Panama City, Panama City Beach

Foreclosure Rates Continue to Climb
August 5th, 2009 1:13 PM

Foreclosure Rates Continue to Climb

A recent article just released shows that the foreclosure rate continues to climb in our area and thus will continue to soften the market in the short term. From this article, the University of West Florida’s Haas Center for Business Research and Economic Development states:

Bay County numbers show 1,190 foreclosures from January through July 2008, compared to 1,497 over the same period this year, county records show. That’s about a 26-percent increase. The numbers are even more dramatic when comparing 2007 to 2008, when the foreclosure rate jumped by 85 percent.

Click here for the full article.

As noted from the chart below, current trends in the condo sector of Panama City Beach continue to correct and will likely continue based on the foreclosure rate within the area.


Posted in:General
Posted by Wendell Browne, SRA on August 5th, 2009 1:13 PMPost a Comment

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