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brevard county foreclosures

Brevard County Foreclosures on the Rise?

Welcome to Rick Houston's foreclosure blog! As a trusted real estate advisor in Brevard County who always goes above and beyond for clients, Rick predicts a natural regression of real estate prices in the area in the next few years due to an expected flood of foreclosures. 

According to WESH 2, foreclosure filings have increased 23% nationwide, with Florida ranking third in new filings with 4,724 in the first quarter of 2023. The Palm Bay area, with a population over 200k, is among the leaders in the state. 

Experts attribute the rise in foreclosures to the sharp increase in prices of basic goods like gas and food without a corresponding increase in household income. Pandemic funds that supported the economy for the past two years are depleted, and mortgage forgiveness programs have ended. This has led people to put food on the table instead of paying their mortgages.

Furthermore, new insurance requirements for homeowners and condo owners have created an insurance crisis that has doubled and tripled costs. Stay informed with Rick Houston's blog on everything foreclosure-related.

Weekly stats regarding Bank Owned and HUD Owned homes will be posted here directly from the Space Coast Multipe Listing Service (MLS) for reference.

Here are the baseline stats for June 13, 2023.  Expect these numbers to rise sharply over the next several months:

Bank/HUD Owned Homes for Sale today in Brevard County, FL:   6 

Bank/HUD Owned Homes Closed or Pending so far this year:  53

Daily Mail reported on June 5, 2023 that $1.5 trillion dollars of mortgages are coming due

In the next two years, there are $1.5 trillion in mortgages that are set to expire. This could potentially lead to a financial crisis as higher interest rates are causing property values to decrease. Big banks such as Wells Fargo are already preparing to sell off debts at a discount, even if borrowers are current on payments - a clear indication of their lack of faith in the commercial real estate market.

Remote work, which has become prevalent since the pandemic began, has caused office vacancy rates to skyrocket. This, combined with higher interest rates, has further contributed to the decrease in property values, making it difficult for potential buyers to invest. This has resulted in some lenders being willing to take a loss on their real estate loans, even if the loans are currently performing.

Experts are warning that the real estate market is the "next shoe to drop" following recent banking industry turmoil. This could lead to another recession caused by a mortgage crisis, making it important for individuals and businesses to approach the real estate market with caution in the coming years. 

You may view foreclosures listings live by clicking here:  Up-to-the-minute Foreclosure Listings in Brevard County

You can subscribe to the weekly list of new foreclosure listings here:  Subscribe to Foreclosure Listings in Brevard County


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What my clients are saying  

Rick was wonderful to work w with buying our new condo and selling our old one. He went above and beyond in so many areas. He was a great help in achieving our goal! Buying and selling as a snowbird was hard enough but Rick was always there for us! He is a professional in every way. We would work w him again for sure!


~ Marilou

We have only good things to say about Rick. We just closed on selling our condo today after a quick sale. We discussed the market and with his advice came up with the right selling price. He wasn't afraid to get his hands dirty when we were getting it ready to show. His eagerness was contagious. He kept us in the loop at all times. We would certainly recommend him without hesitation.


~ Pat

So I've read through the other reviews on this stream, and I 100% Agree with all the other above reviews. He went above and beyond, fixed up a bunch of things himself most of which I didn't even know about until I sold the property. He painted, got a handyman, removed extraneous decorations, and even replaced an appliance on his own dime after it came up during inspection. I recommend contacting him especially if you are working with waterfront property. He was great. I would definitely reach out to him again when in the buy/sell market of the Space Coast.


~ Beth

I'm a veteran and Rick Houston went above and beyond his duty as a realtor, he got the seller to put a new roof on the house.


~ Joe

Rick was my agent as both a buyer and later as a seller on the same house and was outstanding both times. As a buyer, he knew all the areas and what to look for and what to watch out for. He made efficient schedules to see all the houses I wanted and was very flexible with last minute changes. When I found the right place, he knew just how much to offer and negotiate for some concessions and repairs. So of course I called him back when I needed to move.


~ Mason part 1

Rick goes above and beyond as a seller's agent. He over and looked around to make suggestions on what we can improve in the time we had -- and then did them himself. He replaced my dead sprinkler pump and all of the old heads, had all of the trees trimmed up nicely, found a gardener to come by weekly after he added seed all around the house. Most impressively, he redid the whole planter in front of the entire house by pulling out an old dead tree, adding new mulch, and planting beautiful flowers that altogether gave the place dramatically improved curb appeal. He again knew how to negotiate with buyers and found the right ones and I couldn't be happier with how easy Rick made things. I could have gotten some random agent off of Redfin for a slightly lower commission, but they wouldn't have done any of that and I certainly would have sold for much less if I had done so. I would absolutely call Rick up again if I return to the state and recommend him to anyone looking for a Realtor.


~ Mason part 2

Rick was both very insightful and helpful with preparing our home for the sale. He transformed our garden to something you would see on the cover of Better Homes and Gardens. He made himself available to us around the clock. I would definitely work with him again!


~ Daniel

Rick is absolutely wonderful. We worked with him to sell our house and he made the experience as easy as possible. He really went out of his way to guide us through the selling process. Rick also managed to procure us our dream home in the midst of an extremely competetive market. I am forever grateful to him for all the time he spent working for my family to make that happen. He always took our calls and came to every inspection. Rick is honest and generous with his knowledge of homes. We felt confident buying a house with him. Cannot recommend him enough!!


~ Katie

Rick makes buying a home less stressful. He goes above and beyond to make sure you are taken care of. Recommend him 100%.


~ Donna

Rick was our agent when we bought our condo. He went out of his way to make certain the deal came through. He communicated well with the seller, finance company and COA to make things work. He was extremely responsive. Highly recommend!


~ Chris

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