Boca Raton Sees House Foreclosures Increase Dramatically

Boca Raton has long had a reputation of being a prestigious area for the financially well-off. The city is home to three of the top 10 most expensive gated communities in the United States. However, the city and its residents have not been immune to the high rate of house foreclosures that have hit the state of Florida. In fact, Boca Raton foreclosures are some of the highest in the state and that means good deals on foreclosure property are becoming available.

Boca Raton has always been considered a desirable community, particularly for retirement. The area is considered one of the most prestigious and attracts many people with high incomes. In fact, the average income for a family in the city is over $90,000 compared to around $48,000 for the rest of the United States. However, the high average income has not saved it from suffering under the weight of numerous house foreclosures.

Part of the problem for Boca Raton is the same story that has led almost all of Florida to be swamped with foreclosure property. The housing boom dramatically swelled the value of property in the area. Before the increase in Boca Raton foreclosures, the average cost of a home in the city was more than $420,000 and housing prices had gone up 27% just between 2004 and 2005. People swarmed the area and took out loans they could not afford for property they could not afford. Unfortunately, this led to house foreclosures we see today.

While some residents have been driven away thanks to Boca Raton foreclosures, the city is still considered one of the best spots to live. For one, the city enforces a very strict development code that limits the height of signs and billboards so they do not obstruct the gorgeous view of prime Floridian geography. Even McDonald’s had to scale back the size of their infamous sign in order to meet the code’s requirements. Interestingly, the code also prevents auto dealerships from being built in the city, too.

Unless you plan to sell cars in Florida, the Boca Raton foreclosures could be the perfect reason to head down to the Sunshine State and buy a piece of paradise. Even if you only want to vacation there, the reduced prices thanks to the house foreclosures and the ready availability of foreclosure property mean this is the best time ever to buy your section of Boca Raton.

If you want to find more available Boca Raton foreclosures check the listing of house foreclosures in the area.

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