Tax Lien Homes for Sale, Commercial Foreclosures – Both Depend on Jobs

Whether tax lien homes for sale and foreclosed houses in Florida get sold depends on the condition of the national job market. According to real estate analysts, vacancies in commercial spaces, just like in residential properties, are also heavily influenced by what is going on in the whole country’s employment sector.

Foreclosures in Boca Raton and in the rest of Florida remained high last year and analysts are claiming that whether these properties will be sold and foreclosure inventories will be cut down will depend on how much improvement the job market will achieve in 2011. This view was shared by most economists who attended the Southwest Florida Real Estate Outlook Conference held in Fort Myers.

The Florida foreclosure problem in the residential sector has a significant effect on the state’s commercial property market, analysts have stated. The more empty houses there are, the less demand for services and the fewer number of businesses willing to operate in the area. This means fewer tenants for commercial properties. Analysts also stated that the foreclosure crisis will not be solved until more jobs are created and more people earn money to purchase houses and rent commercial spaces.

Analysts at the conference also stated that the problem of foreclosed and tax lien homes for sale and vacant commercial spaces in Florida is also not just about local developments. They argued that the problem is more national than local. Even if conditions in the state improved, as long as the national unemployment rate remains high, the real estate recovery will not be complete.

Majority of real estate experts who attended the event admitted that it could take a while for the job market to recover, which also means that the problem of bank foreclosure and the overall real estate issue will also need a few more years before it can get back to normal. For the commercial market, analysts agree that its recovery goes hand in hand with the residential property industry.

All in all, analysts agree that foreclosed and tax lien homes for sale supplies will remain high in Florida. They also predict that commercial foreclosures will decline slightly as more businesses gain confidence during the year. However, they expect more expensive commercial properties to go under, mainly because of lack of tenants.