For all of you who think that there is going to be another wave of Foreclosures last month’s news should have been well received. Lee County, Charlotte County, and Collier County all saw foreclosure activity jump in October. While all three had less activity than the same month of the previous year the increases month over month were notable.
Lee County, for instance, saw the number of Foreclosure filings jump by 39.5 % to 1,922 units according to “RealtyTrac. That number, however, was down by nearly 50% from October a year ago. Similarly, Charlotte County saw their filings rise 43.8% to 542 units. Collier County was up 17% from September but down 52.5% from last year.
Media does their best to make everything dramatic. Clearly a rise in foreclosures month over month is notable, but the bigger number is year over year. By all accounts, the number of foreclosure filings have fallen by 50% in Southwest Florida year over year. You can bet that fact along with steady demand has helped prices inch up ever so slightly.
All of these statistics could mean that the smoke has cleared with the “robo-signing” problems and that banks are back on track and processing delinquent homes. The big question is how will they release them to the market and when. My theory has been that they will release this inventory in a more measured way and work to protect the remaining property values but that remains to be seen. In the mean time, we wait and watch but we have only been seeing foreclosure inventory remain sparse and overall prices have been moving up.
If you have your eyes on a specific community I suggest that you communicate that to us and act quickly if we send something your way that you like. The market is turning over quickly and it is harder and harder to find deals. We recently were able to put an offer on a property within hours of it being listed. We ultimately beat every other agent to the punch and got a fantastic deal negotiated for the buyer. This would not have happened if we did not know exactly what they were looking for.