Distressed Homes Become More Rare
Posted by Marc Rasmussen on Wednesday, June 6th, 2012 at 10:35am.Did you miss the boat?
- Loan delinquency rates have dropped along with foreclosures, putting a squeeze on the supply of distressed properties that have dominated Southwest Florida's real estate market for years.
- CoreLogic, a Santa Ana, Calif.-based company that tracks housing, reported that loan delinquency rates in the North Port-Bradenton-Sarasota metropolitan area dropped to about 16 percent at the end of March, down from 16.6 percent at this time last year.
- The delinquency rate measures the percentage of loans that are more than 90 days past due. The peak rate during the past two years for the market was 16.75 percent, in February 2011.
- Foreclosure rates in North Port-Bradenton-Sarasota also decreased in March, CoreLogic noted. A total of 11.48 percent of outstanding loans were in foreclosure in the market during March, a decrease of 0.60 percentage points from March 2011.
- Distressed property inventory was 14 percent of total inventory, 2 percentage points less than at the end of 2011. Distressed property sales have so far accounted for about 32 percent of sales in 2012, down from 40 percent last year.
Siesta Key Short Sales & Foreclosures
Below is a chart showing the number of distressedproperties for sale, sold and pending on Siesta Key, Florida for the past 5 years.
This chart shows the months of inventory of distressed homes on Siesta Key
Longboat Key Short Sales & Foreclosures
Below is a chart showing the number of distressed properties for sale, sold and pending on Longboat Key, Florida for the past 5 years.
The chart below shows the months of inventory of Longboat Key distressed sales. As you can see there isn't much out there for sale.
Lakewood Ranch Distressed Sales
Here are 5 years of sales, sold properties and pending sales in zip code 34202. As you can see the number of short sales and bank owned properties in Lakewood Ranch have shrunk significantly.
Here are the months of inventory of Lakewood Ranch distressed properties for the last 5 years.
Bird Key/Lido Key/Downtown Sarasota Distressed Sales
Here are 5 years worth of sales, sold properties and pending sales for zip code 34236 which includes Bird Key, Lido Key and downtown Sarasota.
Here are the months of inventory of distressed properties for Bird Key, Lido Key and downtown Sarasota.
Sarasota County Distressed Sales
Here are the distressed sales for Sarasota county for the last 5 years. It is great to see a significant drop in inventory.
Here are the months of inventory of distressed properties in Sarasota county.
Did You Miss the Boat in Buying a Foreclosure or Short Sale?
Possibly. I do believe there will be another wave of distressed properties. I hear stories and happen to know a few people that are still not paying the mortgage on their homes. Eventually, these properties have to get through the system. However, the inventory of homes and condos for sale in Sarasota is low so I believe the market will do a good job of aborbing most of the future distressed properties.
We never had a plethora of foreclosures or short sales on the barrier islands - Bird Key, Lido Key, Casey Key, Longboat Key, Siesta Key. I don't think we will see a large increase in the luxury segment of the market.
I know many of you have been waiting on the sidelines for a distressed property. If you absolutely, positively have to buy one I suggest you start looking now. Sign up for our Free Foreclosure Alert Service and we will email them to you.
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