Have the number of foreclosures peaked in Sarasota?

Reported in this article by the Sarasota Herald Tribune the number of foreclosure filings in Sarasota, Manatee, Charlotte counties dropped in September by 8.4% according to Realtytrac Inc. Collectively, the three counties saw 2,690 filings last month.

Other trends are emerging from within even the region's lower numbers. For example, in Sarasota County -- which saw a 20 percent drop from its record filings of 1,437 in September -- the number of properties seized by lenders actually rose, from 159 to 188.

It is an indication that the number of foreclosed properties coming onto the market is on the rise, even as the total number of filings decreases -- a troubling phenomenon in a region still wrestling with high levels of inventory.

"At least the foreclosure part of our market is moving," she said. "People are buying our inventory. It's not going to be gone by tomorrow, but at least they're buying them. If the foreclosures were coming onto the market and just sitting there, I'd be very worried."

Banks are starting to fully realize just how much it costs to take over a house and maintain it, said Helen Sosso, president of the Sarasota Association of Realtors.

"They are trying to figure out ways to keep people in their homes," Sosso said. "Florida is starting to come out of the doldrums. We're going to be working through this inventory through next year but hopefully the worst is behind us."

Email me if you are looking to take advantage of this buyers market and purchase a foreclosure or call me at 941-812-6272.