Foreclosure Rates Keep Dropping on the Southwest Florida Gulf Coast
Posted by Benjamin Dona on Wednesday, October 2nd, 2013 at 5:29pm.
Southwest Florida Real Estate is still hot and heavy and inventory is dropping every day. If you're thinking about selling, it's an opportune time, as many properties receive multiple offers and prices are only rising.
In an update on the area's foreclosure and delinquency rates, the latest monthly stats are from July and the Cape Coral-Fort Myers foreclosure rates fell from 9.3% to 6.3%. The Naples-Marco market shifted downward from July 2012 rate of 8.4% to 5.4%. Those loans that are considered earnestly delinquent (more than 90 days) experienced a dip also. In The Cape and Fort Myers, delinquency dropped to 10.5% - a decrease of 4.2% and Naples-Marco was down 4.2% to 8.7%. Higher than hoped, for delinquent loans, but not high enough to expect a lot of short sales or foreclosures to hit the market as yet. Foreclosure takes 18-24 months in SW Florida; and, although the courts are trying to get the time lapsed lowered, Florida requires judicial review to effect foreclosure. Which is the paramount reason why the state leads the nation in foreclosures still on the books.
Search for foreclosures in our area.
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