More Declines in SW Florida Foreclosure Filings
Posted by Benjamin Dona on Thursday, May 13th, 2010 at 7:41pm.
Normally we do not blog each month about foreclosure filings in Southwest Florida. If you think about it, the story has been the same month after month. The numbers were usually up for all areas. Well, that trend appears to be changing rather quickly. What appeared to be an aberration in the 1st quarter of 2010 may actually be the start of the light at the end of the tunnel.
Here's a look at the latest numbers for April.
Lee County recorded a total of 3,479 foreclosures during April, a 12.2% decrease compared with March and a 44.5% drop compared to April 2009. Collier tallied 1,129 foreclosures in April, an 18.8% decrease from March and an 18.3% decline from last year. In Lee County, April's foreclosure sales were down 35% over 2009 numbers; in Collier County, foreclosure sales were down 23% over last year.
Obviously, the sales numbers are a drastic change from the last year. In addition, the lowering of new foreclosures hitting the market is also starting to put quite a squeeze on inventory levels. That means more buyers are vying for the same properties and that is pushing final sales prices well above the asking price for many of the foreclosed properties. In essence, the days of the easy foreclosure purchase are rapidly coming to an end. Another month or two of filing numbers like April's and things could start to get downright giddy. Naturally, no one can predict for certain what will happen as we move forward from here. However, with a little luck, things will definitely continue to improve.
And, as we like to say often with all things in this real estate market, only time will tell the tale.
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