Southwest Florida Foreclosure Filings Finally Fall in August
Posted by Benjamin Dona on Friday, September 4th, 2009 at 11:37pm.
For the first time in 2009, new foreclosure filings fell in August for Lee and Collier Counties in Southwest Florida. It is quite a change from the last year or so as far as filings are concerned. And, while one month's data does not make a trend, it is hopefully a good sign of things to come.
For Lee County, there were 1,625 new filings last month, down from 1,903 in July, a 15% drop. It was the lowest number of actions seen this year. In addition, there were also 1,848 foreclosure cases resolved by the Lee County courts, down from 2,133 handled in July. In Collier County, there were 811 new filings last month, down from 1,103 in July, a 27% drop. There were 374 foreclosure cases resolved by the Collier County courts.
Naturally, no one can predict for certain, what will happen to filings as we move forward from here. Many forecasters continue to say it will be doom and gloom because of the option one and other arms still needing to adjust over the next year or two. However, with all the loan modifications going on, hopefully a few of those folks will have been able to put off the worst case scenario. Only time will tell the tale.
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