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.
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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.
Gulf Coast Associates, Realtors specializes in upscale Florida real estate in and around Cape Coral, Ft. Myers and Naples. Call us today at 888-617-3674.
Tags: foreclosures, markets, real estate
8 users commented in " Southwest Florida Foreclosure Filings Finally Fall in August "
Follow-up RSS Comments Feed or Leave a TrackbackGreat news! There are positive signs of a real estate market recovery occuring everywhere. Hopefully, the bad days are over…
That’s good news and I think the same thing is happening over here on the other end of the country. The market bottomed last fall and has been picking up ever since then. In fact, our inventory is down to the lowest in 2 years.
How is the overall inventory in your area?
The Ft. Myers area dropped from over a 13 month supply of single family homes available in January to just above 5 months worth of supply in July.
This is excellent news although my markets foreclosures are on the rise. If your markets are on a decline, ours should follow. I find that our market is usually 3-6 months behind other markets around the country. When the bust came, we were slow to follow, and now that the recovery is on the rise, I feel it’s just a few months away for us to!
Great article.
Great news!! Foreclosures falling is a great sign. A hope for the real estate market!
VERY few people are buying anything today that isn’t a short sale or an REO property. Why? Because everyone is looking for a great deal but the only great deals out there are in the hands of the banks. Anyone who purchased a property from 2005 to 2006 is “upside” down, meaning that they owe more money than the property is worth, so they are unable to sell the property at today’s prices without “writing a check to the bank” or negotiating a short sale.
Still a high volume but good news is great to hear!
Hopefully those inventories continue to clear out and recovery may begin.
Great blog by the way!
Hey Greg,
We’re knocking them down as fast as we can. Their’s a ton of investors who are snapping them up like candy.
In fact, most have multiple offers on them within days of hitting the MLS.
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