Southwest Florida Foreclosures: 1St Quarter Review
Posted by Benjamin Dona on Friday, April 15th, 2011 at 3:50pm.
Following the declines seen in last years numbers, foreclosures in the Southwest Florida real estate markets continued to subside in the first quarter of 2011.
Lee County's first quarter foreclosure rate was second in the state, with one in every 86 properties in a foreclosure action for a total of 4,248 homes. It was a drop of 34.4% compared with the fourth quarter of 2010 and a decrease of 58% from the first quarter of last year.
Collier County ranked 29th in the state for foreclosure activity with a rate of one in every 196 homes filing for a total of 992 properties. It was a decrease of nearly 55% compared with the last quarter of 2010, and a decrease of 70% from the first quarter of 2010.
Overall, Florida's first quarter rate was eighth highest in the nation, with one in every 152 housing units in foreclosure. All in all, it's still not too bad when you consider we've had over 100,000 foreclosures in the two county areas since January, 2006.
Foreclosure sales also did well in the first quarter in both counties. For Lee, there were 1,954 total foreclosures sold. In Collier, 831 foreclosures left the market. In terms of the overall sales, these numbers represented 31% and 25% of the total sales volume for the quarter in each county respectively.
If this trend continues (and we believe it will), maybe by the end of this year things will really start to turn around here in Southwest Florida.
Only time will tell the tale.
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