Southwest Florida Foreclosures: 2011 End of Year Review
Posted by Benjamin Dona on Wednesday, January 11th, 2012 at 5:36pm.
The crush of foreclosures in the Southwest Florida real estate market has seriously started to subside as we head into 2012. It seems Lenders only filed 5,419 foreclosure lawsuits in Lee County in 2011, a decrease of 48.3% from the 10,447 in 2010 and 75.1% below the peak of 21,768 filings in 2009. For Collier County, Lenders filed 2,842 foreclosure lawsuits, a decrease of 36.2% from the 4,452 in 2010 and 72.5% below the peak of 8,421 filings in 2009. All in all, it's not too bad when you consider we've had well over 100,000 foreclosures in the two county areas since January, 2006.
For Lee County, December's 554 foreclosure filings was a decrease from November's 587. It was also far below the peak of 2,665 reached in October, 2008 after the housing crash caused homeowners and investors to lose properties at a breakneck pace. Collier County faired a little better with 224 filings in December. And, while it was an decrease from the 327 filed in November, it was also far below the peak of 1,103 seen in July, 2009.
Foreclosure sales also did well in 2011 in both counties. For Lee, there were 5,649 total foreclosures sold in 2011. In Collier, 1,649 foreclosures left the market. In terms of the overall sales, these numbers represented 33% and 22% of the total sales volume 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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