North Florida Foreclosures Rising

Posted by Joe Manausa on Friday, April 16th, 2010 at 12:05pm.

Through 2008, roughly 17% of lis pendens in North Florida made it to a final foreclosure sale, but in March 2010, the number soared to nearly 45%.

Picture of Tallahassee Short SalesYesterday's blog post on the explosion of Tallahassee Foreclosures created quite a bit of incoming interest from our readers. Some of our readers in the counties that surround Leon County wanted to know more about how they were doing, so today's blog will be a summary of the North Florida foreclosure situation.

When we look at the ratio of foreclosure sales compared to lis pendens filings in North Florida, we see a rising trend. Through 2008, roughly 17% of lis pendens in our area made it to a final foreclosure sale, but last month, the number soared to nearly 45%. Foreclosure sales are up 200% and I suspect this is just the beginning of a cleaning cycle that will go for quite some time (read that to mean more than another year).

In the real estate graph below, the red bars show how many foreclosure sales occurred each month, the green bars measure the lis pendens filed, and the blue line records the ratio of the two.

Graph of foreclosures in North Florida

For those readers interested in the raw information, the following table shows the actual number of foreclosure sales in each county over the past two years.

Foreclosure Sales In North Florida

Month Gadsden Jefferson Leon Wakulla Total
Jan-08 5 1 23 4 33
Feb-08 9 2 9 8 28
Mar-08 9 0 17 10 36
Apr-08 5 1 16 3 25
May-08 6 2 20 7 35
Jun-08 4 1 14 7 26
Jul-08 9 2 19 6 36
Aug-08 10 0 15 6 31
Sep-08 5 2 17 15 39
Oct-08 8 1 18 9 36
Nov-08 8 1 15 5 29
Dec-08 6 5 35 6 52
Jan-09 6 0 18 7 31
Feb-09 5 1 18 10 34
Mar-09 11 2 26 9 48
Apr-09 9 2 22 7 40
May-09 6 7 27 13 53
Jun-09 14 3 39 13 69
Jul-09 8 4 49 24 85
Aug-09 11 1 56 21 89
Sep-09 3 3 49 19 74
Oct-09 9 6 51 21 87
Nov-09 5 4 36 8 53
Dec-09 9 3 61 18 91
Jan-10 6 4 28 21 59
Feb-10 12 4 38 11 65
Mar-10 13 4 57 24 98

Lis Pendens Filed In North Florida

Month Gadsden Jefferson Leon Wakulla Total
Jan-08 39 1 116 21 177
Feb-08 24 2 113 20 159
Mar-08 20 3 86 15 124
Apr-08 20 3 135 20 178
May-08 25 7 107 20 159
Jun-08 28 6 130 30 194
Jul-08 22 5 169 24 220
Aug-08 24 5 132 17 178
Sep-08 38 7 113 34 192
Oct-08 38 8 141 13 200
Nov-08 27 8 113 23 171
Dec-08 20 8 147 33 208
Jan-09 35 4 159 24 222
Feb-09 31 8 172 29 240
Mar-09 38 9 181 31 259
Apr-09 31 11 173 37 252
May-09 32 3 138 29 202
Jun-09 30 8 187 31 256
Jul-09 39 3 163 43 248
Aug-09 29 3 160 26 218
Sep-09 25 5 180 25 235
Oct-09 32 5 156 28 221
Nov-09 19 2 163 22 206
Dec-09 40 10 188 39 277
Jan-10 27 7 127 44 205
Feb-10 32 2 142 30 206
Mar-10 25 6 155 38 224

Other Tallahassee Foreclosure Reports

Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.

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