The rate of new foreclosure sales in Tallahassee as well as new lis pendens filings has fallen again. While this might be stating the obvious, I hope our readers understand that when the Tallahassee foreclosure rates fall, this is purely good news for the Tallahassee real estate market.
There were 24 foreclosure sales in January, which is a drop of 14% when compared to January of 2010. Simultaneously, new lis pendens filings dropped from 127 in January of 2010 to only 60 last month (a reduction of 53%). I believe that the large drop in new lis pendens filings could be a very positive sign that the bulk of distressed properties are either "in the system" or have actually already been sold.
Tallahassee Foreclosure Rate
When we look at the foreclosure graph above, the red bars show the trend of annual foreclosure sales while the green bars show the trend of annual lis pendens filings. The ratio of the two is shown with the blue line, representing the percentage of lis pendens that currently are proceeding to foreclosure sale. The fact that this ratio is soaring higher right now is a sign that one or some of the following conditions are occurring:
- Banks are working a little faster to solve problem loans
- Lis pendens are slowing (ratio rises when denominator falls)
- Banks are having less success in solving loan problems prior to a full foreclosure sale
Tallahassee Foreclosure Reports Have Been Updated
In case you are not a regular visitor to our Tallahassee Foreclosures Page, the following new reports have been published and can be viewed at any time:
- January 2011 Lis Pendens Filings
- Lis Pendens Week+ Ending 1/31/2011
- Lis Pendens Week Ending 1/21/2011
- Lis Pendens Week Ending 1/14/2011
- Lis Pendens Week Ending 1/7/2011
- 2010 Tallahassee Foreclosure Report
We publish foreclosure reports for Tallahassee (Leon County) several times each month, so don't be afraid to "bookmark" the page as your top resource for Tallahassee foreclosures. There is foreclosure reports going back more than 3 years and the reports contain lists and analysis of lis pendens and foreclosures in Tallahassee.
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.