To say that the Tallahassee Foreclosure Report is improving might sound like an oxymoron, but it is true ... the bad news about distressed properties in Tallahassee is getting better! Huh?
Here is what I mean. While foreclosures (lis pendens filings) are not good news for the parties involved, seeing the number of new lis pendens being filed falling each month is good news. And that is what we are seeing.
The real estate graph above measure some key trends (where a trend is the one-year average of something being recorded) including new lis pendens filings in Leon County, new foreclosure sales, and then finally the ratio between the two.
Right now, the number of annual lis pendens filings is near a two-year low, while the annual number of final sales is at an all-time high. The resulting ratio between the two (blue line in the graph above) shows an exploding trend of final sales conversions (meaning the actual number of lis pendens that make it all the way to a foreclosure sale). And this is good news.
The good news with Tallahassee foreclosure sales is that we are getting the inventory of distressed properties in Leon County sold. The actual number of home sales is lower than what we would like, but we need to consume the vast inventory of foreclosures and short sales before we have any chance of stability in Tallahassee home values.
We will continue to monitor lis pendens filings in Leon County along with our Tallahassee foreclosure sales so that we can report continued (we hope) good news in the distressed property market in Tallahassee. You can always check the Tallahassee Foreclosures Page on our website to see the most recent filed lis pendens in Leon County, Florida.
We also provide monthly, quarterly, and annual wrap-ups for all distressed properties after each period ends. Check out our latest reports and don't forget to drop a comment or two. Remember, it is read comments that have been the impetus to some of the best articles on our site!
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.