We have recently updated the Tallahassee Distressed Properties page and it brings an unsurprising rise in foreclosures in Tallahassee. The lis pendens filings for 1st quarter 2009 were up 63% as compared to the 1st quarter of 2008.
In all of our distressed property reports, we rely heavily on the measurement of the lis pendens filings, so we are not counting foreclosures, rather we are counting the filings of the legal documents that are used to start a foreclosure.
While we count lis pendens filings in Leon County for all property types, we also do not distinguish between a lis pendens filed for a foreclosure versus one filed for another legal reason. This is not an oversight, rather just a generalized snapshot of the distressed property situation in Tallahassee. We get a much more accurate feel for what is happening with distressed properties than with actual foreclosure actions, because such a small amount of distressed properties actually make it to the final foreclosure sale.
Tallahassee Foreclosures On The Rise
The real estate graph above shows lis pendens filings are up significantly this year over last year. In a year over year analysis, we found that
- January lis pendens filings in Tallahassee were up 37% over January of last year
- February lis pendens filings in Tallahassee were up 52% over February of last year
- March lis pendens filings in Tallahassee were up 110% over March of last year
We will be addressing the distressed property situation in greater detail in Monday's edition of the Tallahassee Real Estate Newsletter (you should subscribe to the newsletter in the quick form in the sidebar of this blog). There are a lot of alternatives than just going through foreclosure, including loan modifications and short sales. If you are "behind" on your mortgage, you should read all about both of those options.
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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.