We've been watching the lis pendens filings stack up for quite some time, knowing that foreclosures would eventually have to follow. It appears that the time is upon us. Banks now seem to be making the decision to follow through on the foreclosures that were previously just being shelved.
Tallahassee Year Over Year Foreclosures On The Rise
There were 56 foreclosures in Tallahassee that were posted during the month of August, which is up 273% compared to the 15 that were closed in August of 2008. To get an idea of what Tallahassee foreclosure activity looks like in a real estate graph, the blue field below shows it quite clearly.
Additionally, Tallahassee lis pendens filings were up 21% with 160 lis pendens filed in August compared to the 132 that were filed in August of 2008. Just as a reminder, lis pendens is Latin for “suit pending.” This may refer to any pending lawsuit, though it is most often a sign that the foreclosure process has begun on a property.
Tallahassee Lis Pendens Filings Growing TooBy tracking the number of lis pendens filed in Tallahassee, we get a feel for how distressed properties are affecting (and going to affect) the housing market. The following real estate graph shows lis pendens filings with a 1-year trend.
Tallahassee Foreclosure Resource
Historically, foreclosures have had a very minor effect on the Tallahassee housing market. They were nominal at best. But times are changing and we expect the back-log of lis pendens to become foreclosure sales in the coming months and years. They will have a more significant impact on the housing market in Tallahassee, so that is why we have dedicated a web page to keep updated lis pendens and foreclosure filings for the Tallahassee real estate market. Any time you want to know what is happening with foreclosures in Tallahassee, just check it out. If you forget the link, you can always click on the "Foreclosures" tab at the top of the Tallahassee Real Estate Blog.
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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.