2013 Foreclosure Report
2013 represents the sixth year that we have been tracking lis pendens and foreclosures in Tallahassee, so we have some history in which to compare 2013 foreclosures and we can identify some key trends. This report contains the complete list of all Tallahassee foreclosures that were filed (lis pendens) in 2013 and has some interesting foreclosure graphs.
For the calender year, there were 1,413 lis pendens filed and 1,465 foreclosure sales. The current ratio of foreclosure sales to lis pendens filings is over 100% , which means that lenders have accelerated the pace at which they are resolving bad loans.
Overall, the biggest trend to report is the decline in new lis pendens filings. The new lis pendens filings (the start of new foreclosures) were down 32% in 2013 over 2012, but foreclosure sales grew by 23%. Expect 2014 to still offer a large amount of distressed properties for sale in Tallahassee.
Lenders Moving Forward With Foreclosures
The following real estate graph measures the one year trend of both lis pendens filings (green bars) and foreclosure sales (red bars) and compares the two to determine the conversion percentage (blue line). Historically, we would only see 10 to 15% conversion, as most would be consumed through short sales and work-outs with the banks.
But with the slew of distressed properties in Tallahassee, in conjunction with rising lis pendens filings, this conversion ratio is far higher than historically normal at 106% as we close out the 2013 calendar year. With fewer and fewer homeowners able to work out their problems, banks will have to soften their stance on short sales, or the foreclosure conversion ratio will continue to remain very high.
Most Foreclosed Subdivisions In Tallahassee
The following graph and table show the Tallahassee Subdivisions that were hit the hardest with lis pendens filings in 2013. This is a good indication where we will see the most short sales, foreclosure sales, and REO property opportunities in Tallahassee in 2014 and 2015.
2013 Lis Pendens Filings In Tallahassee
[table id=26 /]