Rising Foreclosures In Tallahassee
We have been keeping an eye on home foreclosures in Tallahassee for several years now and have warned that a log-jam of homes has been accumulating in the shadow inventory. In today's foreclosure update, we'll look at the location trend of homes that are being added to the "distressed properties" list in the Tallahassee real estate market.
The foreclosure process begins with a lis pendens filing, so we make sure that we track not only the final foreclosure sale, but also the monthly lis pendens filings in Tallahassee. When we construct a real estate graph of these two important concerns, we find the following picture of foreclosures in Tallahassee.
In the graph above, we see that every month there are hundreds of lis pendens filed in Tallahassee, yet the number of foreclosures rarely reaches a level equivalent to a 20% foreclosure rate. As we have discussed in the past, this might mean that up to 80% of the lis pendens filed in Tallahassee in the past two years have yet to be foreclosed upon.
While there will be some people who are able to work themselves out of the situation through a loan modification, early information suggests that less than 5% of distressed property owners in Tallahassee work out a loan modification.
Others will attempt a short-sale, but without lender support, many homes for sale in Tallahassee attempting short sales are just sitting there waiting for a response from the lender. This is how the shadow inventory of homes in Tallahassee continues to grow each and every month.
Foreclosures By Zip Code In Tallahassee
One report we like to take a look at from time to time is the graph of lis pendens, sorted by the property zip code and month that they were recorded. When we look at this report, we find that some areas are getting hit harder than others. Four zip codes, 32301, 32311, 32312, and 32317 have seen 60% growth or more in lis pendens filed this year versus last year.
Homes For Sale In Tallahassee
By monitoring the condition of homes for sale in Tallahassee, we have noticed that a trend of increased short sale and foreclosure offerings is occurring. The real estate graph below shows that roughly 20% (minimum) of properties fall in the "distressed" categories.
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Recent Lis Pendens Filed In Tallahassee
If you want a complete listing of the lis pendens filed in Tallahassee, you should visit the Distressed Properties section of the Tallahassee Real Estate Web Site. Below is a list of the lis pendens filed for the month of October.
Subdivision/Location | Parcel Address | SqFt HC | Year Built Actual | Record Date |
KILLEARN LAKES | 1639 FLINT RIDGE LN | 1,164 | 1991 | 10/30/2009 |
KIRKWOOD | 3505 SHARER RD | 1,963 | 1971 | 10/30/2009 |
THE LAKES | 1309 AIRPORT DR | 778 | 1984 | 10/30/2009 |
VENTANAS | 2194 DELTA WAY | 1,399 | 2000 | 10/30/2009 |
29-01N-01E | 1735 MAHAN DR | 1,314 | 1961 | 10/30/2009 |
KENTWOOD ESTATES | 2320 VINCENT DR | 1,409 | 1973 | 10/29/2009 |
KILLEARN ACRES | 6501 OMAHA TRL | 1,624 | 1977 | 10/29/2009 |
KILLEARN LAKES | 8315 CHICKASAW TRL | 1,366 | 1991 | 10/29/2009 |
LIVE OAK ESTATES | 824 BURNTLEAF LN | 1,306 | 1988 | 10/29/2009 |
MANDRELL MANOR | 2204 MANDRELL CT | 899 | 1982 | 10/29/2009 |
NORTH ADDITION TO TALLAHASSEE | 316 W TENNESSEE ST | 94,891 | 1969 | 10/29/2009 |
OX BOTTOM MANOR | 6304 MALLARD TRACE DR | 2,875 | 1996 | 10/29/2009 |
SANDSTONE RANCH | 7368 WAGON TRAIL LN | 1,404 | 1996 | 10/29/2009 |
02-01S-01W | 708 EUGENIA ST | 1,338 | 1929 | 10/29/2009 |
CAPITOLA FLA | 800 APPLE ST | 700 | 1958 | 10/28/2009 |
CAROLINE COURTS | 814 ESSEX DR | 1,644 | 1963 | 10/27/2009 |
CHATEAU DE VILLE OF TALLAHASSEE | 2020 CONTINENTAL AVE | 1,000 | 1967 | 10/27/2009 |
COUNTRY CLUB ESTATES | 1412 FAIRWAY DR | 4,792 | 1936 | 10/27/2009 |
FOUR POINTS ADDITION | 210 RIDGE RD | 840 | 1962 | 10/27/2009 |
GOVERNORS COURT | 3083 JUSTICE LN | 988 | 1990 | 10/27/2009 |
HOLLANDALE | 615 CURTIS RD | 1,686 | 1983 | 10/27/2009 |
KILLEARN ACRES | 3051 WHIRLAWAY TRL | 1,296 | 1991 | 10/27/2009 |
PINEY-Z | 808 EAGLE VIEW DR | 2,689 | 2001 | 10/27/2009 |
PLANTATION WOODS | 10/27/2009 | |||
TRILLIUM | 417 SHANTILLY CT | 3,242 | 1981 | 10/27/2009 |
WESTOVER TOWNHOMES | 4412 WESTOVER DR | 1,406 | 2002 | 10/27/2009 |
LAKESHORE GARDENS | 140 IVERNIA LOOP | 1,662 | 2001 | 10/26/2009 |
SUMMERBROOKE | 7665 WILLOW BASTIC CT | 2,990 | 1992 | 10/26/2009 |
WAKULLA SPRINGS ACRES | 9441 BARTLETT LN | 1,596 | 1992 | 10/26/2009 |
30-01S-01E | 4768 WOODVILLE HWY | 160,908 | 2006 | 10/26/2009 |
30-01S-01E | 4768 WOODVILLE HWY | 160,908 | 2006 | 10/26/2009 |
APALACHEE RIDGE | 721 MILLARD ST | 1,174 | 1991 | 10/23/2009 |
ARVAH BRANCH | 6505 PICKFAIR CT | 2,324 | 1992 | 10/23/2009 |
BROOKWOOD TRACE CONDO | 2014 MIDYETTE RD | 1,368 | 2005 | 10/23/2009 |
CAPITAL HEIGHTS | 422 W 5TH AVE | 936 | 1956 | 10/23/2009 |
HIGH OAKS | 4921 OUTLOOK CT | 1,871 | 1997 | 10/23/2009 |
LAFAYETTE ESTATES | 2002 VINELAND DR | 2,218 | 1988 | 10/23/2009 |
OAK RIDGE PLACE | 4522 DESLIN CT | 1,438 | 2005 | 10/23/2009 |
SANDSTONE RANCH | 1669 TRAILBLAZER DR | 1,300 | 2006 | 10/23/2009 |
SIERRA WOODS | 8281 SIERRA WOODS DR | 2,438 | 2005 | 10/23/2009 |
SUMMERBROOKE | 1412 CONSERVANCY DR E | 2,904 | 2002 | 10/23/2009 |
WHITE ACRES | 2321 AMELIA CIR | 1,187 | 1950 | 10/23/2009 |
WOLF CREEK | 1744 COREY WOOD CIR | 1,344 | 2005 | 10/23/2009 |
WOODVILLE ACRES | 2071 HICKORY LN | 1,040 | 1979 | 10/23/2009 |
03-01S-01W | 2315 JACKSON BLUFF RD | 108,560 | 1972 | 10/23/2009 |
05-01S-01E | 1524 MYRTLE DR | 912 | 1961 | 10/23/2009 |
26-01N-01W | 1015 DELAWARE ST | 1,056 | 1999 | 10/23/2009 |
CHARLESTON SQUARE TOWNHOMES | 2499 NUGGET LN | 1,212 | 1992 | 10/21/2009 |
COUNTRY CLUB ESTATES | 1412 FAIRWAY DR | 4,792 | 1936 | 10/21/2009 |
EDINBURGH ESTATES | 4288 SHERBORNE RD | 1,792 | 1979 | 10/21/2009 |
SUMMERBROOKE | 7757 CRICKLEWOOD DR | 2,678 | 1997 | 10/21/2009 |
24-01N-01E | 1200 PEDRICK RD | 3,529 | 1989 | 10/21/2009 |
APALACHEE HILLS | 1601 QUAZAR RD | 1,173 | 2006 | 10/20/2009 |
APALACHEE HILLS | 1603 QUAZAR RD | 1,173 | 2006 | 10/20/2009 |
BLOXHAM HEIGHTS | 1606 LEVY AVE | 1,072 | 1963 | 10/20/2009 |
CENTERVILLE | 6000 BROOKFAIR LN | 10/20/2009 | ||
HERRING | 2850 SUN VALLEY CT | 990 | 1994 | 10/20/2009 |
KILLEARN ACRES | 5331 BEN BRUSH TRL | 1,432 | 1984 | 10/20/2009 |
KILLEARN ESTATES | 2820 SHAMROCK ST N | 2,732 | 1972 | 10/20/2009 |
KILLEARN LAKES | 2225 TUSCAVILLA RD | 1,359 | 1997 | 10/20/2009 |
PINERIDGE ESTATES | 1409 WESTHEAVEN DR | 1,112 | 1977 | 10/20/2009 |
SAXON NORTH-WEST ADDITION | 803 DELAWARE ST | 1,032 | 1962 | 10/20/2009 |
SCENIC HEIGHTS | 1812 MEDART DR | 1,305 | 1968 | 10/20/2009 |
SOUTHWOOD | 3068 DICKINSON DR | 10/20/2009 | ||
SOUTHWOOD | 3154 BARINGER HILL DR | 3,634 | 2004 | 10/20/2009 |
THE LAKES | 1325 AIRPORT DR | 1,083 | 1984 | 10/20/2009 |
WOODBRIAR | 3337 WOODBRIAR LN | 1,610 | 2006 | 10/20/2009 |
WOODRUN EAST | 8080 TALLY ANN DR | 1,262 | 1996 | 10/20/2009 |
WOODSIDE HEIGHTS | 808 SHANNON ST | 996 | 1971 | 10/20/2009 |
03-01S-01E | 1328 IDLEWILD DR | 1,352 | 1953 | 10/20/2009 |
03-01S-01E | 1330 IDLEWILD DR | 1,586 | 1963 | 10/20/2009 |
26-01N-01W | 725 ALABAMA ST | 1,108 | 1970 | 10/20/2009 |
ADAMS PLACE CONDOMINIUMS | 3000 S ADAMS ST | 1,037 | 2005 | 10/16/2009 |
CHASE'S RUN | 2740 W THARPE ST | 1,212 | 2005 | 10/16/2009 |
DRY CREEK RUN | 3586 JIM LEE RD | 1,300 | 2006 | 10/16/2009 |
HUNTINGTON SOUTH FLAG LOTS | 2967 BYINGTON CT | 936 | 1983 | 10/16/2009 |
KILLEARN ESTATES | 2632 BANTRY BAY DR | 2,300 | 1977 | 10/16/2009 |
PARKHILL | 4104 SCARLETT DR | 988 | 1971 | 10/16/2009 |
SABLE CHASE | 8433 IVY BROOK LN | 1,709 | 2005 | 10/16/2009 |
THE TIMBERS TOWNHOMES | 2247 SHADY TIMBERS CIR | 987 | 1980 | 10/16/2009 |
VILLAGES AT WILSON GREEN | 322 WILSON GREEN BLVD | 1,198 | 2006 | 10/16/2009 |
KILLEARN LAKES | 2273 TUSCAVILLA RD | 1,726 | 1988 | 10/15/2009 |
SOUTHWOOD | 3252 THOREAU AVE | 2,582 | 2007 | 10/15/2009 |
WOLF CREEK | 1627 COREY WOOD CIR | 1,744 | 2005 | 10/15/2009 |
ARROWHEAD ESTATES | 1286 JEFFERY RD | 1,692 | 1978 | 10/14/2009 |
MABRY MANOR | 2714 RIDGEWAY ST | 1,152 | 1962 | 10/14/2009 |
MERIDIAN HEIGHTS | 512 WILLIAMS ST | 4,166 | 1927 | 10/14/2009 |
RICHLAND | 1203 RICHVIEW RD | 1,444 | 1968 | 10/14/2009 |
THE TIMBERS TOWNHOMES | 792 TIMBERWOOD CIR E | 1,280 | 1994 | 10/14/2009 |
THE TIMBERS TOWNHOMES | 787 TIMBERWOOD CIR E | 1,268 | 1993 | 10/14/2009 |
BENT TREE ESTATES | 4120 HENIARD DR | 1,604 | 1977 | 10/13/2009 |
MEADOWBROOK | 747 RIGGINS RD | 1,600 | 1983 | 10/13/2009 |
SOUTHWOOD | 3773 OVERLOOK DR | 2,580 | 2003 | 10/13/2009 |
AUGUSTINE PROP | 4422 BUTTERCUP WAY | 1,949 | 2001 | 10/12/2009 |
GWYNNDALE | 1709 TALPECO RD | 1,074 | 1970 | 10/12/2009 |
KILLEARN LAKES | 13016 GOPHER WOOD TRL | 2,187 | 1990 | 10/12/2009 |
LAKESIDE | 4448 COOL EMERALD DR | 1,500 | 1995 | 10/12/2009 |
LAKEWOOD | 3507 SOUTHLAND DR | 1,986 | 1973 | 10/12/2009 |
LAKEWOOD | 3515 LAKEWOOD DR | 864 | 1958 | 10/12/2009 |
LIBERTY RIDGE | 8831 FLICKER RD | 924 | 1986 | 10/12/2009 |
SOUTHWOOD | 4115 KIPLING CT | 2,368 | 2006 | 10/12/2009 |
THE TIMBERS TOWNHOMES | 2215 TIMBERWOOD CIR N | 1,019 | 1981 | 10/12/2009 |
WOLF CREEK | 1941 NENA HILLS DR | 1,344 | 2005 | 10/12/2009 |
BOND SOUTH | 2002 SAXON ST | 504 | 1967 | 10/8/2009 |
LAKESIDE | 4349 COOL EMERALD DR | 1,445 | 1998 | 10/8/2009 |
PINE LANDING | 2267 PINE LANDING CT | 1,284 | 2001 | 10/8/2009 |
PLANTATION OF TALLAHASSEE PECAN | 1912 NANI DR | 1,388 | 1972 | 10/8/2009 |
REXWOOD | 2915 OAKWOOD DR | 952 | 1969 | 10/8/2009 |
ROCKBROOK | 3600 PICKETT CT | 2,518 | 1978 | 10/8/2009 |
SOUTHWOOD | 3611 MOSSY CREEK LN | 10/8/2009 | ||
THE TIMBERS TOWNHOMES | 696 TIMBERWOOD CIR E | 1,092 | 1992 | 10/8/2009 |
WOLF CREEK | 1945 NENA HILLS DR | 1,344 | 2005 | 10/8/2009 |
03-01S-02E | 9653 SAND DOLLAR LN | 1,976 | 2000 | 10/8/2009 |
20-02S-01E | 1905 AMBUSH RD | 1,008 | 1949 | 10/8/2009 |
APALACHEE HILLS | 1599 QUAZAR RD | 1,173 | 2006 | 10/7/2009 |
BOND SOUTH | 2141 KEITH ST | 770 | 1963 | 10/7/2009 |
CENTERVILLE PLANTATION | 10461 CENTERVILLE PLANTATION RD | 1,017 | 1987 | 10/7/2009 |
COPPER CREEK | 1227 BRECKENRIDGE RUN | 1,092 | 1989 | 10/7/2009 |
GRIFFIN COLLEGE HEIGHTS | 1115 BASIN ST | 2,040 | 1954 | 10/7/2009 |
HERITAGE WOODS | 327 STARMOUNT DR | 1,838 | 1969 | 10/7/2009 |
KILLEARN ESTATES | 3530 DUNDALK DR | 1,766 | 1987 | 10/7/2009 |
RESIDENCES AT WHISPERING PINES C | 2731 BLAIRSTONE RD | 1,023 | 1972 | 10/7/2009 |
SILVER LAKE AKA BABY FARMS ADD | 8004 EARTH WAY | 1,616 | 1982 | 10/7/2009 |
SUMMERBROOKE | 7502 REFUGE RD | 2,986 | 1996 | 10/7/2009 |
THE MEADOWS | 8288 LITTLE TERRY CIR | 1,138 | 1991 | 10/7/2009 |
WESTBURY | 3828 MCFARLANE DR | 1,656 | 1994 | 10/7/2009 |
WOODBRIAR | 3089 SAWTOOTH DR | 1,338 | 2005 | 10/7/2009 |
26-02N-01E | VELDA DAIRY RD | 10/7/2009 | ||
APALACHEE RIDGE | 700 COBLE DR | 1,012 | 1959 | 10/6/2009 |
BARRINGTON PARK CONDO | 2801 CHANCELLORSVILLE DR | 1,272 | 2004 | 10/6/2009 |
CENTERVILLE PLANTATION | 10465 CENTERVILLE PLANTATION RD | 1,017 | 1987 | 10/6/2009 |
LOS ROBLES | 1665 FERNANDO DR | 1,603 | 1931 | 10/6/2009 |
MATTHEWS SUB | 4059 EDGEWATER DR | 1,690 | 2005 | 10/6/2009 |
VILLAS OF WESTRIDGE | 2196 SANDPIPER ST | 928 | 1983 | 10/6/2009 |
WOODBRIAR | 3258 SAWTOOTH DR | 1,338 | 2005 | 10/6/2009 |
20-02N-02E | 6639 WILD FERN LN | 1,842 | 2002 | 10/6/2009 |
BRIGHTON PLACE CONDO | 1575 PAUL RUSSELL RD | 1,705 | 2006 | 10/5/2009 |
HADLEY CROSSING | 2370 HADLEY CROSSING CT | 10/5/2009 | ||
KILLEARN ACRES | 6711 ALAN A DALE TRL | 1,360 | 1983 | 10/5/2009 |
LAUREL TRACE | 2605 FENWOOD CT | 1,687 | 2006 | 10/5/2009 |
LEE MANOR UNITS 1, 2, 6 | 1012 TANNER DR | 2,065 | 1959 | 10/5/2009 |
LINCOLN HEIGHTS | 1104 VOLUSIA ST | 888 | 1950 | 10/5/2009 |
LINWOOD MANOR | 2503 HELENE LN | 1,421 | 1972 | 10/5/2009 |
MABRY OAKS | 2706 VAN FLEET ST | 1,232 | 2001 | 10/5/2009 |
MERIDIAN PARK | 3015 GROVE ST | 988 | 1964 | 10/5/2009 |
OX BOTTOM | 7225 OX BOW CIR | 5,834 | 2004 | 10/5/2009 |
OX BOTTOM MANOR | 6266 HINES HILL CIR | 2,123 | 1992 | 10/5/2009 |
PECAN GROVE ESTATES | 3571 FRED GEORGE RD | 1,128 | 1990 | 10/5/2009 |
PLANTATION OF TALLAHASSEE PECAN | 3700 N MONROE ST | 1,248 | 1984 | 10/5/2009 |
SAN MATEO | 1809 HARTSFIELD RD | 960 | 1981 | 10/5/2009 |
SHADYWOOD | 4400 BRIGHT DR | 948 | 1983 | 10/5/2009 |
STARVIEW | 233 NABB RD | 1,677 | 2005 | 10/5/2009 |
VILLAGE SQUARE TOWNHOUSES | 1515 PAUL RUSSELL RD | 1,475 | 1975 | 10/5/2009 |
CENTERVILLE TRACE | 4009 HARPERS FERRY DR | 1,685 | 1993 | 10/1/2009 |
SUMMERCHASE CONDOMINIUMS | 4434 GEARHART RD | 1,344 | 2007 | 10/1/2009 |
12-01N-01W | 3210 SPRINGDALE DR | 1,455 | 2001 | 10/1/2009 |
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Joe Manausa is a real estate blogger, a real estate investor and the Broker-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.
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Discussion
what's up with property at 233 Nabb Rd. How's the mortgage being paid?
William, I'm not sure that I understand your question.
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