Foreclosures In Tallahassee Continue To Mount
The newest numbers are out regarding foreclosures in Tallahassee, and they are not good.
The second quarter of 2012 showed a 102% increase over foreclosures in Tallahassee during the 2nd quarter of 2011, a staggering rise by anybody's standard.
Last year, banks were handcuffed due to the robo-signing scandal, but this year the gloves are off and the banks are trying to clear their books of these non-performing loans.
Foreclosures In TallahasseeThe image above shows that you can always access the most recent reports of foreclosures in Tallahassee on the navigation bar above the blog, and going there will reveal these recently published reports on new lis pendens filings in Tallahassee:
- New Lis Pendens For The Week Ending June 7, 2012
- New Lis Pendens For The Week Ending June 14, 2012
- New Lis Pendens For The Week Ending June 21, 2012
- New Lis Pendens For The Week+ Ending June 30, 2012
- New Lis Pendens For The Month Of June
- New Lis Pendens For The 2nd Quarter 2012
In the real estate graph above, we see the one-year trend of new lis pendens filings (green bars), the trend of new foreclosure sales (red bars) and the ratio of these two recordings (blue line). The ratio is important because it shows how foreclosure sales are far more likely today after a lis pendens filing (42% of the time) than they were historically (12%).
In the past, when somebody was served with a lis pendens, they would sell a home in order to save the equity in the home. In fact, only 12% of the time did these typically end up in a foreclosure sale.
But things are different today. Nearly half of all lis pendens filings are going to a foreclosure sale, and homeowners are rarely in a position to defend any equity.
The overall impact on the market is simple.
Distressed properties are no longer a niche part of the market that we can ignore. Foreclosures in Tallahassee will be a major driver in the market for many more years, and these high-motivation sellers will continue to reduce prices until they are all gone.
Foreclosures In Tallahassee Are Your Competition
If you have a sell a home in Tallahassee, you need to understand your place in the market. If you are a distressed sale, then buyers have an expectation of value. If you are an arms-length sale (non-distressed), then buyers have an expectation of condition and terms, and they will not get too crazy on the price.
If you are thinking about selling your home, drop me a note and we can review how foreclosures in Tallahassee affect your specific home and whether or not now is the best time for you to sell your home.