2012 represents the fifth year that we have been tracking foreclosures in Tallahassee, so we have some history in which to compare 2012 foreclosures and we can identify some key trends. This report contains a list of all Tallahassee foreclosures that were filed (lis pendens) in 2012 and has some interesting foreclosure graphs.
During 2012, there were 1,908 lis pendens filed and 961 foreclosure sales. The current ratio of foreclosure sales to lis pendens filings is roughly 50% , which is about four times higher than our historical norm of initial filings that actually culminate in a foreclosure sale.
Overall, the positive trend of 2011 was replaced with a negative trend in 2012. The new lis pendens filings (the start of new foreclosures) were...
There were 421 Lis Pendens filed in Tallahassee, Florida during the fourth quarter of 2012 (up 2% from the previous quarter and down 14% from the same quarter last year) and they are listed below, sorted by Tallahassee Subdivision.
Tallahassee Foreclosures Fourth Quarter 2012
New lis pendens filings in Tallahassee declined 25% in December when compared to December 2011, and foreclosures fell 77%.
These great changes are mainly due to a restatement of past foreclosures, where our reporting agency went back and broke apart multi-unit foreclosures and now report them individually. For example, say one large foreclosure in the past was really 25 condominium units. Previously, it had been counted as 1 foreclosures (and 1 lis penden filing), but today we are now counting it as 25 of each.
This is important to know because it changes are perspective of the foreclosure crisis in Tallahassee. It means things are really worse than we reported, but it also shows that new filings are on the decline.
There is an unusually high rate of short sales and foreclosures in Killearn Acres, as 44% of the sales in 2012 were distressed property sales.
The real estate graph on the right shows the accelerated pace of distressed property sales that has taken hold of Killearn Acres.
Killearn Acres Continued Depreciation
Currently, there are 14 homes for sale in Killearn Acres in the Tallahassee MLS, and distressed home sales are out of control. Soon, more than 1/2 of all Killearn Acres home sales will be a short sale, foreclosure, or bank owned property.
Killearn Acres home values declined 2.3% in 2012, and the neighborhood did not enjoy the growth in...
Home sales in Bull Run are on a bull run!
With 41 homes sold in Bull Run in 2012, it marks the second best year of all times for the number of homes that sold.
Located in the popular NE quadrant of the Tallahassee real estate market, Bull Run seems to be leading the charge towards the recovery.
Bull Run Home Values Stabilize
Currently, there are 16 homes for sale in Bull Run in the Tallahassee MLS, and distressed home sales are not out of control, posting a small decline in 2012.
Home values stayed level in 2012, which is quite extraordinary as most every other ...
Home sales in Southwood in 2012 will record their second worst year since homes 2002.
As we head into the last week of the year in 2012, only 99 homes have sold and closed in Southwood.
Continued Depreciation In Southwood
Currently, there are 55 homes for sale in Southwood in the Tallahassee MLS, and distressed home sales are not out of control, posting a small decline in 2012.
Southwood Home values declined 1.8% in 2012, all the while new construction prices were on the rise. Will we finally see new construction die down in Southwood in 2013?
We did not see the recovery in Killearn Lakes Plantation return as nicely as what occurred in Killearn Estates.
The real estate graph on the right shows that distressed home sales increased in 2012, and the number of lis pendens filed over the past 12 months seems to ensure that this trend continues through 2013.
Slight Depreciation In Killearn Lakes Plantation
Currently, there are 43 homes for sale in Killearn Lakes Plantation in the Tallahassee MLS, and buyers have been drawn here due to the great values available.
Home values declined 1.3%...
A good year of renewed home sales in Killearn Estates is coming to an end.
While values are still declining, the real estate graph on the right shows that more homes sold in Killearn Estates than we have seen since 2007, and the percentage of homes that sold under distressed situations declined.
Depreciation In Killearn Estates
Currently, there are 43 homes for sale in Killearn Estates in the Tallahassee MLS, and buyers have been drawn here due to the great values available.
Home values in Killearn Estates depreciated...
As another year winds to a finish, it's time to look forward with a real estate forecast for the coming year.
Long time readers of the Tallahassee Real Estate Blog might remember past efforts to predict the real estate activity for the coming years. My real estate forecast for 2012 was spot-on, and my past five years efforts have been very close. (For those that are interested, you can find my past real estate forecasts here).
But the real estate forecast for 2013 is going to be the toughest one since 2006.
Real Estate Forecast Is Based Upon Current Trends
The housing market in Tallahassee appears to be leaving a market bottom (for the final time I hope). Homebuyer activity...