Tallahassee Foreclosures: New Reports Show Filings Falling

Tallahassee Foreclosures ImageThere is more continued positive news regarding Foreclosures in Tallahassee, as the number of new lis pendens filings continues to decline. Our 1st Quarter report on Tallahassee Foreclosures found 220 lis pendens filed in Leon County during the first quarter of 2011, which is 50% fewer than were filed during the first quarter of 2010.

Whether this is a result of the foreclosure freeze that we saw a few months ago, or a sign that the bulk of the adjustable rate mortgage adjustments are now behind us will show in due time.

Currently, the foreclosure sale to lis pendens filings ratio is at an all time high of 59%. This could indicate that banks are more willing to proceed on mortgage foreclosures than they have been in the past, but it also might be a signal that distressed properties and mortgage defaults might be finally starting to slow.

Regardless of the reasons, it has to be viewed as good news when we see the amount of distressed properties continue to decline. Short sales and foreclosures are still a significant portion of the housing market and will be so for the foreseeable future. They will continue to create opportunity for buyers and present difficult competition for the other Tallahassee home sellers.

Tallahassee Foreclosures Graph

Tallahassee Foreclosure Reports

If you have not yet discovered the Tallahassee Foreclosures page on our website, you should bookmark it as your resource for the most current information on new lis pendens filings in Tallahassee. Each week, we post current filings as they are reported  in Leon County, Florida. Lis pendens filings are the first step in the foreclosure process, so a review of the filings gives us a clue to problem neighborhoods and trends in the distressed properties market in Tallahassee.

Our most recent reports have been published for the month of March:

We will continue to monitor foreclosure sales in Tallahassee as well as new lis pendens filings in Leon County. The positive trends will hopefully continue and we can see the distressed properties in Tallahassee move back to their small percentage of the overall Tallahassee real estate market.

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