Tallahassee Foreclosures Continue To Feed Shadow Inventory
There are still way too many Tallahassee foreclosures, and they are fueling the shadow inventory of homes at an alarming rate.
Increased activity among homebuyers has many people thinking the market has recovered, but I am still trying to find out why more of the distressed homes for sale in Tallahassee have not formally entered the housing market.
I shudder to think what would happen if all of the Tallahassee foreclosures from the recent past showed up as active listings in the Tallahassee MLS.
Tallahassee Foreclosures By The Numbers
There were 81 Tallahassee Foreclosures finalized "at the courthouse steps" in February, and an additional 257 other sales (arms length home sales plus short sales) for a combined total of 338 home sales. This means that 257 homes sold to consumers, while 81 homes were sold "taken back" by lenders.
The following real estate graph shows which lenders foreclosed on properties in February.
What Happens To Tallahassee Foreclosures
These numbers really make you wonder what is happening to Tallahassee foreclosures after the sale. Sure, some of them are listed for sale and are immediately known and available, yet many others are not so easy to find.
The shadow inventory of homes has grown, while the inventory of homes listed for sale in the Tallahassee MLS has declined. Significantly.
This trend started in 2008 and we really have seen no respite.
Tallahassee foreclosures and lis pendens have seen their numbers rise without seeing the corresponding impact on the inventory in the Tallahassee MLS. Does this mean that we will have to face the day when lenders capitulate and throw the equivalent of two year's supply of homes onto the market?
In the graph above, we see that FNMA (a government sponsored entity) handled 1/4 of the foreclosures. Will the US Government become the largest homeowner in the Country?
My concerns about distressed properties stem from the fact that it seems to be overlooked, or at least ignored by so many in the real estate media.
We do our best to report on Tallahassee foreclosures each month, so check them out for the latest updates on distressed property in Tallahassee.
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