What Percentage Of Listings Are In Trouble? (Port Charlotte, North Port: mortgage, foreclosures)

[MrTudo]

Where you are? And by trouble I mean in arrears, pre-foreclosure, shortsale ( same thing? ) , foreclosure.

Then, how many of those sold at auction actually sell?

I was told by my banker about 8 months ago that 25% of the listings here were foreclosures. A very sharp realtor told me last week that those percentages are MUCH MUCH higher than that.

Yet the media reports only 4-5%. Now don't get me started on the media......they're about as credible as a politician

What say you and what area are you reporting?

[SoFLGal]

Good post, Mr. Tudo. In North Port/Port Charlotte around 75-80% of properties are either a foreclosure or short sale. It's not as common for listings over $300,000 but when you are in the $200,000 and under range it's 75-80% and going up everyday.

[SoFLGal]

Just ran some stats for North Port-
1533 listings
1006 under $200,000, of the listings under $200,000
658-short sale
69-foreclosed
88-corporate owned
191-regular sale

Keep in mind also that many listings start out as regular listings and then the owners can't make the mortgage payment anymore and they turn into short sales and then foreclosures. So, I think the foreclosure number will get worse before it gets better. I read somewhere that 95% of short sales end up in foreclosure. So, it looks like we are going to have quite a few foreclosures in the upcoming months.

[MrTudo]

Which is one factor in why property values will continue to decrease in value.