Lee November foreclosure numbers..... (Port Charlotte: for sale, 2015, foreclosures)

[Compression]

After an all time record high in October, of over 2,600 in one month..A sharp decline in the numbers......1,621 for November.
This either bodes well, as in we've perhaps finally hit bottom, or the numbers are being manipulated. I recall seeing somewhere, that the lenders were going to forego filing any new actions during the holiday season. But I've not seen that confirmed yet.
We may continue to see a falling number thru the next month or so, only to see them on the rise again after the first of the year? Time will tell......

[brokerdave]

i think the majority of filings is over. sales are up 86% since last year.

[Big House]

Originally Posted by brokerdave

i think the majority of filings is over. sales are up 86% since last year.

Unfortunately, I don't think the foreclosures are over. There has been a moratorum on foreclosures that has only delayed the process. Right now the economic news is getting worse, which will in turn cause even more people to struggle. Banks have not enacted much in the way of relief for home refinancing yet, except for those with excellent credit. The trend has been manipulated, but has not hit bottom or reversed yet.

I hope that we hit bottom, and things are getting better out there, but I don't believe it, not yet. As the OP said, time will tell.

[brokerdave]

i never said that the foreclosures are over. in fact everyone i know that has been waiting to be foreclosed on for over a year now, still hasn't been foreclosed on yet.

i think the initial filings are over. a lot of the inventory is moving. in most of the areas i farm for my clients for sale's are down to 4-5% of total units in the communities.

[Big House]

Originally Posted by brokerdave

i never said that the foreclosures are over. in fact everyone i know that has been waiting to be foreclosed on for over a year now, still hasn't been foreclosed on yet.

i think the initial filings are over. a lot of the inventory is moving. in most of the areas i farm for my clients for sale's are down to 4-5% of total units in the communities.

Hey Dave,
Sorry, I was not being contrary to what you said - at least not directly. My intent was to express remorse and empathy for the many out there that have been crushed by the turn of events. Although some people are being hammered for just plain being greedy, and not practicing sound investment principles. I am less empathetic for them, but still no one could have anticipated this, not to this degree.

I'm in the construction business, and I could see it coming, and sold out last year. I made a pretty good deal, but no one is excaping this one. I really feel exasperated for all those people that have reached the end of their years, where their earning potential has greatly deminished, and much of the savings they've worked for has been greatly wiped out.

There is plenty of reasons for optomism though. In both good and bad economic times, there are many opportunities to profit. If you are a student of history, and perhaps lived through a few cycles, then you can see those opportunties and maybe if you put your sail up the wind will blow and move you along.

[Compression]

Originally Posted by brokerdave

everyone i know that has been waiting to be foreclosed on for over a year now, still hasn't been foreclosed on yet.
a lot of the inventory is moving. for sale's are down to 4-5% of total units in the communities.

I did hear that Gov Crist has indeed called a moratorium on foreclosures, but didnt catch how long it was in effect for.

I knew that the banks were dragging their feet on filings, but I wasnt aware they were dragging them out over a year. Not challenging your assertion, just kind of amazed at that....I guess the strategy is too (hopefully) negotiate short sales before incurring the costs associated with filing actions? The thought that there are many properties that should be foreclosed, over a year ago, seems to indicate a problem of even greater proportion than we have been led to believe. And that even the record high numbers, of late, have been artificially manipulated lower, already!

Inventory is moving, thats good, but of the 4-5% of total units for sale, in a given area, what percentage of those have already been foreclosed upon (are empty) and how many fall into the other category, of "should be in" foreclosure? In other words, if the banks are self imposing moratoriums, and now the state government steps in to impose a moratorium, the total number of (let's call them) "distressed" properties suddenly starts getting real hazy, doesnt it? I've got a feeling there is NO concrete answer to this question, but as one that sold RE myself (eight years, north Detroit 'burbs, many moon ago)I know your'e one of the guys that would have the best, true, opinion of the real situation.

Obviously, where I'm going with the question is, now that we're gonna start playing games with the numbers of, ARE foreclosed, COULD be foreclosed, SHOULD be foreclosed, how do we keep track of what's really happening out there? Or is blurring the lines, the intent, in order to "spin" the numbers? Or, conversely, be accused of "spinning" the numbers.............

[Big House]

Originally Posted by yachtcare

I did hear that Gov Crist has indeed called a moratorium on foreclosures, but didnt catch how long it was in effect for.

I knew that the banks were dragging their feet on filings, but I wasnt aware they were dragging them out over a year. Not challenging your assertion, just kind of amazed at that....I guess the strategy is too (hopefully) negotiate short sales before incurring the costs associated with filing actions? The thought that there are many properties that should be foreclosed, over a year ago, seems to indicate a problem of even greater proportion than we have been led to believe. And that even the record high numbers, of late, have been artificially manipulated lower, already!

Inventory is moving, thats good, but of the 4-5% of total units for sale, in a given area, what percentage of those have already been foreclosed upon (are empty) and how many fall into the other category, of "should be in" foreclosure? In other words, if the banks are self imposing moratoriums, and now the state government steps in to impose a moratorium, the total number of (let's call them) "distressed" properties suddenly starts getting real hazy, doesnt it? I've got a feeling there is NO concrete answer to this question, but as one that sold RE myself (eight years, north Detroit 'burbs, many moon ago)I know your'e one of the guys that would have the best, true, opinion of the real situation.

Obviously, where I'm going with the question is, now that we're gonna start playing games with the numbers of, ARE foreclosed, COULD be foreclosed, SHOULD be foreclosed, how do we keep track of what's really happening out there? Or is blurring the lines, the intent, in order to "spin" the numbers? Or, conversely, be accused of "spinning" the numbers.............

Ok, and how are the banks supposed to get their money back. They gambled financing the loans that should not have been financed in some cases. Their gamble was that if someone fell behind they would foreclose and sell the property for more money than it was worth. The banks exhibited as much bad judgement and greed as some of the people that really didn't understand how to pay for the asset, if things got bad, and just wanted to walk away. Everyone is trying to make them whole, while the people that are struggling to satisfy their commitment continue get hammered without the relief the banks are provided.

And as far as manipulating the data, it is easier than really fixing anything. Manipulate it, claim victory, and pass the costs on down the road to the next incumbent, or more accurately the next generation.

[brokerdave]

Originally Posted by yachtcare

I did hear that Gov Crist has indeed called a moratorium on foreclosures, but didnt catch how long it was in effect for.

I knew that the banks were dragging their feet on filings, but I wasnt aware they were dragging them out over a year. Not challenging your assertion, just kind of amazed at that....I guess the strategy is too (hopefully) negotiate short sales before incurring the costs associated with filing actions? The thought that there are many properties that should be foreclosed, over a year ago, seems to indicate a problem of even greater proportion than we have been led to believe. And that even the record high numbers, of late, have been artificially manipulated lower, already!

Inventory is moving, thats good, but of the 4-5% of total units for sale, in a given area, what percentage of those have already been foreclosed upon (are empty) and how many fall into the other category, of "should be in" foreclosure? In other words, if the banks are self imposing moratoriums, and now the state government steps in to impose a moratorium, the total number of (let's call them) "distressed" properties suddenly starts getting real hazy, doesnt it? I've got a feeling there is NO concrete answer to this question, but as one that sold RE myself (eight years, north Detroit 'burbs, many moon ago)I know your'e one of the guys that would have the best, true, opinion of the real situation.

Obviously, where I'm going with the question is, now that we're gonna start playing games with the numbers of, ARE foreclosed, COULD be foreclosed, SHOULD be foreclosed, how do we keep track of what's really happening out there? Or is blurring the lines, the intent, in order to "spin" the numbers? Or, conversely, be accused of "spinning" the numbers.............

yes the moratorium is for the next 45 days as of the 3rd. i think the idea is too see what obama does. because it is not really helping people. it may allow people to relax a little during hte holiday, which is good. but things could be ugly come feb.

the banks aren't dragging there feet on the filings the court is that backlogged. i think lee county is doing 800 foreclosure auctions per week. but the banks don't want these properties. its simply too many. too many things can go wrong. imagine all the places that will get bug infested and mildew/mold, aside from homeowners stripping the homes of all appliances, etc. imagine how bad this will be in the northern states where winter has set in, pipes will freeze and burst and flood in the spring. its gonna be bad. homes like these can't be approved for FHA and conventional financing is almost non-existent at this point.

the areas i farm haven't had any problems with foreclosures. there has been a couple short sales, but most people bought these seconds homes with strong equity down payments and did it many years ago. but you are correct, you don't know how much really is effected. but the MLS tells me how much changes everyday. whether its a new listing or and old listings, is something sold and how.

as far as the real numbers, you are right about not knowing and it is speculated that the feds don't want anyone to know, because they are not releasing this information. for fear of a worldwide panic if we knew the truth.

i know the bailout/rescue plans sound nice and people think its limited to $1 trillion, but they have already spent close to $2-$3 trillion because of how broad the financial crunch is.

[MrTudo]

Well if we can find what we're looking for we'll account for one purchase

We're looking. Trying to find a realtor who will take the time to show us the various areas in Lee/Collier cnty and when we find the right house we'll buy it.

Far as our house in Port Charlotte, well, guess we'll have to give it away ( we're not against buying another house here in PC but I'd like to see what opportunities exist a little further south.

[brokerdave]

are you looking an investment property or to relocate?