Bank Foreclosures Picking Up (Sarasota: real estate, rent, HOA fees)

[lynne4t]

Guess this answers the question of when all those backlogged foreclosures should start being released

Lenders poised to pick up the pace of foreclosures | HeraldTribune.com

[SoFLGal]

Braga wrote a pretty decent article here. The problem is that there's no definite time frame on when more properties will be released. Like I told him in this article, the properties coming on the market for the next few months are "bare bones".

If I had to guess I would say there might be a bit more to chose from in Oct/Nov. I suppose that's decent timing since that's when our snowbirds start to come down. Then there might not be such a huge backlog of homes stagnate on the market all at once.

Honestly, I think it's still a big guessing game to some degree. We know they're out there we just don't know how/when they will be released.

[Big House]

This chart shows the drop off that I've been saying here for a while. I also expect as lynne and SoFLGal stated that the pace will pick up again in November when the banks get their paperwork filed properly hand moving through the system again. But there is a big drop off locally. Not so much other places.

Chart: Local foreclosure filings through April | HeraldTribune.com

[bbronston]

Bring 'em on! We need to work through all of this, get it over with, and move on to some normalcy again. Many other facets involved, of course, but the bottom line is that these properties need to be processed and the sooner we do that, the better it will be for everyone else.

[Rushmore]

Originally Posted by bbronston

Bring 'em on! We need to work through all of this, get it over with, and move on to some normalcy again. Many other facets involved, of course, but the bottom line is that these properties need to be processed and the sooner we do that, the better it will be for everyone else.

Perfectly stated.

It's not like any of this is some big mystery at this point. We'll need to push through it sooner or later, so let's go with sooner.

[Sunshine Rules]

Opinions regarding the "shadow" inventory of pre-foreclosure homes are like snowflakes - no 2 are alike, and the banks certainly aren't being cooperative when it comes to getting hard numbers.

If anyone wants to track the filings yourself, each Monday the Sarasota Herald Tribune posts statistics. Go to their web site at Sarasota Florida News, Sarasota Weather, Sports and Business | HeraldTribune.com | Sarasota Herald-Tribune, then click on "Business" & "Business Weekly" tabs. On the Business Weekly page, down on the lower left side you will see "Transactions" with a date. Click on the most recent date and you'll find all of the previous week's clerk of court filings for foreclosure sales, bankruptcies, lawsuits and Lis Pendens foreclosure filings. It's where I go to find out what banks are actively filing foreclosures and to track trends.

I have noticed something new regarding some of the latest bank foreclosure listings. Some of the banks are now taking the time to have the homes cleaned, painted and even new carpet before putting them on the market. Some are installing kitchen appliances too. They are taking the time to put the homes into better shape in order to list them for closer to market prices vs "dumping" them on the market at 20% below current market prices for investors to snap up, further dragging down the local market values. I hope this trend continues.


PS: I came across a new story from Matt Taibbi today that makes a good reporting of the big picture as to why the real estate boom & crash happened and who profited most. Matt was also one of the first reporters on a national level to dig into the FL foreclosure-gate mess and the legal firms faking and forging documents to ram foreclosures through the courts. Here's the link: http://www.rollingstone.com/politics...0110511?page=1

Interesting how none of the major players are being arrested for their obvious crimes. Steal a bag of chips from the local convenience store, risk going to jail. Steal trillions from home buyers and taxpayers, get rewarded with multi-million dollar bonuses.

[Big House]

Originally Posted by Sunshine Rules

Opinions regarding the "shadow" inventory of pre-foreclosure homes are like snowflakes - no 2 are alike, and the banks certainly aren't being cooperative when it comes to getting hard numbers.

If anyone wants to track the filings yourself, each Monday the Sarasota Herald Tribune posts statistics. Go to their web site at Sarasota Florida News, Sarasota Weather, Sports and Business | HeraldTribune.com | Sarasota Herald-Tribune, then click on "Business" & "Business Weekly" tabs. On the Business Weekly page, down on the lower left side you will see "Transactions" with a date. Click on the most recent date and you'll find all of the previous week's clerk of court filings for foreclosure sales, bankruptcies, lawsuits and Lis Pendens foreclosure filings. It's where I go to find out what banks are actively filing foreclosures and to track trends.

I have noticed something new regarding some of the latest bank foreclosure listings. Some of the banks are now taking the time to have the homes cleaned, painted and even new carpet before putting them on the market. Some are installing kitchen appliances too. They are taking the time to put the homes into better shape in order to list them for closer to market prices vs "dumping" them on the market at 20% below current market prices for investors to snap up, further dragging down the local market values. I hope this trend continues.


PS: I came across a new story from Matt Taibbi today that makes a good reporting of the big picture as to why the real estate boom & crash happened and who profited most. Matt was also one of the first reporters on a national level to dig into the FL foreclosure-gate mess and the legal firms faking and forging documents to ram foreclosures through the courts. Here's the link: The People vs. Goldman Sachs | Rolling Stone Politics

Interesting how none of the major players are being arrested for their obvious crimes. Steal a bag of chips from the local convenience store, risk going to jail. Steal trillions from home buyers and taxpayers, get rewarded with multi-million dollar bonuses.

The banks have been doing that for a while, painting, carpet, appliances. . . and they are still competing with themselves slashing thier own price 10% after being on the market 30 days. It continues to hurt residents that have lived in their home for years paying their mortgage. Their competition is the other banks, not the investors that would like nothing more than to have the prices as high as possible after they pay off liens, taxes, water bills, code violations, HOA fees, and the expense of fixing them up. Yeah, investors snapping them up - yeah right - investors have to swim through a sunami doing the back stroke in order to make a meager buck, and sell the homes for accessed value because the banks are slashing the price of homes right next to them as well. . . And, still, the government bails them out (not the investor) while they (the banks) trash their clients - the ones holding the mortgages right next door houses they just sold below cost.

[justNancy]

I agree with both of you.

A lot of home buyers were/are victims of unscrupulous lenders and shady real estate practices. Others are unfortunate casualties of a bad job market. OTOH, there are plenty of people who continue to pay their mortgages while some of their neighbors live free, often for years. Then you've got the banks sitting on vacant properties while that inventory devalues the neighborhood and hurts people who are being responsible. The world in which I grew up has turned upside down, and why not? The banks have nothing to lose as long as American taxpayers continue to foot the bill.

By the way, the word "investor" is too general. Everyone who buys real estate is making an investment. Sure there are some people who have profited from the foreclosure mess, but most people I know who own investment properties and land are really hurting because they can't sell, but they can't get enough rent to break even.

[JMC49]

Originally Posted by bbronston

Bring 'em on! We need to work through all of this, get it over with, and move on to some normalcy again. Many other facets involved, of course, but the bottom line is that these properties need to be processed and the sooner we do that, the better it will be for everyone else.

Very well put.

[Col.W.Deering]

For those of us who have been sitting on the sidelines for years waiting to buy this is awesome news.

My husband and I stood by and watched as pieces of junk were listed at 250k, when only a couple of years before they were 90k. Sure we could have jumped into the market with all those mortgages being given out like water at a marathon...but we knew the market was for profiteering and not for actual homebuyers.

I agree with bbronston...get those foreclosures out there soon. People like my husband and I who have been responsible and patient this whole time are ready to find their dream home at a fair price.