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Old 11-10-2009, 01:32 PM
 
43 posts, read 80,756 times
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Foreclosure Auctions for Manatee County, FL for November: 273

Jan.....Feb......Mar.....April......May.....June .....July.....Aug....Sept....Oct

92......138.......103......97.......139.......137. .....216.....187.....251.....161

There was 36 just today (November 10).

So just from July to the end of November (5 months) there was 1088 cases.

This is a Monthly Average of: 217.

https://www.manatee.realforeclose.com/index.cfm

December already has 158 listed, and it is only November 10. So inventory will continue to build, and no question house prices WILL come down more.

Last edited by po14015; 11-10-2009 at 01:33 PM.. Reason: Added Court House Link
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Old 11-10-2009, 04:21 PM
 
Location: Punta Gorda and Maryland
6,103 posts, read 14,252,647 times
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Do these properties get listed by realtors before they are sent to the courthouse for auction?

What do you think is the main reason they go to the courthouse for auction rather than through a real estate agent's hands first? Or have they already gone through that process with no results?
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Old 11-10-2009, 10:14 PM
 
43 posts, read 80,756 times
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Default Steps to auction:

Here are the "normal steps":
People try to sell the house but can't.
They try short sale but doesn't help.
They stop paying.
Bank files papers for foreclosure.
People may or may not leave.
House goes to Court House to change ownership from people to Bank.
(This is where you can out bid the bank for ownership.)
Bank then relists it as a REO. (around a month or two later but banks are holding a lot back)

Notice how this is a downward cycle. The reason people can't sell before foreclosure is because they can't price against foreclosures. So as prices drop, more people go upside down and go through this cycle.

And the investors and landlords that have tried to come in over the last 6 to 12 months are starting to end up in the cycle as well. They can't resell or rent their units due to the unemployment (about 1 in 8 people in Manatee County).
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Old 11-11-2009, 07:30 AM
 
Location: Wandering.
3,549 posts, read 6,229,925 times
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I would say that this is going to continue on for quite a while. While they are auctioning off 217 on average, there are twice that many new foreclosures being filed right now. If you look at the case numbers on the auctions, most seem to be from 2008, although there are still some from 2007 and a few from 2009. It seems that most of the 2009's are for 1 million plus, so the banks must be a little more aggressive about getting those ones through the system.

The Manatee Clerk shows the following filed foreclosures as of this morning:

147 filed so far in November.
540 filed in October
5523 filed so far in 2009. Average of 537 a month so I would expect about 6500 for 2009 total. While it's more than 2008, it seems to be slowing in percentage growth compared to the last few years.

5598 total in 2008
2576 total in 2007
866 total in 2006
592 total in 2005

Of the 2567 in 2007, 1508 have been closed, 623 were reopened, and 442 are still open (rough numbers).

Of course these aren't necessarily all homes, they could be for any real property, but I would guess that the same logic holds for auctions.
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Old 11-11-2009, 08:50 AM
 
Location: Florida
4,850 posts, read 13,421,421 times
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Quote:
Originally Posted by Big House View Post
Do these properties get listed by realtors before they are sent to the courthouse for auction?

What do you think is the main reason they go to the courthouse for auction rather than through a real estate agent's hands first? Or have they already gone through that process with no results?
no, they do not. A friend of mine called me & notified me when mine was in the paper.

I promptly paid, but, as usual, with the Manatee County Court system, it's still listed as a foreclosure under my name, unless you read the small print.

So, only believe half of what you read & none of what you hear is true.
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Old 11-11-2009, 11:13 AM
 
Location: North Port
325 posts, read 960,329 times
Reputation: 101
Wow, those numbers are unbelievable!
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Old 11-11-2009, 11:18 AM
 
Location: Punta Gorda and Maryland
6,103 posts, read 14,252,647 times
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Quote:
Originally Posted by kbuild View Post
Wow, those numbers are unbelievable!
And it is going to get worse. Wait the commercial property bad news is coming too!
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Old 11-11-2009, 02:09 PM
 
Location: Florida
4,850 posts, read 13,421,421 times
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IMO, after all the budgets come in for 2010 in regards to various companies around town, you will see a wave of layoffs which will set off another round of foreclosures next summer.

It's probably happening all over & not just Florida, but it will be happening.

Imagine the tennacity of the man who rode his bike from Bradenton, 12 miles to Sarasota to interview & beat out 299 (YES TWO HUNDRED NINTEY NINE) applicants for a barely above minimum wage position at Marshall's (article in yesterday's Sarasota Herald). God bless him & his determination because, that's what it's really gonna take to stay in Florida & ride out this recession.
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Old 11-11-2009, 04:51 PM
 
Location: Punta Gorda and Maryland
6,103 posts, read 14,252,647 times
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Quote:
Originally Posted by Ladywithafan View Post
IMO, after all the budgets come in for 2010 in regards to various companies around town, you will see a wave of layoffs which will set off another round of foreclosures next summer.

It's probably happening all over & not just Florida, but it will be happening.

Imagine the tennacity of the man who rode his bike from Bradenton, 12 miles to Sarasota to interview & beat out 299 (YES TWO HUNDRED NINTEY NINE) applicants for a barely above minimum wage position at Marshall's (article in yesterday's Sarasota Herald). God bless him & his determination because, that's what it's really gonna take to stay in Florida & ride out this recession.
Good Post Lady!
I agree, there is a whole cycle yet to transition through. And with all the commerical investments about to crash like the home market has, a lot of business that have invested in them are going to have to cut overhead to the bone again.

That guy is going to have some pretty tight buns, and be in pretty good shape if he is going to pedal his bike 24 miles to work and back everyday!!
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Old 11-12-2009, 04:46 AM
 
Location: North Port
325 posts, read 960,329 times
Reputation: 101
The good news about that gentleman, he can cash in his gym membership.....
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