What The Recent Foreclosure Report Means For Tallahassee Housing

With the end of another quarter of home sales in Tallahassee, we have just recently updated our reports on lis pendens filings and foreclosure sales.

The trend of foreclosure sales is soaring, an unsurprising result of the past lis pendens filings that have occurred.

But a recent trend reversal on lis pendens filings is a cause for concern regarding the near future of home sales and values in Tallahassee.

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An Update On Short Sales And Foreclosures In Tallahassee

We like to keep a close watch on the inventory of distressed properties for sale in Tallahassee. It serves as an overall bellwether for the state of the Tallahassee real estate market, knowing that we have a lot of short sales and foreclosures that still must clear before our market can return to “normal.”

Overall, we are starting to see a non-seasonal decline in the number of distressed properties that are entering the market. I suspect this is good news, though there is likely some pent-up supply of short sales with upside down homeowners waiting to see what happens with the Mortgage Forgiveness Debt Relief Act.

Rumor has it that this will be extended in October, retroactive to include all of 2014 and continuing through all of 2015. Regardless, the numbers are looking better right now.

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Is There A Conspiracy To Control Distressed Property?

It appears that the surge of distressed property that entered the market in August of last year will be replicated in 2014, as the short-term trend of short sale and foreclosure listings is moving higher.

A conspiracy theorist might conclude that the large lenders holding the most distressed property inventory have withheld the bulk of their REO assets during the peak summer months in order to help real estate values recover, but I suspect they aren’t that organized.

Take a look at the again-changing landscape for homebuyers and sellers alike, as more than 1 in every 5 new listings in the Tallahassee MLS is being marketed as “distressed.”

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Which Tallahassee Subdivisions Should Expect The Most Foreclosures

In case you missed the announcement this weekend, we just released our foreclosure reports for the month of June.

During the process of compiling all of the lis pendens filings for the report, I felt it would be a good time to create a graph showing the Tallahassee subdivisions where we should expect to find the most foreclosures in the coming year.

While many of the “usual suspects” are listed, there were a few surprises as well.

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What’s For Sale In Tallahassee

If you have been thinking about buying a home for more than just the past few months then it is likely you have noticed a big change in what’s for sale in Tallahassee.

The inventory has been evolving from one glutted with short sales, foreclosures, and bank owned properties to a market filled with fewer homes and a declining inventory of distressed properties.

In other words, the Tallahassee real estate market is making its way back to “normal.”

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Distressed Home Sales Remain Steady

There is an interesting conflict developing for distressed home sales in Tallahassee. We are seeing roughly 30% of the homes selling each month come from short sales, foreclosures and bank owned properties, yet there are very few distressed listings entering the market.

That means buyers are flocking to a smaller pool of these below market properties, and we will soon see some changes occurring in what is closing.

Perhaps the big dip in buyer activity this summer can be blamed on the fewer offerings from short sale sellers.

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Changing Times For Short Sales And Foreclosures In Tallahassee

Times and trends are changing for the short sales and foreclosures in Tallahassee.

What we often refer to as “distressed properties,” we have seen a new industry within an industry arrive, dominate, and now recede, all in the past 7 years.

The percentage of distressed properties in Tallahassee that are being sold as short sales is nothing like we have seen in the past, but you might be surprised how  this change has impacted the liquidation of these non-performing loans.

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A New Direction For The Inventory Of Homes For Sale In Tallahassee

Having just completed the February edition of the housing report, I can tell you we are starting to see the seasonal changes that lead to an increased inventory of homes for sale in Tallahassee.

Most years, we see people start to pull their homes off the market (if they are not sold) as the holidays arrive in late November, only to reappear on the market in the middle of February and extending on through the Summer.

So as we watch for this annual rise in available homes, let’s take a detailed look at what the Tallahassee real estate market has to offer in 2014.

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Distressed Homes Are Not Going Away In 2014

Yes, the market is getting stronger every day, but that does not mean that we have seen the last of the distressed homes.

From coast to coast, I am seeing reports about short sales and foreclosures still being very prominent in the market, and that is very true still in the Tallahassee real estate market.

With roughly 30% of all home sales reported as non-arms-length, these problem properties will continue to impact home prices and home values throughout the 2014 selling year.

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How Short Sales Will Boost Home Sales In 2014

You might have assumed this article would be about short sales on the market today, but that is not the case.

You see, the real estate market is about to experience a surge of homebuyers who took part in short sales as sellers three to five years ago.

That’s right, there is a wave of buyers who will steadily hit the market now and for the next five years that will push the housing market back up to historically “normal” levels and beyond, making 2014 a good year to finally sell your home.

If you caught our recent article on 3 key concerns that could negatively impact the real estate market in 2014, then consider this article the counter argument about why past short sales will be an undeniable force in the Tallahassee real estate market for years to come.

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