For our patient readers who have been waiting for the Tallahassee foreclosure update, the news is finally here.
And while our previous warning that the foreclosure situation in Tallahassee would become severe, it took the August home sales data to really understand how big this wave just might be.
Tallahassee Foreclosure Perspective
This first foreclosure graph provides perspective.
The green lines show the annual number of lis pendens filed, while the red lines show the annual number of foreclosure sales in Tallahassee. The blue line shows the ratio of sales to filings (meaning this is the number of non-performing loans that made it all the way through the foreclosure process and the property traded hands).
In 2011, there were 2,649 existing home sales recorded in the Tallahassee MLS, and right now, the lis pendens trend has reached 1,844 annual lis pendens filings. That means the wave of these non-performing loans represents an amount of foreclosure sales equal to 70% of the current rate of home sales!
New Tallahassee Foreclosure Filings
The real estate graph below shows that the trend of new lis pendens filings has been rising for 11 months. We can see that the trend once peaked at 170 filings per month, but the robo-signing scandal sidelined the growth for over a year.
Currently, we are seeing more than 150 lis pendens filed each month, and the market is likely to record a new high before the end of the year.
Tallahassee Foreclosure Sales
The final foreclosure graph shows the actual sales that been the result of those lis pendens filings. Note that the one-year trend has reached an all-time high.
If you are looking to buy a Tallahassee foreclosure, the offerings should be significant for the next several years.
But if you are looking to sell a home to either avoid a foreclosure or to pull the remaining equity from your home, my best recommendation is to either beat the heart of this wave or wait several years until it has completely passed through the market. And if you want to us to help you review all of your options and likely results, just drop me a note and we can schedule a time to review your specific situation.
Remember, whether selling a home or buying a Tallahassee foreclosure, knowledge is power and you can make the most of your situation by being fully informed.