Doom and Gloom in the Sunshine State of Florida

[Pamela Crowley (Florida)]

Karl, is there room for me on the bus?

I'll have to fight you for that seat!

 

[Michael Tipton]

Doom and gloom? Is it near the bottom?

Here are some recent numbers from my market in Lee County:

June foreclosure actions- 2,390
May foreclosure actions- 2,450
June Pending sales (all residential)-1,719
May Pending sales (all residential)-1,751

sales data source-Greater Fort Myers and the Beaches MLS
foreclosure data-Fort Myers New-Press article

June 2007 foreclosure actions- 968, +147%.

I am not willing to call the bottom yet. There is no indication that the supply of dwellings on the market is declining at a significant level. A review of local data indicates most action is coming from REO sales after the dwellings have been taken back by the financial institutions. Short sales are a joke. The lenders are not responding in a timely period for short sales in general to be effective alternatives to deed in lieu or foreclosure sales at the "courthouse steps".

 

[Howard Klahr]

foreclosure data-Fort Myers New-Press article

Mike is the source of that data Realty Trac or Foreclosures.com or some other web source favored by the news media. Mush of the data reported by these sources is grossly incorrect. See article from the Seattle Times - Numbers from foreclosure statistics company questioned

 

[David Sawyer]

Doom and gloom? Is it near the bottom?

Here are some recent numbers from my market in Lee County:

June foreclosure actions- 2,390
May foreclosure actions- 2,450
June Pending sales (all residential)-1,719
May Pending sales (all residential)-1,751

sales data source-Greater Fort Myers and the Beaches MLS
foreclosure data-Fort Myers New-Press article

June 2007 foreclosure actions- 968, +147%.

I am not willing to call the bottom yet. There is no indication that the supply of dwellings on the market is declining at a significant level. A review of local data indicates most action is coming from REO sales after the dwellings have been taken back by the financial institutions. Short sales are a joke. The lenders are not responding in a timely period for short sales in general to be effective alternatives to deed in lieu or foreclosure sales at the "courthouse steps".

Michael,
Don't forget about the unemployment figures that have more than doubled from 3.2% to 6%+ in a year in Lee County. It is worse in Charlotte.

 

[Michael Tipton]

Mike is the source of that data Realty Trac or Foreclosures.com or some other web source favored by the news media. Mush of the data reported by these sources is grossly incorrect. See article from the Seattle Times - Numbers from foreclosure statistics company questioned

Howard,

The News-Press data source is listed as Jeff Tumbarello, Director of the the Southwest Florida Real Estate Investors Association.

To break down the foreclosure numbers further, Cape Coral accounted for 878 and Lehigh Acres had 560.

 

[c w d]

Doom and gloom? Is it near the bottom?

Here are some recent numbers from my market in Lee County:

June foreclosure actions- 2,390
May foreclosure actions- 2,450
June Pending sales (all residential)-1,719
May Pending sales (all residential)-1,751

sales data source-Greater Fort Myers and the Beaches MLS
foreclosure data-Fort Myers New-Press article

June 2007 foreclosure actions- 968, +147%.

I am not willing to call the bottom yet. There is no indication that the supply of dwellings on the market is declining at a significant level. A review of local data indicates most action is coming from REO sales after the dwellings have been taken back by the financial institutions. Short sales are a joke. The lenders are not responding in a timely period for short sales in general to be effective alternatives to deed in lieu or foreclosure sales at the "courthouse steps".

Don't depend purely on the numbers. What do those numbers mean? Are those potential home owners buying or speculative investors? My mother who is a MB works for a local RE company as a MB. She told me a couple of weeks ago that the market seems to have picked up but she has never seen so many cash deals. She's been in the business for 30+ years. That tells me the upswing may be due, to a significant extent, to investors. And is that upswing in a longer downward trend? Remember, the economy has turned, inflation has picked up, unemployment is increasing, foreclosures continue to accelerate, individual and private debt is massive and energy prices continue to increase with some in OPEC predicting $180/barrel prices. While sales activity may have picked up there's more going on that could potentially squash any hope of recovery.

If

 

[Michael Tipton]

cdw,
Your point is understood. Numbers are part of the process in defining current market conditions. NAR is noted for using numbers to support their typical "upbeat" statements.

 

[Mike Kennedy]

http://www.msnbc.msn.com/id/24254754/



"Al" and the Pithy Pythons don't help much.....either.

http://news.ufl.edu/2008/05/15/pythons-2/

 

[Karl]

Originally Posted by c w d
Karl, is there room for me on the bus?

I'll have to fight you for that seat!
__________________
All that is necessary for the triumph of evil is that good men/women do nothing.
Fight Back!

Lets see all Pam would have to do is smile for a seat. You C.W.D. Might have to bring some Peso's.

Going to be looking at property in Mexico in December!! Looks like the Peso will be for the first time in recent history more valuable than the dollar by years end. I was hoping for Austrilla, or New Zealand, but since cost of living is still going good over there, gotta say Mexico still looks good. San Felipe area not to shabby.