Lakeland FL Short Sale | Foreclosure Market Update – July 2011
For the month of July, the Lakeland real estate market of short sales and bank-owned (REO) properties have dropped well below the normal numbers of recent months, due to the robo-signing mess lenders faced. It seems that Lakeland FL Short Sales are more lucrative than ever, when buyers have the patience it requires.
There were a total of only 69 distressed homes sold that were in some kind of distress, compared to the 118 homes the previous month and 106 home the previous year.
Current inventory for Lakeland foreclosures as of 9/03/11 is at 69, while 84 homes currently are under contract and awaiting closing.
What are the price ranges, buyers and investors are most interested?
Lakeland Foreclosures Market Report
$49,999 or under – 14 homes
$50,000 – $99,999 – 19 homes
$100,000 – $149,999 – 8 homes
$150,000 – $199,999 – 4 homes
Current inventory for Lakeland Short Sales as of 9/03/11 is at 350 homes, while 317 homes are under contract and waiting to close.
Lakeland Short Sales Market Report
$49,999 or under – 5 homes
$50,000 – $99,999 – 9 homes
$100,000 – $149,999 – 9 homes
$150,000 – $199,999 – 1 homes
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Lakeland Foreclosures (REO) and Lakeland Short Sales.
- Average days to Closing for bank-owned properties are 123 days
- Average days to Closing for other distressed properties are 267 days.
- 24 Lakeland FL Short Sale properties sold – average sold price$93,513 – median sold price $95,000.
- 45 Lakeland FL Foreclosures (REO) sold – average sold price $75,463 – median sold price $72,900.
Since January 2011, 544 properties received some sort of default notice, summons and/or complaint filings from the clerk of courts and with only 69 foreclosures on the market this shows that most of Lakeland homeowners trying to get loan modifications or just living in their homes not making a single mortgage payment.
Don’t let time be against you. Don’t be foreclosed. Call your Lakeland FL Short Sale Agent - Petra Norris at (863) 619-6918 and find out about our options
Lakeland Florida Short Sale and Foreclosure Market Report – July 2010
For the month of July, the Lakeland real estate market of short sales and bank-owned (REO) properties increased its market share from 54% the previous month to 60%. There were a total of 102 properties sold, compared to 117 in June and 71 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1,976 Lakeland FL Homes for Sale and 513 homes under contract (8/20/2010). By calculating total inventory, homes that are under contract which are included in my inventory share because these properties have not closed in which a buyer could walk away at any given time.
- Bank owned properties – Inventory share is 15.95%
- Short sale properties – Inventory share is 26.67%
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Lakeland Foreclosures (REO) and Lakeland Short Sales.
- Average days to Closing for bank-owned properties are 99 days
- Average days to Closing for other distressed properties are 261 days.
25 Lakeland Short Sale properties sold – average sold price $123,776 – median sold price $120,000
77 Lakeland Foreclosures (REO) sold – average sold price $68,209 – median sold price $57,500.
Looking for a great deal on Lakeland Short Sales and Lakeland foreclosures, feel free to contact me at petra@petranorris.com or click the search button below.
Lakeland Florida Short Sale and Foreclosure Market Report – May 2010
For the month of May, Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 57%. There were a total of 127 properties sold in May, compared to 148 in April and 61 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1,940 Lakeland homes for sale and 514 Lakeland homes under contract (06/21/2010). By calculating total inventory, homes that are under contract which are included in my inventory share because these properties have not closed in which a buyer could walk away at any given time.
• Bank owned properties – Inventory share is 14.10%
• Short sale properties – Inventory share is 26.20%
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales
• Average days to Closing for bank-owned properties are 87 days
• Average days to Closing for other distressed properties are 307 days.
29 Short Sale Sold – average sold price $124,514 – median sold price $120,000 98 Bank-owned (REO) sold – average sold price $93,310 – median sold price $82,700
Looking for a great deal on Lakeland Short Sales and Lakeland foreclosures, feel free to contact me at petra@petranorris.com or click the search button below.
Search for Lakeland Foreclosure & Short Sales
Recently details of a “Sweetheart Deal” came to light as FDIC Sale of Indymac/OneWest Bank assets.
Our voices of the Real Estate industries has to be heard. It is sad when deals are being made to the expenses of taxpayers and homeowners who face short sales, foreclosures and are in the midst of getting the impossible – loan modification.
Check out this video by clicking on this link to see for yourself
For nearly four months now, homes in Lakeland, Florida and the rest of our state have combined with homes in California and Nevada to comprise more than 50 percent of the US homes currently in foreclosure.
As reported by RealtyTrac.com, the states making up the rest of the Top 10 Foreclosure States in America include Arizona, Georgia, Michigan, Texas, Ohio, Illinois and Colorado.
From a more local standpoint, the June 2009 Florida Foreclosure Rate Heat Map, pulled from RealtyTrac, shows the areas where foreclosure activity is at its peak. Polk County falls about midway, with Lee, Collier, Lake, Volusia, and Clay counties suffering higher foreclosure activity.
A closer look at the Polk County, Florida June 2009 Foreclosure Heat Map shows that the Winter Haven and Davenport areas have been hit hardest by foreclosures. This makes sense as the last home building push centered around the Thompson Nursery Road area of Winter Haven as well as in the Davenport area in general.
Government Efforts to Stem Foreclosure Tide Not Keeping Up
June’s reported foreclosure figures are consistent with the data from earlier this year, suggesting that the foreclosure remedy plans put forth by the government and by lenders can barely keep pace with the national default rate.
Looking back at the May 2009 foreclosure numbers, foreclosure-related actions across the country are up about 5 percent.
If there is a silver lining in all of this, it’s that foreclosures are creating tremendous buying opportunities for the right buyers.
Because foreclosed homes tend to sell at a discount versus non-foreclosed homes and because mortgage rates are still relatively low, home sales are remaining steady in a good many markets. All told, distressed homes measured up to about one-third of existing home sales for May.
You can search through the complete June 2009 foreclosure report for yourself, including foreclosure heat maps and other trends on the RealtyTrac website.
