Foreclosures
Lakeland FL Short Sale and Foreclosure Housing Report – May 2010
June 21, 2010 by Petra Norris · 1 Comment
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.
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Foreclosures
Mortgage Mess Continues – Sweetheart Deal FDIC – Indymac/OneWest Bank
February 16, 2010 by Petra Norris · Leave a Comment
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
Foreclosures
Lakeland Real Estate Update: Florida, California, Nevada Still Accounting for Bulk of Foreclosures
July 23, 2009 by Petra Norris · 1 Comment
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.
