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Foreclosure sales still very active in the area

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Posted: Tuesday, May 13, 2014 2:47 pm

NORTH PORT, FL. - The most recent numbers are showing around 1 in 4 real estate sales in our area still involve a short sale or foreclosure.

So what can you still get, and how long will it last? A huge recovery has taken place, but there is still a long way to go.

Deb Bean-Guinto with Anytime Realty in North Port says you can still find a discounted home in the area. These days though, you are going to have to put some work in. "This is what you are getting for $110,000…a pool, a four bedroom house that needs work," says Bean-Guinto.

More and more homes like these are coming on the market every month. "As far as foreclosures, we are seeing more, but it is steady."

In 2013 in Sarasota and Charlotte counties, there were 387 filings in April alone. This past April, it was 227. From March to April of this year, Charlotte County actually saw a spike from 58 to 92. Bean-Guinto says that could just be that a bank released a bunch. “They are holding onto homes and releasing so many at a time."

In fact, driving around you will notice homes which look distressed, but are not for sale. "They are not in the MLS and it does the realtor no good to call the asset manager company, because they don't want to talk to you. They have not done all of their work to release the home for sale," says Bean-Guinto.

You also won't find as many homes being advertised out front as foreclosure or short sale. "We are trying to make the area look better. You don't want your street to look like it’s stressed."

Bean-Guinto says the deals of a few years ago are no longer around and the prices continuing to slowly climb. "Investors are strong in the market, because they see the potential."

Despite improvements with around a quarter of all local real estate sales involving a distressed home, it leaves the area in the bottom quarter of the country. "We are going to see foreclosures in this area for a couple more years I would think. None of us know how much is truly out there," explains Bean-Guinto

Florida has more than 200,000 backlogged cases of pending foreclosure. In Manatee, DeSoto and Sarasota counties there are nearly 10,000.

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1 comment:

  • KyleHause posted at 8:07 pm on Thu, May 15, 2014.

    KyleHause Posts: 2

    As an industry professional, it's hard to hear all the news about the foreclosure crisis ending. It's not. Foreclosures are declining, certainly, but there are so many people out there still struggling, and still hundreds of thousands of dollars underwater. Shadow inventory, which is all the people who want and need to sell, but won't because they are underwater, is behind the recent rise in prices. The next recession, the foreclosure crisis will be back. It's going to be a very long time before this is all over.