While most of our residential moves happen between houses and apartments, we as amateur real estate market watchers can't help but follow the foreclosure saga. This huge story in South Florida real estate has been a game-changer home owners, lenders, real estate agents, neighborhoods and gee, just about everyone here!
"Manatee County Foreclosure Stats: A Closer Look" (Wendy Herndon for Bradenton Patch)
"Foreclosures in Manatee Plunge" (Duane Marstellar, Bradenton Herald)
These recent articles had us at first optimistic that the devastation was over ... 55% drop in foreclosures since last year ... but then unsure (experts say foreclosure filings are artificially low due to bureaucratic backlogs in the courts).
It also just so happens that we're sponsoring the snack tomorrow for the Manatee Association of realtor's class on "Short Sales & REO's: What You Need to Know in Today's Market" with Bob McManus. If we learn anything new tomorrow during the class, we'll post it here.
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Great session with Bob McManus today ... and his take is NO this foreclosure mess is not going away any time soon. Rather than a crystal ball, he consulted actual facts (imagine!).
He showed that in a normal real estate market, 2-3% of homeowners are in foreclosure. 5-6% is very high. Florida currently has 14% of homeowners in foreclosure, which is outrageously high! Then, to add to it, stats show that another 20% of homeowners have not paid in over 1 year and have not even begun foreclosure filings proceedings.
His prediction for recovery / normalization - 2015! I wish I could go more into Bob's fascinating presentation but you'll just have to see it for yourself.
www.bobmcmanusgroup.com
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