Posted on Saturday, September 15, 2012
First of all I would like to say it is tough, very tough, to see someone lose their home to foreclosure. No one wants to see this happen. But here they come again – foreclosures are on the increase.
As tough as it is to see someone lose their home we do need to work through the remaining foreclosures if the overall real estate market is to gain its old strength. The hope is the overall market is capable of absorbing these foreclosed actions and inventories (remember the power of supply and demand) remain low to support prices.
Sometimes I think the banks wait for the market to strengthen before moving on foreclosed properties but that is for the bankers to decide. I do think a combination of factors, like the resolution of proper and legal foreclosed processes, the improving market and better internal bank processes and skills are resulting in increased foreclosed actions.
Will this hurt the market? So far no. Checking in this morning with the Sunshine MLS statistics in Naples, Florida we find 4,872 active properties in the “All Naples Area” and 8,577 closed properties in the last year, giving an inventory of 6.81 months. Readers of the blog will know this is a further reduction in supply and an increase in price support – despite the increase in foreclosures.
The Naples News reported this week foreclosures are trending up in Southwest Florida. (http://www.naplesnews.com/news/2012/sep/13/banks-again-aggressively-foreclosing-on-florida/?partner=popular). I quote “They (foreclosures) have been on the rise year-over-year since January in Collier County, hitting their highest number in August — at 295 for the month. In August 2011, there were 229 new foreclosures, 66 fewer than this year, according to the Collier County Clerk’s office.” So as reported nationally, foreclosures are on the rise but our local market continues to improve and absorb these foreclosures.
So far so good here in Naples. Our improving market in the “off season” shows we are headed in the right direction. Remember to keep those selling properties priced right, in good condition, and properly marketed because even in improving times you need to do all the right things.
Have a great day and visit us at NaplesBestAddresses.com or call us at 239.595.3921 if you have any questions or if we can be of help to you.
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No legal, investment, or tax advice is being given in this Blog. Consult with legal, financial and tax professionals before acting on any real estate transaction. Actual real estate price and sales results are subject to market forces and are not completely predictable. The writings of this Blog are intended for the sole use of our clients.
Some of the data relating to real estate for sale on the NaplesBestAddresses.com website comes in part from the Broker reciprocity program of M.L.S. of Naples, Inc. The properties displayed here may not be all the properties available through the MLS reciprocity Program. This information is deemed reliable but is not guaranteed. Buyers and sellers are responsible for verifying all information about their purchase prior to closing.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Mark Goebel, PA
REALTOR Coldwell Banker 5th Avenue South
Mobile: 239.595.3921
NaplesBestAddresses.com
Facebook: NaplesBestAddresses
Twitter @mcgoebel
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