Foreclosures and short sales dominated the national news for such a long period that news of foreclosures in Tallahassee does not carry the whallup that it would have just one year ago. But people better pay close attention to what is happening with foreclosures, because we have only scratched the surface of this epidemic thus far!
We have been monitoring the Lis Pendens filings for many years, and the number of properties that actually make it to the court-house steps is usually less than ten each month. But about two years ago, we noticed that lis pendens filings in Tallahassee were on the rise, so we suspected that we would eventually see the corresponding rise in foreclosures.
With all the speculation on bailouts and government intervention, many of the lenders were not so swift to move to foreclosure, thus we have been building a “pent up” foreclosure bubble just seems to be hitting the market now. But the recent rise in the foreclosure rate makes me think that banks are starting to make a move on their distressed properties.
Tallahassee Foreclosures On The Rise
[click to see list of foreclosures…]
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