Foreclosures Up Again in August

Mark

Florida reporting in....  What we have occuring here, is out of town lenders foreclosing at record rates, unaware that our market is already saturated with unsold inventory. Ignorant to our local market values, and further suppressed by the limited number of qualified buyers looking to enter into the market, compounded with staggering Property Taxes, Hazzard Insurance Costs, and Builder's liquidating unsold inventory.  So many properties are upside down, that sellers have no means of closing, lenders will not accept short sales or complicate it to a point by adding in interest, assessed penalties, and legal fees and cutting Realtor commissions, which  make a marginal sale a short sale.  They are not negotiating in a manner which is designed to sell off these properties at Market Value.  Since Real Estate is local, they have no idea what are market is, or what a reasonable price would be.

 As the properties they (the banks) have lanquish in perpetuity and do not sell, only then will they seek the help of Realtors who know their markets.  At the moment, we are still considered not to be their allies. Much like the builders in the boom. (Who now offer the best incentives for cooperation).