Real estate blog entries tagged with foreclosure tallahassee by Joe Manausa - Tallahassee, FL, Tallahassee Real Estate (Joe Manausa Real Estate)

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foreclosure tallahassee: Why We Can Expect A Decline In Foreclosures - 09/22/15 10:50 PM

If you are interested in purchasing residential real estate in Tallahassee, you will find that more than one in every five houses for sale is listed as a distressed property.
In the past (meaning prior to the housing market collapse and going back to caveman times), the distressed property market was a very small niche of the houses for sale in Tallahassee. Why? Because Tallahassee sustained a very consistent appreciation rate over the years, and there was relatively low speculative building here.
This resulted in a market where house sellers would typically have equity, so people who had a bad economic event occur could … (4 comments)

foreclosure tallahassee: What You Gain From A Study Of New Lis Pendens Filings - 10/23/14 10:25 PM

With the end of another quarter of home sales in Tallahassee, we have just recently updated our reports on lis pendens filings and foreclosure sales.
The trend of foreclosure sales is soaring, an unsurprising result of the past lis pendens filings that have occurred.
But a recent trend reversal on lis pendens filings is a cause for concern regarding the near future of home sales and values in Tallahassee.
Tallahassee Foreclosure Report While it seems like bad news to hear that foreclosure sales in Tallahassee were up more than 80% versus this same month last year, the reality is that foreclosure sales are the end result … (4 comments)

foreclosure tallahassee: Clear Future For Distressed Home Sales - 09/14/14 06:43 PM

We like to keep a close watch on the inventory of distressed properties for sale in Tallahassee. It serves as an overall bellwether for the state of the Tallahassee real estate market, knowing that we have a lot of short sales and foreclosures that still must clear before our market can return to "normal."
Overall, we are starting to see a non-seasonal decline in the number of distressed properties that are entering the market. I suspect this is good news, though there is likely some pent-up supply of short sales with upside down homeowners waiting to see what happens with the Mortgage … (2 comments)

foreclosure tallahassee: Is August Magical For Distressed Property Sales? - 08/26/14 10:13 PM

It appears that the surge of distressed property that entered the market in August of last year will be replicated in 2014, as the short-term trend of short sale and foreclosure listings is moving higher.
A conspiracy theorist might conclude that the large lenders holding the most distressed property inventory have withheld the bulk of their REO assets during the peak summer months in order to help real estate values recover, but I suspect they aren't that organized.
Take a look at the again-changing landscape for homebuyers and sellers alike, as more than 1 in every 5 new listings in the Tallahassee MLS … (2 comments)

foreclosure tallahassee: Good News! Foreclosures Up 92% - 02/16/14 08:36 PM

Yes, you read the headline correctly.
Foreclosures in Tallahassee soared in January when compared to January 2013.
We are seeing more of these distressed properties being pushed through the healing housing market, and it is not likely to stop anytime soon.
But there is good news to be found among the distressed properties.
New foreclosure filings (click here to see all lis pendens filed in January) are on the decline, meaning future foreclosure sales will eventually start to decline, as fewer of our current homeowners are in default.

New lis pendens filings have been consistent for the past three … (2 comments)

foreclosure tallahassee: Just How Distressing Can The Housing Market Get? - 02/12/14 09:44 PM

You might wonder about the health of the Tallahassee housing market after you see this graph we produced.
In order to identify the newest trends occurring for home sellers and home buyers, we track all of the listings coming onto the market and track some key trends. We limit our scope to homes over $100,000, as it helps remove the activity in the investment side of the market.
Our primary concern for this report is to provide guidance to people who are not buying or selling real estate as an investment, rather for those who live in their homes and want to know … (2 comments)

foreclosure tallahassee: Distressed Houses Won't Go Away This Year - 01/28/14 06:45 PM

Yes, the market is getting stronger every day, but that does not mean that we have seen the last of the distressed houses for sale.
From coast to coast, I am seeing reports about short sales and foreclosures still being very prominent in the market, and that is very true still in the Tallahassee real estate market.
With roughly 30% of all home sales reported as non-arms-length, these problem properties will continue to impact home prices and home values throughout the 2014 selling year.
Distressed House Sales Continue
With our first real estate graph of 2014 populated with several weeks worth … (5 comments)

foreclosure tallahassee: Detailed Foreclosure Report Suggests New Trend For 2014 - 01/19/14 10:19 PM

This weekend we posted our annual report on Tallahassee foreclosures, listing every new lis pendens filed during 2013 and identifying trends that we feel will impact the Tallahassee real estate market.
I recommend you give it a read if you have any interest in distressed properties or if you plan on buying or selling a home this year. The included graphs show a major trend change that will impact the number of distressed homes for sale in Tallahassee this year.
Today we'll look at the neighborhoods that posted the most new lis pendens filings, and which ones will likely see significant … (1 comments)

foreclosure tallahassee: Foreclosures Rise 316% - Cause For Concern Or Something Else? - 12/15/13 07:45 PM

In case you missed our update on Tallahassee foreclosures, the year over year change in November showed a rise of 316%.
Yeah, that's not a typo, our latest report on foreclosures in Tallahassee showed 187 recorded in November, versus 45 that were recorded in November 2012.
So is this bad news or good news for the Tallahassee real estate market?
Large Increase In Tallahassee Foreclosures
It's hard to fathom that a report of a substantial increase in the number of foreclosures could have any bit of good news attached to it, but we have found it.
… (42 comments)

foreclosure tallahassee: Fewer Distressed Properties Result In Higher Prices? Not Necessarily! - 12/11/13 08:00 PM

There are fewer distressed houses being listed for sale in Tallahassee today than there were at this time last year.
The difference is less than 1%, but it's a positive sign that we have been anxiously awaiting since the collapse of the Tallahassee housing market in 2006.
Today's article has 2 graphs that focus on the non-investment segment of our market, featuring houses for sale in Tallahassee that are priced above $100,000.
Distressed Houses In The Market
The number of short sales and foreclosures (priced above $100,000) coming onto the market right now is increasing, but it was … (0 comments)

foreclosure tallahassee: Will A Rush Of Foreclosures Hit The Market In 2014? - 11/24/13 08:52 PM

The number of distressed property sales continues to decline, though they still account for nearly one third of all homes sold in Tallahassee.
Our continued tracking of the distressed homes for sale in Tallahassee has yielded a report that has exceeded our expectations for 2013, and looks to continue doing so next year as well.
Short Sales And Foreclosures Decline
Currently, there are 515 properties for sale that are marked as distressed in Tallahassee. Furthermore, it breaks down into 263 short sales and 252 foreclosed homes that are still for sale in the Tallahassee MLS.
When we take a look at current … (4 comments)

foreclosure tallahassee: A Welcomed Change In Foreclosures Trend - 09/29/13 10:19 PM

The number of new lis pendens filed each month is on a sharp decline, possibly indicating the beginning of the return to normalcy for foreclosures in Tallahassee.
With roughly 1 new foreclosure for every 3 houses sold in the past year, Tallahassee has been looking for relief in the distressed properties market.
Foreclosures in Tallahassee MLS
Distressed properties in Tallahassee are still abundant, so we keep an eye on new lis pendens filings each month in order to be able to forecast changes in the coming months and years.
Currently, there are 220 short sales available in Tallahassee, and an additional … (2 comments)

foreclosure tallahassee: Are You Seeing A Rise In Distressed Properties For Sale? - 07/31/13 09:16 PM

There might be a new trend brewing among properties for sale in Tallahassee, FL. I promised to be vigilant in monitoring the listings of foreclosures, short sales, and bank owned properties, and they appear to be on the rise again.
Every day we track the new listings of properties for sale in Tallahassee, FL priced above $100,000. This allows us to focus primarily on the non-investor segment of the market for the purpose of seeing how most owner-occupants are faring in their attempts to sell a home.
Unfortunately, it appears a new trend among houses for sale in Tallahassee, FL is showing a rise … (10 comments)

foreclosure tallahassee: Short Seller's Guide To Faster Credit Restoration - 06/27/13 11:12 PM

This post is the third in a series where we are examining the use of credit restoration companies.
Millions of Americans who have gone through the short sale or foreclosure process are dealing with credit issues today, and many of these are people who traditionally have had great credit. Dealing with the restoration of their credit is new.
I want to see whether or not "credit restoration" is really something our recovering customers should pursue, or if it's just an evil industry geared to taking advantage of people undergoing tough times.

Examining The Benefits Of Using Credit Restoration Companies
In case … (2 comments)

foreclosure tallahassee: Foreclosure Report Raises More Questions Than Answers - 03/12/13 11:01 PM

There are still way too many Tallahassee foreclosures, and they are fueling the shadow inventory of homes at an alarming rate.
Increased activity among homebuyers has many people thinking the market has recovered, but I am still trying to find out why more of the distressed homes for sale in Tallahassee have not formally entered the housing market.
I shudder to think what would happen if all of the Tallahassee foreclosures from the recent past showed up as active listings in the Tallahassee MLS.
Tallahassee Foreclosures By The Numbers
There were 81 Tallahassee Foreclosures finalized "at the courthouse steps" in February, … (2 comments)

foreclosure tallahassee: These 5 Banks Hold 1/2 Of Foreclosures In Our Shadow Inventory - 11/12/12 10:46 PM

There are a lot of people tracking foreclosures in Leon County, as the fate of the Leon County real estate market appears to be in the hands of the largest banks.
People who are trying to sell a home are finding the market is full of distressed properties for sale, and they are not going away anytime soon.
In fact, if you saw the report on foreclosures in Leon County yesterday, then you know their numbers are on the rise.
It makes me wonder, who are the banks that control most of the foreclosures in Leon County?
Who Controls The Foreclosures … (2 comments)

foreclosure tallahassee: It's A Certainty That Foreclosures and Short Sales Will Dominate 2013 - 10/03/12 09:03 PM

Ever since I posted the article warning about the flood of new foreclosures heading towards the Tallahassee real estate market, I have received numerous questions and inquiries about the most likely impact on the market.
Recently, somebody asked about the relationship between home sales and foreclosures, and it got me thinking about a new trend to track (and it is mildly disturbing to say the least).
New Foreclosures On The Rise Would you be surprised if I told you that for every 100 homes sold in Tallahassee, there were 48 unrelated new foreclosures (lis pendens) filed? Would this make you very … (42 comments)

foreclosure tallahassee: Last Window Of Opportunity To Use Short Sale Debt Forgiveness Relief - 10/01/12 11:19 PM

If you have been thinking about taking advantage of the short sale debt forgiveness, you had better act fast.
There are only 90 days until the Mortgage Forgiveness Debt Relief Act and Debt Cancellation of 2007 expires (12/31/2012), then this short sale debt forgiveness write-off potentially goes away forever.
Short Sale Debt Forgiveness Savings Could Be Large Long-time reader "Steve" wrote in the other day asking:
Not sure what tax year this will take effect, but if the tax cut isn’t extended for Fiscal year 2013, then everyone on the fence about whether to do a short sale needs to strongly … (4 comments)

foreclosure tallahassee: Is The Rise In Home Sales Simply Due To Distressed Property Purchases? - 09/30/12 11:54 PM

Tallahassee house sales are finally on the rise, with 2012 now better than any year since 2008.
In fact, Tallahassee house sales are up 5% over 2011, and we are seeing signs that we should finish the year up even better.
Tallahassee House Sales Stronger In 2012 When we look at the real estate graph below, we see that Tallahassee house sales through September are up marginally over the three previous years. The benefit of studying a year-to-date graph is that each year shows the same periods of time.

The blue lines in the graph above record all home sales … (5 comments)

foreclosure tallahassee: Next Year's Market Is Today's Foreclosure Filings - 09/18/12 10:38 PM

Recently, a reader wrote in as a response to our article on the wave of foreclosures that is hitting Tallahassee and wanted to know if we could summarize the property traits that we are seeing in new lis pendens filings.
As a reminder, a lis pendens is a written notice that a lawsuit has been filed which concerns the title to real property. Basically, it means a lender is suing the property owner for default of a loan agreement. By looking at the new filings, we get a feel for the distressed properties that will be soon joining the list of … (18 comments)

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