2011 will most likely be another strong year for distressed sales as banks are starting to move forward on the foreclosure process again. In Lee County, foreclosure filings were a bleak 421 for the month of November. Already there have been 260 so far this month and the pace will most likely pick up more as there are many more back logged. I am also seeing foreclosures that were taken off the market come back on as active again. One good thing is that the banks have decided to take a break on the eviction process between December 20th and January 3rd, giving families a chance to celebrate the Christmas season. I expect the first quarter of 2011 to be a big one for the area in foreclosures and short sales. Banks have agreed that foreclosure is the final option should a homeowner fail to qualify for a loan modification. If the bank does not grant a modification, the homeowner should continue to pursue either a short sale or deed-in-lieu to avoid the foreclosure process.
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