Foreclosures Skyrocket

By
Real Estate Agent with Keller Williams Tampa Properties

That was the headline in the "local" section of yesterdays St. Pete Times Newspaper, and then today the following headline appeared in MSN News from Realty Trac "Foreclosure Activity Increases 7%...". Is this Armageddon; the beginning of the end or just the inevitable result of the current market and actually the solution to the current housing market.

I know in my market area here in Tampa Bay that on nearly every residential street I drive there is going to be at least one home on average that has had at least a "Lis Pendens" filed in county court indicating the owner is delinquent on their mortgage.  Some were filed last month and others were filed months and in some cases years ago.  But, because of our "robo signing" fiasco and the closing of three of the major law firms handling foreclosure filings, the banks have apparently been observing a self imposed moratorium on new foreclosure filings.

Apparently, that may be about to change!

On those same streets that I described above, where there is one house with a pending foreclosure on record, I can also pick out the ones where a filing should be or will soon be filed: multiple newspapers and advertising fliers laying in the drive or on the front porch, grass not mowed and weeds taller than the original landscaping, trash in the yard and along the sides, window shades missing or damaged....etc.  I know in a sense, "legally" it is trespassing, but I stop at these homes and "door knock", at least to insure that know one is home and to take a closer look.

If there are furnishings visible through the windows, then maybe someone still lives there, but not always.  Some owners have abandoned their homes and their lives and moved on.  To where I wonder, they could have stayed and not paid the mortgage until the bank forced them out; but then maybe they couldn't afford the utilities or the shame of their neighbors knowing of their situation.  Most of the time I will never know, but it's a "lead" and possibly someone that I can help!

Posted by

Real Estate Vet - Curing Tampa Bay's Mortgage Meltdown One Home At A Time.  Will your Home Be next?

Comments (5)

Mary Macy
Top Agents Atlanta Metro - Roswell, GA
Top Agents Atlanta Metro

They have sure done everything to keep from foreclosing all these homes and keeping them off the market, the dam is about to break

Sep 15, 2011 04:47 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

The Shadow Inventory is about to Step into the Light.   A number of Financial Papers today announced that B of A and others were fixing to unleash a torrent of Foreclosure Filings.

 

Sep 15, 2011 05:01 PM
Steven Pahl
Keller Williams Tampa Properties - Tampa, FL
Real Estate Consultant Tampa, FL 813-319-6423

Mary, Fred, thanks for responding.  We are definitely in for quite a ride over the next few years before the market stabilize.

Sep 16, 2011 04:33 AM
Aida Pinto
Independent Real Estate Broker - Los Angeles, CA
Real Estate Broker (562) 884-6196

Is the Shadow inventory becoming one of those "Urban Legends?"...I am just asking!

Sep 16, 2011 06:26 AM
Steven Pahl
Keller Williams Tampa Properties - Tampa, FL
Real Estate Consultant Tampa, FL 813-319-6423

No, Aida, I am fairly certain that the "shadow inventory" is very real and will be with us for a few years to come.

Sep 16, 2011 12:43 PM