The Real Estate Market Is Not Goning To Get Worse

By
Real Estate Agent with TIM LORENZ - Elite Home Sales Team DRE# 00919781

The Real Estate Market Is Not Going To Get Worse

I have been reading about how the market is going to fall because of the Robo-Signing settlement.  Or just fear that the shadow inventory is coming and we will be swamped with foreclosures.  I do not see it in the cards. 

Robo-Signing case has many benefits for those in their homes and want to stay.  I think, after hundreds of interviews with many who have been in trouble, the homeowner would rather find a way to stay in their home.  That negotiated deal give some help for the homeowners.

Having said that I will go thru the local statistics and see which what is coming about.  The foreclosures are flooding the market or a better market with fewer distressed properties.  So far we have seen 1/2 of the foreclosures that we saw in 2011.  The sales of foreclosure homes are down 53 percent in a year according to ForeclosureRadar reports. 

Other date to support that we are in a better market. March numbers:

1.    Notice of defaults filed:  down 19.7%

2.    Foreclosure:  down 62%

3.    Foreclosure sales:  down 21%

4.    Bank- owned properties:  down 20%

5.    Foreclosure time:  down 5%

6.    Notice of default: down 22.7%

Reading the blogs and the statistics for our area I can safely state that the market has turned for the better.  Properties are selling faster with an increase in sales creating a very low inventory.  According to supply and demand prices should be going up very soon. 

 

Comments (18)

Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

I see it and feel it as I see multiple offers, accepted offers happening fast and a very much reduced inventory here in Orange County.

The sun is shining!

Apr 22, 2012 08:59 AM
Bill Reddington
Re/max By The Sea - Destin, FL
Destin Florida Real Estate

I agree. The market here in Destin, Florida seems to be getting better. Less inventory. It is still a little scary in terms of the number of transactions. Wish the world would turn off the news. Too many roller coaster rides.

Apr 22, 2012 09:24 AM
Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Luxury Division Specialist

There you go Tim.  Tell them the FACTS and the FACTS all indicate the worst is over.  We are once again the 2nd best seller market in the country in Port St Lucie and prices are not slowly rising but blasting off!

Up 90% in 7 months in some areas.

If you were waiting for the bottom, you MISSED it and now it is a race to see how soon you want to lock in before prices are out of your budget.

Apr 22, 2012 09:34 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Pete

I know it really is a positive.

Apr 22, 2012 09:47 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Bill

It has been a roller coster ride for sure.

Apr 22, 2012 09:48 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Kevin

I agree the bottom may very well be behind us.

Apr 22, 2012 09:51 AM
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

I like the way you talk Tim and it will make a big diffenence in how we all work.

Apr 22, 2012 09:58 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Thanks Mark I reall just give the facts as I see them.

Apr 22, 2012 10:19 AM
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Hi Tim -

In the Albuquerque, Rio Rancho NM area's we too are seeing prices inch up, multi offers on homes, good offers on homes and I truly feel we're on the right path to a full housing recovery.  I am thinking positive there will always be those that preach gloom and doom.

Have a great day in all you do.

John

Apr 24, 2012 09:41 PM
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Hi Tim,

Good market report and I am happy to see Forec;losures being down by signifiacnt amounts

Apr 25, 2012 01:17 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Tim - we are seeing increased business and prices starting to go up as inventory declines! 2012 is going to be a GOOD year for the real estate market!!!

Apr 25, 2012 01:24 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Thanks John

I see this trend is spots all across the county.

Apr 25, 2012 01:52 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Richard you are right if one is showing properties the number of multiple offers is huge.

Apr 25, 2012 02:02 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Robert

We are glad to see the change also.

Apr 25, 2012 02:03 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Barbara

From your lips to God's ears.

Apr 25, 2012 02:03 AM
Charles Stallions Property Manager
Charles Stallions Real Estate Services - Pace, FL
Pensacola, Pace & Gulf Breeze Property Management

Here we have 3300 homes that are vacant and off the tax rolls the county is maintaining the yards and accessing the owners. These homes will be on the market at some time

May 11, 2012 12:20 PM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Charles

I am sorry that your area is not cominig around.  Other parts of FL have come around.  Maybe we need to have a better recovery that will life all areas.

May 11, 2012 12:29 PM