The Foreclosure Game is almost over in Southwest Florida !
It's the 9th inning of the Foreclosure Game in the Fort Myers / Cape Coral / Lee County Florida, It's almost over !
Joe Kendall, Broker Associate with Right Choice Realty writes:
I would like to share my thoughts and insight of our local real estate market in the Fort Myers/ Cape Coral Area. it's come down to the 9th inning of the game of the foreclosure market as this game has been on going on since the spring of 2006.
Over the last 4-5 months most of if not all the major asset companies that handle 90% of the foreclosures in Lee County Florida have advised the REO agents that they would be greatly reducing the staff based on the amount of pending foreclosure inventory in the near future.
Recently Bank of America sent a letter over three weeks ago to all the REO Agents that Bank of America was going to be using alternative means for processing the final inventory of foreclosures in the pipeline.
This week one of the largest asset management companies in the country and major player here in Lee County foreclosure market advised all their REO Agents that they where greatly reducing staff as they where giving 48 hours to fill out a new application if they where interested in being considered as they will be greatly reducing staff.
Why do you think they waited for a holiday week, when many are on vacation to make this announcement ? Then only gave them a 48 hour deadline to re apply? I believe it's because they didn't want them back! there is no longer a need!
Just think about this for a moment. If a restaurant owner is going to close his business within the next four months, would he advise all of his employees of his intentions? What would happen if he did?
Well of course not because they would mostly all leave, there probably be a greater risk of theft, disruption of business would accrue and an increase of lost revenue before he planed on an official closing.
Well why would real estate bank assets be any different? Theft of ( AC Units, kitchen cabinets, appliances, plumbing ect ) damage would accrue and the risk of loss would be greatly increased. including not enough work force to finish the task ahead.
I believe we are in the final phase the the foreclosure game here in southwest Florida. Question? Will there always be foreclosures? Yes, there will be but the amount of them on the market that have been driving prices in southwest Florida is over! We are going back to a traditional real estate market by late fall 2012 / spring 2013
I for see in the short term future, in fact right after the presidential election we will see a big ramp up of new construction in all the gated communities with final finish dates of March / April 2013 . I also believe we will see more banks and mortgage companies doing new construction loans of 90% loan to value starting in 2013
Think about this in 2003-2005 we had the real estate boom ! 2006-2012 the real estate bust ! So it's been almost 10 years sense we had a normal real estate market ? So what will that look like? I am not sure many people know but I do know this, welcome back the days where the "Seller is King" and the days where home values increase a little every year !
Welcome to the beginning of the end of the very long "Foreclosure Game" and I am excited to see the future! I know many will think I am crazy, but I am having some fun and playing weather man I am going to forecast something I believe it's close to what will happen and it's ok if your close maybe even wrong but, if you didn't believe in a positive future where would we all be tomorrow, where would we all be today?