Sarasota, FL (PRWEB) November 09, 2012
The real estate markets in Sarasota and Manatee are showing steadier recovery compared to all of Florida if current statistics on foreclosures are to be the gauge, Sarasota Bay Real Estate reports. The full-service Sarasota real estate broker, noting that foreclosures are one of the barometers on the health of the property market, observed that the home loan delinquency picture in the two counties is more reflective of the national level rather than the state-wide situation.
The number of U.S. home foreclosures this September declined to its lowest level since the mortgage meltdown in 2008–2009. It was estimated that completed foreclosures nationwide amounted 57,000 in September 2012, down from 59,000 in the previous month, and from 83,000 a year earlier. The month’s figures increased, however, in many states where the foreclosure process involves the courts.
Florida in Top Five States
Florida with 92,000 foreclosures was among the five states with the highest number of completed foreclosures for the 12 months ending in September 2012. The rest were California (108,000), Texas (59,000), Georgia (55,000), and Michigan (51,000). These top five states accounted for 47.7 percent of all completed foreclosures nationwide.
Florida was likewise among the five states having the highest foreclosure inventory as a percentage of mortgaged homes with 11.5 percent. This August, it was reported that foreclosure activity in Florida rose on a year-over-year basis for the seventh time in the previous eight months, making it the state with second highest foreclosure rate: one foreclosure filing for every 328 housing units.
Contrasting Picture in Sarasota–Manatee County
In contrast to the all-Florida record, Sarasota's inventory of foreclosed properties, dropped to 5,660 in September this year from 6,838 in August 2008. Foreclosed properties in Manatee declined as well, though in less a dramatic fashion, from 4,587 to 4,362. Filings of foreclosures also declined sharply in both counties. In Sarasota, lispendens lawsuits (the initial step in the foreclosure process) reported during January–September 2008 property market meltdown amounted 6,349, while only 2,738 were recorded in the 2012 comparable period. Manatee had 1,593 so far this year, compared to 4,508 early-stage foreclosure filings four years ago.
Improvement in the number of distressed property sales as a percentage of total sales were also achieved in both counties. In Sarasota, 15.24 percent of total sales were accounted for by sold distressed properties during the second quarter of 2012, down from 19.67 percent in 2008. Manatee’s was at 13.54 percent, better than the 15.01 percent in 2008.
The steady declines in foreclosures along with the continuing erosion of the shadow inventory in the two counties are clear manifestations of stabilization and improvement in the property market, Sarasota Bay Real Estate said. The firm hailed recent industry and government initiatives to allow distressed homeowners to pursue loan modifications, refinancing, or short sales in order to avoid foreclosures. These are positives steps that will certainly help further improve market conditions and propel the real estate industry to a more robust recovery, the full-service realty firm added.
About Sarasota Bay Real Estate
Sarasota Bay Real Estate is a full service real estate brokerage in Sarasota Florida owned by Sarasota real estate broker, Christina Miller, and marketing professional, Roy Hunter. Together they, and their team of well-experienced agents, provide some of the highest quality real estate marketing services for the properties in the company’s inventory. Sellers of Sarasota Florida real estate choose Sarasota Bay Real Estate due to their reputation of going above and beyond expectations when marketing properties located in the Sarasota-Manatee County areas as well as the company’s vast Internet marketing reach. Sarasota Bay Real Estate Internet assets receive more than 1,000 visitors a day and this exposure contributes greatly to a property selling quickly and for the highest price. When property marketing strategies are paramount in sellers listing requirements, Sarasota Bay Real Estate is the clear choice in the Sarasota real estate market.
Contact information for Sarasota Bay Real Estate can be found at http://sarasotabayrealestate.com