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Sarasota Real Estate Foreclosures Begin to Increase in October

Thursday, 29 November 2012

Filings of foreclosures accelerated in Manatee, Charlotte, and Sarasota counties in October, but Realtors are confident that the current demand can easily absorb a reasonable increase in distressed properties on the market according to Sarasota Bay Real Estate.

Sarasota, Florida (PRWEB) November 29, 2012

Filings of foreclosures accelerated in Manatee, Charlotte, and Sarasota counties in October, but Realtors are confident that the current demand can easily absorb a reasonable increase in distressed properties on the market, Sarasota Bay Real Estate said in a press release.

A total of 1,605 foreclosure filings were recorded this October, up 57 percent from the previous month but still down 11 percent compared with the level of a year earlier. The biggest increase was posted in Manatee where there were 644 filings which is 82 percent higher than this September and 31 percent above the year-ago foreclosures. In Sarasota, the October figures showed 740 filings, up 34 percent on a month-to-month comparison but down 3 percent on a yearly basis. Foreclosure actions in Manatee County rose 16 percent to 221 but dropped 59 percent from October 2011.

Florida had the highest per-capita foreclosure across the United States for the second consecutive month in these same statistics compiled by the California-based RealtyTrac. For every 312 housing units in the Sunshine State, one is under some stage of the foreclosure process. Also tops, respectively, in this list are Nevada, Illinois, California, and Arizona. On a national level, October foreclosure filings totaled 186,455 properties, up 3 percent from September but still 19 percent lower than the October 2011 level. Per capita, this meant one foreclosure filing per 706 housing units.

The rise in foreclosures was attributed to the continuing volatility in the economy and an increase in early stage filings. A persistently tough labor market has also been blamed for the increase in new foreclosure filings.

Home Inventory Remains Tight

Unperturbed by the significant rise in October foreclosures, realty experts say many would even welcome a few more bank-owned homes on the market because of the current tight inventory. The available homes for sale in the Manatee-Sarasota region for this September were estimated at just 4.5 months inventory, and big players have recently made their presence felt in the market.

The spike in October foreclosures isn’t expected to have much of a dampening effect on the current resurgence of home prices. Sarasota Bay Real Estate noted that past sales records show that bank-owned listings are still attracting multiple offers despite being priced higher than the bargain-basement price levels during the Great Recession. While banks indeed have to eventually move these distressed properties, industry analysts say that their entry into the market will be calibrated so as not to derail the recent price uptrend, the full service real estate firm noted.

Early stage foreclosures or lis pendens cases constitute the bulk of the filings in both Sarasota and Manatee counties. Increased willingness by bank lenders to approve short sales resulted in a drop in foreclosures during most of the past two years. While it is yet uncertain how the foreclosure market will fan out in 2013, Sarasota Bay Real Estate remains bullish about real estate prospects next year. It noted that consumer confidence hit a five-year-high in Florida this September, reflecting national gains and fueled in part by the increases in housing prices and recent stock market advances.

Considering the banks are taking more action against delinquent borrowers, home owners that are facing foreclosure need to consider short-selling their property to stave off the foreclosure process. Sarasota Bay Real Estate has Attorneys that can assist with the short sale process and also has agents that specialize in short-selling real estate.

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
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