Sarasota Foreclosures May Just Increase

By | March 12, 2013

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Foreclosure-SignRealtyTrac Inc. just released the top fifteen best markets to buy a foreclosure this year and Sarasota placed #15! They are pointing to a new study that predicts a growing supply of deeply-discounted bank repossessions. This study adds weight that it is expected that another wave of defaults will hit the housing market this year, adding to inventory and also slowing price appreciation. RealtyTrac also reported that it takes an average of 157 days to sell a bank-owned property in the area with an average price of just over $127,000, representing about a 38% discount over the area’s traditional sales.

Three other Florida markets placed in the top 15 including Palm Bay at #5, Daytona Beach-#7, and Pensacola-#10. Cleveland, OH topped the list at number 1 as the best market to buy a default property this year. The Sarasota market is surely switching over to a Seller’s market. Thanks to Josh Salman with The Sarasota Herald Tribune for supplying the research.

Joe Cleary is a Broker Associate with The Cleary Group at RE/MAX Alliance Group. He is a Graduate of the Real Estate Institute (GRI), Certified Distressed Property Expert (CDPE) and a certified Short Sales and Foreclosure Resource (SFR). Call Joe with any real estate questions you may have toll free at 877-814-1233!

1 Comment

thebigkrumm on March 13, 2013 at 11:48 am.

A couple of months back I went to a seminar by Judge Lee Haworth, Circuit Judge for the 12th District, and he felt that we were never going to see the flood of foreclosures that we had in the 2010 era; many lenders are pushing for short sales or deeds in lieu before homes ever get to his desk. It would be nice to see some foreclosures come on for our buyers but I suspect things have improved to a point where we’re just not going to see the REO volume we’ve had in the past.

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