Southwest Florida Foreclosures Down
Southwest Florida foreclosures dropped significantly during the first quarter this year.
“For Southwest Florida this report proves that the housing market is officially back to pre-recession norms, at least when it comes to foreclosure activity” according to Daren Blomquist, vice president of RealtyTrac.
“Foreclosure activity in Southwest Florida has been below its pre-recession quarterly average for three consecutive quarters now, demonstrating this return to normality has legs,” Blomquist said.
Foreclosures fell just over 27 percent from 470 in 2015 to 341 during the first quarter this year in Collier County. Lee County’s foreclosure rate decreased even more than Collier County falling 38 percent from 1,658 a year ago to 1,028 this year.
Only 1 in every 586 homes in Collier County was in foreclosure during Q1. Lee County had 1 in every 363 houses in foreclosure. In Florida, 1 in 274 houses were in foreclosure. Nationally, 1 in every 459 homes was in foreclosure.
“This is good news for sellers who won’t have to compete against as many foreclosures, but it may be somewhat bad news for buyers trying to find a bargain,” said Blomquist. “This also doesn’t mean Southwest Florida is inoculated against another foreclosure epidemic hitting sometime in the future, but for now the market is enjoying a period of good health.”
Nationwide, foreclosures decreased almost 8 percent during the first quarter.
The good news is about one-third of the country’s foreclosure activity was at pre-recession levels. For those still in the foreclosure process, the average time for banks to move houses through the system is just under two years. In Florida, it’s taking just under three years for foreclosures to wind their way through the foreclosure process.
Even though Southwest Florida foreclosures are down, there are still good deals to be had. As season ends, sellers are lowering prices in hopes of selling their home before summer. If you’re interested in buying a home in Naples or Bonita Springs, let me be your guide.
About Matt Klinowski
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