7133 Foreclosures Pending in Sarasota County Courts
Posted by Sarasota Foreclosures.com on Friday, August 14th, 2009 at 4:33pm.  |
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7133 Foreclosures Pending in Sarasota County Courts
At the end of July there were a total of 7,133 foreclosure filings pending in Sarasota County according to county records.* Since Jan. 1, 2009 there have been 4,840 new foreclosure cases filed in Sarasota. This is in addition to 2,293 active foreclosure cases that were filed in Sarasota county prior to Jan. 1, 2009.
Breaking down the foreclosure cases by address, the most are in Sarasota with 3400 properties in foreclosure, followed by North Port with 2055 foreclosure filings, and Venice with 1028 foreclosure filings. The remainder of the filings are in the areas of Longboat Key (39*), Englewood (204**), N. Venice (121), Nokomis (174), Osprey (87).
174 of the foreclosure filings in Sarasota County are located on Siesta Key.
How many Sarasota County foreclosures have SOLD, are pending sale, or are currently for sale?
A property can be sold while it is in foreclosure by the owner with lender approval, this commonly called a "short sale"
(because the proceeds from the sale will be "short" the amount owed to the lender). The alternative to a property selling while in foreclousre is the lender selling the property after the foreclosure is complete. In Sarasota County since Jan. 1, 2009, 658 pre-foreclosures and 1247 bank owned proeprties have been sold (closed).
Currently, there are only 117 bank owned properties for sale while another 134 bank owned properties pending (under contract & waiting to close). There have been 1,247 bank owned properties sold and closed in Sarasota County in 2009.
However, the pre-foreclosure shows a different story.
Currently, there are 1,103 Sarasota County properties for sale that are in foreclosure (but not owned by the lender). There have been only 660 pre-foreclosures sold this year. However, 1,291 Sarasota County properties are pending (under contract) whiile both the buyers and sellers wait for "lender approval".
In summary, there are about over 5,000 properties in Sarasota County that are facing foreclosure and have not been listed for sale.
Adam Robinson
*Since Longboat Key covers both Sarasota and Manatee County, it should be noted that an additional 44 Longboat Key properties located in Manatee Coutny have foreclosure fillings.
**Since Englewood covers both Sarasota and Charlotte County, it should be noted that an additional 267 Englewood properties located in Charlotte Coutny have foreclosure fillings.
Adam Robinson, Broker
SarasotaForeclosures.com Inc.
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