March Sarasota County Foreclosure drop to lowest number since Sept. 2007
Posted by Sarasota Foreclosures.com on Tuesday, April 6th, 2010 at 9:58am.  |
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March Lis Pendis filings under 500
When I posted the sales and foreclosure filings for Sarasota County last week I noticed a huge dropn in the number of Lis Pendis filed. I pull these numbers from the Sarasota Clerks website every month on the second or third. I was very optimistic, but waited cautiosly to see if there would more filings recorded after the holiday weekend.
The number of recorded Lis Pendis, for the month of March, in Sarasota County, has not changed since the second,so I can believe that 456 Lis Pendis filings for Sarasota County is an accurate number for March 2010.
There have been more than 500 Lis Pendis filed on properties in Sarasota County every month since Sept. 2007. With 456 Lis Pendis recorded in March 2010 this is the lowest number since there were 421 filings in Sept 2007.
To view a list of the number of Lis Pendis in filed Sarasota County each month click here.
A "Lis Pendis" is pre-foreclosure filing issued by lenders. It means "legal action pending". Not every "Lis Pendis" results in a foreclosure or foreclosure suit, the monthly number is a vital tracking statistic.
The number of properties removed from Lis Pendis (sold as REO/foreclosures, short sales, or loans modified)
will need to exceed the number of new Lis Pendis for many months (perhaps years) before the real estate markets returns to normalcy. However, the decline in Lis Pendis is a very positive incdication. The question is whether the number of defaults has decreased, or if the lenders have just backed of on new filings as the new HAFA initiatives took effect on April 5.
View new bank owned properties listed for sale in Sarasota on our home page, Http://www.Sarasota-Foreclosures.com
this lis list updated daily.
Adam Robinson, Broker
SarasotaForeclosures.com Inc.
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Well, it's certainly a good sign. Albeit it may be a bit too early to say that's it is the start of a recovery, as it could be credited to lenders working more on other government incentives to avoid foreclosures. I will subscribe to your blog to see what April brings.
Posted on Thursday, April 22nd, 2010 at 4:57 PM.